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Kalaburgi, or Gulbarga as it was formerly known is a key centre in Karnataka, having been an important town for numerous kingdoms in the past. Today, it is home to over 1.1 million people and has a decent industrial setup. Its history of being home to kings and royalty made it a prosperous area, with gold and other forms of precious minerals abundantly used. This association with gold has ensured that it remains popular even today, with a number of its residents investing in gold. Gold prices in the city change on a daily basis, with international prices dictating the trends.

Gold sales pick up during weddings and festivals like Diwali and Dussera in the city, with a number of stores catering to the demand.

Gold price in Gulbarga

Since a majority of the gold consumed in Gulbarga is imported, international gold prices dictate the amount one finally pays for it. Local taxes, demand and supply, import duty, etc. play a key role in estimating the price on a given day, with fluctuations in gold rates possible on a day to day basis.

24 karat gold – Keen gold investors typically opt for 24 karat gold, either in the form of gold coins or bars, thanks to their high purity content (approx. 99.9%). One gram of pure 24 karat gold in the city costs Rs 2,974 (as of March 11, 2016), with this price subject to change on a regular basis. The price trend in the last three months has been on a high, with costs going up by close to Rs 400 since January. The year 2015 saw gold prices drop to a 5 year low, with it possible to buy gold for as cheap as Rs 2,510 per gram in the month of August.

22 karat gold – 22 karat gold is a popular investment choice among those who wish to buy jewellery. The cost per gram of 22 karat gold is about Rs 200 cheaper when compared to 24 karat gold. The current price for 1 gram of 22 karat gold in Gulbarga is about Rs 2,780 (as of March 11, 2016). A trend similar to 24 karat gold was witnessed when it came to gold rates in 2015, with August being a good time to buy gold, as prices dropped to around Rs 2,350 per gram. Since January 2016, gold rates have gone up from Rs 2,370 to end at the current mark.

Gold Rate Trend in Gulbarga for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Gulbarga for April 2017

• The gold rate in Gulbarga was on the increase as retail demand for gold was high.
• Gold traded at Rs.2,910 per gram on 1 April and rose to Rs.2,925 per gram on 6 & 7 April as the U.S. dollar slid on news of fresh investigations into Russian interference in the U.S. presidential election.
• Prices dipped due to a drop in industrial offtake from Asia, resulting in gold trading at Rs.2,905 per gram on 10 April.
• Fluctuating demand from Europe led to gold prices reached Rs.2,990 per gram on 15 April as markets were shaky ahead of elections in France, which increased demand for the yellow metal.
• Local demand was still muted due to the end of the wedding season, which brought down prices to Rs.2,965 per gram on 24 April.
• A rally by the dollar and markets saw demand for gold crash as the month drew to a close, resulting in the metal trading at Rs.2,920 per gram on 26 April before closing the month at Rs.2,945 per gram on 30 April.

Gold rate trend in Gulbarga for May 2017

• Gold prices in May were unchanged as the month began, trading at Rs.2,945 per gram on 1 May.
• There was a decline in demand due to buoyant markets as a result of Emmanuel Macron;s victory in the French presidential election.
• Gold was priced at Rs.2,850 per gram on 7 & 8 May and fell to Rs.2,840 per gram from 11-14 May as local and overseas demand declined sharply.
• A revival in interest in gold was seen towards the middle of the month as the euphoria of the Eurozone’s muted by allegations of Russian collusion in the victory of Donald Trump’s campaign.
• Gold prices rose to Rs.2,908 per gram on 20 May as investors turned their attention to safe-haven assets like bullion due to plunging stocks.
• Prices rose to Rs.22,930 per gram on 27 May before dropping slightly as the month ended, trading at Rs.2,918 per gram on 31 May.
• Gold prices fell by 0.91% over the course of the month.

