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|Today's Gold Price in Mumbai||Today's Gold Price in Chennai||Today's Gold Price in Bangalore|
|Gold price in India in September 2017||Gold price in India in August 2017||Gold price in India in July 2017|
Gold Rate in India
India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It has, since long, maintained this position and, unlike countries like China, India uses gold primarily in the form of jewelry and investments. It is viewed as a solid instrument for investments and even traders who are into commodities trading, invest in gold bullion. These investments are usually dictated by the gold rates prevailing in the economy at that time.
Even the global view of gold is that of a safe haven where you can invest even when investments in the economy of a country are not a good idea. This is because it is believed that this commodity always appreciates.
Trend of Gold Rate in India for September 2017 (rates per gram for 24 karat gold)
September 2017 - Week 1 (1st to 10th)
- Gold prices in India started on a flat note as a result of subdued demand from jewellers and investors in the country.
- On the 1st of September, the yellow metal was trading at Rs.2,995 per gram.
- Prices increased marginally on the 2nd as they reached Rs.2,997 per gram and traded at the same rate on the 3rd of the month.
- As North Korea related concerns rose, global markets tanked. This led to gold trading at a 11-month high rate of Rs.3,081 per gram on the 4th.
- Gold rate in India went down slightly to Rs.3,067 per gram on the 5th, but the impact Kim Jong Un regime’s latest nuclear testing pushed prices up significantly.
- The 6th saw gold trade at Rs.3,087 per gram, which then went down to Rs.3,079 per gram due to lessened purchases.
- During the 8th, gold was trading at Rs.3,102 per gram - the highest rate for the the week - as safe haven investments saw a rise.
- The last two days of the week saw gold selling at Rs.3,095 per gram as demand subsided slightly after the increased trading situations.
Trend of Gold Rate in India for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,960 per gram|
|August 31 Rate||Rs.2,999 per gram|
|Highest Rate in August||Rs.3,017 per gram on 28 August|
|Lowest Rate in August||Rs.2,930 per gram on 3, and from 5-7 August|
|Overall Monthly Performance||Incline|
August ‘17 – Week 1 (1st to 6th)
- Gold prices in India fluctuated in the first week of August as investors waited for the Fed Reserve’s meeting on interest rates.
- Gold was priced at Rs.2,960 per gram on 1 August before falling to Rs.2,955 per gram on 2 August due to a minor dip in demand.
- Price of gold in India fell to Rs.2,930 per gram on 3 August as demand was muted following the U.S. Fed Reserve meeting, which led to a rise in the dollar rate.
- Gold price in India fluctuated as the week progressed as local demand also fell on poor global cues.
- Gold traded at Rs.2,940 per gram on 4 August but fell to Rs.2,930 per gram on 5 August due to lowered demand from Asian markets.
- The week ended with gold trading at Rs.2,930 per gram on 6 August.
August ‘17 – Week 2 (7th to 13th)
- Gold prices in India reached some magnificent numbers during the second week of August.
- On the 7th, when the week began, gold was priced at Rs.2,901 per gram before increasing slightly to trade at Rs.2,906 per gram on the 8th of August.
- The 9th saw gold rates in India increase by Rs.11 to trade at Rs.2,917 per gram due to some positive trading cues in the Multi-Commodity Exchange (MCX).
- Thanks to some positive demand from global as well as domestic markets, gold prices went up to Rs.2,947 per gram - a significant Rs.30 increase from the previous day.
- As tensions between the US and North Korea lingered on, bullion industry went into overdrive and the metal traded at Rs.2,977 per gram in the national market.
- Due to demand slowing down domestically and investors backing out slowly, gold price in India remained at Rs.2,977 per gram on the 12th and the 13th of August.
August ‘17 – Week 3 (14th to 20th)
- The price of gold in India was on the decline in the third week of August in India due to a combination of factors.
- Gold opened the week trading at Rs.2,994 per gram on 14 August as demand for the metal was high due to continued tensions between North Korea and the United States.
- Prices remained constant on 15 August as markets did not see much movement, with gold priced at Rs.2,994 per gram.
- A sharp decline was seen the following day, with gold rate in India at Rs.2,979 per gram on 16 August due to a decrease in local demand.
- Gold Price in India rose again to trade at Rs.2,994 per gram on 17 August as industrial demand rose due to a fluctuating dollar rate and renewed interest from China led to higher trade volumes.
- Gold rose to a weekly high of Rs.2,999 per gram on 18 August as demand continued to be high before falling to Rs.2,982 per gram on 19 August.
- The week ended with gold trading at Rs.2,982 per gram on 20 August due to a minor dip in demand.
August 2017 – Week 4 (21st - 27th)
- Gold price in India fell below nine-month high globally on the 21st as the US dollar strengthened.
- The yellow metal was trading at Rs.2,950 per gram in India when the week began.
- As issues relating to North Korea and the US came back to the market, gold prices went up to Rs.2,965 per gram on the 22nd of August.
- Gold demand went down to Rs.2,963 per gram on the 23rd despite market fluctuations as investors were wary of investing in the metal.
- Due to uncertainty over US economic agenda, gold prices in India went up slightly to Rs.2,965 per gram on the 24th.
- The 25th saw gold rate in India improve slightly to trade at Rs.2,967 per gram before continuing at the same rate till the end of the week.
August 2017 – Week 5 (28th - 31st)
- Demand for gold rose in the final week of August due to persistent tensions between the United States and the United States of America, with gold trading at Rs.3,017 per gram on 28 August.
- Higher demand from industrial units from the Asian peninsula boosted demand as markets reacted strongly to the renewed threat of aggression by North Korea.
- A slackening of local demand led to gold rate in India falling to Rs.3,009 per gram on 29 August in spite of international demand being strong.
- U.S. markets began to recover which led to a reduction in demand for the yellow metal whose price fell to Rs.3,004 per gram on 30 August.
- The decline in the price of gold in India continued as the Fed Reserve meeting offered some sops to industry, resulting in gold falling to Rs.2,999 per gram on 31 August.
Trend of Gold Rate in India for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,925 per gram|
|Highest Rate in June||Rs.2,950 per gram on 1 July|
|Lowest Rate in June||Rs.2,796 per gram on 11 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- Gold traded at Rs.2,992 per gram on the first day of July in India as a result of stable demand for this precious metal. This rate was noted the next day as well.
- Due to various signs of monetary tightening by central banks, the value of the dollar stayed low.
