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Gold Price in HyderabadWhy to Buy Gold on Dhanteras
Hyderabad is one of the most populated cities in India. This historic city is known for its affinity towards gold and gold products. Gold rates in Hyderabad are a direct consequence of global gold rates, which are affected by a wide range of factors such as global production, strength of currency, internal demand of the country, prices of other commodities such as oil, and so on.
Gold in Hyderabad is generally sold as jewelries and related products. This is mainly for individual consumption for occasions such as marriages, festivals, and even as a form of investment strategy for both long and short terms. Returns from gold have ideally been assured and reliable, and this is a big reason why individuals in Hyderabad are preferring gold over other forms of investments such as bank deposits or equity markets.
Trend of Gold Rate in Hyderabad for August 2016 (rates per gram for 24k Gold)
|First Day||Rs.3,215 per gram|
|Last Day||Rs.3,148 per gram|
|Highest Price||Rs.3,224 per gram on 03rd August|
|Lowest Price||Rs.3,148 per gram on 31st of August|
August '16 - Weeks 1 (1st to 7th)
- Gold traded at Rs.3,215 per gram on the 01st of August.
- There was a slight increase in gold rates on 02nd August when gold traded at Rs.3,192 per gram.
- Due to constant demand from the domestic market, gold prices further raised and traded at Rs.3,224 per gram on 03rd August which is the highest gold rate recorded for this month.
- Gold rates fell gradually from 04th to 7th of August due to Fed rate hike speculation.
- Gold traded at Rs.3,171 per gram on 7th August in Hyderabad.
August '16 - Week 2 (8th to 14th)
- A slight decrease was noted on the first day of the weak as gold traded at Rs.3,168 per gram.
- 24k gold traded at Rs.3,197 per gram in Hyderabad which is the highest gold rate recorded this week.
- Gold rate drifted throughout the week as U.S Federal Reserve hinted a interest rate hike.
- Gold prices dipped and settle at Rs.3,181 per gram.
August '16 - Week 3 (15th to 21st)
- No changes was reported on the first day of the week as gold continued to trade at Rs.3,181 per gram.
- The overall trend this week indicating an increase in gold prices. The increasing trend can be attributed to investors shrugging Fed rate hike issue and excellent demand from jewellers and coin makers.
- The highest gold rate for this week was reported on 18th of August when gold traded at Rs.3,207 per gram.
- Gold prices slightly fell during the end of the week and closed at Rs.3,200 per gram.
August '16 - Week 4 (22nd to 28th)
- Gold prices increased for the first three days of the week before gradually declining.
- Gold traded at Rs.3,182 per gram on the 22nd of the August.
- Gold rate started declining from the 24th of August as U.S economy grew stronger.
- Gold closed at Rs.3,164 per gram.
August '16 - Week 5 (29th to 31st)
- A slight decrease was noted on the first day of the week as gold traded at Rs.3,153 per gram.
- Gold price managed to increase on 29th of August as demand from domestic market picked up but quickly decreased and traded at the lowest gold rate for the month.
- Gold rate succumbed to firm dollar and closed at Rs.3,148 per gram on the 31st of August which is the lowest dollar rate recorded in the month of August.
- Traders forecasted that gold will see better days in the second half of the year due to to festive season in india.
|1st July Rate||Rs.3,127.50 per gram|
|31st July Rate||Rs.3,214 per gram|
|Highest Rate in July||Rs.3,214 per gram on 30th and 31st July|
|Lowest Rate in July||Rs.3,115.50 per gram on 21st July|
|Overall Performance||Increase in price|
|% Change||+2.76% increase|
July'16 - Week 1 (1st to 3rd)
- Gold prices depreciated in the first week due to a slowing of demand from the domestic market.
- Demand was stable overseas but did not translate into higher prices domestically.
- Gold traded at Rs.3,124.50 per gram at the end of the week.
July'16 - Week 2 (4th to 10th)
- Prices rose as demand for gold increased due to a slump in the markets.
