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Gold Rate in India
India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It has, since long, maintained this position and, unlike countries like China, India uses gold primarily in the form of jewelry and investments. It is viewed as a solid instrument for investments and even traders who are into commodities trading, invest in gold bullion. These investments are usually dictated by the gold rates prevailing in the economy at that time.
Even the global view of gold is that of a safe haven where you can invest even when investments in the economy of a country are not a good idea. This is because it is believed that this commodity always appreciates.
Also check Today's Gold Rate in the most popular Indian cities
Gold Related Topics
Trend of Gold Rate in India for July 2018 (rates per gram of 24 karat gold)
July 2018 - Week 1 (1 - 7):
|Parameters||Gold price (per gram of 24 karat gold)|
|July 1 Rate||Rs.3,059 per gram|
|July 7 Rate||Rs.3,070 per gram|
|Overall Weekly Performance||Incline|
- When trading commenced for the month of July, gold was priced at Rs.3,059 per gram.
- Gold rates dropped on the 2nd as the inflation data from the previous week kept the possibility of a future Fed rate alive, and the dollar also improved.
- The precious metal traded at Rs.3,047 per gram on the 2nd due to this before dropping further to Rs.3,040 per gram on the 3rd after the dollar edged higher and gold, meanwhile reached near six-month lows.
- The US’ trade war with multiple countries seemed to reach a tipping point, which caused gold rates surge to one-week highs.
- On the 4th, the yellow metal traded at Rs.3,062 per gram as stock markets around the world fell, and almost all major currencies tanked.
- The 5th saw gold rate in India rise to Rs.3,067 per gram after demand softened with investors cautiously awaiting the Fed minutes.
- As the dollar remained weak, gold prices went up to Rs.3,071 per gram and fell to Rs.3,070 per gram as demand seemed to fall.
July 2018 - Week 2 (8 - 14):
|Parameters||Gold price (per gram of 24 karat gold)|
|July 8 Rate||Rs.3,070 per gram|
|July 14 Rate||Rs.3,029 per gram|
|Overall Weekly Performance||Decline|
- Trading opened for the week with gold price in India holding at Rs.3,070 per gram on the 8th with investors banking on the bullion as the greenback hovered near three-and-half week lows at the international level.
- Steady domestic demand coupled with positive global cues led to gold prices holding firm at Rs.3,070 per gram until the 10th.
- However, the week saw gold rates dropping over the next few days with the US dollar recovering from near three-week lows amid lingering trade concerns between the US and China.
- With the US dollar gaining significant ground against the Yuan after the US intimidated the Chinese by threatening to impose additional tariffs on their goods, gold rates dropped to Rs.3,054 per gram on the 11th.
- The 12th saw rates dropping further to Rs.3,036 per gram with global demand flatlined amid the rising trade war concerns between China and the US.
- With the greenback capitalising on its gains from the previous session, market participants refrained themselves from making purchases and gold was recorded trading at Rs.3,028 per gram on the 13th.
- Trading concluded for the week with todays gold rate holding at Rs.3,029 per gram on account of subdued but steady demand from local industries, jewellers and retailers.
Trend of Gold Rate in India for June 2018 (rates per gram of 24 karat gold)
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,100 per gram|
|June 30 Rate||Rs.3,059 per gram|
|Highest Rate in June||Rs.3,127 per gram on 15 June|
|Lowest Rate in June||Rs.3,054 per gram on 24 June|
|Overall Monthly Performance||Decline|
June 2018 - Week 1 (1st - 10th)
- When trading for the month of June began, gold price in india had dipped by Rs.22 to Rs.3,100 per gram after the US payrolls data was stronger than initial expectations.
- The fall happened because the data boosted expectations of a possible rate hike in a Fed meeting later in the month.
- As the dollar remained strong and precious metal demand weakened, gold prices went down to Rs.3,089 per gram on the 2nd.
- There was very little change in demand dynamic and the dollar was further strengthened by a stable market, causing gold prices to drop to Rs.3,081 per gram.
- Gold rate India went up to Rs.3,084 per gram on the 5th as demand improved ahead of steady cues from the global market.
- On the 6th, prices went up to Rs.3,088 per gram as US dollar declined ahead of concerns over global trade before continuing at the same rate the next day.
- The 8th saw gold trade at a much improved rate of Rs.3,103 per gram as demand from the local market was quite high.
- Over the final two days of this week, the yellow metal was seen trading at Rs.3,119 per gram.
June 2018- Week 2 (11th-17th)
- The precious metal opened the second week of June trading at Rs.3,119 per gram on 11 June as the metal did not see a change in price ahead of the Trump-Kim summit in Singapore.
- Gold was priced at a steady Rs.3,119 per gram in early trading, with local prices not affected by the rise in the dollar rate.
- Local demand dropped as the dollar soared on positive investor sentiment after the summit, as equity markets also traded in positive territory.
- Poor demand led to gold rate in Inida falling to Rs.3,101 per gram on 13 June as retail demand fell sharply, though prices rebounded to trade at Rs.3,110 per gram on 14 June.
- Fears of renewed trade tensions between the U.S. and China led to an increase in demand for gold, which rose gold price in India to Rs.3,127 per gram on 15 June.
- A slight drop in price was recorded as the week came to an end, as gold traded at Rs.3,095 per gram on 17 June.
June 2018 - Week 3 (18th - 24th)
- The third week of trading opened with gold rates in India holding at Rs.3,087 per gram on the 18th after the metal dropped to near five-and-a-half-month lows at the international level.
- With the US dollar losing against a basket of other emerging currencies coupled with a decline in Asian stocks, gold prices rose to Rs.3,098 per gram on the 19th.
- However, with the bullion dropping to near six-month lows amid the strengthened US greenback, rates plunged to Rs.3,081 per gram the following day.
- Gold prices dropped further to Rs.3,066 per gram on the 21st with global demand overwhelmed by the steady dollar as market participants interpreted higher US interest rates during the quarter.
- With the US dollar closing in on its highest level in eleven-months, investor demand for the metal dropped significantly. This led to gold being priced at Rs.3,060 per gram on the 22nd
- Rates rose to Rs.3,069 per gram on the 23rd on account of an increased domestic demand from local jewellers, retailers and industries.
- Trading concluded for the week with the yellow metal prices holding at Rs.3,069 per gram on the 24th with steady local demand coupled with firm overseas trends.
June 2018 - Week 4 (25th - 30th)
- Gold was priced at Rs.3,070 per gram when the fourth and final week of June opened for trading on the 25th. This followed the weak trend set in the global market where a rising US dollar caused bullion demand to go down.
- On the 26th, gold rates in India dropped to Rs.3,068 per gram as the price of gold hit near 6-month lows amid US Fed rate hike prospects loomed.
- The 27th saw gold rates fall further to Rs.3,061 per gram as investors moved on to other safe haven assets apart from gold.
- Gold rates in India went up to Rs.3,073 per gram on the 28th amid poor global demand despite a weak US dollar, while local demand surges.
- The precious metal’s prices dropped on the 29th to Rs.3,054 per gram as gold demand dropped considerably after investors were looking for further falls before making purchases.
- On the final day of the week, gold rates went up to Rs.3,059 per gram after local demand surged ahead as the metal’s trajectory was on the red and investors capitalised.
