Gold Rate Today

Todays gold rate in India:

  • 10g of 24K gold is 47,250 Indian Rupee
  • 10g of 22K gold is 45,900 Indian Rupee
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  • Gold Price In Indian Cities

    City Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    BANGALORE ₹ 4,444 ₹ 35,552 ₹ 4,848 ₹ 38,784
    CHENNAI ₹ 4,530 ₹ 36,240 ₹ 4,901 ₹ 39,208
    COIMBATORE ₹ 4,641 ₹ 37,128 ₹ 4,723 ₹ 37,784
    GUWAHATI ₹ 4,359 ₹ 34,872 ₹ 4,819 ₹ 38,552
    HYDERABAD ₹ 4,509 ₹ 36,072 ₹ 4,901 ₹ 39,208
    JAMMU ₹ 4,408 ₹ 35,264 ₹ 4,698 ₹ 37,584
    KOLKATA ₹ 4,602 ₹ 36,816 ₹ 4,802 ₹ 38,416
    MUMBAI ₹ 4,627 ₹ 37,016 ₹ 4,727 ₹ 37,816
    NEW DELHI ₹ 4,602 ₹ 36,816 ₹ 4,782 ₹ 38,256
    THIRUVANANTHAPURAM ₹ 4,388 ₹ 35,104 ₹ 4,607 ₹ 36,856

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    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.

    Gold rate in India 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.

    Trend of Gold Rate in India for May 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.4,476 per gram
    May 16 Rate Rs.4,781 per gram
    Highest Rate in May Rs.4,781 per gram on 16 May
    Lowest Rate in May Rs.4,476 per gram on 1 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

    • In India, gold was priced at Rs.4,476 per gram at the start of the opening week of May. With investors booking profits due to optimism that economies may ease coronavirus lockdowns, the rate of the gold saw a decline of Rs.237 for every gram when compared to the closing price of April.
    • Gold prices improved the next day before recording its highest price for the month on 4th May with a gram of the 24-karat gold costing Rs.4,702 in the country. The increase in the price was accounted to rising tensions between the United States and China over the origin of coronavirus pandemic.
    • The rate of the gold fluctuated over the next few days due to a variety of reasons like virus-led curbs easing, equities rising, U.S. jobless claims report etc. Gold closed the first week at Rs.4,620 per gram with the overall performance showing an incline in the prices.

    May 2020 - Week 2 (10-16):

    • Opening the second week of the month at Rs.4,621 per gram on 10 May, gold saw an overall incline in its prices throughout the week in the country, increasing to Rs.4,622 per gram on 11 May. The rise in prices was majorly due to the decrease in risk appetite amongst investors with the rise in the number of COVID-19 cases all over the world.
    • On 12 May, the price of the metal increased to Rs.4,636 per gram and further increased to Rs.4,695 per gram on 13 May. With a sudden surge of cases all over the world along with a resurgence of cases in many parts of the world, the risk appetite of the investors was down and safe-haven demand of the metal had increased considerably.
    • Increasing marginally by Re.1, the price of the yellow metal had increased to Rs.4,696 per gram on 14 May. On 15 May, the price of the precious metal saw a considerable incline in the markets, to be priced at Rs.4,721 per gram and ended the week after hitting its highest price of the month and the week at Rs.4,781 per gram on 16 May recording an overall incline.

    Trend of Gold Rate in India for April 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.4,253 per gram
    April 30 Rate Rs.4,703 per gram
    Highest Rate in April Rs.4,826 per gram on 29 April
    Lowest Rate in April Rs.4,253 per gram on 1 - 6 April
    Overall Performance Incline

    April 2020 - Week 1 (1 - 4):

    • In India, as the world heads into the fourth month of fighting the novel pandemic, Coronavirus, gold prices have remained steady since the last week of March. With investors shifting to cash by selling off their assets, the price of the gold had dipped considerably in the last month.
    • In April, as investors shifted to the bullion market for its safe-haven demand as the markets are still affected, the price of gold in the country opened the month of April at Rs.4,253 per gram and remained steady until the end of the first week of the month at Rs.4,253 per gram.
    • Even though the gold rate had increased in the global markets and fluctuated in the week, gold prices have been steady in the country with no overall gain or loss in the first week of the month.

    April 2020 - Week 2 (5 -11):

    • Gold price in India started the second week of April at Rs.4,253 per gram. There was no change in the rates when compared to the previous week’s closing price. The opening price was the lowest recorded price of the precious metal for the month of April till date.
    • The rates of the yellow metal increased in the country after staying constant on 6th April. The increase in the prices was due to bleak US nonfarm payrolls data which underscored the deepening economic impact of Covid - 19 pandemic. As of 8th April, a gram of the 24-karat gold was retailed for Rs.4,463.
    • The rates declined the next day before improving gradually and recording its highest for the month till date on the last day of the week i.e., 11th April. A gram was retailed for Rs.4,461 in the country on the mentioned date as the rates climbed due to safe haven buying ahead of a long weekend and a crucial meeting of top oil producers. Gold witnessed an incline in the prices over the week.

    April 2020 - Week 3 (12 - 18):

    • In the third week of the month, gold prices opened at Rs.4,462 per gram on 12 April and increased throughout the week. With the effect of COVID-19 increasing on the economy all over the world and affecting more people on a daily basis, traders shifted to the bullion market due to rising fears of the virus. On 13 April, the price of the metal increased marginally to be priced at Rs.4,498 per gram as the measures taken by the United States Federal Reserve kept the bullion market in check. With Spot gold prices fell marginally along with U.S. gold futures.
    • On 14 April, the price of the metal increased to Rs.4,513 per gram and further to be priced at Rs.4,581 per gram on 15 April. The continuous rise in prices was due to economic worries by the traders because of Coronavirus and its effect on the world. With speculations of a recession in order, the price of the gold showed a continuous inclining trend hitting its highest price of the week and month at Rs.4,611 per gram on 17 April.
    • At the end of the week, the price of the metal dipped to be priced at Rs.4,465 per gram as United States President, Donald Trump announced plans to reopen the United States economy which provided a much-required boost in the risk appetite of investors. At the end of the week, gold closed at Rs.4,465 per gram on 18 April.

    April 2020 - Week 4 (19 - 25)

    • Gold price stood at Rs.4,456 on 19th April in the country. There was a decline of Rs.9 for every gram when compared to the closing price of the previous week.
    • The rates slipped to Rs.4,446 per gram by 22nd April in the city as investors scrambled for hard cash in order to cover losses in other asset classes mainly driven by a crash in the oil market as Covid-19 continued to wreck economies.
    • Over the last three days of the week, the rates of the yellow increased in the country and closed the week at Rs.4,592 per gram. The increase in the prices was accounted to expectations for more stimulus from central banks to limit the economic damage caused by coronavirus pandemic. There was an incline in the prices of the precious metal over the week.

    April 2020 - Week 5 (26 - 30):

    • Opening the last week of the month, gold prices in the country was at Rs.4,603 per gram on 26 April. The price of the metal in the international market recorded continuous dips in its price due to various factors in the international market. The price of the metal increased to Rs.4,780 per gram on 27 April in the country even though it dipped majorly in the international market with possible hints of lockdowns easing in the United States of America.
    • The price of the metal on 28 April dipped marginally to Rs.4,766 per gram, dipping marginally from its previous day’s closing price. With investors speculating ease of lockdowns in the country as well, higher risk sentiment drove focus off the bullion market and into the stock market. On 29 April, the price of the metal hit its highest of the week and the month at Rs.4,826 per gram amidst a declining trend in the international market.
    • On the last day of the month and the week, the price of the metal dipped to be priced at Rs.4,703 per gram. As international prices of the metal recovered from the losses with various banks offering a stimulus to restart the economy, the price of the metal increased in the international market.