- The Dollar was low due to the fallout from the Brexit vote.
- Gold traded at Rs.3,162 per gram, an increase of Rs.26 from the beginning of the week.
July'16 - Week 3 (11th to 17th)
- Prices rose at the start of the week but dropped as the markets recovered.
- Asian stocks also posted gains, resulting in overseas demand falling.
- Gold traded at Rs.3,146 per gram, a decrease of Rs.25 from the beginning of the week.
July '16 - Week 4 (18th to 24th)
- Gold prices continued to fall as demand decreased due to stable markets.
- Domestic demand also slowed down, influenced by global trends.
- Gold retailed at Rs.3,130 per gram at the end of the week.
July‘16 - Week 5 (25th to 31st)
- Equity markets fell as U.S. economic data showed disappointing results.
- The Dollar dipped against other global currencies, resulting in gold demand rising.
- Gold prices made a resurgence, trading at Rs.3,214 per gram at the end of the week, an increase of Rs.82 from the price at the start of the week.
|1st June rate||Rs.2,918|
|30th June rate||Rs.3,103|
|Highest rate in June||Rs.3,180 per gram on 30th June|
|Lowest rate in June||Rs.2,911 per gram on 3rdJune|
Jun'16 - Week 1 (1st to 4th)
- There were a number of variations in the rate of gold throughout the entire month of June.
- Gold opened at Rs.2,918 per gram on the 1st of the month.
- There was a minor increase in the price of gold on the 2nd.
- A decrease was noted in the price of gold wherein the price was Rs.2,911 per gram on the 3rd.
- An increase was again noted in gold rate on the 4th with the price of gold being Rs.2,974 per gram.
Jun'16 - Week 2 (5th to 11th)
- There were minor variations noted in the price of gold throughout the second week of the month as well.
- The rate of gold on the 5th was the same as the last day of the previous week at Rs.2,974 per gram.
- The ate of gold fluctuated between Rs.2,970 per gram to Rs.2,973 per gram between the 5th of June to the 8th of June.
- The rate of gold crossed Rs.3,000 on the 9th and continued rising from thereon.
- Gold closed at Rs.3,039 per gram on the last day of the week.
Jun'16 - Week 3 (12th to 18th)
- There were many variations in the rate of gold throughout the entire third week of June.
- The week opened with gold being priced at Rs.3,039 per gram and continued rising steadily.
- The rate of gold was Rs.3,072 per gram on the 15th and rose to Rs.3,110 per gram on the 16th.
- There was decline in the price from there and on the last day of the week, the price of gold was Rs.3,087 per gram.
Jun'16 - Week 4 (19th to 25th)
- The week opened with gold being priced at Rs.3,087 per gram.
- There was a minor decline noted in gold rate after that until the 23rd wherein the rate hovered between Rs.3,070 per gram to Rs.3,023 per gram.
- A significant increase in gold rate was witnessed from the 24th onwards with gold being priced at Rs.3,156 per gram on the 24th.
- On the last day of the week, the price of gold was Rs.3,165 per gram which was also the highest for the week.
Jun'16 - Week 5 (26th to 30th)
- The price of gold was relatively high in the final week of the month.
- On 27th, gold rate was Rs.3,180 per gram which was the highest for the entire month.
- There was decline noted in the price of gold after that.
- The month closed with gold being priced at Rs.3,103 per gram.
|1st May rate||Rs.3,069|
|31st May rate||Rs.2,916|
|Highest rate in May||Rs.3,073 on the 7th and 8th of May|
|Lowest rate in May||Rs.2,900 on the 30th of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Prices were recorded at Rs.3,069 on the 1st day of the month and Rs.3,073 on the 7th.
- Prices fell by Re.1 on the 2nd day of the month and remained unchanged on the 3rd before a loss of Rs.20 on the 4th day of trading saw prices plunge to Rs.3,048.