Gold rate trend in Gulbarga for June 2017

• Gold prices rose at the start of June, trading at Rs.2,933 per gram on 1 June and rising to Rs.2,960 per gram on 6 June as the U.S. markets were in turmoil over the planned overhaul of the healthcare system as well as the continued investigation into the Trump administration’s Russia links.
• Prices stabilised as the month progressed, with demand dropping slightly due to declining demand from the local jewellery sector.
• Increased interest from Asian markets kept prices at Rs.2,930 per gram on 13 June before prices dropped to Rs.2,910 per gram on 17 June.
• The G20 summit helped boost markets which resulted in a decline in interest in gold, as prices fell to a monthly low of Rs.2,895 per gram on 20 June.
• There was a marginal recovery in the price of gold in Gulbarga as local industrial demand rose prior to GST coming into effect.
• Prices rose to Rs.2,960 per gram on 28 June due to a sudden slide in market performance before gold prices settled at Rs.2,920 per gram on 30 June.

Gold Rate Trend in Gulbarga for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Gulbarga in January 2017

• At the beginning of the month, the price of gold in Gulbarga was slightly low due to relatively low demand, trading at Rs.2,820 per gram. Gold was steady at this rate the next day as well. This was also the lowest at which this metal traded at for the month in Gulbarga.
• A marginal rise was noted from the 3rd of January due to a continued demand for this yellow metal from jewellers, resulting in gold trading at Rs.2,890 per gram on the 10th of January.
• From the 12th of January, gold traded at Rs.2,920 per gram until the 15th due to the harvest festival of Sankranti and further increased as the week progressed.
• Gold was priced at Rs.2,970 per gram on the 23rd and 24th of January, making this rate the highest at which gold traded at for the month. However, after this, the rate of gold reduced marginally, closing at Rs.2,930 per gram recording a rise of 3.90% in the rate of gold.

Gold Rate Trend for Gulbarga in February 2017

• This precious metal was priced at Rs.2,945 per gram on the 1st of February which was one of the lower rates due to reduced demand from jewellers.
• Gold was steady at this price until the 5th of February after the rate of gold increased by Rs.10.
• As the weeks continued, the rate of gold continued to rise with a few minor fluctuations.
• On the 16th of February, gold was priced at Rs.2,970 per gram before rising to Rs.2,980 per gram on the 17th of February.
• Towards the end of February, the rate of gold increased to Rs.2,995 per gram due to a fall in the value of the U.S.Dollar. This rate was noted from the 24th of February to the 26th of February.
• The final two days of the month saw gold trading at Rs.3,005 per gram which was also the highest rate at which gold traded for the month.
• As the month ended, a 2.03% incline in the rate of this precious metal was noted.

Gold Rate Trend for Gulbarga in March 2017

• Gold traded at Rs.3,005 per gram on the 1st of March due to a high demand for this metal from both domestic as well as international markets. This was also the highest rate at which gold traded at for the month.
• However, this demand was not sustained and the next day the rate of gold dropped to Rs.2,990 per gram before reducing even further as the month progressed.
• There were a number of fluctuations noted in the rate of gold throughout the month due to fluctuations in the demand for this metal.
• On the 15th of March, the rate of gold fell to a monthly low of Rs.2,855 per gram due to the Dutch Elections and U.S. Fed Reserve’s decision regarding interest rates. However, a marginal recovery was noted in the rate of gold over the next few days.
• On the final day of the month, gold was priced at Rs.2,990 per gram recording a decline of 3.49% in the price of this metal in Gulbarga.

Gold investment avenues in Gulbarga

Investing in gold is a popular choice in Gulbarga, with a number of people purchasing it during weddings and celebrations. Given the expense involved with gold, a majority of the population opts for either 18 or 22 karat purity, with 24 karat gold purchased by only a section of the city. Some of the modes to buy gold in Gulbarga are mentioned below.

Market trade – Market trade of gold hasn’t gained popularity in Gulbarga despite the ease and convenience associated with it. One can invest in gold through the National Stock Exchange and the Mumbai Stock Exchange, with the option to choose between gold ETFs, futures contracts and E-gold.

Over-the-counter – The most popular means of buying gold, over-the-counter purchases are fast and simple. One can approach any jeweller or bank to purchase gold, though banks typically offer only gold coins and bars. Individuals looking for gold jewellery can buy it from local jewellers, albeit jewellery isn’t the best way to invest in gold on account of wastage and making charges..