    Trend of Gold Rate in India for March 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.4,274 per gram
    March 31 Rate Rs.4,253 per gram
    Highest Rate in March Rs.4,536 per gram on 7 March
    Lowest Rate in March Rs.4,111 per gram on 20 March
    Overall Performance Decline

    March 2020 - Week 1 (01 - 07):

    • In India, gold prices opened the month of March at Rs.4,274 per gram and showed an overall weekly incline. This was majorly due to the effect of Coronavirus on the economy. The metal’s price was steady on 2 March at Rs.4,274 per gram. The gold rates increased throughout the week with a lower risk appetite amongst investors.
    • On 3 March, the price of the gold increased marginally to Rs.4,284 per gram. The price of the gold increased with expectations from investors on another rate cut by the United States Federal Reserve in order to tackle the effect of the Coronavirus on the economy of the world. With the safe-haven demand for gold increasing, the gold rate increased substantially on 4 March at Rs.4,305 per gram, further increasing to Rs.4,452 per gram on 5 March.
    • On 6 March, gold was set to be valued at its highest in 8 years amidst renewed fears of the Coronavirus with an increasing number of cases being reported all over the world along with adding to the death toll. The price of the gold on 6 March was Rs.4,436 per gram and further increasing by Rs.100 to Rs.4,536 per gram on 7 March. The effect of the virus was also seen on the crude oil markets which made investors shift to the bullion market. The metal closed the week at the same price recording a weekly incline.

    March 2020 - Week 2 (8 - 14):

    • Gold prices in the country stood at Rs.4,510 per gram on 8 March. Compared to the closing price of the previous week, there was a drop of Rs.26 per gram in the rates of the yellow metal. Even though gold prices jumped past the level of $1,700 per ounce the next day in the international market, the rates remained unchanged in India.
    • The rates slipped to Rs.4,499 per gram on 10 March as some worries about the growth outlook eased and the dollar jumped following U.S president Donald Trump’s pledge to take steps to shield the economy from coronavirus.
    • The rates unchanged for the next day but slipped considerably from 12 March as concerns about the economic impact due to coronavirus increased after world health officials declared it as a pandemic and countries took measures to combat the spread of the virus by restricting public gatherings. Gold closed the week at Rs.4,237 per gram which was the lowest recorded price for the metal in the month till date. The overall performance witnessed a declining trend in the prices.

    March 2020 - Week 3 (15 - 21):

    • After opening at Rs.4,237 per gram, gold prices in India saw an overall weekly decline in prices in the third week of the month at 14 March and remained steady till 15 March. The gold prices fell in the market with investors all around the world looked to liquidate their assets and turn it into cash in order to survive the outbreak of Coronavirus and its effect on the economy.
    • On 16 March, the price of the gold was steady at Rs.4,237 per gram and increased marginally to Rs.4,247 per gram on 17 March. However, with Palladium hitting the lowest price in 18 years, gold prices dipped extensively on 18 March to be priced at Rs.4,153 per gram. With the United States Federal Reserve announcing emergency rate cuts and failing to get a grip on gold prices, the measures taken by the European Central Bank resulted in gold prices increasing to Rs.4,226 per gram on 19 March.
    • However, on 20 March, with traders getting back to heavy liquidation of assets, gold prices fell yet again to hit its lowest price in the week at Rs.4,111 per gram on 20 March. The price of the gold, however, bounced back marginally on the last day of the week and closed at Rs.4,190 per gram in the country.

    March 2020 - Week 4 (22 - 31):

    • Gold prices in the country opened the fourth week of March at Rs.4,253 per gram. The rates were up by Rs.63 for every gram when compared to the previous week’s closing price.
    • Having opened the week at Rs,4,253 per gram, the rates of the yellow metal didn’t see any change over the week in the country. The rates in the international market however did fluctuate due to a variety of reasons. Over the week, investors liquidated their positions in the safe-haven metal despite stimulus measures being announced to combat the economic damage caused by the coronavirus pandemic.
    • The rates of the yellow metal closed the week at the opening price of the week i.e., Rs.4,253 per gram as the country went into a 21-day lockdown starting March 25. Gold prices witnessed a declining trend in the country.

    Trend of Gold Rate in India for February 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    1st February Rate Rs.4,169 per gram
    29th February Rate Rs.4,368 per gram
    Highest Rate in February Rs.4,394 per gram on 25 and 26 February
    Lowest Rate in February Rs.4,116 per gram on 7 February
    Overall Performance Incline

    February 2020 - Week 1 (1 - 9):

    • In the first week of February, the price of gold opened at Rs.4,169 per gram and fluctuated throughout. At the beginning of the week, the metal was all set to touch its 5-month high because of the effect of the Coronavirus on the global economy.
    • The metal also hit its highest price in the month on 4 February at Rs.4,195 per gram but not before slipping by 1% as the Central Bank in China cut down the reverse repo rates in the country to ease the inflow of liquidity into the economy. The price of the precious metal recorded a lower price in the country at Rs.4,127 per gram with strong economic data recorded in the United States of America.
    • After hitting its lowest price of the week on 7 February at Rs.4,116 per gram due to reports of an anti-Coronavirus drug, the metal bounced back on the next day at Rs.4,148 per gram as fears of the Coronavirus increased throughout the world with a greater number of cases and deaths. The metal closed the week at Rs.4,148 per gram.

    February 2020 - Week 2 (10 - 16):

    • Gold opened the second week of February at Rs.4,148 per gram in the country. There was no change in the rates of the precious metal when compared to the closing price of the previous week.
    • Over the week, the rates saw a lot of fluctuations in the country. Gold prices dipped to Rs.4,142 per gram on 13 February after dollar eased from a four-month high and stocks faltering.
    • The rates of the yellow metal increased over the country in the latter half of the week. The increase in the prices was accounted to investors betting on the safe-haven metal to hedge against the economic impact of the coronavirus outbreak. Gold which witnessed an incline in the prices over the week closed at Rs.4,211 per gram.

    February 2020 - Week 3 (17 - 23):

    • In the country, the price of the metal opened the last week of the month at Rs.4,211 per gram and held steady on 17 February 2020. During the week, gold trends showed an inclining trend in its prices due to increased safe-haven demand amongst investors. The price of the metal dipped marginally on 18 February to Rs.4,195 per gram as the value of the dollar increased marginally.
    • On 19 February, gold held steady at Rs.4,195 per gram and increased marginally to Rs.4,237 per gram on 20 February as investors shifted to the bullion market amidst renewed fears of the Coronavirus and its effect on the global economy. The price of the metal increased to Rs.4,268 per gram on 21 February.
    • Gold prices on 22 February hit the Rs.4,300 per gram mark and due to safe-haven demand and increased to hit not only the monthly high but also its 7-year high in the global market. The price of the metal on 23 February was Rs.4,368 per gram in the country and closed the week at the same price.

    February 2020 - Week 4 (24 to 29):

    • In the country, the yellow metal opened the last week of February at Rs.4,368 per gram. There was no change in the rates when compared to the previous week’s closing price.
    • The rates jumped to Rs.4,394 per gram after staying constant for the next day as the US dollar edged higher as the spread of coronavirus beyond China drove fears of a pandemic and weighed on Asian currencies and global equities.
    • Gold prices saw fluctuations over the last three days of the week in the country. This was accounted to investors seeking refuge in safe-haven assets and raised hopes of interest rate cuts by major central banks as coronavirus scare spurred safe-haven flows towards the bullion.
    • In India, gold closed the week at Rs.4,368 per gram with the overall performance showing an inclining trend in the prices.

    Trend of Gold Rate in India for January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,995 per gram
    January 31 Rate Rs.4,169 per gram
    Highest Rate in January Rs.4,211 per gram on 9 January
    Lowest Rate in January Rs.3,995 per gram on 1 January
    Overall Performance Incline
    Comparison for 24 K Gold Rates for India January 2020
    Graph for Gold Rate (24K) in India January 2020

    January 2019- Week 1 (01 - 05):

    • Gold prices opened the new decade in India at a price of Rs.3,995 per gram with no changes since 31 December 2019. The metal is supposedly set for its best year till date since 2010 based on multiple global factors.
    • As gold prices have increased by over 19% in 2019, the metal increased to Rs.4,011 per gram on 2 January 2020 as the value of the dollar dipped in the global market. The dollar was under pressure at the beginning of the year as traders doubted its capability to grow when compared to trade in metal.
    • On 4 January, the price of the metal decreased marginally to Rs.4,069 per gram. However, on 5 January, the metal increased yet again, closing the first week of the decade at Rs.4,111 per gram with an overall incline.