- The price of gold reduced on 3 July to trade at Rs.2,972 per gram and reduced further as the week progressed.
- Between 4 July to 6 July , gold traded steadily at Rs.2,942 per gram due to sustained demand for this yellow metal from international markets.
- However, this demand was not steady and gold rate fell on 7 July to be priced at Rs.2,922 per gram.
- On the last two days of the week, gold traded at a weekly low of Rs.2,902 per gram.
July 2017 - Week 2 (10th to 16th)
- Gold rates remained steady during this week India, despite hovering too close to a four-month low in the international market.
- The week began on the 10th with gold trading at Rs.2,831 per gram.
- However, as positive news about US job growth surfaced, gold price in India fell to Rs.2,796 per gram on the 11th.
- The sharp increase in US market data was halted by the controversy about president Trump’s Russia links.
- Gold rate in India went up by Rs.17 per gram to reach Rs.2,813 per gram on the 12th as the latest Trump scandal brought about an increase in demand and consequently the prices.
- The fall in US dollar rate somewhat subsided as gold rates went down marginally to Rs.2,810 per gram on the 13th.
- On the back of rising jobs in the US, dollar rate was on the increase, which lead to gold trading at Rs.2,803 per gram on the 14th.
- As the latest Trump scandal escalated, gold price in India went up to Rs.2,818 per gram on the 15th and continued at the same rate till the end of the 16th.
July ‘17 – Week 3 (17th to 23rd)
- The price of gold in India increased due to favourable market conditions as well as a flagging U.S. dollar.
- Gold traded at Rs.2,863 per gram on 17 July as markets continued to react to the geopolitical concerns plaguing the United States.
- Gold rate in India rose to Rs.2,873 per gram on 18 July as the precious metal was sought after due to poor market performance.
- Local demand was still muted due to the absence of any festivals and the end of the marriage season but overseas demand took prices to Rs.2,883 per gram on 19 & 20 July.
- Gold price jumped to Rs.2,908 per gram on 21 July as dollar rates continued to freefall, resulting in investors rushing to hedge their bets through bullion investments.
- Gold rose a staggering Rs.36 per gram to trade at Rs.2,944 per gram on 22 & 23 July as crude prices pushed the dollar lower and Asian markets increased demand for the precious metal.
July 2017 - Week 4 (24th to 31st):
- The fourth week of July started with gold prices in India holding at Rs.2,918 per gram - while hitting four-week high rates in the international market.
- Worries over Trump administration and US dollar hitting 13-month low figures led to gold prices increasing globally.
- However, domestic demand couldn’t capitalise on the sudden fall in dollar value, and instead, the yellow metal traded at Rs.2,910 per gram on the 25th.
- Prices decreased again on the 26th - to hit Rs.2,897 per gram - as there was subdued interest from jewellers.
- On the 27th, prices increased by Rs.23 to reach Rs.2,920 per gram before going down to Rs.2,913 per gram on the 28th as investors were in two minds about buying gold.
- Due to the North Korean conflict taking centre stage in the US, markets plundered, leading to an increased investment.
- This led to prices increasing to Rs.2,926 per gram on the 29th. Rates remained unchanged on the 30th as the issue lingered on in the market.
- On the last day of July, and week 4, gold prices decreased slightly to close at Rs.2,925 per gram.
Also check Today's Gold Rate in the most popular Indian cities
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.3,012 per gram|
|June 30 Rate||Rs.2,992 per gram|
|Highest Rate in June||Rs.3,057 per gram on 7 June|
|Lowest Rate in June||Rs.2,972 per gram on 27 June|
June 2017 - Week 1 (1st-4th)
- Gold rates in India saw some fluctuations owing to some rocky times in the US political sphere.
- On the 1st of June, gold was trading at Rs.2,977 per gram but went down to Rs.2,965 per gram on the 2nd as uncertainty grew in the US - a recurrent theme since Donald Trump’s election as US President.
- Prices went up to Rs.2,998 per gram as there were some low points in US-EU relationship, which pushed gold prices up.
- As US dollar remained on a low after the conflict, gold rates ended the first week of June at Rs.2,998 per gram.
- Gold trading was quite positive for the month as there was a Rs.21 increase since the beginning of the week.
June 2017 - Week 2 (5th - 11th)
- When the second week of June rolled out, gold was priced at Rs.3,006 per gram.
- Prices increased on the 6th to Rs.3,025 per gram as the US Employment Report still loomed large and anchored the market.
- However, the price hike was a little on the cautious on the 7th as it went up to Rs.3,030 per gram.
- The reason for caution was due to news reports that the Federal Reserve was deliberating on a possible rate hike.
- Prices dropped on the 8th to go down to Rs.3,012 per gram as they consolidated after the rise earlier in the week.
- Gold prices kept falling further as they went down to Rs.2,987 per gram on the 9th, because of some startling results in the UK General Elections.
- The election result combined with its implications on Brexit talks brought bullion trading prices further down to Rs.2,981 per gram on the 10th.
- Prices consolidated on the 11th, as gold was still seen trading at Rs.2,981 when the week ended.
June 2017 - Week 3 (12th-18th)
- Gold opened the third week of June at Rs.3,007 per gram on the 12th in India. This rate was due to relatively high demand for this metal from international markets.
- This rate was noted until the 15th of June as the demand was steady.
- There were a few doubts regarding gold trade as clarity was still needed about issues that were faced by banks that were importing bullion, due to GST.
- The gold rate in India fell on the 16th of June due to a fall in the demand for this metal. Gold was priced at Rs.2,992 per gram and reduced even further the next day.
- On the last two days of the week, gold price in India traded steadily at Rs.2,982 per gram.
June 2017 - Week 4 (19 to 25)
- Gold prices in the fourth week of June continued to trade at a steady rate, opening the week at Rs.2,982 per gram on 19 June.
- Prices continued to trade at a steady rate as there were minor fluctuations in demand as markets were unsteady due to continued uncertainty over the impact of GST.
- International demand for gold was also high, with the metal trading at Rs.2,987 per gram on 23 June in spite of a marginal dip in domestic demand due to recovering stock markets.
- Gold ended the week trading at Rs.2,992 per gram on 25 June, registering a marginal rise in value due to positive cues.
June ‘17 - Week 5 (26 to 30)
- The price of gold in the last week of June rose initially and was steady for the rest of the week.