- Prices remained at Rs.3,048 on the 5th of May, after which a decline of Rs.3 on the 6th was followed by an increase of Rs.28, helping close the week at Rs.3,073 per gram.
- Between the first and last day of the first week of May, prices recorded an increase of Rs.4.
May ‘16 - Week 2 (8th to 14th)
- Gold rates remained unchanged on the first of the second week and prices were recorded at Rs.3,073 on the 8th of May.
- A decline by Rs.21 on the second day of the week saw prices fall to Rs.3,052.
- A further decline by Rs.30 on the third day of the week saw prices plunge to Rs.3,022, after which an increase of Rs.18 elevated prices to Rs.3,040.
- A loss of Rs.9 on the 5th saw prices decline to Rs.3,031, followed by subsequent increases over the next two days, resulting in gold closing the week at Rs.3,051 per gram.
- The overall decline in prices when comparing the first day of the week with the last was Rs.22.
May ‘16 - Week 3 (15th to 21st)
- Gold prices remained unchanged on the first and second day of the third week of May at Rs.3,051.
- Prices then increased by Rs.2 to Rs.3,053 on the 17th after which a loss of Rs.5 on the 18th saw prices fall to Rs.3,048.
- Rates fell consistently over the next three days and the precious metal closed the week at Rs.3,015 per gram.
- Gold prices declined by Rs.36 at the end of the week in comparison with the first day of the week.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices were recorded at Rs.3,015 on the 22nd of May and increased by Rs.3 on the 23rd after which they fell consistently until the 30th of the month.
- The lowest price in the month of May was recorded on the 30th when prices dropped to Rs.2,900.
- Prices increased by Rs.16 on the last day of the month to close at Rs.2,916.
- The overall decline in prices between the first and last day of the month was Rs.153.
|1st April rate||Rs 2,894|
|30th April rate||Rs 3,069|
|Highest rate in April||Rs 3,069 on 30th|
|Lowest rate in April||Rs 2,876 on 4th|
|% Change||+ 6.05%|
Apr ‘16 - Week 1 (1st to 3rd)
- A lull in gold demand was witnessed on the back of international trends.
- Investors adopted a cautious approach towards gold, primarily on account of a US rate change statement.
- Gold traded at Rs 2,894 on 1st, dropping marginally over the week.
- Prices fell to Rs 2,877 to end a slow week for gold.
Apr ‘16 - Week 2 (4th to 10th)
- An overall increase in gold rates was observed on account of reinforced investor demand.
- Gold traded at Rs 2,876 on 4th, a marginal drop from the previous week.
- Gold prices saw an improvement of over Rs 60, ending the week at Rs 2,944.
Apr ‘16 - Week 3 (11th to 17th)
- Demand for gold continued into week 3, as prices surged higher.
- Gold traded at Rs 2,958 on 11th and Rs 2,963 on 12th.
- Rates dropped on account of minor market fluctuations over the next three days, with gold trading at Rs 2,934 on 14th.
- Prices stabilised marginally, ending the week on Rs 2,957, at an overall loss of Rs 1.
Apr ‘16 - Week 4 (18th to 24th)
- Fluctuation in rates continued into the week, with both a rise and fall observed over a period of 7 days.
- Gold traded at Rs 2,958 on 18th, dropping to Rs 2,951 on 19th.
- Market changes on the back of a varying US dollar was the main factor impacting gold rates.
- Gold traded at Rs 2,960 on 24th, exhibiting a marginal gain of Rs 2 over the week.
Apr ‘16 - Week 5 (25th to 30th)
- A weak performance by the US dollar helped gold rates pick up, with increased investor interest.
- Gold traded at Rs 2,965 on 25th and Rs 2,979 on 28th.
- Continued demand boosted gold rates, as prices crossed the Rs 3,000 mark on 29th.
- Gold traded at Rs 3,069 on 30th, ending the month on a high note.
|1st March rate||Rs 2,994|
|31st March rate||Rs 2,883|
|Highest rate in March||Rs 2,994 on 1st|
|Lowest rate in March||Rs 2,871 on 28th|
Mar'16 - Week 1 (1st to 6th)
- Jewellers across the city began a protest against the government’s decision to increase excise duty on gold, impacting market trade.