    January 2019- Week 2(06 - 12):

    • Gold prices in the country opened the second week of January at Rs.4,111 per gram. Compared to the previous week’s closing, there was no difference in prices. However, on 7 January, the price of the metal increased to Rs.4,179 per gram due to persisting tensions between the United States of America and Iran.
    • There was a slight dip in prices on 8 January to Rs.4,121 per gram as investors awaited a reaction from the United States President, Donald Trump. As the President decided to ease the tensions, the price of the metal dipped further as the stock markets recovered. Gold prices hit the weekly high at Rs.4,211 per gram on 9 January.
    • In the second half of the week, gold prices saw a major dip by Rs.105 per gram and were priced at Rs.4,106 per gram. As the tensions between Iran and the United States of America eased further, traders shifted back to the market for riskier bets. At the end of the week, gold was priced at Rs.4,095 per gram.

    January 2019- Week 3(13 - 19):

    • For the third week of January, gold prices were steady opening at Rs.4,095 per gram. In the global markets, the trend of the metal was at a low during renewed trade deal optimism between China and the United States of America. The interim Phase 1 deal between the two countries was signed on 15 January.
    • On 14 January, the price of the metal dipped marginally at Rs.4,074 per gram as the investors eagerly waited for the trade deal to be signed and the tensions to ease. On 15 January, the metal recorded the lowest price of the week at Rs.4,037 per gram as the interim trade deal was signed between the two countries. A positive economic data in the United States of America also played a factor in the dip in gold prices.
    • On 16 January, the price of gold increased marginally to Rs.4,074 per gram in the country amidst a falling trend overseas. This was majorly due to a steady demand of the metal even though investors were fueled with a higher risk appetite post the signing of the trade deal. At the end of the week, gold prices closed the week at Rs.4,074 per gram.

    January 2020 - Week 4 (20 - 26):

    • Gold prices stood at Rs.4,074 per gram in the country on 20 January. The rates were unchanged when compared to what was charged at the end of the previous week.
    • The rates increased to Rs.4,116 per gram on 22 January as investors took refuge in the safe-haven metal rates amid concerns regarding the outbreak of the deadly coronavirus in China and increasing tensions in the Middle East.
    • With investors assessing the risk of coronavirus becoming a global epidemic, the rates of the yellow metal slipped to Rs.4,079 per gram on 23 January. The rates closed the week at Rs.4,142 per gram with the overall performance showing an incline in the prices.

    January 2020 - Week 5 (27 - 31):

    • In the last week of January, the price of gold opened at Rs.4,142 per gram increasing marginally from the previous week’s closing price. Due to the outbreak of the Coronavirus in China, the price of the metal increased through the week due to its safe-haven appeal.
    • Gold prices fluctuated in the first half of the week at Rs.4,158 per gram on 28 January and then dipped to Rs.4,153 per gram on 29 January. This was majorly due to the market taking stock of the virus’ impact on the economy. Investors also awaited on the decision to be made by the United States Federal Reserve on further rate cuts.
    • On 30 January, the price of the metal hit its weekly low at Rs.4,116 per gram amidst global trends showing positive trends. Due to low local demand and investors awaiting the decision by the United States Federal Reserve, the price of the metal dipped despite increasing widely in the global markets. On 31 January, the price of the metal increased in India and closed at Rs.4,169 per gram.

    Trend of Gold Rate in India for December 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,906 per gram
    December 29 Rate Rs.3,901 per gram
    Highest Rate in December Rs.3,927 per gram on 5 December
    Lowest Rate in December Rs.3,848 per gram on 14 December
    Overall Performance Decline
    Comparison for 24 K Gold Rates for India December 2019
    Graph for Gold Rate (24K) in India December 2019

    December 2019- Week 1 (1 – 8):

    • In India, gold prices stood at Rs.3,906. witnessed a declining trend in the first week of December. The rates opened the week at Rs.3,906 per gram.
    • The rates declined in the first four day of the week as there were flipping reports on the US – China trade deal. However, with the US president stating that the talks were going in the right direction, the rates jumped to Rs.3,927 per gram on 5 December.
    • Gold closed the week at Rs.3,875 per gram in the national capital. This was the lowest recorded price for the fuel in the first week.

    December 2019- Week 2 (9 – 15):

    • Gold started the second week of December at Rs.3,875 per gram. The rates didn’t see any change in the prices when compared to the previous week’s closing price.
    • The rates dropped in the next couple days before remaining stagnant for a day as investors awaited clarity on whether a next round of US tariffs on Chinese imports would take effect.
    • The prices were at its highest for the week on December 13 as the safe-haven appeal was boosted due to political uncertainties in the world’s biggest economy. The yellow metal closed the week at Rs.3,885 per gram with the overall performance trending downwards.

    December 2019- Week 3 (16 – 22):

    • In the country, gold opened the third week of the month at Rs.3,885 per gram. The price of the metal was holding steady through the previous week due to various global factors and as investors awaited clarity on the trade deal between the United States of America and China.
    • After decreasing by Rs.10 on 17 December to Rs.3,875 per gram, the metal’s price steadied in the market. On 19 December, the price of gold increased to Rs.3,896 per gram as the Senate House voted to impeach United States President, Donald Trump on obstruction charges and abuse of power.
    • By the end of the week, gold prices held steady decreasing marginally to Rs.3,890 per gram and then steadying to Rs.3,896 per gram on 22 December. The metal closed the week at an increased price of Rs.3,901 per gram due to persistent doubts on the U.S.-China deal.

    December 2019- Week 4 (23 - 29):

    • In the country, gold opened the third week of the month at Rs.3,885 per gram. The price of the metal was holding steady through the previous week due to various global factors and as investors awaited clarity on the trade deal between the United States of America and China.
    • After decreasing by Rs.10 on 17 December to Rs.3,875 per gram, the metal’s price steadied in the market. On 19 December, the price of gold increased to Rs.3,896 per gram as the Senate House voted to impeach United States President, Donald Trump on obstruction charges and abuse of power.
    • By the end of the week, gold prices held steady decreasing marginally to Rs.3,890 per gram and then steadying to Rs.3,896 per gram on 22 December. The metal closed the week at an increased price of Rs.3,901 per gram due to persistent doubts on the U.S.-China deal.

    Trend of Gold Rate in India for November 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,892 per gram
    November 30 Rate Rs.3,828 per gram
    Highest Rate in November Rs.3,892 per gram on 1 November
    Lowest Rate in November Rs.3,803 per gram on 29 November
    Overall Performance Decline
    Comparison for 24 K Gold Rates for India November 2019
    Graph for Gold Rate (24K) in India November 2019

    November 2019- Week 1 (01-03):

    • In November, gold rate in India opened at Rs.3,892 per gram due to trade uncertainties and was set for a rise in prices for the second continuous week. Apart from this, investors further speculated for a further cut in interest rates by the Federal Reserve.
    • However, due to strong Chinese factory data, there were renewed hopes on profit as well as the trade talks. The applications for unemployment benefits were on the rise in the United States of America. Banking on strong data, the gold price in India marginally decreased to Rs.3,890 per gram on 2 November.
    • The price of gold in India was steady on 3 November and ended the first week of the month at the same price of Rs.3,890 per gram based on strong Chinese data and positive trend of U.S. jobs.

    November 2019- Week 2 (04-08):

    • Gold prices in the country saw a declining trend in the second week of the month. Opening at Rs.3,892 per gram, at the opening of the second week, decreased to Rs.3,886 per gram due to strong job data in the United States of America.
    • After further decreasing to Rs.3,879 per gram on 5 November, due to renewed optimism in the trade deal between China and the United States of America, gold prices decreased further.
    • On 6 November, the price of the metal decreased to Rs.3,840 per gram and increased marginally to Rs.3,860 per gram on 7 November as stocks were paused due to trade uncertainty. The metal closed at a one-month low of Rs.3,817 per gram.

    November 2019- Week 3 (09-17):

    • In India, the price of gold saw a fluctuating trend in the third week of the month. Opening the week at Rs.3,812 per gram, the price of the metal dipped to Rs.3,806 per gram on 11 November due to the positive developments in the trade talks between the United States of America and China.
    • On 12 November, gold prices touched a 3-month low at Rs.3,803 per gram in the country due to an upbeat risk appetite from investors as they shifted to the stock market in hopes of positive trade talk developments.
    • Gold prices recovered marginally on 13 November at Rs.3,816 per gram as investors awaited the speech by President Donald Trump. As there were no signs of the trade deal being signed, the investors shifted to the bullion as a safe-haven asset. The price of the metal increased and closed the week at Rs.3,827 per gram.