- Gold was priced at Rs.3,002 per gram on 26 June, rising marginally due to an increase in demand from jewellers looking to replenish stock before the advent of GST.
- Prices fell to their lowest rate of the month, trading at Rs.2,972 per gram on 27 June after the initial spike, as demand stabilised.
- Prices rose to Rs.2,992 per gram on 28 June as local markets were jittery over the impact of GST on the bourses.
- In spite of a weak U.S. Dollar, there was no upward mobility in the price of gold, which remained stagnant at Rs.2,992 per gram as the month ended on 30 June.
|May 1st Rate||Rs.3,011 per gram|
|May 31st Rate||Rs.2,992 per gram|
|Highest Rate in May||Rs.3,011per gram on 1st & 2nd May|
|Lowest Rate in May||Rs.2,918 per gram from 11th-15th May|
May 2017 - Week 1 (1st-7th)
- Gold traded at Rs.3,011 per gram on the 1st and 2nd of May due to sustained demand from the previous month.
- However, due to falling demand for the safe-haven asset as a result of the U.S. Dollar gaining against the Yen, the gold rate in India reduced.
- Gold traded at Rs.2,982 per gram on the 3rd of May and declined further thereafter.
- Diminishing yet steady demand for this precious metal resulted in this metal trading at Rs.2,952 per gram from the 4th of May until the very end of the week. Political factors coupled with low demand resulted in a decline of gold rate as the first week of May progressed.
May 2017 – Week 2 (8th -14th)
- The gold price in India was Rs.2,942 per gram as the week began, with prices dropping marginally as markets were high following the victory of Emmanuel Macron in the French presidential election.
- Prices continued to drop as the week progressed, with the price of gold being recorded at Rs.2,928 per gram on 10th May as global markets traded high.
- A lowering of domestic demand after Akshaya Tritiya led to a dip in the price of gold, as it traded at Rs,2,918 per gram on 11th May.
- The gold rate in India remained constant as the week ended on 14th May, with gold prices declining by Rs.24 per gram during the week.
May 2017 - Week 3 (15th - 21st)
- Gold prices started the third week of May on a high during this week owing to a weak dollar.
- On the 15th, gold was trading at Rs.2,888 per gram which then went up to Rs.2,894 per gram.
- As the US dollar saw no signs of picking up, gold rates went up to Rs.2,910 per gram on 17th.
- On 18th saw gold prices go up to Rs.2,958 per gram - the highest rise in gold rates since Brexit - which was brought about by US President Donald Trump’s meddlesome behaviour.
- The US President was using his official capacity to influence the Russian connections his government was accused of.
- As markets seemed to recover after that volatile period, gold rates began to stabilise.
- On the 19th, gold rates decreased by Rs.4 to reach Rs.2,954 per gram and remained unchanged for the next two days as well.
May 2017 - Week 4 (22nd - 28th)
- Gold traded at Rs.2,977 per gram on the first day of the fourth week in India. This was due to relatively high demand for this metal from domestic markets. There were also no changes in the price of gold despite the Manchester blasts.
- This rate was noted until the 25th of the month as a result of steady demand for gold.
- However, the gold rate in India increased on the 26th of the month due to a fall in the value of the U.S. dollar.
- From the 26th to the 28th of May in India, gold was priced at Rs.2,992 per gram.
May ‘17 - Week 5 (29th to 31st)
- Gold prices in the last week of May were stable as demand was muted due to a steady U.S. Dollar.
- Gold was priced at Rs.2,992 per gram on 29th May, with the price staying constant from the previous week owing to below average trading in the yellow metal.
- In spite of market fluctuations towards the end of the month, prices continued to remain constant, with gold priced at Rs.2,992 per gram on 31st May.
|April 1st Rate||Rs.2,991 per gram|
|April 30th Rate||Rs.3,011 per gram|
|Highest Rate in April||Rs.3,068 per gram on the 15th and 16th of April|
|Lowest Rate in April||Rs.2,983 per gram from the 8th to the 10th of April|
April 2017 - Week 1 (1st-9th)
- Gold price in India in the first week of April were on the rise due to increased purchasing from industrial as well as retail sectors.
- Gold traded at Rs.2,991 per gram on the first day of the month of April.
- Due to steady demand from both domestic and international markets, the rate of gold was steady at Rs.2,991 per gram until the 3rd of April.
- As the week progressed, the rate of gold continued to increase due to increased offtake.
- The rate of gold was Rs.3,003 per gram between the 4th of April to the 7th of April.
- However, a marginal decline was noted in the gold rate in India during the last two days of the month with this precious metal trading at Rs.2,983 per gram.
April 2017 - Week 2 (10th-16th)
- Gold price in India endured a good time over the second week of April.
- On 10th, the metal was priced at Rs.2,956 per gram, which then went up to Rs.2,963 per gram on 11th.
- As there were plenty of global issues, markets became volatile, which sent gold prices up by Rs.38 to Rs.3,001 per gram on 12th.
- Gold rate in India went up again on 13th, as domestic demand kept going up, to reach Rs.3,018 per gram - an increase of Rs.17 per gram.
- Due to demand holding steady, prices rose for the 5th consecutive time this week to reach Rs.3,028 per gram.
- Prices rose on the last day of April week 2 as well as the metal was seen trading at Rs.3,040 per gram.
- Overall, the second week of April was very productive for gold trading, as prices rose by Rs.84 from the start to the end.
April 2017 - Week 3 (17th-23rd)
- The rate of gold in India during the third week of April was relatively stable due to steady demand for this precious metal.
- Gold traded higher in early trade due to rising tensions in North Korea and Syria, resulting in investors being driven to safe haven assets.
- Gold traded at Rs.3,057 per gram on the 17th of April. This rate was noted until the 21st of April due to steady demand for this metal.
- However, due to rise in the demand on the 22nd as well as geopolitical tensions, the price of gold rose to Rs.3,062 per gram and stayed steady at this rate until the end of the week.
April 2017 - Week 4 (24th-30th)
- The rate of gold in India during the third week of April was relatively stable with a few minor variations towards the end of the final week of the month.
- Gold opened the week at Rs.3,041 per gram due to relatively high demand and stayed steady at this price on the 25th as well.
- However, as the U.S Dollar gained versus the yen resulting in a decline in the price of gold as the week progressed.
- Gold traded at Rs.3,011 per gram from the 26th of April until the end of the week due to low but sustained demand.