- Gold rates witnessed a depreciation in the first week.
- Rates fell from Rs 2,994 on 1st to Rs 2,976 on 6th.
Mar'16 - Week 2 (7th to 13th)
- Protests continued into the second week, impacting gold trade.
- Prices increased marginally on 7th, going up to Rs 2,980.
- Another increase was witnessed, as rates went up to Rs 2,991.
- Gold rates stayed at this mark through the week.
Mar'16 - Week 3 (14th to 20th)
- A few jewellers were open for business after two weeks of protests.
- The week saw an overall decline in gold rates.
- Prices fell to Rs 2,950 on 14th, ending at Rs 2,940 on 20th.
Mar'16 - Week 4 (21st to 27th)
- The slide in prices continued into the fourth week as well.
- Rates dropped to Rs 2,924 on 21st, slipping below the Rs 2,900 mark on 25th.
- The week ended with gold trading at Rs 2,896.
Mar'16 - Week 5 (28th to 31st)
- The week saw gold rates going through a roller coaster ride.
- Prices fell to Rs 2,871 on 28th before climbing up to Rs 2,906 on 30th.
- Prices fell on the 31st, closing the month at Rs 2,883.
|1st February rate||Rs.2,720|
|29th February rate||Rs.2,964|
|Highest rate in February||Rs.2,987 on 26th|
|Lowest rate in February||Rs.2,720 on 1st|
Feb '16 - Week 1 (1st to 7th)
- Gold started the month on a positive footing.
- Rates were Rs.2,720 on 1st and Rs.2,823 on 7th.
- Gold was up on all days, rising by a cumulative margin of Rs.103 over the first week.
Feb '16 - Week 2 (8th to 14th)
- Gold was up again during the 2nd week.
- Prices were Rs.2,820 on 8th and Rs.2,934 on 14th.
- Prices rallied to Rs.2,973 by 12th before dropping over the next 2 days to end the week at Rs.2,934.
Feb '16 - Week 3 (15th to 21st)
- Gold continued the positive streak over the third week also.
- Prices were Rs.2,906 on 15th and Rs.2,973 on 21st.
- Gold dropped to Rs.2,871 on 16th but regained the lost value and added more profits by 21st to close at Rs.2,973.
Feb '16 - Week 4 (22nd to 29th)
- Gold rates were up towards the end of February.
- Prices were Rs.2,917 on 22nd and Rs.2,964 on 29th.
- Gold rallied to Rs.2,987, just shy of Rs.3,000-mark before dropping to Rs.2,964 by 29th.
|4 th January rate||Rs.2,547|
|31 st January rate||Rs.2,710|
|Highest rate in January||Rs.2,727 on 28th|
|Lowest rate in January||Rs.2,547 on 4th|
- Gold rates appreciated during the 1st week of January.
- Rates were Rs.2,547 on 4th and Rs.2,635 on 10th.
- Gold had all positive sessions in the week as global and domestic cues favoured a rise in rates.
- Gold rates declined in the 2nd week.
- Prices were Rs.2,640 on 11th and Rs.2,607 on 17th.
- Gold rose to Rs.2,644 on 12th before dropping to RS.2,607 by 14th and staying there for the rest of the week.
- Gold rates were stable on the whole in the 3rd week.
- Prices were Rs.2,658 on 18th and Rs.2,660 on 24th.
- Rates rose to Rs.2,670 by 22nd before dropping to Rs.2,660 to end the week.
- Gold rates appreciated towards the end of the month.
- Prices were Rs.2,668 on 25th and Rs.2,710 on 31st.
- Gold rose to a high of Rs.2,727 by 28th before sliding to Rs.2,710 by 31st.
|1st December rate||Rs.2,556|
|31st December rate||Rs.2566|
|Highest rate in December||Rs.2,605 on 14th|
|Lowest rate in December||Rs.2,548 on 19th and 20th|
- Gold rates were up in the 1st week of December.