    November 2019- Week 4 (18 - 24):

    • Gold prices showed a negative trend in the fourth week of the month due to renewed optimism in the trade deal between the United States of America and China. On 18 November, the price of the metal opened the week at Rs.3,818 per gram.
    • However, on 19 November, the price of the metal increased to Rs.3,841 per gram as an impeachment inquiry against the United States President Donald Trump hurt the ongoing trade talks between the two economic superpowers.
    • On 20 November, the price of the metal was holding steady with a marginal decrease at Rs.3,837 per gram as United States President threatened fresh tariffs on Beijing and as the United States Senate supported the ongoing protests in Hong Kong. Overall, the metal saw a decline and closed the week at Rs.3,821 per gram.

    November 2019- Week 5 (25 - 30):

    • Gold prices in the country saw a lot of fluctuations in the fifth and final week of November after opening the week at Rs.3,806 per gram. Compared to the previous day’s closing price, the rates dipped by Rs.15 for every gram.
    • The rates of the yellow metal fell further over the week as traders decided to wait for further developments regarding the trade deal between the United States and China. Every gram of the 24-carat gold was traded for Rs.3,803 on 29 November. This was the lowest recorded price for the precious metal in the month.
    • In India, gold prices closed the week at Rs.3,828 per gram as no clear indication was provided by either country regarding the trade deal. Gold’s overall performance was trending downwards due to such reasons.

    Trend of Gold Rate in India for October 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,722 per gram
    Rate on 31st October Rs.3,857 per gram
    Highest Rate in October Rs.3,872 per gram on 26 October and 27 October
    Lowest Rate in October Rs.3,722 per gram on 1 October
    Overall Performance Incline
    Comparison for 24 K Gold Rates for India October 2019
    Graph for Gold Rate (24K) in India October 2019

    October 2019- Week 1 (1-6):

    • After opening at Rs.3,722 per gram, gold rate in India surged during the week, bolstered by festive demand and a rise in overseas demand which raised prices.
    • The gold price in India rose to Rs.3,818 per gram on 3 October as fresh trade tensions and tariffs on EU goods saw equities tumble and increased demand for bullion.
    • Gold Prices continued to climb for the rest of the week, as weak U.S. jobs data and rising domestic demand buoyed sales, with the metal ending the week at Rs.3,830 per gram.

    October 2019- Week 2 (7-13):

    • Gold opened the month of October at Rs.3,722 per gram and saw a gradual positive trend in prices due to a heavy local demand due to the festive season in the country along with an increased demand overseas.
    • The gold rate in India was at Rs.3,848 per gram on 9 October and remained stagnant on 10 October as well due to Turkey launched a military operation in Syria due to enhanced tensions in the Middle East.
    • On 13 October, the price of gold saw a marginal decrease to be priced at Rs.3,826 per gram due to easing global demand as well as ease in tensions in the trade war between the United States of America and China.

    October 2019- Week 3 (14-20):

    • After closing the previous week at Rs.3,826 per gram, the price of gold opened the 3rd week of the month with a low at Rs.3,822 per gram due to renewed optimism around the trade talks.
    • However, on 15 October, the price of the metal increased to Rs.3,856 per gram, hitting its weekly high ahead of the Brexit talks.
    • As the week went proceeded, the price of gold steadied and eventually decreased marginally due to ease in Brexit anxiety and renewed trade talk optimism.

    October 2019- Week 4 (21-27):

    • Gold prices in India opened week 4 of October at Rs.3,845 per gram on 21 October and quickly dipped to Rs.2,829 per gram on 22 October due to renewed cues on trade talks and the Brexit deal between the European Union and Great Britain.
    • After increasing marginally on 23 October being priced at Rs.3,846 per gram, the precious metal held steady on the following day as well mainly due to uncertainties on the Brexit deal which made investors shift to the bullion.
    • However, on 25 October, the yellow metal nearly reached its 2-week high at Rs.3,871 per gram as due to weak economic data indicated another rate cut by the United States Federal Reserve. Apart from this, due to a rise in local demand ahead of the festival of Diwali, prices of gold rose.

    October 2019- Week 5 (28-31):

    • In the last week of October, the price of gold was Rs.3,869 per gram recording a marginal fall in prices after closing the previous session at Rs.3,872 per gram. This was majorly due to an ease in market tensions as the trade talks between China and the United States of America eased.
    • The price of the precious metal further decreased on 29 October to Rs.3,836 per gram as trade talks hopes resulted in equities showing positive trends. However, gold prices increased marginally to Rs.3,847 per gram on 30 October due to the possible delay in trade talks resulting in increased focus on rate cuts by the United States Federal Reserve.
    • Gold prices showed positive signs on 31 October rising to Rs.3,857 per gram as the United States Federal Reserve cut the interest rates as expected by the investors due to weak economic data. The precious metal closed the week and month at the same price.

    Trend of Gold Rate in India for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,876 per gram
    September 30 Rate Rs.3,799 per gram
    Highest Rate in September Rs.3,953 per gram on 4 September
    Lowest Rate in September Rs.3,758 per gram on 19 September
    Overall Performance Decline
    Percentage Change -1.9%
    Comparison for 24 K Gold Rates for India September 2019
    Graph for Gold Rate (24K) in India September 2019

    September 2019- Week 1 (1-8):

    • After a period of steady growth, gold price in India opened the week at Rs.3,876 per gram and rose on a weak rupee and strong overseas cues.
    • Gold price in India climbed to Rs.3,953 per gram on 4 September as weak U.S. jobs data renewed economic slowdown fears, though a rise in equities resulted in the metal trading lower at Rs.3,885 per gram on 6 September.
    • A possible economic stimulus bolstered equities as bullion fell sharply, with the metal ending the week at Rs.3,855 per gram on 8 September.

    September 2019- Week 2 (9-15):

    • Gold rate in India continued their downward slide this week, opening at Rs.3,842 per gram on reduced retail demand and declining investor interest.
    • A rise in risk appetite and a rising dollar rate dented bullion appeal as the gold dropped to Rs.3,799 per gram on 12 September, though jeweller demand remained steady ahead of the festive season.
    • A resolution to the U.S.-China trade war bolstered equities, which capped gold gains as the gold price slid to Rs.3,763 per gram on 15 September.

    September 2019- Week 3 (16-22):

    • Gold price in India continued their downward slide this week, opening at Rs.3,807 per gram on reduced retail demand and declining investor interest.
    • A rise in risk appetite and a rising dollar rate dented bullion appeal as the gold rate in India dropped to Rs.3,799 per gram on 18 September, though jeweller demand remained steady ahead of the festive season.
    • A resolution to the U.S.-China trade war bolstered equities, which capped gold gains as the metal slid to Rs.3,794 per gram on 22 September.

    September 2019- Week 4 (23-30):

    • Weak overseas offtake impacted gold price in India, with the metal trading at Rs.3,791 per gram on 23 September on a falling rupee and lacklustre jeweller demand.
    • Gold price in India fell to Rs.3,777 per gram on 26 September as investors booked profits amidst a steady recovery in the dollar rate, as bullion lost favour.
    • There was a marginal recovery over the weekend as retail sales increased, resulting in gold price ending the month at Rs.3,799 per gram to record a 1.9% decline in price.

    Trend of Gold Rate in India for August 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.3,481 per gram
    August 31 Rate Rs.3,876 per gram
    Highest Rate in August Rs.3,913 per gram on 29 August
    Lowest Rate in August Rs.3,481 per gram on 1 August
    Overall Performance Incline
    Percentage Change 11.34%
    Comparison for 24 K Gold Rates for India August 2019
    Graph for Gold Rate (24K) in India August 2019

    August 2019- Week 1 (1-11):

    • Gold rate in India were on a steady rise after opening the month at Rs.3,481 per gram as renewed economic uncertainty increased its safe-haven appeal.
    • Gold Prices jumped to Rs.3,563 per gram on 5 August as the U.S. indicated a rise in tariffs on Chinese goods led to markets sinking and the dollar rate falling.
    • The gold price in India climbed to Rs.3,750 per gram on 8 August as central banks slashed interest rates, ending the week higher at Rs.3,761 per gram on 11 August.