- The French presidential elections as well as low demand for this precious metal resulted in the drop in the rate of this metal.
|March 1st Rate||Rs.2,994 per gram|
|March 31st Rate||Rs.2,942 per gram|
|Highest Rate in March||Rs.2,994 per gram on 1st March|
|Lowest Rate in March||Rs.2,906 per gram on 15th March|
March 2017 - Week 1 (1st - 4th):
- Gold prices in India seemed to dwindle during the first week of March.
- On 1st, gold was trading at Rs.2,994 per gram and went down slightly to Rs.2,992 per gram.
- The 3rd saw gold prices drop in the country as dollar began to strengthen significantly to end the day at Rs.2,961 per gram.
- The first week of March ended with gold prices picking up slightly to reach Rs.2,972 per gram.
March 2017 - Week 2 (5th - 11th):
- The second week of March gave way to full of ups and downs with regards to gold rates.
- On 5th, gold was priced at Rs.2,972 per gram but went down marginally to Rs.2,971 per gram on 6th.
- The 7th saw gold prices dip significantly by Rs.27 as it went down to Rs.2,944 per gram and dropped again on 8th to hit Rs.2,931 per gram.
- After the decrease over the previous two days, gold prices picked up on 10th to reach Rs.2,951 per gram.
- The increase on 9th seemed like a false hope as an increase in US dollar value saw prices dip again.
- On 10th, gold in India was priced at Rs.2,931 per gram and went up by Rs.14 to end the week at Rs.2,945 per gram.
March 2017 - Week 3 (12th-18th):
- Gold prices in the third week of March were on the increase due to increased purchasing from industrial as well as retail sectors.
- Gold traded at Rs.2,971 per gram on the first day of the third week of March.
- Despite seasonal demand, the price of gold dropped by Rs.20 the next day to trade at Rs.2,951 per gram.
- The rate of gold continued to decline over the next two days owing to a fall in demand from markets overseas.
- On the 17th of March, rate of gold recovered marginally to trade at Rs.2,970 per gram.
- Gold traded at Rs.2,971 per gram on the last two days of the month owing to steady demand from domestic markets.
March 2017 - Week 4 (19th-25th):
- Gold rates saw some fluctuations during the fourth week of March owing to various factors like Donald Trump’s travel ban and a strengthening dollar.
- The week started on 20th with gold trading at Rs.2,941 per gram but fell to Rs.2,933 per gram on 21st as demand went down.
- On 22nd, gold prices consolidated to rise by Rs.44 per gram, thereby ending the day at Rs.2,977 per gram.
- The 23rd saw a slight decline in gold prices as dollar seemed to strengthen marginally.
- Gold was trading at Rs.2,973 per gram when 23rd came to an end and went down to Rs.2,965 per gram on 24th.
- On 25th, prices went down marginally by Rs.1 to hit Rs.2,964 per gram and remained unchanged at the end of the week on 26th.
March 2017- Week 5 (26th-31st):
- Gold rate in India fell over the last four days of March as demand for the metal seemed to decline.
- When business day started on 27th, gold was trading at Rs.2,979 per gram.
- The 28th saw gold prices drop to Rs.2,974 per gram even though rates were constant in the global market.
- Gold price in India took a hit on 29th, this time by Rs.12 to reach Rs.2,962 per gram and decreased again on 30th to reach Rs.2,960 per gram.
- Bullion saw its highest price decrease for the week as it went down by Rs.18 per gram to trade at Rs.2,942 per gram.
|February 1st Rate||Rs.3,035 per gram|
|February 28th Rate||Rs.3,101 per gram|
|Highest Rate in February||Rs.3,101 per gram from 25th-28th February|
|Lowest Rate in February||Rs.3,034 per gram on 4th & 5th February|
February 2017 - Week 1 (1st-4th):
- When the week began on 1st, gold was trading at Rs.2,957 per gram and continued at the same rate on 2nd as well.
- As global demand fell slightly amidst strengthening dollar, gold prices fell to Rs.2,940 per gram on 3rd.
- The 4th saw prices increase slightly to end the first week of February at Rs.2,944 per gram.
February 2017 - Week 2 (5th-11th)
- The price of gold in the second week of February was stable, with gold trading at Rs.3,034 per gram on 5th February on sustained demand from the domestic market.
- Prices increases the following day, trading at Rs.3,044 per gram, an increase of Rs.10 per gram as market fluctuations led to an increase in demand.
- The price rose to Rs.3,075 per gram on 7th February as the U.S. Dollar weakened due to continued instability arising out of uncertainty regarding the travel and immigration ban in the United States.
- Prices were stable for a few days before falling to Rs.3,068 per gram on 11th February, recording an increase in price of Rs.34 per gram over the week.
February 2017 - Week 3 (12th-18th)
- Gold prices in the third week of February were on the increase due to increased buying from the retail and industrial sectors.
- Gold was priced at Rs.3,048 per gram on 12th February, decreasing marginally from the previous week due to a drop in demand.
- Gold traded at Rs.3,044 per gram on 13th February, with prices falling marginally in spite of seasonal demand.
- Prices were constant till 15th February, after which gold traded at Rs.3,045 per gram as demand rose.
- Gold traded at Rs.3,070 per gram on 17th February and remained constant the following day.
February 2017 - Weeks 4 & 5 (19th-28th)
- The price of gold in the last two weeks of February did not see much fluctuation as demand was steady, which kept prices stable.
- Gold traded at Rs.3,070 per gram on 19th February, with the price remaining constant till 24th February due to consistent demand.
- Gold prices fluctuated in the international market due to markets dipping, but prices were unaffected due to high local demand.
- Gold rose to Rs.3,101 per gram on 25th February as demand increased overseas.
- The month ended with gold trading at Rs.3,101 per gram on 28th February, an increase of Rs.31 per gram over the week.
|January 1st Rate||Rs.2,893 per gram|
|January 31st Rate||Rs.3,017 per gram|
|Highest Rate in January||Rs.3,060 per gram on 23rd & 24th January|
|Lowest Rate in January||Rs.2,841 per gram on 10th & 11th January|
January 2017 - Week 1 (1st to 7th)
- The new year came like a breath of fresh air for gold in India as prices increased gradually over the week.
- When new year’s day began on the 1st, gold began to trade at Rs.2,821 per gram.
- The next day on the 2nd, gold prices increased by Rs.7 to trade at Rs.2,828 per gram, which trickled on to the 3rd as well.