- Rates were Rs.2,556 on 1st and Rs.2,599 on 7th.
- Gold gained value till 3rd to reach Rs.2,574 before dropping to Rs.2,563 on 4th.
- Prices were up by Rs.35 on 5th to touch Rs.2,598 and were slightly up again on 7th to Rs.2,599.
- Gold rates appreciated again in the 2nd week.
- Prices were Rs.2,596 on 8th and Rs.2,605 on 14th.
- Gold dropped on 9th to Rs.2,576 before rising to Rs.2,585 on 10th.
- Prices deopped over the next 2 days to Rs.2,572, but rallied on 13th and 14th to touch Rs.2,605.
- Gold rates fell in the 3rd week.
- Prices were Rs.2,583 on 15th and Rs.2,563 on 21st.
- Rates fell consecutively from 15th to 19th to settle at Rs.2,548.
- Gold rallied on 21st by Rs.15 to end at Rs.2,563.
- Gold rates were slightly lower towards the end of the month.
- Prices were Rs.2,572 on 22nd and Rs.2,566 on 31st.
- Gold dropped to Rs.2,562 on 23rd and remained stable within Rs.2,560-2,570 for the rest of the week.
|1st November rate||Rs.2,676|
|Highest rate in November||Rs.2,734 on 3rd|
|Lowest rate in November||Rs.2,567 on 19th|
- Gold rates went down in the 1st week of the month.
- Rates were Rs.2,676 on 1st and Rs.2,608 on 7th.
- Gold appreciated to Rs.2,734 by 3rd but was devalued in the next 4 days to settle at Rs.2,608 on 7th.
- Gold rates declined in the 2nd week also.
- Prices were Rs.2,608 on 8th and Rs.2,582 on 14th.
- Gold appreciated to Rs.2,619 by 10th before dropping to Rs.2,609 on 11th.
- There were further gains in the week as gold rose to Rs.2,636 by 13th.
- Prices dropped on 14th to rest at Rs.2,582 for the week.
- Gold had a volatile time in the 3rd week.
- Prices were Rs.2,582 on 15th and Rs.2,570 on 21st.
- It appreciated to Rs.2,633 by 16th dropped in the next 3 days to Rs.2,567.
- Gold gained Rs.10 to rest at Rs.2,577 on 20th and declined marginally on 21st to Rs.2,570.
- Gold rates were mostly stable in the final days of the month.
- Prices were Rs.2,571 on 22nd and Rs.2,568 on 30th.
- Rates were stable within Rs.2,576 and Rs.2585 throughout the week.
- Gold declined to Rs.2,568 on 30th.
Gold as an Investment in Hyderabad
Gold is the preferred choice for metal commodity in Hyderabad. Gold rates in Hyderabad follow the trend of all major cities in the country. Buying gold is very easy in the city, as there are lots of stores and dealers who are into selling and buying gold. Investments in gold have become a major component of individual investments in commodities in the city.
Jewelry: Gold jewelries are popular among the residents of Hyderabad. The city offers some of the best options in gold jewelry in the country. Hyderabad, along with Chennai and Bangalore, forms a big portion of gold jewelry demand in southern India.
Coins and bullion: Gold coins can be purchased from various banks in the city. These are also popular with residents in the city, as coins can be purchased in varying purities and weights as well as from a number of places including private dealers. Bullions can be purchased from the large dealers based in the city. These are also available in varying purity and weights, however bullions are generally available in larger quantities of gold.
Commodity exchanges: Gold as a commodity can be traded in various exchanges such as MCX, NSEL or NCDEX. These exchanges are used by residents of Hyderabad for investing in contracts of gold of varying tenures. The contracts are available as spot contracts and futures contracts.