    August 2019- Week 2 (12-18):

    • Gold price in India opened at Rs.3,761 per gram before surging to Rs.3,793 per gram on 13 August as fears over renewed trade tensions.
    • A brief dip in gold rate to Rs.3,755 per gram on 14 August after the U.S.’ trade concessions to China bolstered equities, but recession fears boosted bullion demand as gold surged to Rs.3,799 per gram on 15 August.
    • Equities rebounded after hints of a stimulus from major central banks bolstered currencies, with gold price falling to Rs.3,787 per gram on 18 August.

    August 2019- Week 3 (19-25):

    • Gold rate in India opened lower at Rs.3,766 per gram on 19 August as a recovery in equity markets resulted in a dip in bullion demand.
    • Gold price in India climbed to Rs.3,781 per gram on 21 August as renewed fears over recession and geopolitical crises rattled currency markets, increasing demand for safe-haven assets.
    • The Fed meeting dampened some bullion demand before the metal rallied and ended the week at Rs.3,864 per gram on 25 August.

    August 2019- Week 4 (26-31):

    • Gold price in India continued to climb on steady local and overseas cues, opening the week higher at Rs.3,904 per gram before slipping to Rs.3,875 per gram on 27 August on profit booking.
    • The possibility of Sino-U.S. talks bolstered equities and raised the dollar, though monetary stimulus plans and slowing growth saw prices soar to Rs.3,913 per gram on 29 August.
    • Renewed indications of a resolution to the trade dispute saw bullion demand fall as gold price in India ended the month at Rs.3,876 per gram.

    Gold Rate in the Most Popular Indian Cities

    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:

    1. Import costs: Since demand is primarily met through gold imports, import costs affect gold rate in India. Higher the costs, higher the price of gold.
    2. 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.
    3. 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.
    4. 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.
    5. Seasonality: In India, demand for gold during festivals, marriages and other auspicious occasions. Prices tend to be higher during these times.
    6. Inflation: Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on an upward trend.
    7. 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.

    8. Production costs: Mining companies increase prices at times on account of production costs. This is reflected in the price of gold imported in India.
    9. 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:

    1. 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.
    2. 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.
    3. 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.
    4. 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

    1. 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.
    2. Industrial uses: Gold is used in certain manufacturing processes. Although not comparable to retail consumption, many countries use gold for production purposes.
    3. 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.
    4. 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.
    5. 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.
    6. 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:

    1. Multi Commodity Exchange (MCX)
    2. National Commodity & Derivatives Exchange (NCDEX)
    3. 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:

    Gold
    • 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

    Gold Information

    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.

    Gold Weight Conversion Table

    To convert from To Multiply by
    Tonnes Troy ounces 32150.7
    Troy ounces Grains 480
    Kilograms Tolas 85.755
    Kilograms Bahts 68.41
    Kilograms Troy ounces 32.1507
    Troy ounces Grams 31.1035
    Million ounces Tonnes 31.1035
    Kilograms Taels 26.7172
    Troy ounces Penny weights 20
    Troy ounces Avoirdupois ounces 1.09714
    Avoirdupois ounces Troy ounces 0.911458
    Short tonne Metric tonne 0.9072
    Grams Troy ounces 0.0321507

    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.

    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).

    Which is the best investment option: Physical Gold, Gold ETFs, or Sovereign Gold Bonds?

    In this section, we talk about all three investment options pertaining to gold and determine which of these is better.

    Factors Physical Gold Gold ETFs Sovereign Gold Bonds
    Liquidity Offers high liquidatable. It can be invested or exited any time an individual wants to. ETFs also offers highly liquidity option. It can be traded on the stock exchange and can be liquidated during a trading session. However, the cost of selling is quite low compared to physical gold. Can be bought from local banks and trade exchanges. Again, the cost of buying and selling is quite low compared to physical gold.
    Safety Is highly susceptible to thefts and burglary. Very safe as it is stored in a dematerialised form in a DEMAT account. Again, SGBs are kept in a DEMAT account and offers optimum safety.
    Loan facility Easily available. Loans can be availed against gold ETFs. Not available
    Investment flexibility Can be invested in a short time frame. Can be bought in shorter quantities and requires less maintenance. Can be bought in shorter quantities and requires less maintenance.
    Tax Liability All three avenues are taxed in a similar manner. To start off, any investment that is kept for more than three years is considered a long term holding and is eligible for Long Term Capital Gains (LTCG) tax, which currently remains at 20% after indexation. If they are held for less than 3 years, they are considered a short term holding and is taxed based on the individual’s tax slab Note that, Sovereign Gold Bonds offers one advantage on the tax front, wherein the gains are tax exempt if the investment is redeemed after the maturity period.

    Taxes on Gold in India

    Gold as a commodity attracts taxation in India, and depending on what it is used for, the taxes levied on the resource differ.

    Tax on Purchase of Gold

    Most gold in India is imported, with the result that gold is subject to customs duty. The customs duty payable on gold stands at 10% of the total value of the gold. In addition, processing charges associated with purchase would be taxed at 5%.

    The sale of gold in India brings it under the purview of GST (Goods and Services Tax) that was introduced in 2017. The GST on gold was set at 3%. As a result, the total tax payable on gold stands at 14% at present.

    Income Tax on Gold

    Any profit made from the sale of gold attracts income tax and both individuals as well as industry/jewellers are required to pay income tax in such a case.

    The profit derived from the sale of gold falls under ‘Capital Gains Tax’ and details of tax liabilities and possible exemptions are mentioned below:

    • Gold or gold jewellery bought and sold within a period of 3 years (36 months) is considered a short-term capital asset and would be taxed at the applicable rate (this is subject to change as announced by the government).
    • Gold or gold jewellery bought and sold after a period of 3 years (36 months) is considered a long-term capital asset. Whether the gold was bought or given as a gift or received in the form of an inheritance, it would come under the long-term capital asset category. The taxes and other surcharges would be calculated accordingly.
    • Gold received as a gift is exempt from tax if the value of the gold is less than Rs.50,000.

    In the event of gold being sold and no profit being made from the sale, there is no tax since it is considered a ‘capital loss’ and can be listed at the time of filing income tax returns.

    Uses of gold

    Gold, as a metal, is used for a number of things apart from jewellery and bullion. In this section, we will list out the various industries that make use of the yellow metal.

    • Glass making

    Gold is used to a significant extent during a glass making process. Here are the three most popular uses.

    • Of all the ways the metal is used, the most basic one is as a pigment. Gold is used in the annealing process to arrive at a rich ruby gloss. Annealing, to begin with, is a process involved in glass manufacturing, wherein it is heated to its ductile best and allowed to cool down slowly so as to harden it.
    • Gold is also used in specialty glass making which are often used in climate-controlled buildings. A tiny amount of gold is added to a glass surface to help refract solar radiation away from a building, which in turn keeps the a building cool.
    • It is used in the making of visors for astronaut helmets. Ideally, a thin film of gold is used to line the layer of helmets to keep intense solar radiation, which would otherwise harm the astronaut’s eyes.
    • Electronics

    Gold is used vastly in the electronics industry, thanks to its highly conductive properties. For starters, gold is used in every sophisticated electronic device, right from GPS units, cell phones, calculators, digital assistant units, and most of all television sets. The one downside to this, however, is the sheer wastage of the metal. This is because cell phones and consumer electronic products are manufactured in the millions and have a short shelf life. And due to the fact that there’s no proper recycling process in place, a considerable amount of gold is lost when the electronic products are dumped.

    • Aerospace:

    Aerospace vehicles are nothing like earth vehicles, and the most important distinction is that they cannot be serviced only it takes off from earth. This is why they need to be built with highly dependable materials. Here in comes gold. Thanks to its conductivity and connecting properties, the metal is used in circuitry. Besides this, most parts of a space vehicle is fitted with a gold-coated polyester film which helps keep infrared radiation out and keep the temperature inside the vehicle stable.

    • Others

    Apart from the uses mentioned above, gold is used in a variety of other domains, including but not limited to dentistry, awards, symbols, and statues.

    FAQs About Gold

    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.

    When is the right time to buy gold in India?