Trend of Gold Rate in India for May 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|May 1 Rate||Rs.3,114 per gram|
|May 31 Rate||Rs.3,122 per gram|
|Highest Rate in May||Rs.3,213 per gram on 15 May|
|Lowest Rate in May||Rs.3,103 per gram on 3 May|
|Overall Monthly Performance||Incline|
May 2018 - Week 1 (1st - 6th)
- Trading began for the month in India with the yellow metal priced relatively lower at Rs.3,114 per gram on the 1st of May with the US dollar closing on its near three-and-half-month peak.
- The next couple of days witnessed gold rates plunging to its near four-month low as the dollar strengthened ahead of US Federal Reserve monetary policy meeting.
- On the 3rd, the precious metal was recorded trading as low as Rs.3,103 per gram amid weak global cues compounded with reduced domestic demand for the metal.
- However, dovish remarks by the US Federal Reserve after leaving the interest rates untouched led to dollar losing significantly in the international market. This led to bullion prices recovering towards the end of the week.
- The week came to an end with gold rate in India holding at Rs.3,136 per gram on the 6th with steady demand coupled with firm overseas trends.
May 2018 - Week 2 (7th - 13th)
- When trading for the second week of May, gold was priced at Rs.3,136 per gram.
- Although, gold rates rose in the global market, a Rs.3 decline was recorded on the 8th - the second day of this week.
- After trading at Rs.3,134 per gram, the yellow metal’s prices went up to Rs.3,034 per gram on the 9th there was a marginal change in local sales. The US dollar, meanwhile, seemed to improve against other currencies, signalling a possible decline over the coming days.
- On the 10th, gold rates went up to Rs.3,142 per gram as a weaker US inflation data, pushed the US dollar and the treasury yields down.
- The yellow metal’s prices went further up to Rs.3,145 per gram on the 11th of this week.
- The 12th saw gold rates rise to Rs.3,166 per gram as retail inflation helped the metal gain against the US dollar.
- Gold traded at Rs.3,166 per gram on the final day of the as demand held steady while little changes were recorded in the market.
May 2018 - Week 3 (14th - 20th)
- When trading commenced in India, the precious metal was recorded trading at Rs.3,147 per gram on the 14th with market participants anticipating fewer US interest rate hikes in the US.
- The next day saw gold prices surging to Rs.3,213 per gram with the bullion capitalising on the weakened US dollar and equity markets.
- However, with the US dollar recovering from near one-week lows, prices dropped to Rs.3,120 per gram on the 16th.
- Gold rates in India dropped further to Rs.3,105 per gram on the 17th as the dollar hovered close to its highest level in the year.
- Steady domestic demand from local jewellers and retailers despite the poor trend overseas led to gold prices remaining untouched at Rs.3,105 per gram on the 18th.
- The week concluded with gold prices in India rebounding to Rs.3,124 per gram on the 20th with the US-Italian political tensions pushing demand higher for safe haven assets such as the bullion.
May 2018 - Week 4 (21st - 27th)
- Gold was priced at Rs.3,113 per gram when trading began for the fourth week of May.
- While prices dropped in the international market ahead of a buoyant US dollar and stock market, gold rates remained at Rs.3,113 per gram in India due to steady demand.
- Domestic demand was on the rise on the 23th and the metal traded at Rs.3,125 per gram on the day. This happened despite a fall in gold prices in the global market, where rates took a hit ahead of the latest Fed minutes.
- As the Fed minutes set the tune for a more leniency in rate hikes, the US dollar dropped. This led to gold rates going up to Rs.3,137 per gram on the 24th.
- Gold rates in India surged further to Rs.3,146 per gram as local demand held strong despite weak global cues.
- However, the strength of the rising dollar weighed down on gold, and prices dropped to Rs.3,133 per gram on the 26th of May.
- The week ended with no changes being recorded on the 27th and hence, the metal traded at Rs.3,133 per gram till the time of closing.
May 2018 - Week 5 (28th - 31st)
- The final week of trading began with gold rates in India holding at Rs.3,106 per gram on the 28th as the dollar rose after the US President revived hopes of his meeting with Kim Jong-un, the North Korean head.
- Gold prices remained unaltered at Rs.3,106 per gram the next day with the US greenback weighing on markets.
- The 30th saw gold rates surging to Rs.3,122 per gram as the bullion gained on the lower-than-expected US growth data for the first quarter.
- Trading concluded for the month with gold priced at Rs.3,122 per gram on the 31st with steady demand from local jewellers, retailers and industries amid firm overseas trends.
- Gold prices in India rose by 0.25% due to strong geopolitical cues that pushed demand higher for the precious metal during the course of the month.
Trend of Gold Rate in India for April 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|April 1 Rate||Rs.3,072 per gram|
|April 30 Rate||Rs.3,123 per gram|
|Highest Rate in April||Rs.3,153 per gram on 19 April|
|Lowest Rate in April||Rs.3,064 per gram on 6 April|
|Overall Monthly Performance||Incline|
April 2018- Week 1 (1st-7th)
- Gold was on the rise in the first week of April, as turbulent markets and fluctuating demand led to sharp rises in the price.
- The precious metal opened the month at Rs.3,072 per gram on consistent demand from both local as well as international industrial units.
- Gold price in India rose sharply to trade at Rs.3,091 per gram on 3 April as fears of a trade war with China led to an equity sell-off and higher investment in bullion.
- As U.S. markets stabilised, demand for gold began to decline, with the metal trading at Rs.3,077 per gram on 4 April.
- Local demand followed international trends, with a drop in demand as the week progressed, leading to gold rate in India falling to Rs.3,066 per gram on 5 April.
- A late rally by the metal led to gold trading at Rs.3,075 per gram as the week ended on 7 April, as the dollar dipped on low investor confidence.
April 2018- Week 2 ( 8th -15th)
- When the second week of April opened for trading, gold was priced at Rs.3,075 per gram. Rates remained the same on the 9th as well as gold remained steady in Asia but signalled possible changes as US-China trade spat loomed large.
- The US dollar improved on the 10th despite concerns over a trade war between the world’s top 2 economies looking tense. The metal traded at Rs.3,073 per gram as investors remained cautious while anticipating the next course of action by China.
- On the 11th, gold price in India rose to Rs.3,099 per gram as domestic demand shot up amid improved interest from jewellers and other investors.
- With demand continuing amid global tensions and market volatility, gold rates in India surged further to Rs.3,129 per gram on the 12th of April.
- The 13th saw gold rates drop to Rs.3,106 per gram as the Federal Reserve was expected to introduce interest rate hikes.
- Local demand continued to rise after the previous day’s fall and gold was seen selling at Rs.3,119 per gram on the 14th of the month.
- This then surged further to Rs.3,142 per gram on the 15th of April as a joint US-EU air strikes on Syria pushed markets into a meltdown.
April 2018 - Week 3 (16th - 22nd)
- The week opened in India with the bullion priced at Rs.3,124 per gram on the 16th as gold held its ground against the dollar with equity markets recovering after missile strikes on Syria by the US, Britain and France during the weekend.
- Gold rate in India rose to Rs.3,129 per gram on the 17th before surging further to Rs.3,142 per gram on the 18th as the bullion advanced on technical buying amid firm safe-haven demand.
- The 19th saw gold prices in India rising to Rs.3,153 per gram after the rallying base metals led to renewed inflation concerns in the United States and fears over the US-China trade war fuelling the yellow metal.
- However, with global tensions on the Korean Peninsula and Syria wearing off and markets expecting further US interest rate hikes, the US dollar surged. This led to gold rates dropping to Rs.3,146 per gram on the 20th.