Gold Price in Hyderabad in 2015
24 karat gold rate (Rs/gram)
24 karat gold price in Hyderabad at the start of the year was Rs.2,696. This price gradually increased over the month and peaked at Rs.2,865 on 21st January. Prices stayed at the same level for the rest of the month, and gradually declined in the months of February and March to reach a low of Rs.2,623 on 18th March. Gold prices saw a mini rally over the next two months and again peaked at Rs.2,802 on 18th May, before ending the month at Rs.2,738.
22 karat gold rate(Rs/gram)
22 karat gold rate in Hyderabad at the start of 2015 was Rs.2,524. Prices rallied throughout the month, and were at peak value of Rs.2,678 on 21st January. Prices declined over the next month, and reached a low of Rs.2,445 on 18th March. Over the months of April and May, gold rate in Hyderabad saw a gradual increase and came to a high of Rs.2,622 on 18th May. Gold price at the end of the month was Rs.2,558.
Also Check Gold Price in NearBy Cities of Hyderabad
|Gold Rate In Warangal||Gold Rate In Vijayawada||Gold Rate In Visakhapatnam|
|Gold Rate In Guntur||Gold Rate In Nellore||Gold Rate In Kurnool|
|Gold Rate In Rajahmundry||Gold Rate In Kakinada||Gold Rate In Proddatur|
|Also Know: Silver Rate in Hyderabad|
Read more on Gold
- Akshaya Tritiya – An Auspicious Day to Buy Gold
- What Do The Markings On Gold Mean?
- Everything You Need To Know About Sovereign Gold Bond Scheme
- Know About Gold Futures
- How Gold Price Is Valuated In India
- Where To Buy Gold In India
News About Hyderabad Gold Rate
Gold Recovers on Fresh Buying by Jewellers, Silver Rebounds Rs.280/kg
Gold prices recovered by Rs.100 to reach at Rs.31,250 per 10g followed by fresh buying by jewellers. The domestic spot market saw a demand for gold from retailers despite the fall in the metal’s prices overseas. Silver also climbed Rs.280 to Rs.44,700 per kg owing to an increased off-take by coin makers and industrial units.
The recovery in precious metal prices was said to be due to the retailers’ demand for the festive season. In the global market, gold dropped 0.8% to USD 1,320.50 an ounce after Fed chair Janet Yellen commented that there is a high possibility of an increase in interest rate.
30th August 2016
Gold Prices Rise Slowly As Investors Await The Fed’s Decision
The prices of gold did rise but only just as investors continue to wait for the announcements by the US Federal Reserve. It is expected that the fed will not raise the interest rates but the wait for the announcements has turned investments in gold into a waiting game. The price of gold futures for delivery in August came up by 0.1%, or $1.30, to trade at $1,320.80 per ounce. The predictions in the market say that if the cues from the global economy become positive then the price of gold may head towards $1,308 per ounce however if they continue to remain negative then the prices may stay where they are or even rise since gold will retain its status as a safe haven among investors. Even the fact that the price of US dollar has been suffering against other major currencies could lend support to increasing the price of commodities like gold.
28th July 2016
Gold price falls down
Gold price fell down by Rs.50 to Rs.30,750 per ten grams at the bullion market today as a result of lukewarm demand from jewellers at current levels even as metal remained strong overseas. Gold traded higher by 0.19% to $1,337 an ounce in New York in yesterday’s trade. Silver also fell by Rs.200 to Rs.46,500per kg. Gold of 99.5% to 99.9% quality declined by Rs.50 to Rs.30,600 per ten gram and Rs.30,750 per ten grams in the national market.
21st July 2016
Gold price shoots up ahead of the wedding season
The price of yellow metal has surged in Vizag sending the grooms and brides about to get married into a frenzy. Gold price surged ahead of the wedding season in August, this is an aftermath of Brexit in the United kingdom. The only hope for gold buyers as of now is that the price of gold does not increase any more until the end of the wedding season.Gold was trading at Rs.29.700 per 10 gram as of July 6th after Brexit.