    Although, there isn’t such a thing called the right time to buy gold, there are periods where demand is usually low and so will be the rates. So, in order to make the most of your investment, try to invest in the metal during the off-season i.e., when no major festivals aren’t around. This is because major festivals bring about an influx of buyers which will push gold prices higher.

    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 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.

    How US treasury bond yields affect gold prices in India today?

    Typically, US treasury yields and gold prices have an inversely proportional relationship, which is in turn connected to the Federal Reserve interest rate changes. For instance, if the Fed Reserve increases the interest rates, yields on savings accounts and bonds increase. This in turn makes gold a much weaker proposition for investors and causes gold rates to plummet. According to historic data from the last ten years, gold rates have thrived massively when 10-year yields have been at their lowest points. Note that, only the yields affect gold rates more when compared to 2-year and 5-year yields.

    Is it worth investing in gold schemes offered by jewellers?

    For a vast majority of Indians, gold is a symbol of their stature in the societal hierarchy. Considering how expensive gold is getting each year and how most of the population can’t afford it, gold schemes are a boon in disguise. For starters, a prospective investors needs to pay a small amount on a monthly basis and you get the money’s worth in gold at the end of the tenure. Further, jewellers tend to knock off making charges altogether at times to make the deal more enticing.

    Who discovered gold?

    Gold has been in use for millennia and the actual details of the person who discovered it is unknown. However, the earliest use of gold can be seen in the early civilisations ranging from the Greece, Egypt, and Rome among others, where gold featured heavily both in trade and commerce.

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    • Prices of gold increase again in India on 20 May 2020

      Due to the firmness of gold in the global markets, the prices of the yellow metal increased in India on 20 May 2020. Gold futures prices for the month of June on MCX increased by 0.6% and are at Rs.47,331 for 10 grams.

      Over the last six sessions, the prices of gold have increased five times, tracking global rally. Earlier this week, the prices of gold hit record highs and were at Rs.47,980 for 10 grams. Gold prices were also supported by the rupee depreciating. In India, the prices of gold include 3% GST and 12.5% import duty. In the international markets, the prices of gold increased as well. The tensions between China and the US also ensured that gold is considered a safe haven. The prices of gold are at $1,750.19 for an ounce. The prices of the yellow metal were also supported due to expectations that there would be additional measures that will be introduced by Central Banks. According to reports, Nasdaq may come out with restrictions that will make it difficult for certain Chinese companies to be listed there. Gold has been considered as a safe haven due to the coronavirus outbreak and the subsequent lockdown.

      20 May 2020

    • Gold prices increase in India after falling for three days in a row

      The prices of gold increased in India on 30 April 2020 after seeing a huge fall in the previous session. Gold futures prices for the month of June on MCX increased by 0.35% and are at Rs.45,700 for 10 grams.

      In the previous session, the prices of gold fell by Rs.566. Gold prices have fallen over the last three sessions. Earlier in April, gold rates hit record highs and were above Rs.47,000 for 10 grams. However, the prices have remained volatile since then. In the international markets, gold prices decreased slightly due to an improvement in risk appetite. Spot gold prices decreased by 0.1% and are at $1,708.85 for an ounce. Gold prices have been supported due to an increase in the number of coronavirus cases across the world. According to Kotak Securities, even though the yellow metal may witness a choppy trade, there will be support for gold because of a weak US dollar and the introduction of several measures by the Central Banks to help the economy. Gold prices in the country are inclusive of 12.5% import duty and 3% GST. In the case of currency debasement and inflation, the yellow metal tends to benefit. The fear of a global recession has also seen the prices of gold increase.

      30 April 2020

    • Prices of gold fall on 27 March 2020 after increasing by about Rs.4,000 in four days

      Tracking an appreciation of the rupee against the dollar and a fall in global rates, the prices of gold fell in India on 27 March 2020. Gold futures prices for the month of April on MCX reduced by 0.8% and are at Rs.43,195 for 10 grams.

      In the previous session, the prices of gold increased by Rs.1,300 for 10 grams. Gold futures prices for the month of June decreased by 0.5% and are at Rs.43,420 for 10 grams. Over the last four days, gold futures prices for the month of April have increased by Rs.3,700 for 10 grams. According to exchanges, commodities derivatives trading in the country will be reduced from 30 March 2020 and 14 April 2020. In the international markets, the prices of gold reduced slightly due to profit-taking. Spot gold prices decreased by 0.5% and are at $1,621.07 for an ounce. This week, the prices of gold have increased by more than 8%. The prices of gold have been affected by the coronavirus outbreak. The number of coronavirus cases has crossed the 5-lakh mark all over the world. According to a note from Kotak Securities, there have been concerns about the physical market activity and consumer demand due to the coronavirus outbreak. In India, the prices of gold are inclusive of a 3% GST and a 12.5% import duty.

      27 March 2020

    • Gold prices skid third day in a row

      The gold prices in India dipped again for the third day in a row. On the MCX, the gold futures had dropped by 0.1% to Rs.43,314 per 10 grams. The price of this precious metal has been very volatile in India post reaching a height of Rs.45,000 per 10 grams. When it comes to the overseas market, the price of gold had increased after WHO had declared the coronavirus to be a pandemic. The price of spot gold had risen by 0.6% to $1,645 per ounce.

      The announcement by WHO had also pulled the U.S. Dow Jones industries into a bear market and the index had dipped to 1,500 points.

      Silver had witnessed a much bigger fall in its prices as the metal had dipped by 1.3% to Rs.45,225 per kg. In the global market, the white metal had gained by 0.6% to $16.85 per ounce.

      12 March 2020

    • Gold prices hit record highs for the third consecutive day on 20 February 2020

      The prices of gold in India increased again on 20 February 2020 for the third day in a row. Gold futures prices for the month of April increased by 0.5% and hit Rs.41,798 for 10 grams.

      The prices of gold in India tracked the rates in the global market, which hit around seven-year highs. According to a note made by SMC Global, gold prices could move towards the Rs.41,900 levels and may take support near the Rs.41,600 levels. In the international market, the prices of gold nearly hit a seven-year high due to the impact of the coronavirus. The prices of gold in the international markets have increased by around 6% so far this year. Prices of spot gold were steady and were trading at $1,610.43 for an ounce. China announced that the interest rates have been cut in a move to improve the economy. The economy has been down due to the impact of the coronavirus. Expectations are also there for China to take certain measures to improve the economy. According to a few analysts, the prices of gold could go above $1,650 in the coming weeks. US Central Bank policymakers are optimistic that the interest rates can be held steady this year. However, they acknowledged the presence of new risks due to the coronavirus outbreak.

      20 February 2020

    • Union Budget 2020 to not be favourable to the bullion industry

      The Union Budget 2020 which was announced on 1 February 2020 by Finance Minister, Nirmala Sitharaman. The budget targeted many sectors in order to stablilize the slowing economy in the country. By offering balanced resources to sectors such as agriculture, infrastructure and commerce, the budget did not favour the bullion industry.

      India, being one of the largest contributors to the gem and jewellery industry contributes 29% of the world’s global jewellery consumption. However, the budget did not seem to target the issues faced by jewellers in the country such as cutting down the import duty of precious metals.

      Duties and taxes which were increased have prevented the involvement of retail investors. Catering to the Current Account Deficit, the import duty on gold was increased to 12.5% in the last budget from 10%. Due to higher import duty, smuggling and illegal import of the metal can increase and the threat of the grey-market by organised traders has been on a rise.

      If the import duty on the metal could be cut down, the chances of illegal import of gold could be cut down. Due to these and other factors, gold imports have been at the lowest level falling 12% compared to the previous year.

      Other proposals regarding the gold market were not considered for the budget either such as increasing the purchase limit of the metal to Rs.5 lakh instead of Rs.2 lakh without a PAN card.

      4 February 2020

    • Gold rates fall in India after three consecutive days of increasing

      The prices of gold in India reduced on 20 January 2020, following the prices in the international market. Gold futures prices for the month of February reduced by 0.08% and touched Rs.39,915 for 10 grams.