- Prices remained unaltered at Rs.3,146 per gram the next day which rose to Rs.3,151 per gram on the 22nd due to increased buying by local jewellers and retailers to meet the domestic wedding season demand.
April 2018 - Week 4 (23rd - 30th):
- Gold was priced at Rs.3,140 per gram when the final week of April opened for trading.
- Local demand was rather weak despite gold rates witnessing a rise in the global market after a three day fall.
- The yellow metal continued to trade at Rs.3,140 per gram on the 24th as well as demand was steady.
- On the 25th, gold prices surged to Rs.3,146 per gram as domestic demand rose to bring rates up.
- Rates in India dipped to Rs.3,144 per gram on the 26th and then to Rs.3,129 per gram on the 27th as demand took a hit in the Asian circles.
- The 28th saw gold rates rise to Rs.3,140 per gram before dropping to Rs.3,123 per gram the next day.
- On the final day of the month, gold rates had dropped to Rs.3,114 per gram as local demand was on the low, despite a rise being recorded in the global market.
Trend of Gold Rate in India for March 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st March 2018||Rs.3,043 per gram|
|Gold Rate on 31st March 2018||Rs.3,072 per gram|
|Highest Rate in March||Rs.3,105 per gram on 24 and 25 March|
|Lowest Rate in March||Rs.3,030 per gram on 19 March|
|Overall Monthly Performance||Incline|
March 2018 - Week 1 (1 - 5):
- Gold opened the month trading at Rs.3,043 per gram on 1 March, 2018 as demand was unchanged from the previous month.
- Gold price in India rose marginally to trade at Rs.3,049 per gram on 3 March following a slight dip in equity markets.
- Gold rate in India rose sharply to trade at Rs.3,068 per gram on 4 March after the U.S. announcement of the implementation of import tariffs on steel and aluminium sent markets plunging.
- Local demand was steady but international prices kept gold trading at Rs.3,068 per gram as the week ended on 5 March.
March 2018 - Week 2 (5-11):
- Gold opened at Rs.3,064 per gram when trading opened for the week on 5th March as the possibility of a trade war between the US and other major countries loomed large.
- However, a stronger dollar outweighed the uncertainties brought about by the Italian election and the prospect of a trade war. Gold traded at Rs.3,054 per gram on the 6th of March as a result of this.
- As the trade war scenario seemed to intensify, the US dollar lost its edge while stock markets also tumbled. This led to gold trading at Rs.3,074 per gram on the 7th.
- While gold remained stable globally, a weak trend in India pushed gold prices down to Rs.3,061 per gram the next day.
- With investor appetite remaining low, gold rates further down to Rs.3,047 per gram when markets opened for business on 9th March.
- Gold bounced back from the previous day’s lows the US dollar slipped amid poor wage gains. On the 10th, the yellow metal traded at Rs.3,067 per gram.
- The final day of this week saw gold trading at Rs.3,067 per gram as concerns eased and demand remained steady.
March 2018 - Week 3 (12 - 18):
- When trading commenced for the third week, gold rates in India were recorded holding at Rs.3,057 per gram on the 12th as the US dollar remained steady after the US jobs report showed a larger number of jobs added to the US economy in February.
- Gold price in India dropped to Rs.3,047 per gram on the 13th after the US dollar strengthened as investors and traders awaited the US consumer price data for clues on the Federal Reserve’s interest rate hikes and inflation concerns.
- The 14th, however, saw rates rebounding to Rs.3,062 per gram as the dollar weakened after the sudden dismissal of the US Secretary of State Rex Tillerson.
- Despite tensions rising between Russia and the United Kingdom, gold prices dipped to Rs.3,056 per gram on the 15th after the US dollar gained against a basket of other apex currencies as investors remained cautious ahead of the Federal Reserve meeting next week.
- The 16th saw further to Rs.3,037 per gram after the US dollar strengthened amid a possible interest rate hike by the Federal Reserve next week.
- Prices rose marginally to Rs.3,040 per gram the following day after the bullion market tracked a firm trend overseas.
- The week concluded with the yellow metal prices holding steady at Rs.3,040 per gram on 18th. Reports stated, ‘today, the gold rate in India continued unabate
March 2018 - Week 4 (19 - 25):
- Gold opened the week on a strong note and carried this momentum for the rest of the week in spite of some minor fluctuations in demand.
- The metal was priced at Rs.3,030 per gram on 19 March after a minor dip from the closing rate the previous week.
- A resurgent dollar ahead of the Federal Reserve meeting on the timbre of monetary policy for the year led to gold prices dipping slightly internationally.
- A steady demand from local jewellers led to gold price in India rising to Rs.3,046 per gram on 20 March.
- International demand for gold rose as industrial offtake was high, which led to gold trading at Rs.3,067 per gram on 22 March.
- The surprise announcement of fewer than expected rate hikes led to gold prices rising across the board, with the local price rising to Rs.3,081 per gram on 23 March.
- The week ended with gold rate in India continuing to rise, trading at Rs.3,105 per gram on 25 March on strong global cues.
March 2018 - Week 5 (26 - 31):
- When trading commenced for the final week in India, the precious metal prices were recorded holding at Rs.3,095 per gram on the 26th as fears of a possible trade war between the US and China eased down after negotiations between the two nations.
- The 27th, however, saw gold rate in Inida rising to Rs.3,098 per gram with investors banking on safe-haven assets amid rising tensions between the US and Russia.
- With the trade war concerns put aside, the US dollar index rose against a basket of other emerging currencies. This led to gold prices in India dropping to Rs.3,084 per gram on the 28th which plummeted further to Rs.3,067 per gram on the 29th amid the poor overseas trends.
- Gold was priced at Rs.3,066 per gram the next day with the dollar holding its position from the previous session.
- The month concluded with gold rates in India closing slightly higher at Rs.3,072 per gram on the 31st amid firm overseas trends.
- India recorded an incline of 0.95% in bullion trade owing to positive global cues that pushed demand higher during the course of the month.
Trend of Gold Rate in India for February 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st February 2018||Rs.3,040 per gram|
|Gold rate on 28th February 2018||Rs.3,046 per gram|
|Highest Rate in February||Rs.3,103 per gram on 14 February|
|Lowest Rate in February||Rs.3,003 per gram on 8 February|
|Overall Monthly Performance||Incline|
February 2018 - Week 1 (1st - 4th)
- When trading commenced in India, the bullion was priced at Rs.3,040 per gram on the 1st after the US Federal Reserve decided to leave its interest rates unaltered in the two-day monetary policy meeting.
- Gold rate in India surged to Rs.3,071 per gram on the 2nd as the US dollar remained flat ahead of the release of the US jobs data. This also led to an incline in buying by local jewellers, retailers and industries.
- The 3rd saw gold price in India plunging to Rs.3,050 per gram after the US dollar rose against other apex currencies following the release of the highly anticipated US jobs and payrolls data.
- The US jobs data, however, proved to be stronger than expected with the data implying a rise in employment and salaries. This led to gold rates in India remaining untouched at Rs.3,050 per gram on the 4th.
February 2018 - Week 2 (5th -11th)
- The second week of February began with gold opening at Rs.3,035 per gram.
- Gold price in India rose by a huge margin on the 6th as a massive equity sell off from around the world gave rise to safe-haven demand. As a result of this, gold traded at Rs.3,071 per gram on this day and closed at Rs.3,057 per gram.