11th July 2016
Gold Prices Down To Two Week Low Over Brexit Fear
As Britain gets ready to vote over the possibility of leaving the European Union, the prices of gold have been dropping over fears of them voting in favour of the exit. The price of spot gold came down to $1,262.26 per ounce while the price of gold bullion came down to $1,260.36. Even US gold fell to come to rest at a price of $1,265.30 per ounce. The fear that is pushing the prices down is that should Britain decide to leave the EU, the EU could be looking at a period of recession. It is also estimated that such an exit could leave the markets in a state of uncertainty and give strength to the dollar while pushing the prices of gold to a new high as it will once again be looked upon as a safe haven investment.
24th June 2016
Gold Prices Look Set to Dip As UK Appears to Move Away from Brexit
The price of gold began to fall marginally after a weeks of gaining ground as indicators pointed to the possibility of the United Kingdom staying in the European Union. Dubbed ‘Brexit’, the upcoming referendum has been one of the reasons the price of gold has been on the upswing the past few weeks. The uncertainty and chances of Brexit leading to a Europe-wide recession have led investors to put their money in gold once again, pushing prices higher.
The impending referendum in the United Kingdom, while keeping prices high, appears to have reached the peak of price rise for the moment as the prices have begun stabilising.
Gold was trading close to monthly highs as late as Friday, 17th June, 2016, before falling by 1.5% to $1,269.51 for an ounce on Tuesday, 21st June, 2016.
The current volatility in the stock markets as well as a slowly improving U.S. Dollar have contributed to an environment that has driven up the price of gold.
22nd June 2016
Brexit Fears Making Gold an Attractive Option
Fears of a British exit from the European Union have resulted in investors putting their faith in gold as a safe bet. Analysts have predicted that the gold price will be determined by the upcoming referendum, further stating that bullion is the most stable asset in hand at the moment.
Gold prices could be triggered by the referendum, which would cause uncertainties in the market in Britain chooses to leave the Union.
Britain’s exit could also lead to other countries contemplating exiting the body, which could cause economic upheaval.
The quantitative easing measures implemented by the European Central Bank could be strengthened if Britain leaves, which would pressurise the Pound and affect other global currencies.
The U.S. Federal Reserve announced it was putting off an interest rate hike for the moment, with the referendum one of the reasons behind the move.
This would help gold prices remain on the upswing.
20th June 2016
Gold hits a three week low
As the dollar hit a one month high against yen after U.S Federal Reserve chief gave permission to Central Banks to increase the interest rates in the coming months, gold hit its lowest in three months. Spot gold had dropped 0.5 percent to $1,205.70 per ounce.This week will let investors know as to how far the Fed is from the next interest hike. Gold prices had already hit a low last week owing to the expectation of an interest rate hike by the Federal Reserve.
1st June 2016
Gold Prices Remain Steady Thanks to Improved Demand
The price of gold in both domestic as well as international markets remained firm thanks to improved demand amidst increasing interest from gold hedgers and major buyers, according to traders. Gold futures were manipulated by active stakeholders during the trading session as an eye was kept on the future output. Market analysts expect the price of gold to fluctuate between Rs.975 and Rs.1,150 per 10 grams. It is also claimed by dealers that the local bullion market was utilising over 90% of the recycled gold stocks for everyday use. Dealers also added that the present prices would remain stable for the foreseeable future with a forecast of increasing prices between Rs.1,000 to Rs.1,200 per 10 grams in case there is an increase in demand.
31st May 2016
Gold hits a six week low on global cues
Gold continued its streak and fell by another Rs. 370 to trade at a six week low of Rs. 29,200 per ten grams at the bullion market following the weak global trend and reduced demands from jewellers. Silver also remained under selling pressure and dropped by Rs.50 at Rs. 39,450 per kg in the market. Gold had a fifth straight decline which is the longest slump since November of last year, that is 2015. Lukewarm response from jewellers and retailers further led to the downward trend.
27th May 2016
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