- On the 4th, gold prices increased significantly by Rs.29 for the metal to trade at Rs.2,857 per gram and increased by Re.1 on the 5th to trade at Rs.2,858 per gram.
- New year seemed to improve buyers’ sentiments as prices went up further more to trade at Rs.2,869 per gram.
- At the end business day on the 7th, gold prices had increased again to cap off at Rs.2,872 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices in the second week of January improved as demand was high, with gold trading at Rs.2,937 per gram on 8th January.
- Prices fell to Rs.2,841 per gram on 10th January as demand fluctuated due to a recovering U.S. Dollar, which made imports expensive.
- Prices jumped towards the middle of the week, as gold capitalised on unstable markets, rising to Rs.2,990 per gram on 12th January, an increase of Rs.59 per gram.
- Prices remained unchanged as the week drew to a close, with gold trading at Rs.2,990 per gram on 15th January, with the price rising by Rs.63 per gram.
January 2017 - Week 3 (15th to 21st):
- Gold rates seemed to be on the up and up for much of week 3 before seeing some fluctuations during the latter half of the week.
- The week began with gold trading at Rs.2,941 per gram.
- On 16th, gold prices increased and was seen trading at Rs.2,955 per gram which again went up to Rs.2,969 per gram on the 17th.
- Prices went up slightly to Rs.2,971 per gram on the 18th as global demand seemed to be on the rise.
- However, prices plummeted to Rs.2,951 per gram on the 19th and remained the same till the closing hours of the 20th.
- Prices increased again to hit Rs.2,962 per gram to end the week on a positive note.
January 2017- Weeks 4 & 5 (22nd to 31st)
- Gold prices increased during the week due to high demand from industry as well as market fluctuations.
- Gold traded at Rs.3,024 per gram on 22nd January, with the price rising to Rs.3,060 per gram on 23rd January due to a sudden spurt in gold purchases from Asia.
- Prices dipped to Rs.3,032 per gram on 25th January as domestic demand fell due to a rally by the stock markets, pushing demand for bullion low.
- In spite of fluctuations in the U.S. market due to confusion over implementation of an immigration ban, gold prices were low due to poor trading before the Lunar New Year.
- Gold ended the week trading at Rs.3,017 per gram on 31st January.
Trading in gold is a preferred investment mode of investors who are financially savvy and have the required risk-appetite for this kind of market. It requires prudent monitoring of investments as gold prices are subject to change for many reasons. Maintaining or closing a position in this market depends on how well an investor can track, analyze and synthesize pricing information.
Some of the key factors that affect gold prices are outlined below:
- Import costs: Since demand is primarily met through gold imports, import costs affect gold rates. Higher the costs, higher the price of gold.
- Interest rates on bank fixed deposits: Bank FDs are the go-to investment option for Indians. It is only rivalled by investments in gold. When FD rates fall, investors prefer moving their money to gold. Hence, the demand for gold rises and thereby prices.
- Strength of the US dollar: When the US dollar weakens, gold rates in India rise and when the US dollar strengthens, gold prices in India fall. This is because central banks which maintain US dollar reserves tend to hedge against risks of a devaluing dollar by investing in gold. This pushes prices up. Also, India buys its gold from foreign countries and when the US dollar strengthens against the Indian rupee, it makes purchases of gold (usually done in USD), more expensive.
- Global economic stability: Gold prices rise during times of economic instability as gold is considered safer asset that others and people tend to move their money out of riskier assets into gold. Other assets bear the risk of being significantly devalued whereas gold which is has high liquidity continues to hold value even during times of crisis.
- Seasonality: In India, demand for gold during festivals, marriages and other auspicious occasions. Prices tend to be higher during these times.
- Inflation: Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on an upward trend.
- International prices: In general, when gold rates are on an upward trend, globally, gold prices in India also move upwards. Many central banks, especially in the US and in Europe hold huge gold reserves. When these banks or other financial organizations buy more gold, prices move upward.
International gold prices are hugely affected by the prices fixed on the London Gold Market, twice a day i.e. once at 10:30 a.m. and once at 3 p.m. USD is the currency generally used when quoting prices although it is fixed in Pound Sterlings and Euros as well.
- Production costs: Mining companies increase prices at times on account of production costs. This is reflected in the price of gold imported in India.
- Supply: Domestic production and supply is limited in India. Supply constraints can push prices upwards. Similarly, lower supplies of gold globally can make the metal dearer in India.
Gold rates vary across different cities in India. Key reasons for this are:
- Taxes: State taxes differ from state to state. Some states levy higher taxes than others. This is one of the reasons why gold is more expensive in some cities than others.
- Demand: Owing to different population sizes and varying demographics, demand for gold also varies. Discounts are usually offered on larger volumes. So gold prices in cities like Mumbai are lower given larger quantums of transactions.
- Carriage: Indian imports a bulk of its gold requirements by sea. Gold prices at port cities e.g. Chennai are lower than those in interior cities e.g. Delhi because of the absence of inland transport charges.
- Local associations: Cities have their own local gold associations which have a say in setting the prices. This will also account for differences in gold prices between cities.
Gold is measured in grams and troy weight. (Troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.)
Karat is used to represent purity when gold is mixed or alloyed with other base metals such as copper. 24K or 24 karat gold is pure gold. Fineness is to represent gold parts per thousand. (18K gold would be 18 of 24 karats out of 1,000 parts or a fineness of 750).
Carat - It is a unit of weight used to measure precious gems such as diamonds as well as pearls. 200 milligrams or 0.2 grams make a metric carat. Carats are abbreviated to ct. Carats are often mistaken to denote size.
Karat - It is a unit of finesse or purity used to measure gold. 24 karat gold denotes pure gold. When gold is mixed with another metal the purity is diluted. The purity is then expressed as the parts of gold out of 24. E.g. 22 karat gold (mixed with copper) will be 22 parts gold and 2 parts copper. Gold being soft is alloyed with another metal, usually copper, to attain form. Karat is abbreviated to kt.
Karats represent the finesse or purity of gold. Gold being a very malleable metal is too soft to attain form on its own. It is usually alloyed with another metal, mostly copper, in order to attain form. The purity of the gold is then represented in karats as the parts of gold present out of 24.
24 karat gold is 99.99% pure gold whereas 22 karat gold is 91.67% pure. 22 karat gold means, the alloy consists of 22 parts gold and 2 parts of the alloyed metal.