- Even though, gold demand internationally was on the rise, prices seemed to fall in the Indian shores. The 7th saw gold trade at Rs.3,033 per gram at the time of opening.
- With the expectations of a possible Fed rate hike hung around and with the US dollar firming up against other currencies, gold rates in India dropped quite a lot to trade at Rs.3,003 per gram on the 8th of February.
- Gold rate in India dipped on the 9th as concerns over liquidity rose and the US dollar strengthened further. In the domestic market, however, gold prices inclined to Rs.3,018 per gram.
- Thanks to sustained demand from jewellers, gold rates went up on the 10th of February for the metal to trade at Rs.3,023 per gram.
- The final day of the week saw gold rates in India remain at Rs.3,023 per gram as demand continued to hold steady.
February 2018 - Week 3 (12th - 18th)
- When trading commenced for the week, gold was priced relatively higher at Rs.3,025 per gram on the 12th with the US dollar weakening and investors cautious ahead of the US inflation data release later during the week.
- The 13th saw gold rate in India rising slightly to Rs.3,030 per gram with markets expecting to obtain clues on the US interest rate hikes from the inflation data.
- With the US dollar losing ground ahead of the US inflation data, gold prices rose for the third straight session hitting a one-week high of Rs.3,103 per gram on the 14th.
- However, with the dollar registering considerable gains on par with the equities, gold price in India plunged to Rs.3,071 per gram on the 15th.
- The bullion trade in India witnessed rates surging to Rs.3,074 per gram on the 16th before rising further to Rs.3,096 per gram on the 17th with the US dollar index hitting three-year lows after the inflation data resulted in higher demand for the metal to hedge against inflation concerns.
- The week concluded with the precious metal holding steady at Rs.3,096 per gram on the 18th amid the positive trends overseas.
February 2018 - Week 4 (19th - 25th)
- Gold opened at a relatively strong Rs.3,083 per gram price on the 19th, while the US dollar tried to claw back and regain some of its lost footing.
- The dollar succeeded in its attempt to improve, which pushed gold rate in India down to Rs.3,068 per gram on the 20th of February and steadied as the day progressed.
- Gold price in India fell on the 21st again - to Rs.3,057 per gram - as the USD improved while the market awaited the release of the Fed minutes.
- Due to the dollar showing consistent surges - pushing above the December 2014 low figures - gold prices declined. Gold ended the day at Rs.3,054 per gram on the 22nd as a result of this, dropping Rs.4 from the day’s starting price.
- A surge in local demand pushed gold rates up to Rs.3,060 per gram on the 23rd of February. This happened despite the bleak trend seen overseas.
- Gold rates went up to Rs.3,067 per gram on the 24th and continued at the same rate on the final day of the week as domestic demand helped gold remain strong.
February 2018 - Week 5 (26th - 28th)
- The final week commenced in India with the bullion priced at Rs.3,069 per gram on the 26th with gold rebounding from its worst week in two and half months.
- Gold rate in India remained unchanged at Rs.3,069 per gram the next day with investors awaiting the US Federal Reserve Chairman Jerome Powell’s testimony for the face of future interest rate hikes.
- Fold price in India declined to Rs.3,046 per gram on the 28th with the US dollar gaining after the Federal Reserve Chairman promised to save the country from any further economic crisis while continuing to increase the Fed rates as planned.
- Gold rates in India registered an incline of 0.19% in prices owing to firm overseas trends during the month.
Trend of Gold Rate in India for January 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st January 2018||Rs.3,002 per gram|
|Gold Rate on 31st January 2018||Rs.3,045 per gram|
|Highest Rate in January||Rs.3,084 per gram on 20 and 21 January|
|Lowest Rate in January||Rs.3,001 per gram on 4 January|
|Overall Monthly Performance||Incline|
January 2018 - Week 1 (1st - 7th)
- When trading began for 2018, gold was priced at Rs.3,002 per gram.
- On the 2nd of January, gold rate in India went up to Rs.3,011 per gram - while in the international market, prices hit the highest figures since the September of 2017.
- Due to a fall in the dollar rates, gold price in India went up to Rs.3,014 per gram on the 3rd of the month.
- But, as some positive US jobs data changes were anticipated, the greenback bounced back. This led to gold prices falling to Rs.3,001 per gram on the 4th of January.
- Although, prices in the global market declined, a steady demand pushed gold rates up to Rs.3,013 per gram on the 5th day of the new year.
- With demand continuing to remain high amid increased demand, gold rates surged again to Rs.3,021 per gram on the 6th of the month.
- When the week came to an end, the yellow metal’s rates was still holding at Rs.3,021 per gram.
January 2018 - Week 2 (8th - 14th)
- When trading commenced for the second week, the precious metal was priced relatively lower at Rs.3,009 per gram on the 8th as demand for gold declined with more possible US interest rate hikes during the year.
- Strong local demand despite the weak trend overseas led to gold rate in India rising to Rs.3,017 per gram on the 9th before surging further to Rs.3,022 per gram on the 10th.
- The bullion trade inched higher on the 11th after the dollar lost against other major emerging currencies amid declining purchases of US Treasuries. Gold was recorded trading at Rs.3,030 per gram.
- On the 12th, gold price in India surged further to Rs.3,048 per gram after demand for the yellow metal inclined after the dollar weakened amid poor equity performances.
- Strong global trends coupled with improved demand led to gold price in India surging to Rs.3,068 per gram - a seven-week high - on the 13th.
- When the week concluded the yellow metal was holding still at Rs.3,068 per gram on the 14th, thanks to steady global demand amid the positive trends overseas.
January 2018 - Week 3 (15th - 21st)
- Gold trading in India began with the metal priced at Rs.3,073 per gram, a marginal decline from the four-month high prices hit internationally.
- Gold rate in India increased on the 16th again to Rs.3,082 per gram as a weak dollar spurred sales locally.
- On the 17th, gold price in india dropped to Rs.3,079 per gram as the US dollar seemed to bounce back. Prices fell again on the 18th to Rs.3,060 per gram as the greenback continued on its march back to recovery.
- However, news about a possible US government shutdown pushed gold rates up to Rs.3,076 per gram on the 19th of December.
- The shut US government led to a falling US dollar, which in turn caused gold rates to go up. The metal traded at Rs.3,084 per gram on the 20th of the month.
- When the week drew to a close, gold was priced at Rs.3,084 per gram.
January 2018 - Week 4 (22nd - 28th)
- Gold rate in India were on the incline for most of the week as demand for the metal remained high in the overseas market.
- Gold opened at Rs.3,022 per gram when the fourth week of January began. As demand remained flat through the day’s trading session, gold ended at Rs.3,022 per gram at the time of closing.
- On the 23rd, gold started off on a strong note, trading at Rs.3,030 per gram, as demand from jewellers increased but gold price in India fell to Rs.3,026 per gram as the day progressed.
- Trading started on a high on the 24th as well as the US dollar remained weak and local investors rushed to take advantage of this. Gold price opened at Rs.3,031 per gram when the day started and closed at Rs.3,040 per gram.
- The metal was seen trading at Rs.3,072 per gram when exchanges commenced business on the 25th. A major reason for this significant rise was the weakening of the US dollar, which was further helped by a poor equity market.
- Prices of gold saw little changes on the 26th as demand slowed down. In the global market, however, rates hit the highest levels since August 2016.
- There was a brief rise in prices on the 27th when the metal traded at Rs.3,073 per gram, but a saturated market gave little impetus for growth.