      This is the first reduction in prices after three sessions. According to a note made by SMC Global, the price of gold may see a sideways movement. The note further added that the prices of gold may move towards the Rs.40,100 levels and may take support near the Rs.39,600 levels. In the international markets, the prices of gold remained around the same levels as well as investors shifted towards riskier assets. The prices of gold increased by 0.1% and touched $1,558.47 for an ounce. The investment towards gold was also mixed. Even though the prices of gold reduced after reaching record highs, the demand for gold in India has been low. Earlier this month, the prices of gold hit record highs of Rs.41,000 for 10 grams. 3% GST and 12.5% import tax are included in the prices of gold. According to a report from Reuters’, dealers in the country were offering $11 for an ounce as a discount last week. This has increased from the previous week, where they were offering a 7% discount. However, with the wedding season coming soon, jewellers expect the demand to increase.

      21 January 2020

    • Prices of gold steady on 18 December 2019

      Gold futures prices in India for the month of February remained steady on 18 December 2019 due to the mixed messages on the trade deal between China and the US. The mixed messages in the trade deal saw positive economic data come out of the US.

      According to a report from Reuters, the prices of gold are steady due to the doubts in the trade deal. The report further added that the US manufacturing production has improved in November. On MCX, gold futures prices for the month of February increased by Rs.17 and hit Rs.37,957 for 10 grams. In the international market, the prices of gold were steady as well and hit $1,476 for an ounce. The prices of gold showed a resistance of 37,920. However, according to many experts, gold could face a stiff resistance at 38,050. According to the Head Commodities of Reliance Commodities, Pritam Kumar Patnaik, the prices of gold futures for February has shown a positive bias over the last 2 days due to the lacklustre movement in LBMA Gold prices. According to the Commodity & Currency Sr. Research Analyst of LKP Securities, Jateen Trivedi, the prices of gold changed slightly because of the mixed messages in the trade deal between China and the US.

      19 December 2019

    • Prices of gold fall because of optimism of a trade deal between China and the US

      Gold futures prices reduced following constructive talks in the trade deal between China and the US over the weekend. According to a report from Reuters, a high-level phone call had taken place between China and the US on 16 November 2019.

      The core issues that are faced by both sides were discussed for the initial phase of the trade agreement during the call. Gold futures prices reduced by 0.26% and hit Rs.37,896 for 10 grams. The value of gold is impacted by the trade talks between China and the US and its financial market impact. Gold prices on MCX closed at Rs.37,971 on 15 November 2019. The price of gold is holding at $1,450 for an ounce in the international market. On MCX, gold is expected to remain at around Rs.37,500 for 10 grams. In case prices go above Rs.38,050 for 10 grams, it could reach around the Rs.38,300 levels. Gold futures prices for December did not gain any momentum and was trading around the Rs.38,270-Rs.38,300 levels. Gold prices in the international market have been in the consolidation mode. On MCX, gold futures for December were selling in the range between Rs.37,990 and Rs.38,050.

      19 November 2019

    • Gold prices rise due to expectations of another interest rate cut by the U.S. Federal Reserve

      Gold prices rose to hit its 2-week high on Friday, 25 October 2019 due to weak U.S. economic data hinted another interest rate cut by the United States Federal Reserve. Gold prices held above the $1.500 an ounce mark while palladium prices soared as well.

      Spot gold prices had hit its highest price since 10 October at $1,506.76 an ounce in the earlier session and was up by 0.1%. The price of the yellow metal had gained 1.1% in the previous week. U.S. gold futures were also up by 0.2% at $1,508.20 per ounce. The metal had crossed the $1,500 per ounce pricing for the first time in 6 years earlier in August.

      28 October 2019

    • Reserve Bank of India issues Sovereign Gold Bonds for subscription

      The Sovereign Gold Bonds 2019-2020 was open for subscription from 7 October 2019 by the Reserve Bank of India. The Sovereign Gold Bonds is a certificate scheme where the Reserve Bank of India issues gold bonds on the behalf of the Government of India.

      The issue price of the bond during the period of the subscription will be Rs.3,788 per gram. The settlement date of the scheme will be 15 October 2019 as mentioned by the Ministry of Finance. According to reports, the Reserve Bank of India will be giving a discount of Rs.50 per gram on the original value of the precious metal for investors applying for the scheme online.

      According to the Reserve Bank of India, the Sovereign Gold Bonds will be restricted to be sold to resident individuals, Hindu Undivided Families, trusts, charitable institutions, and universities.

      The denomination of the bonds will be in the multiples of one gram of gold and the tenure of the bond will be for a period of 8 years with an exit option after the fifth year.

      The investment limit for the gold bonds will be one gram of gold as the minimum permissible amount. The maximum limit for subscription will be 4 kgs for individuals and HUFs, and 20 kgs for trusts per fiscal year (April – March).

      11 October 2019

    • Gold prices decrease due to gain in equities

      Gold prices decreased on 23 September 2019 due to a gain on equities. According to a US Representative, there has been a gain in equities because of the productive trade talks between the US and Sino, which was held last week.

      Spot gold prices reduced by 0.3% and hit $1,512.91 for an ounce. In the previous session, spot gold prices increased to a one-week high and hit $1,516.81 for an ounce. Gold futures prices in the US increased by 0.3% and hit $1,519.8 for an ounce. There was a gain in the dollar on 23 September 2019, which encouraged Asian markets as well. A trade deal between the US and China also seemed elusive on 20 September 2019 as the visit to farms in Nebraska and Montana were cancelled by Chinese officials. Two days of talks were held in Washington by negotiators. However, both the US and China have announced that the talks have been productive and constructive. The US Federal Reserve meeting which was held last week delivered a split-decision in rate cuts. The recent oil strikes in Saudi Arabia also played a factor in the prices of gold reducing.

      24 September 2019

    • Gold prices hit a near one-month low due to investments in riskier assets

      On 10 September 2019, gold prices hit a near one-month low because of a strong dollar and an increase in investments for riskier assets. Spot gold prices hit $1,494.04 for an ounce, reducing by 0.3%.

      The prices are the lowest gold has hit since 13 August 2019 ($1,486 for an ounce). Gold futures prices in the US also decreased by 0.6% and hit $1,501.90 for an ounce. According to a senior market analyst at OANDA, Craig Erlam, an improvement in riskier assets has seen gold prices decrease after reaching record highs. He further added that there has been an added pressure on gold because of a strong dollar. An increase in the uptick of equity markets has seen the bullion prices decrease by over 4% in less than a week. For investors holding different currencies, gold prices increased because the dollar increased by 0.2% on 10 September 2019. The European Central Bank meeting which is to be held on 12 September 2019 is being eagerly anticipated by markets as interest rate cuts are expected. Silver prices also decreased by 0.1% and hit $17.94 for an ounce.

      11 September 2019

    • Record high prices set by gold

      On 20 August 2019, gold prices hit record highs of Rs.38,770 for 10 grams. According to the All India Sarafa Association, gold prices increased by Rs.200 due to constant purchase by jewellers, even though overseas sales came down.

      According to traders, gold prices gained in India despite a weak trend abroad. The main reason for the gain in prices is due to the high demand for gold from jewellers. Another reason for the increase in gold prices is due to a weak rupee. According to Hareesh V, Geojit Financial Services head of commodity research, the US Federal Reserve meeting which will take place later this week will give clues on how any interest cuts will influence the prices of gold. He further added that a weak rupee also influenced the prices of gold to increase. However, spot gold was trading below $1,496.60 an ounce in the international market. 10 grams of 99.5% and 99% pure gold prices in Delhi increased by Rs.200 to hit record highs of Rs.38,600 and Rs.38,770, respectively. However, 8 grams of sovereign gold decreased to Rs.28,600, reducing by Rs.200.

      22 August 2019

    • Gold prices fall marginally while silver sees a steep fall

      Reflecting global trends. Gold prices in India fell marginally on Thursday. This slight dip in prices was in contrast with silver prices that saw a steep fall in prices.

      Gold prices fell since many investors have locked-in their profits and are waiting for decisions that will be made by major central banks later this month. A strong U.S. dollar also weighed down prices since a strong dollar makes it costlier for holders of other currencies to buy gold.

      Gold prices have been up 12% since May and seeing that most central banks may be adopting dovish policies, expectations are that the Fed will lower interest rates. This, in turn, may increase pressure on the dollar, driving up the cost of safe-haven investments like bullion.

      Globally, silver prices fell by 0.6% and closed at $16.48 per ounce after hitting its one-year high of $16.64 per ounce previously.