24k gold is priced higher than 22k gold being purer, however, some people prefer 22k gold being more durable. Import duties are generally lower for 24k gold and higher for 22k gold.
India’s primary demand for gold is for use as jewelry. Investments are the next greatest demand driver. Unlike China, the next highest consumer of gold in the world, whose primary demand for gold is for industrial purposes, India’s industrial usage of gold is minimal.
Domestic production of gold in India is limited and, given its strong demand, India relies heavily on gold imports every year. Currently, the Kolar mines in Karnataka are the only operational mines in India, grossly unable to meet domestic demand.
Gold imports in India constitute the next largest chunk of total imports after crude oil. Of late, the government has increased its focus on curbing the negative impact of heavy gold imports viz. a widening trade deficit and rupee devaluation.
Gold is considered valuable for many reasons, mainly
- Value: Although gold prices fluctuate in the near to medium term, its value tends to rise in the long-term. For this reason, people invest and hold on to gold for a long period of time. Gold tends to not be affected by geopolitical or economic turmoil. It is valuable during emergencies providing liquidity as it is easily traded. It is a hedge against inflation as well and acts as a great value addition to an investor’s portfolio.
- Industrial uses: Gold is used in certain manufacturing processes. Although not comparable to retail consumption, many countries use gold for production purposes.
- Versatile metal: Gold is available in many useful forms making it a versatile investment. It is popularly used as jewellery and other gift items and held in the form of coins, bars or bullion. It is also available in edible form or woven into fabrics. Besides all this, paperless gold instruments are now being used to represent physical gold.
- Gold reserves: Gold is maintained as reserves to back paper currencies by many countries. These paper currencies attain their values based on the value of the gold reserves that back them.
- Limited supply: The amount of gold that can be mined and produced in the world is limited. Due to this, gold attains more value as an irreplaceable asset.
- Tradition: Gold has traditionally been used for financial transactions. This has passed down through the ages and prevails even today.
Indian gold reserves
This is the amount of gold held by India’s Central Bank. Referred to as store value, it is against these reserves that currency is printed and circulated in the economy. Besides providing value to currency, these reserves act as security for amounts due to depositors or trading partners.
Indians primarily invest in gold as a means to counter inflation. While the price of gold may fluctuate over time, the value of this metal remains relatively stable, especially in the long-run. Returns on gold are generally higher in the long-run as compared to other asset classes. Real estate and equity markets have proven to be the exceptions but for most Indian investors, gold still forms a huge part of their investment portfolios.
Traditionally, investment in gold has been in the form of jewelry, gold bars or gold coins. As financial markets developed over the years, new investment avenues have opened up. Gold is now increasingly being invested in through Gold ETFs (Exchange Traded Funds) or through mutual funds which invest in gold or through stocks of companies that are in the business of gold/gold-related activities. Gold is also traded as a commodity on commodity exchanges.
Investments in gold commodities, ETFs, funds and stocks can be done online adding another dimension to gold investments in India.
Gold is traded through spot contracts or derivative contracts i.e. investors can trade in gold without possessing gold in its physical form.
- Gold spot contracts are whereby gold is bought and immediately delivered (i.e. sold and delivered right away).
- Gold futures contracts are whereby gold is bought and sold at a later date as per the contract. Unlike most other commodities, gold futures are traded at spot prices and not at prices influenced by demand and supply.
Gold is traded as a commodity on three major commodity exchanges in India:
- Multi Commodity Exchange (MCX)
- National Commodity & Derivatives Exchange (NCDEX)
- National Spot Exchange (NSEL)
MCX is India’s leading commodities exchange and a leading exchange to trade in gold. Contracts traded here offer great liquidity and offer investors the option of contracts in four different sizes as outlined below with their other key features:
- Ticker GOLD
- Trades during 6 months of the year i.e. February, April, June, August, October, December (Monday - Saturday)
- 1 contract = 1 kg of gold
- Initial margin: 4%
- Daily price limit: 3%
- Upper limit on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Gold Mini:
- Ticker GOLDM
- Trades in all 12 months i.e. January to December (Monday - Saturday)
- 1 contract = 100 grams of gold
- Initial margin: 4%
- Limits on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Gold Guinea:
- Ticker GOLDGuinea
- Trades in all 12 months i.e. January to December
- 1 contract = 8 grams of gold
- Limits on positions: Up to 2 MT or up to 250,000 contracts at one time
- Gold Petal:
- Trades in months as specified by the exchange
- 1 contract = 1 gram of gold
- Limits on positions: Up to 2,000,000 contracts at one time
The best decisions are informed decisions and a decision to buy gold should also be a well-informed one. Especially given the present-day scenario where one has diverse investment options, the decision to invest in gold is not just ‘at what price’ but also when, how and how much. Gold prices, gold price trends and movements, investment channels and returns on investing in gold are all important factors to consider.
Information is now available online from a number of sources both authoritative as well as informational. This facilitates decision making to save time and effort. Besides the latest gold rates and factors that affect gold prices, information is available on gold production, trades, different forms of gold (physical and paperless), leading jewellers etc. Experts also publish their views on gold as an asset as well their outlook on the performance of gold.
|To convert from||To||Multiply by|
|Troy ounces||Penny weights||20|
|Troy ounces||Avoirdupois ounces||1.09714|
|Avoirdupois ounces||Troy ounces||0.911458|
|Short tonne||Metric tonne||0.9072|
Gold is one precious metal which has managed to retain its shine over the years, creating a niche space for itself in the investment world. Being a natural resource, there is a constant mismatch between the demand and supply, making gold an extremely precious commodity, with people viewing it as a safe and reliable investment option. India is one of the largest consumers of gold in the world, with estimates indicating that the residents own over 20,000 tonnes of this precious metal. While our love for gold is witnessed across the length and breadth of India, there is more to gold than just its utility, aspects which most of us are unaware about.
Gold as a commodity isn’t the easiest one to comprehend, with certain nuances having a great impact on it. Taking time to learn about them can help you get the best out of your investment, making it truly shine.
What is the current gold price in India ?
Gold rates change on a daily basis, with a number of factors impacting their price in a particular place on a given day. Demand and supply, global market conditions and currency fluctuations are some of the most critical factors which go into determining the rate of gold in a country, with prices changing every day. Gold rates in India have been following international trends, with a rise of close to 16% witnessed in the last four months. Purity also plays a key role in determining gold rates, with 24 karat gold costing more than 22 or 18 karat gold. Individuals who want to invest in gold would need to pay around Rs 2,962 per gram for 24 karat gold and Rs 2,766 for a gram of 22 karat gold (as of 25/04/2016).