- When the week ended, the yellow metal was priced at Rs.3,068 per gram.
January 2018 - Week 5 (29th - 31st)
- When trading commenced for the last week, the yellow metal was priced relatively lower at Rs.3,043 per gram on the 29th with the US dollar gaining against a basket of other emerging currencies amid strong equity gains.
- The 30th saw gold rate in India plunging further to Rs.3,030 per gram due to the strengthening US dollar and rising US bond yields which pushed demand lower for the metal.
- The bullion trade concluded for the month with the precious metal rebounding to Rs.3,045 per gram on the 31st with investors and traders refraining themselves from making purchases ahead of the two-day US Federal Reserve monetary policy meeting.
- Gold price in India inclined by 1.43% owing to strong global trends that pushed demand higher for the metal during the course of the month.
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st December 2017||Rs.2,982 per gram|
|Gold Rate on 31st December 2017||Rs.3,015 per gram|
|Highest Rate in December||Rs.3,015 per gram on 30 and 31 December|
|Lowest Rate in December||Rs.2,903 per gram on 13 December|
|Overall Monthly Performance||Incline|
December 2017 - Week 1 (1st - 10th)
- When trading commenced in India, the precious metal was trading relatively lower at Rs.2,982 per gram as the stronger dollar and firmer equities market compounded by the positive US economic data diminished appeal for the safe-haven asset.
- The 2nd witnessed gold rate in India rising to Rs.3,002 per gram with the dollar losing its ground with the US tax reform stalling in the US Senate.
- Steady global demand coupled with a positive trend overseas led to the yellow metal being priced at Rs.3,002 per gram on the 3rd as well.
- However, the US Senate’s decision to clear a landmark bill to overhaul the US tax system pushed the dollar higher. This led to prices plunging to Rs.2,971 per gram on the 4th.
- Though gold price in India improved slightly to Rs.2,972 per gram the next day, the 6th saw prices plummeting to Rs.2,962 per gram as the dollar edged higher amid the possibility of an interest rate hike by the Federal Reserve during the week.
- Rates plunged further to Rs.2,942 per gram on the 7th as the dollar stood firm with investors awaiting decisions from the US tax reform legislation.
- The 8th registered the precious metal trading at Rs.2,917 - the lowest recorded figure in nearly four months - as the dollar strengthened amid the optimistic tax reform plans.
- The bullion rates rebounded to Rs.2,927 per gram on the 9th owing to an increase in demand despite the firm dollar rates in the Asian market.
- An increase in local buying by jewellers and retailers ahead of the wedding season led to prices remaining unchanged at Rs.2,927 per gram on the 10th as well.
December 2017 - Week 2 (11th - 17th)
- Gold was priced at Rs.2,911 per gram when the second week of December began.
- Though, gold rates were on the higher side in the global market, amid the latest Federal Reserve meeting. Performance in the Indian shores showed little growth.
- On the 12th, the yellow metal traded at Rs.2,908 per gram and fell again to Rs.2,903 per gram the next day owing to poor sales.
- As the much anticipated US Fed Rate hike happened, the dollar tanked. This led to gold price in India rising to Rs.2,924 per gram on the 14th of December.
- Speaking on the sudden rise on the 14th, analysts said that “today’s gold rate” surged as treasury yields and the dollar took a tumble.
- With demand dropping on the 15th, gold rate in India fell to Rs.2,918 per gram and decreased slightly to hit Rs.2,917 per gram on the 16th.
- The last day of this week saw gold rates rise to Rs.2,927 per gram as demand from precious metals surged while dollar remained weak.
December 2017 - Week 3 (18th - 24th)
- Gold rate in India were recorded relatively lower at Rs.2,923 per gram on the 18th when the week began as the landmark bill to overhaul the country’s tax system moved a step closer to being approved amid the firm and strong US dollar.
- However, gold price in India recovered to Rs.2,928 per gram on the 19th after the dollar weakened with investors speculating the effect of the tax bill on the US economic growth.
- The 20th witnessed the yellow metal prices rising marginally to Rs.2,931 per gram as the dollar remained steady with US government expected to approve the proposed US tax overhaul.
- The approval of the new tax reform led to the Asian stocks failing and gold trade rebounding to a two-week high. This led to bullion rates surging to Rs.2,933 per gram and Rs.2,935 per gram on the 21st and the 22nd respectively.
- Strong global trends coupled with a weakened dollar led to rates rising to Rs.2,956 per gram on the 23rd.
- Steady global demand from industries and jewellers amid the positive trends overseas led to gold price remaining untouched at Rs.2,956 per gram on the 24th.
December 2017 - Week 4 (25th - 31st)
- Gold rates in India opened on a relatively weak note with the metal trading at Rs.2,947 per gram on the 25th of December.
- As there were signs of a weakening US dollar, gold rates increased to Rs.2,956 per gram on the 26th of the month.
- On the 27th, the metal’s prices surged to Rs.2,974 per gram - a Rs.18 incline - and hovered close to three-week high figures internationally.
- The 28th saw gold hit one-month high figures as dollar began to lose its sheen. The yellow metal traded at Rs.2,985 per gram for the next two days.
- During the 30th, gold rate went up to Rs.3,015 per gram to mark the largest yearly gain since 2010. This rise occurred due to rising geopolitical concerns, a declining US dollar, and concerns over inflation in the US.
|Parameters||Gold price (24 karat)|
|Gold rate on 1st November 2017||Rs.2,988 per gram|
|Gold rate on 30th November 2017||Rs.2,992 per gram|
|Highest Rate in November 2017||Rs.3,030 per gram on 18 and 19 November|
|Lowest Rate in November 2017||Rs.2,974 per gram on 6 November|
|Overall Monthly Performance||Incline|
November 2017 - Week 1 (1st - 5th)
- Gold rate in India opened on a weak note as the US dollar firmed up amid Federal Reserve’s soon-to-be-released statement.
- The yellow metal opened at Rs.2,988 per gram - a Rs.9 drop from the previous day - as markets eagerly awaited the official statement from recently concluded two-day Fed meeting.
- Gold price in India fell to Rs.2,985 per gram on the 3rd in India despite the same hitting a 1-week high figure in the global market.
- The 4th saw gold rates fall again to Rs.2,979 per gram as the US dollar strengthened as investors exercised caution amid US job data announcement.
- As the local market provided little impetus to push sales, gold rates remained at Rs.2,977 per gram when the week ended on the 5th of November.
November 2017 - Week 2 (6th-12th)
- A deteriorating dollar coupled with strong global cues led to gold rate in India inclining during the course of the week.
- When trading commenced for the week, the precious metal was trading lower at Rs.2,974 per gram, with the optimistic US economic data reconfirming the possibility of new Fed rate hike by the Federal Reserve in December.
- Gold price in India rose to Rs.2,995 per gram on the 7th, with the Middle-East political crises and the US-North Korean conflicts pushing demand higher for the safe-haven asset.
- The US dollar dropped further with the Senate Republican leaders considering to delay the implementation of a major corporate tax cut. This led to gold rates rising to Rs.3,002 per gram on the 8th.
- The 9th witnessed prices inched higher with the dollar losing against a basket of major emerging currencies, and the precious metal was recorded trading at Rs.3,008 per gram.
- Gold rates in India marked a three-week high at Rs.3,015 per gram on the 10th, with uncertainties over the US tax reforms pushing the dollar to the lower side.
- Local demand remained steady despite the weak trend overseas. This led to gold prices remaining untouched at Rs.3,015 per gram for the rest of the week.
