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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.
Gold Rate Trend in Gulbarga for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,984 per gram||Rs.5,501 per gram||Rs.5,127 per gram|
|Last Day||Rs.5,496 per gram||Rs.5,295 per gram||Rs.5,171 per gram|
|Highest Price||Rs.5,496 per gram on 31 July||Rs.5,761 per gram on 8 August||Rs.5,357 per gram on 17 September|
|Lowest Price||Rs.4,946 per gram from 7 July||Rs.5,066 per gram on 29 August||Rs.4,946 per gram on 26 September|
Quarterly Gold Rate in Gulbarga from July 2020 to September 2020:
- In Gulbarga, gold price opened the month of July at Rs.4,984 per gram and was at its lowest price of the month in the first week at Rs.4,946 per gram. However, the gold rate in Gulbarga increased substantially throughout the month, closing at Rs.5,496 per gram with an inclining rate of 10.2%.
- In August, gold rate showed a gradual decline in prices as the equity markets showed a positive trend. Opening at Rs.5,501 per gram, the metal hit its highest price of the month on 8 August at Rs.5,761 per gram and its lowest on 29 August at Rs.5,066 per gram with a percentage decline of 3.75.
- The gold rate was Rs.5,127 per gram on 1 September and showed continuous fluctuations due to various international trends. The metal’s price was highest on 17 September at Rs.5,357 per gram and lowest on 26 September at Rs.4,946 per gram. Gold rate closed the month with a percentage decline of 0.85.
Gold Rate Trend in Gulbarga for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,053 per gram||Rs.4,681 per gram||Rs.4,817 per gram|
|Last Day||Rs.4,731 per gram||Rs.4,803 per gram||Rs.4,991 per gram|
|Highest Price||Rs.4,800 per gram on 27 April||Rs.4,900 per gram on 20 May||Rs.4,991 per gram on 30 June|
|Lowest Price||Rs.4,053 per gram from 1 April to 5 April||Rs.4,587 per gram on 6 May||Rs.4,724 per gram on 8 June|
Quarterly Gold Rate in Gulbarga from April to June:
- In the city of Gulbarga, gold prices opened at Rs.4,053 per gram on 1 April and recorded a substantial incline. The price of the metal remained steady during the first week of the month and increased in the last. The metal hit its highest price at Rs.4,800 per gram on 27 April and closed at Rs.4,731 per gram with a 16.72% overall monthly incline.
- Gold rates in Gulbarga in May opened at Rs.4,681 per gram and was at its lowest on 6 May at Rs.4,587 per gram. However, with constant fluctuations, the metal hit its highest on 20 May at Rs.4,900 per gram and closed at Rs.4,803 per gram on 31 May.
- Recording an overall incline of 3.05% in June, gold prices opened at Rs.4,817 per gram on 1 June and hit its highest price on the last day of the month at Rs.4,991 per gram. Closing at the same price, the metal recorded an overall incline of 3.05%.
Gold Rate Trend in Gulbarga for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,860 per gram||Rs.4,014 per gram||Rs.4,090 per gram|
|Last Day||Rs.4,014 per gram||Rs.4,195 per gram||Rs.4,053 per gram|
|Highest Price||Rs.4,053 per gram on 9 January||Rs.4,232 per gram on 25 February||Rs.4,368 per gram on 7 March|
|Lowest Price||Rs.3,848 per gram on 2 January||Rs.3,956 per gram on 7 and 8 February||Rs.3,953 per gram on 20 March|
Quarterly Gold Rate in Gulbarga from January 2020 to March 2020:
- Gold prices for the month of January in Gulbarga opened at Rs.3,860 per gram and closed at Rs.4,014 per gram. Gold prices fluctuated throughout the month. Overall, gold saw a 3.98% incline in its rates for the month. Several factors such as the trade deal between the US and China and the tensions between the Middle East and the US ensured that the prices of gold increased. Gold hit its lowest rate for the month on 2 January 2020 and was at Rs.3,848 for a gram. On 9 January 2020, gold prices hit its highest rate for the month and was at Rs.4,053 for a gram.
- Gold prices continued to increase in the month of February. The prices of gold opened the month at Rs.4,014 per gram. Gold did not see any changes to its prices on 1 February 2020 when compared to the last day of January. Gold hit its lowest rate for the month on 7 and 8 February and was at Rs.3,956 for a gram. However, in the following days, the prices of gold continuously increased as investors moved towards the bullion market due to the coronavirus outbreak. On 25 February 2020, gold hit its highest rate for the month and was at Rs.4,232 for a gram. Overall, gold saw a 4.50% increase in its rates for the month of February in Gulbarga.
- On 1 March 2020, the prices of gold opened at Rs.4,090 per grams. Gulbarga saw a 0.90% decline in its gold rates for the month. In the first week, gold prices increased significantly as investors were expecting the US Federal Reserve to cut the interest rates. Gold hit its highest rate for the month and was at Rs.4,368 for a gram on 7 March 2020. Over the following days, gold rates reduced drastically. The coronavirus outbreak led to investors selling their assets, ensuring that the prices of gold reduced. During this period, gold hits its lowest rate for the month and was at Rs.3,953 on 20 March 2020. The US Federal Reserves introduced several measure to help the economy during the pandemic, ensuring that the prices of gold increased by the end of the month. Gold closed the month at Rs.4,053 per gram.
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..
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Gulbarga
|Gold Rate In Bangalore||Gold Rate In Mangalore||Gold Rate In Mysore|
|Gold Rate In Belgaum||Gold Rate In Bellary||Gold Rate In Shimoga|
|Gold Rate In Udupi||Gold Rate In Hyderabad||Gold Rate In Kolhapur|
Read more on Gold
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- Significance Of Gold In Indian Culture
- How Will Restricting Gold Imports in India Affect Gold Rates?
- What Do The Markings On Gold Mean