What are the different avenues to invest in gold ?
Gone are the days when the only mode to invest in gold was to purchase it physically. Today, there are multiple avenues through which one can buy gold, with the popular ones mentioned below.
Gold mutual funds – Gold mutual funds are offered by a number of organisations, offering ease of investment through SIPs.
Gold ETFs – Gold Exchange Traded Funds permit trading of gold in units (by weight), with the investment viewed as debt mutual funds by tax authorities.
Gold futures – Gold futures are popular among certain investors, with the MCX and NCDEX offering avenues to invest in gold through derivatives.
E-gold – E-gold is a new option to invest in gold, offering ease and flexibility to investors.
Physical gold - Physical purchase of gold in the form of coins, jewellery, bars, etc. continues to account for a major portion of investment, with the new modes expected to gain more acceptance with time.
How many grams of gold in one tola?
Gold is purchased by weight, with every gram costing a decent amount of money. India is home to over 1.2 billion people, each one unique and having different modes of communication, including units of weight. While there are internationally accepted conventions when it comes to weight, certain regions have their own traditional units, with the Tola being one such popular unit.
1 Tola roughly translates to around 11.6 grams, with 1 kg of gold corresponding to 85.7 Tolas (approximately). This unit is still used in a number of towns and cities, with 1 Tola gold costing Rs 30,887 (as of April 25, 2016).
How to buy gold?
Buying gold isn’t very hard, given the multiple avenues available, but there are a few key points one should keep in mind before spending that hard earned money.
Research – Gold rates change on a daily basis and it is imperative that one does research before buying gold. Observing trends and staying abreast of changes can ensure that you get a good deal on the investment, reducing the chances of being cheated.
Gold selection – Gold can be purchased in different forms, with each one offering unique advantages. Choose an investment avenue which matches your needs.
Certification – There are numerous occasions wherein people have been duped into buying gold of inferior purity, purely on account of blind faith. Ensure that the jeweller or source you intend to buy from has a good record, and insist on purity certification.
Online purchase – Individuals who wish to buy gold online need to ensure that the source they choose is trusted, for a number of sellers on the internet can be fake.
How to sell gold ?
Gold is one investment which is always in demand, making it a liquid asset. Selling gold isn’t hard, with most jewellers and pawn shops willing to buy gold at market rates. Individuals who wish to sell gold need to ensure that they know current gold rates, for buyers may choose to haggle or negotiate, and failing to know present prices could result in selling gold at lower rates.
Also, gold coins and bars attract better rates than jewellery and are easier to sell. Individuals who do not wish to sell gold can choose to avail gold loans against it, with a number of banks and private lenders offering loans keeping gold as collateral.
What are the different purity levels in gold?
Gold is often purchased by weight and purity, with the purity measured in a unit called Karat. Gold is available in different purities, with the popular ones being 24 karat, 22 karat and 18 karat. While 24 karat gold is used extensively as an investment, 22 and 18 karat gold can be used to make jewellery and ornaments.
22 karat gold is a mixture of gold and alloys, in the ratio 11:1. This essentially means that 1 gram of 22 karat gold has around 91.5% pure gold, with other metals making up the remaining portion. These impurities are added to pure gold to make it more malleable and ductile, thereby making it perfect for jewellery.
Similarly, 18 karat gold is a mixture of gold and metals in the ratio 3:1, i.e. 75% pure gold and 25% metals. This is typically cheaper than 22 and 24 karat gold on account of impurities. 18 karat gold typically has a dull colour, making it easily recognisable.
Other gold options include 14 karat gold (which has 58% gold), 10 karat gold (with 42% gold) and 6 karat gold (with 25% gold).
What is 24 karat gold?
24 karat gold is the purest form of gold which can be purchased, having no impurities. This purity makes it ideal for investments, with most investors choosing to purchase 24 karat gold. The only drawback of this purity is that 24 karat gold cannot be used to make jewellery or ornaments, limiting their use to gold coins or bars.
How to buy gold coins in India?
Gold coins are extremely popular in the country and are available in different weights, ensuring that investors can buy gold which suits their budget. Gold coins can be purchased from banks, jewellers, post offices or online stores, with the popular ones being in the 1g to 10g weight bracket. A number of jewellers and online stores sell coins with the imprint of Gods or Goddesses, charging higher for such coins.
One can walk into any bank or jewellery store and choose to buy a coin, albeit a PAN might be required if the cost exceeds Rs 50,000. Most jewellers and banks offer a purity certificate with the coin, which could hike the cost of a coin. Gold coins can be purchased by purity as well, with the popular options being 22 and 24 karat.
One should remember to keep certain basic points like market rate, dealer reputation, certification, etc. before buying gold coins.
How to buy gold bars?
Gold bars are typically reserved for serious investors, people who have sufficient funds to invest in them. These bars can be purchased in different weights, typically ranging between 500g and 1kg. Banks and big jewellers sell gold bars, although one can also purchase them online. One must remember to check the purity and prevailing market rates before investing in gold bars. A Pan is required if one is purchasing gold bars worth over Rs 50,000.
Why gold price is increasing in India?
Gold rates in the country change on a regular basis, with a number of factors impacting rates. A close look at recent trends could highlight the reason for such changes. Some of the most common factors impacting gold rates in India are mentioned below.
Demand and supply – Gold rates increase when the demand exceeds supply. Gold, being a natural resource is available in limited quantities, and each time the supply reduces there is a spurt in gold rates.
International relations – International trends have a deep impact on gold rates in India, primarily due to the fact that India depends on imports to meet local demand. Any changes in international relations could translate into a change in local gold rates.
US dollar – The US dollar plays a key role in determining international gold rates. A strong dollar results in poor gold performance and vice versa, resulting in costlier gold each time the dollar underperforms.
Market conditions – Gold is inversely proportional to market performance, with prices going up each time there is pressure on markets.
Government taxes and duties – The government imposes taxes and duties on a number of commodities, including gold. Any increase in these taxes automatically pushes gold rates, pinching the pocket of buyers.
There has been a recent increase in gold rates due to improved performance on the international front. The US Federal Policy rate change had a huge impact on prices, helping them pick up after a poor performance last year. One could see a further hike in rates in the coming weeks, as the US Central Bank is set to change its rates, which are likely to have a direct impact on gold.