November 2017 - Week 3 (13th - 19th)
- Gold opened at Rs.3,014 per gram on the 13th of November as the US dollar remained firm amid talks about multiple interest rates hikes.
- On the 14th, gold price in India dropped to Rs.3,007 per gram as US treasury yields hit a new high. But, any further fall was halted by an uncertain economic climate in the North American country.
- A rapid rise in demand saw gold rate in India jump to Rs.3,018 per gram before falling to Rs.3,004 per gram on the 16th as a possible rate hike loomed large.
- The 17th as well saw demand remain low, with the metal selling at Rs.3,007 per gram.
- After news about Donald Trump’s tax cuts hit the Indian shores, gold rates surged to Rs.3,031 per gram on the 18th of November.
- This demand carried off till the 19th and the metal traded at Rs.3,025 per gram - a small decline from the previous day’s high.
November 2017 - Week 4 (20th - 26th)
- Gold opened at a relative high of Rs.3,025 per gram on the 20th of November.
- However, gold rate in India was in the red on the 21st as investors were cautious about the release of the latest Fed Reserve minutes’ details.
- Gold prices went down on the 22nd for the metal to trade at Rs.3,005 per gram as details of Fed Reserve’s monetary policy for the upcoming year was released.
- Concerns related to inflation pushed the US dollar down which subsequently led to an increase in gold rates. Due to this, gold traded at Rs.3,013 per gram on the 23rd of the month.
- Gold price in India surged in the global market owing to a weak dollar but a weak local demand saw the precious metal trade at Rs.3,012 per gram on 24th November.
- A sluggish global demand took a toll on local trading and the metal traded at Rs.3,014 per gram on the penultimate day of this week.
- Gold purchases remained on the lower side in Asian markets as investors were wary of high prices. This led to the yellow metal trading at Rs.3,014 per gram on the final day of this week.
November 2017 - Week 5 (27th - 30th)
- Gold traded at Rs.3,011 per gram on the 27th in India as a weaker US dollar pushed gold prices up to near six-week high in the international market.
- The Fed chair speech expected for the day saw gold rate in India fall to Rs.3,008 per gram on the 28th of the month.
- A strong gain in US stocks values saw the dollar strengthen, which in turn pushed gold rates down in the global market. However, gold price in India remained at Rs.3,008 per gram on the 29th of November.
- The final day of this week saw gold rates fall to Rs.2,992 per gram as local demand was hit significantly after US recorded some positive growth numbers
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st October 2017||Rs.3,040 per gram|
|Gold Rate on 31st October 2017||Rs.2,997 per gram|
|Highest Rate in October 2017||Rs.3,059 per gram on 14 and 15 October|
|Lowest Rate in October 2017||Rs.2,997 per gram on 6, 27, 30, and 31 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1st -7th)
- The price of gold in India was steady as the month began, with the metal trading at Rs.3,063 per gram on 1 October as markers were unstable after a prolonged period of volatility.
- Demand from jewellers and industry increased in the run-up to the festival season, with a low U.S. dollar rate also helping keep prices high.
- Gold price in India dropped by Rs.20 per gram to trade at Rs.3,043 per gram on 3 October as there was some level of volatility in orders ahead of the release of U.S. employment data.
- The dollar continued to capitalise on its gains in the previous sessions as gold prices suffered, falling to Rs.3,033 per gram on 5 October.
- Demand continued to fall as the release of jobs data pushed the dollar higher, leading to a reduction in demand from local jewellers due to high import costs.
- Gold traded at Rs.3,028 per gram on 6 October as markets also rebounded on strong dollar rates, before a sudden surge led to gold closing the week at Rs.3,046 per gram on 7 October.
October 2017 - Week 2 (8th -14th)
- Gold price in India were recorded at Rs.3,017 per gram when trading commenced on the 8th of October.
- Demand for gold rose on the 9th after fears concerning North Korea’s nuclear ambitions resurfaced. In local news, gold saw renewed buying from industries, jewellers and retailers who ramped up purchases cope with festive season demand.
- Prices saw a Rs.10 increase on the 9th and the metal traded at Rs.3,027 per gram.
- Gold rates in India surged again to reach Rs.3,036 per gram, but the upcoming Fed Reserve meeting curbed any further gains.
- As the market awaited updates from the Fed rate meeting, gold rates tailed off to reach Rs.3,033 per gram on the 11th.
- Amidst concerns over high inflation data in the US, gold prices rose to Rs.3,041 per gram on the 12th of October.
- However, a significantly weak demand led to gold rated dropping to Rs.3,031 per gram on the 13th.
- The final day of the week saw gold prices rise to Rs.3,059 per gram, thanks to positive global cues and increased local demand.
October 2017 - Week 3 (15th - 21st)
- Gold opened strongly at Rs.3,059 per gram when trading started on the 15th of October.
- But, a strong US dollar and a stronger Asian equities market weighed down on the metal, which led to prices falling to Rs.3,048 per gram the next day.
- Gold rate in India took a hit on the 17th as well as US dollar remained steady because of positive treasury yields. The yellow metal traded at Rs.3,027 per gram on this day.
- With the Diwali season approaching, gold rates saw marginal decreases. On the 18th, gold traded at Rs.3,023 per gram and then at Rs.3,021 per gram on the 19th.
- Despite weak trend overseas, gold price in India went up to Rs.3,026 per gram on the eve of Diwali due to increased buying from jewellers and retailers.
- The Diwali day i.e., the 21st saw gold trading at Rs.3,027 per gram as there was a slight increase in demand.
October 2017 - Week 4 (22nd -28th)
- When trading commenced in India, gold was trading at Rs.3,027 per gram on the 22nd.
- Gold prices in India came under pressure during the week from the rising US dollar, and a decline in safe-haven investments after Prime Minister Shinzo Abe emerged victorious in the Japanese elections.
- The 23rd witnessed prices declining to Rs.3,006 per gram as demand for the precious metal dropped with the dollar being placed well to push higher with the US-North Korea relations calming down.
- However, gold rate in India rose marginally to Rs.3,009 per gram the next day as investors increased purchases with a sell-off in the US dollar.
- Demand for gold plunged with the release of positive economic data, and stronger equity markets pushing the dollar value higher. This led to gold prices declining to Rs.3,001 per gram on the 25th.
- Gold was recorded trading at Rs.3,000 per gram on the 26th with a marginal decline in global demand, which further dropped on the 27th to Rs.2,997 per gram as the dollar gained with the European Central Bank extending its bond-buying scheme.
- The fall in equity markets resulted in investors gravitating towards safe-haven investments like gold, subsequently pushing the dollar down. This improved demand for the metal, and gold was trading at Rs.3,006 per gram, when the week ended on the 28th.
October 2017 - Week 5 (29th- 31st)
- When this week began, gold was priced at Rs.3,006 per gram.
- Prices of the metal dropped to Rs.2,997 per gram on the 30th as investors remained cautious ahead of the latest Federal Reserve meeting.
- Gold rates in India saw no change on the 31st as the metal still traded at Rs.2,997 per gram due to the ongoing two-day Fed Reserve meeting, where a new chairperson was expected to be named.
|Parameters||Gold price (24 karat)|
|September 1 Rate||Rs.2,995 per gram|
|September 30 Rate||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,102 per gram on 8 September|
|Lowest Rate in September||Rs.2,995 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st to 10th)
- Gold prices in India started on a flat note as a result of subdued demand from jewellers and investors in the country.