      25 July 2019

    • Gold Surges to All-Time High on Fed’s Dovish Remarks

      Gold prices rose to an all-time high on the back of comments by the Federal Reserve regarding possible interest rate cuts. Global slowdown worries due to trade disputes also bolstered demand for bullion.

      Gold futures for August delivery rose by 0.9% to reach a lifetime high of Rs.34,145 for 10 grams as dovish remarks attracted gold investors.

      However, the recent rise in customs duty applicable on gold could dampen local offtake which could lower order volumes.

      On the international market, spot gold rose 0.3% to $1,422.67 per ounce before settling at $1,420.80 per ounce at the end of the day.

      11 July 2019

    • Gold predicted to get costlier after budget 2019

      As per the Budget 2019, the government has increased custom duties on gold. Currently, the yellow metal attracts an import duty fee of 10%. Pos the budget proposals, the import duty price for gold and other precious metals will rise to 12.5%.

      Being one of the largest importers of gold in the world, India’s imports takes care of all the demand in the country for the jewelry sector. India has imported gold worth $32.8 billion during 2018-19.

      5 July 2019

    • Gold Continues to Rise on Positive Trends

      Gold prices continued their upward climb as rising global uncertainty and tensions increased the metal’s safe-haven appeal.

      After touching an intraday high of Rs.34,370 for 10 grams, the precious metal settled at Rs.34,338 per 10 grams, recording a rise of Rs.171. Gold also rose on the futures market, climbing by Rs.196 to Rs.34,552 per 10 grams for a business turnover of 4,084 lots.

      Analysts are optimistic that bullion will trade at such highs for some time, as the metal has firm support and positive investor sentiment.

      On the international market, spot gold rose by $9.26 to trade at $1,407.91 per ounce as bullion rode a bullish wave due to continued fears over economic recession and rising Middle East tensions.

      24 June 2019

    • Gold Dips on U.S. Retail Data

      Gold rates retreated marginally after the release of robust U.S. retail sales figures, which eased fears of a possible economic slowdown.

      Spot gold slipped by 0.2% to $1,339.49 per ounce though U.S. gold futures rose marginally by 0.1% t0 $1,344.50 per ounce.

      Fears of a recession have investors increasing their bullion trading, which is being boosted by expectations of a Fed interest rate cut. The lower interest rates would make gold cheaper for non-dollar buyers.

      However the release of strong U.S. retail sales in May has eased fears the economy has been in a tailspin, though it remains to be seen how the Fed will vote at its upcoming policy meeting this June.

      14 June 2019

    • Gold Drops as Dollar Recovers

      Gold dropped from its earlier 1-week peak as the U.S. dollar recovered, though a fall in equity markets lessened bullion’s price drop. Spot gold fell by 0.2% to trade at $1,282.73 per ounce while U.S. gold futures shed 0.1% to $1,282.80 per ounce.

      Uncertain financial markets are usually a good sign for gold, since it increases the metal’s appeal. However with a recovering U.S. dollar, there has been some resistance to the metal’s appeal among investors.

      Renewed trade tensions between the U.S. and China have served to prop up the dollar, which has risen against the euro and become the preferred safe-haven asset.

      However with the possibility of an interest rate cut by the U.S. Federal Reserve likely, gold received a boost and could see a turnaround in its fortunes.

      29 May 2019

    • Gold Drops Marginally on Weak Offtake

      Gold prices inched lower in trading despite a rise in overseas prices as local demand fell. Gold of 99.9% purity fell by Rs.10 to trade at Rs.32,670 for 10 grams, while 99.5% purity gold traded at Rs.32,500 per 10 grams as it also lost Rs.10 in value.

      There was no change in sovereign gold rates which remained at Rs.36,500 per 8 gram piece.

      Silver prices, on the contrary, rose by Rs.200 on increased interest by industrial units and coin makers. The white metal traded at Rs.37,400 per kg though weekly-based delivery fell by Rs.66 to Rs.36,234 per kg.

      Silver coins remained unchanged at Rs.79,000 for the purchase and Rs.80,000 for the sale of 100 pieces.

      23 May 2019

    • Growth Concerns Fuel Demand for Gold

      Gold prices inched higher as weak global growth indicators renewed interest in safe-haven bullion. The metal was on track for its first weekly gain in over a month, though strong U.S. GDP data capped possible gains.

      Spot gold climbed by 0.1% to $1,278.60 per ounce while U.S. gold futures edged up by 0.2% to $1,280.60 per ounce.

      Asian shares also dropped on poor results from Germany and South Korea, fuelling concerns that monetary easing measures might be required. Such indicators usually boost gold demand, especially since major global central banks have eased monetary tightening measures.

      Gold has seen a sharp reversal in fortunes after dropping to $1,265.90 per ounce earlier this week on robust U.S. dollar growth.

      25 April 2019

    • Gold Nears 1-Week High on Dollar Rate Drops

      Gold prices inched higher towards near 1-week highs as interest in the metal increased due to a weak U.S. dollar. Higher oil prices also served to boost bullion demand.

      Spot gold rose by 0.5% to trade at $1,300.47 per ounce while U.S. gold futures traded at $1,303 per ounce to record a marginal 0.1% rise.

      Rising crude prices supported the steady rise in gold prices and demand, as a rise in crude rates indicates growing inflation. With gold considered a hedge against inflation, there has been an increase in bullion offtake.

      A slowdown in U.S. non-farms data as well as modest growth in manufacturing data served to rattle investors and the dollar, which fell heavily against other global currencies.

      9 April 2019

    • Gold Rates Drop Before Fed Meeting

      Gold prices slipped in trading prior to a U.S. Federal Reserve policy meeting that would provide clarity on the Fed’s outlook regarding monetary policy and possible interest rate hikes.

      Gold futures fell 0.3% to $1,298.65 per ounce as investors reacted with caution despite indications the Fed would slow down its pace of rate hikes. The U.S. central bank is widely expected to continue its current stance, though it will shed some light on rate hike projections.

      Renewed optimism of a U.S.-China trade deal boosted the dollar’s position and dented bullion prospects for the safe-haven metals like gold.

      Asian demand for gold remained steady despite contrary cues from overseas, with a rise in physical gold demand from both India and China in February, according to reports.

      17 March 2019

    • Gold Rates Weaken on Sluggish Demand

      Gold prices dipped as jewellers reduced demand, with a fall in retail sales also affecting the metal’s price on the local spot market.

      Gold of 99.9% purity fell by Rs.100 to trade at Rs.33,170 for 10 grams. In the case of 99.5% purity gold, there was a similar margin in the decline with the metal trading at Rs.33,000 for 10 grams. Sovereign gold remained constant at Rs.26,400 peer 8 gram piece.

      Local gold trends were in contrast to the international market, where bullion prices rose on growing interest and demand. Spot gold rose to $1,298.70 per ounce after poor U.S. jobs data renewed fears of a global economic slowdown.

      Silver prices also rose marginally, trading at $15.31 per ounce internationally. Local industrial demand for silver shot up as a weak U.S. dollar made imports cheaper, with coin makers also increasing orders.

      Ready silver rose by Rs.800 to trade at Rs.39,900 per kg on the spot market. Weekly-based silver delivery rose by a more modest Rs.418 to trade at Rs.38,728 per kg. Silver coins remained static and traded at Rs.80,000 for buying and Rs.81,000 for selling of 100 pieces.

      9 March 2019

    • Gold Steady at 10-Month Peak Ahead of Trade Talks

      Gold rates continued to hover at close to 10-month highs as a possible resolution to the Sino-U.S. trade deadlock reduced the dollar’s appeal. Investors are hopeful of progress in the latest round of talks between the two economic behemoths, with markets also following the developments keenly.

      Spot gold fell marginally by 0.2% to $1,323.81 per ounce but maintained its price range. Gold futures fared better, rising by 0.4% to $1,326.8 per ounce on increased investor interest.

      A positive outcome to the talks will see a renewal in bullion interest from bullion markets which could lead to a drop in the dollar’s value. The dollar could also lose its current safe-haven appeal, which would switch back to gold. 

      In contrast to gold’s rising fortunes, silver prices fell by 0.4% to $15.73 per ounce as industrial offtake from Asia remained weak after the Lunar New Year.

      19 February 2019

    Gold Rate In Metro Cities
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