Related Searches Leading to Gold Rate In India Page:
Gold prices bounce back to reach Rs.3,000 per gram margin
Courtesy of higher prices in the global market, gold began trading beyond the Rs.3,000 per gram mark in India as well. Prices rallied on the Saturday, i.e, the 2nd of September to go up to Rs.30,400 per 10 gram as opposed to Rs.30,200 per 10 gram the previous day.
The rise in prices were due to higher gold rates globally which was brought about by slower than expected US job growth data in August.
Analysts are of the impression that gold prices are likely to increase a lot more as conflicts are rising around the globe, particularly relating to the US.
4th September 2017
Gold prices see a boost as North Korea concern intensifies
As the stand-off between North Korea and the US intensified, gold prices in the global market saw a significant boost.
In Monday’s trade, gold rates went up beyond the $1,300 per ounce mark - a level which hadn’t been hit during the last month. A weak US Federal Reserve meeting with regard to future interest rates also contributed the increase in gold prices.
Reports are going further to suggest that gold rates will reach a level as high as $1,360 or even $1,380 per ounce if the conflict doesn’t see a resolution. In the Indian market, gold prices reached the Rs.2,940 per gram margin, with analysts suggesting that rates would even reach Rs.2,960 or Rs.2,980 per gram levels in the near future.
31st August 2017
Gold Prices Rise In Monumental Trade After Quiet Week
Gold prices caused some upheaval on Friday, 26th August, 2017 as there was a sudden spike in trade volumes ahead of the central bankers meeting in Jackson Hole.
The yellow metal saw close to 2 million ounces trade after a period of relative quiet, shaking up the markets. Over 18,149 lots traded within the space of a minute, rattling markets. Gold has been trading at a steady pace in spite of volatility and political crises, both usually an indicator of high volume trades.
After the U.S. Fed Reserve Chairperson failed to assuage questions over a possible rate hike, there was apprehension over the effects on the market and on bullion.
Gold futures traded at $1,297.90 per ounce for December delivery, rising by 0.5%.
26th August 2017
Gold Rates Drop From 3-Month High
The price of gold fell due to a rise in the U.S dollar rate, which resulted in gold prices dropping a day after touching new 3-month highs.
The tensions between the United States and North Korea has led to increased demand for the yellow metal, which has reached $1,300 per ounce before falling back to $1,291 an ounce in trading on Tuesday, 22nd August, 2017.
In spite of the recent slide, the geopolitical situation in the Americas is set to boost demand for the safe-haven asset.
The upcoming meeting of central bankers could impact the dollar rate, as investors will be looking out for any rate cuts and changes to monetary policy.
22nd August 2017
Government ready to team up with the OECD to set rules
The Indian government is ready to work with the Organisation for Economic Cooperation and Development (OECD) and industry experts to draft rules and regulations for gold imports, refining, and delivery.
Sources inside the industry and close to this cooperative has suggested that a task force is being set up to deal with concerns related to the bullion industry.
Furthermore, the Bullion Federation recently showcased a presentation on how such a cooperative would work. This seminar, which was held in May in Paris, was organised by the OECD. Currently, the officials involved in making the presentation are working closely to help setup the new organisation, which would further help improve the state of bullion trading in the country.
8th August 2017
Tensions In North Korea Lead To Rise In Gold Price
The escalation of tensions between the United States and North Korea have resulted in a rise in the price of gold. Gold traded at $1,278.51 per ounce in trading on August 10th, 2017 as the U.S. President continued his rhetoric against the Asian nation.
Gold had reached a high of $1,279.64 per ounce in trading in an earlier session, which was its highest rate since June 9, 2017.
Gold futures for December delivery were also up by 0.4% at $1,284.40 per ounce.
10th August 2017
Gold ETFs losing their sheen in India
A recent report suggests that gold ETFs have been losing their popularity year-on-year as more investors are pulling out of their investments than joining in. The news is alarming as gold ETFs have already seen outflows of Rs.250 crore between April to July. With this, the commodity is expected to surpass the outflow figures of the last four years.
In 2016-17, the outflow was recorded at Rs.775 crore, while in 2015-16, it used to be Rs.903 crore. Of all the figures, 2013-14 saw the most investors pull out when investments worth Rs.2,293 crores were withdrawn. This latest development is suggesting that ETFs have been losing their charm as an investment instrument and people are happy with equities and other such market tools.
7th August 2017
Gold demand dips by 14% in the first half of 2017
A report published by the World Gold Council (WGC) - the apex body for gold and commodities - has put into light some alarming news.
The report, which came to light, on the 3rd has suggested that demand for gold has dipped by a whopping 14% during the first six months of 2017. The fall, the report said, is due to a reduced investment in purchases of Exchange Traded Funds (ETFs).
Central bank purchases also dropped around the world but that of bars, jewellery and coins remained comparatively positively thanks to India and Turkey, the report said.
Gold ETFs saw a higher rate of inflows which had led to prices increasing by over 30% from January to June 2017, claimed the WGC report.
3rd August 2017
Government likely to reduce import duty on gold
As India’s trade deficit has hit new lows, the powers at the helm are now considering reducing import duties on gold. India, which is the second largest consumer of gold has seen trade deficit numbers ease, prompting the government to to take this step, an official from Commerce Ministry was heard saying.
The reduction of import duties will lead to a fall in gold prices, which could lead to a much higher demand and could also impact how the metal is priced internationally.
Manoj Dwivedi, Joint Secretary for Commerce Ministry, said that the government must take cutting import duty into consideration when forming a budget. He further said that a proposal for the same has been sent to the Financial Ministry.
However, the Finance Ministry has failed to respond to the same and it remains to be seen whether an concrete steps will be taken in this regard.
28th July 2017
Gold Rates Stable As Dollar Weakens
The price of gold was steady thanks to uncertain markets and a dipping U.S. Dollar rate. Spot gold traded at $1,234.48 an ounce in trading on July 18th, 2017.
Gold futures for August did not see much of a change, trading at $1,233.80 per ounce in spite of the U.S. Dollar falling to a nearly 10-month low against other global currencies.
Gold has also been on the upswing as markets are shaky in major European cities, with London’s economy still ascertaining the fallout from Brexit.
The United States is also looking at renegotiating its free trade agreement, which threw markets in the region into turmoil.
18th July 2017
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