- On the 1st of September, the yellow metal was trading at Rs.2,995 per gram.
- Prices increased marginally on the 2nd as they reached Rs.2,997 per gram and traded at the same rate on the 3rd of the month.
- As North Korea related concerns rose, global markets tanked. This led to gold trading at a 11-month high rate of Rs.3,081 per gram on the 4th.
- Gold rate in India went down slightly to Rs.3,067 per gram on the 5th, but the impact Kim Jong Un regime’s latest nuclear testing pushed prices up significantly.
- The 6th saw gold trade at Rs.3,087 per gram, which then went down to Rs.3,079 per gram due to lessened purchases.
- During the 8th, gold was trading at Rs.3,102 per gram - the highest rate for the the week - as safe haven investments saw a rise.
- The last two days of the week saw gold selling at Rs.3,095 per gram as demand subsided slightly after the increased trading situations.
September 2017 - Week 2 (11th to 17th)
- Gold opened the second week lower due to a drop in demand for the yellow metal, in spite of fluctuating dollar rates.
- The metal opened at Rs.3,105 per gram on 11 September, with local demand picking up marginally.
- As tensions between North Korea escalated, stock markets fell but the high price of gold resulted in lowered demand from jewellers and retail customers.
- Gold price in India fell to Rs.3,085 per gram on 12 September before rising marginally to Rs.3,094 per gram on 13 September.
- Demand was flat as the week progressed, as the gold rate in India dropped to Rs.3,085 per gram on 14 September and remained the same for the remainder of the week.
- The week ended on 17 September with gold flat after poor demand resulted in prices staying static.
September 2017 - Week 3 (18th-24th)
- Gold opened at a relative low price of Rs.3,035 per gram due to a strong US dollar and rallying equity markets.
- The metal traded at Rs.3,030 per gram on the 19th, near two-week lows, and held steady in the wake of the latest Federal Reserve meeting.
- Gold Price in India surged to Rs.3,045 per gram on the 20th, thanks to the imminent arrival of the festive season.
- On the 21st, gold rate in India fell to three-week low figures of Rs.3,026 per gram as a strong US dollar curbed bullion demand.
- However, demand bounced back on the 22nd for the metal to trade at Rs.3,030 per gram as tensions between the US and North Korea encouraged safe-haven purchases.
- The 23rd and the 24th saw bullion demand remain steady, leading to the metal’s prices remaining at Rs.3,030 per gram.
September 2017 - Week 4 (25th-30th)
- Gold price in India for this week started on a relative low of Rs.3,030 per gram as the US dollar firmed up and conflict in the Korean peninsula seemed to subside.
- But, prices surged to Rs.3,072 per gram on the 26th as tension between the US and North Korea returned to wreak havoc on the US economy.
- As dollar performed, gold prices traded at a much lower rate of Rs.3,051 per gram on the 27th.
- Gold rate in India fell further to Rs.3,030 per gram the next day as most people refrained from buying the precious metal to avoid government scrutiny.
- Gold prices went down to Rs.3,028 per gram on the 28th as demand remained weak for yet another day.
- The last day of September saw gold trading at Rs.3,040 per gram as festive season demand surged.
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,960 per gram|
|August 31 Rate||Rs.2,999 per gram|
|Highest Rate in August||Rs.3,017 per gram on 28 August|
|Lowest Rate in August||Rs.2,930 per gram on 3, and from 5-7 August|
|Overall Monthly Performance||Incline|
August ‘17 – Week 1 (1st to 6th)
- Gold prices in India fluctuated in the first week of August as investors waited for the Fed Reserve’s meeting on interest rates.
- Gold was priced at Rs.2,960 per gram on 1 August before falling to Rs.2,955 per gram on 2 August due to a minor dip in demand.
- Price of gold in India fell to Rs.2,930 per gram on 3 August as demand was muted following the U.S. Fed Reserve meeting, which led to a rise in the dollar rate.
- Gold price in India fluctuated as the week progressed as local demand also fell on poor global cues.
- Gold traded at Rs.2,940 per gram on 4 August but fell to Rs.2,930 per gram on 5 August due to lowered demand from Asian markets.
- The week ended with gold trading at Rs.2,930 per gram on 6 August.
August ‘17 – Week 2 (7th to 13th)
- Gold prices in India reached some magnificent numbers during the second week of August.
- On the 7th, when the week began, gold was priced at Rs.2,901 per gram before increasing slightly to trade at Rs.2,906 per gram on the 8th of August.
- The 9th saw gold rates in India increase by Rs.11 to trade at Rs.2,917 per gram due to some positive trading cues in the Multi-Commodity Exchange (MCX).
- Thanks to some positive demand from global as well as domestic markets, gold prices went up to Rs.2,947 per gram - a significant Rs.30 increase from the previous day.
- As tensions between the US and North Korea lingered on, bullion industry went into overdrive and the metal traded at Rs.2,977 per gram in the national market.
- Due to demand slowing down domestically and investors backing out slowly, gold price in India remained at Rs.2,977 per gram on the 12th and the 13th of August.
August ‘17 – Week 3 (14th to 20th)
- The price of gold in India was on the decline in the third week of August in India due to a combination of factors.
- Gold opened the week trading at Rs.2,994 per gram on 14 August as demand for the metal was high due to continued tensions between North Korea and the United States.
- Prices remained constant on 15 August as markets did not see much movement, with gold priced at Rs.2,994 per gram.
- A sharp decline was seen the following day, with gold rate in India at Rs.2,979 per gram on 16 August due to a decrease in local demand.
- Gold Price in India rose again to trade at Rs.2,994 per gram on 17 August as industrial demand rose due to a fluctuating dollar rate and renewed interest from China led to higher trade volumes.
- Gold rose to a weekly high of Rs.2,999 per gram on 18 August as demand continued to be high before falling to Rs.2,982 per gram on 19 August.
- The week ended with gold trading at Rs.2,982 per gram on 20 August due to a minor dip in demand.
August 2017 – Week 4 (21st - 27th)
- Gold price in India fell below nine-month high globally on the 21st as the US dollar strengthened.
- The yellow metal was trading at Rs.2,950 per gram in India when the week began.
- As issues relating to North Korea and the US came back to the market, gold prices went up to Rs.2,965 per gram on the 22nd of August.
- Gold demand went down to Rs.2,963 per gram on the 23rd despite market fluctuations as investors were wary of investing in the metal.
- Due to uncertainty over US economic agenda, gold prices in India went up slightly to Rs.2,965 per gram on the 24th.
- The 25th saw gold rate in India improve slightly to trade at Rs.2,967 per gram before continuing at the same rate till the end of the week.
August 2017 – Week 5 (28th - 31st)
- Demand for gold rose in the final week of August due to persistent tensions between the United States and the United States of America, with gold trading at Rs.3,017 per gram on 28 August.
- Higher demand from industrial units from the Asian peninsula boosted demand as markets reacted strongly to the renewed threat of aggression by North Korea.
- A slackening of local demand led to gold rate in India falling to Rs.3,009 per gram on 29 August in spite of international demand being strong.
- U.S. markets began to recover which led to a reduction in demand for the yellow metal whose price fell to Rs.3,004 per gram on 30 August.
- The decline in the price of gold in India continued as the Fed Reserve meeting offered some sops to industry, resulting in gold falling to Rs.2,999 per gram on 31 August.
Trading in gold is a preferred investment mode of investors who are financially savvy and have the required risk-appetite for this kind of market. It requires prudent monitoring of investments as gold prices are subject to change for many reasons. Maintaining or closing a position in this market depends on how well an investor can track, analyze and synthesize pricing information.
Some of the key factors that affect gold prices are outlined below:
- Import costs: Since demand is primarily met through gold imports, import costs affect gold rates. Higher the costs, higher the price of gold.
- Interest rates on bank fixed deposits: Bank FDs are the go-to investment option for Indians. It is only rivalled by investments in gold. When FD rates fall, investors prefer moving their money to gold. Hence, the demand for gold rises and thereby prices.
- Strength of the US dollar: When the US dollar weakens, gold rates in India rise and when the US dollar strengthens, gold prices in India fall. This is because central banks which maintain US dollar reserves tend to hedge against risks of a devaluing dollar by investing in gold. This pushes prices up. Also, India buys its gold from foreign countries and when the US dollar strengthens against the Indian rupee, it makes purchases of gold (usually done in USD), more expensive.
- Global economic stability: Gold prices rise during times of economic instability as gold is considered safer asset that others and people tend to move their money out of riskier assets into gold. Other assets bear the risk of being significantly devalued whereas gold which is has high liquidity continues to hold value even during times of crisis.
- Seasonality: In India, demand for gold during festivals, marriages and other auspicious occasions. Prices tend to be higher during these times.
- Inflation: Since gold is bought to hedge against inflation, gold prices tend to rise when inflation is on an upward trend.
- International prices: In general, when gold rates are on an upward trend, globally, gold prices in India also move upwards. Many central banks, especially in the US and in Europe hold huge gold reserves. When these banks or other financial organizations buy more gold, prices move upward.
International gold prices are hugely affected by the prices fixed on the London Gold Market, twice a day i.e. once at 10:30 a.m. and once at 3 p.m. USD is the currency generally used when quoting prices although it is fixed in Pound Sterlings and Euros as well.
- Production costs: Mining companies increase prices at times on account of production costs. This is reflected in the price of gold imported in India.
- Supply: Domestic production and supply is limited in India. Supply constraints can push prices upwards. Similarly, lower supplies of gold globally can make the metal dearer in India.
Gold rates vary across different cities in India. Key reasons for this are:
- Taxes: State taxes differ from state to state. Some states levy higher taxes than others. This is one of the reasons why gold is more expensive in some cities than others.
- Demand: Owing to different population sizes and varying demographics, demand for gold also varies. Discounts are usually offered on larger volumes. So gold prices in cities like Mumbai are lower given larger quantums of transactions.
- Carriage: Indian imports a bulk of its gold requirements by sea. Gold prices at port cities e.g. Chennai are lower than those in interior cities e.g. Delhi because of the absence of inland transport charges.
- Local associations: Cities have their own local gold associations which have a say in setting the prices. This will also account for differences in gold prices between cities.
Gold is measured in grams and troy weight. (Troy ounces, million ounces, grams, kilograms, tonnes, short tonne, metric tonnes, tolas etc.)
Karat is used to represent purity when gold is mixed or alloyed with other base metals such as copper. 24K or 24 karat gold is pure gold. Fineness is to represent gold parts per thousand. (18K gold would be 18 of 24 karats out of 1,000 parts or a fineness of 750).
Carat - It is a unit of weight used to measure precious gems such as diamonds as well as pearls. 200 milligrams or 0.2 grams make a metric carat. Carats are abbreviated to ct. Carats are often mistaken to denote size.
Karat - It is a unit of finesse or purity used to measure gold. 24 karat gold denotes pure gold. When gold is mixed with another metal the purity is diluted. The purity is then expressed as the parts of gold out of 24. E.g. 22 karat gold (mixed with copper) will be 22 parts gold and 2 parts copper. Gold being soft is alloyed with another metal, usually copper, to attain form. Karat is abbreviated to kt.
Karats represent the finesse or purity of gold. Gold being a very malleable metal is too soft to attain form on its own. It is usually alloyed with another metal, mostly copper, in order to attain form. The purity of the gold is then represented in karats as the parts of gold present out of 24.
24 karat gold is 99.99% pure gold whereas 22 karat gold is 91.67% pure. 22 karat gold means, the alloy consists of 22 parts gold and 2 parts of the alloyed metal.
24k gold is priced higher than 22k gold being purer, however, some people prefer 22k gold being more durable. Import duties are generally lower for 24k gold and higher for 22k gold.
India’s primary demand for gold is for use as jewelry. Investments are the next greatest demand driver. Unlike China, the next highest consumer of gold in the world, whose primary demand for gold is for industrial purposes, India’s industrial usage of gold is minimal.
Domestic production of gold in India is limited and, given its strong demand, India relies heavily on gold imports every year. Currently, the Kolar mines in Karnataka are the only operational mines in India, grossly unable to meet domestic demand.
Gold imports in India constitute the next largest chunk of total imports after crude oil. Of late, the government has increased its focus on curbing the negative impact of heavy gold imports viz. a widening trade deficit and rupee devaluation.
Gold is considered valuable for many reasons, mainly
- Value: Although gold prices fluctuate in the near to medium term, its value tends to rise in the long-term. For this reason, people invest and hold on to gold for a long period of time. Gold tends to not be affected by geopolitical or economic turmoil. It is valuable during emergencies providing liquidity as it is easily traded. It is a hedge against inflation as well and acts as a great value addition to an investor’s portfolio.
- Industrial uses: Gold is used in certain manufacturing processes. Although not comparable to retail consumption, many countries use gold for production purposes.
- Versatile metal: Gold is available in many useful forms making it a versatile investment. It is popularly used as jewellery and other gift items and held in the form of coins, bars or bullion. It is also available in edible form or woven into fabrics. Besides all this, paperless gold instruments are now being used to represent physical gold.
- Gold reserves: Gold is maintained as reserves to back paper currencies by many countries. These paper currencies attain their values based on the value of the gold reserves that back them.
- Limited supply: The amount of gold that can be mined and produced in the world is limited. Due to this, gold attains more value as an irreplaceable asset.
- Tradition: Gold has traditionally been used for financial transactions. This has passed down through the ages and prevails even today.
Indian gold reserves
This is the amount of gold held by India’s Central Bank. Referred to as store value, it is against these reserves that currency is printed and circulated in the economy. Besides providing value to currency, these reserves act as security for amounts due to depositors or trading partners.
Indians primarily invest in gold as a means to counter inflation. While the price of gold may fluctuate over time, the value of this metal remains relatively stable, especially in the long-run. Returns on gold are generally higher in the long-run as compared to other asset classes. Real estate and equity markets have proven to be the exceptions but for most Indian investors, gold still forms a huge part of their investment portfolios.
Traditionally, investment in gold has been in the form of jewelry, gold bars or gold coins. As financial markets developed over the years, new investment avenues have opened up. Gold is now increasingly being invested in through Gold ETFs (Exchange Traded Funds) or through mutual funds which invest in gold or through stocks of companies that are in the business of gold/gold-related activities. Gold is also traded as a commodity on commodity exchanges.
Investments in gold commodities, ETFs, funds and stocks can be done online adding another dimension to gold investments in India.
Gold is traded through spot contracts or derivative contracts i.e. investors can trade in gold without possessing gold in its physical form.
- Gold spot contracts are whereby gold is bought and immediately delivered (i.e. sold and delivered right away).
- Gold futures contracts are whereby gold is bought and sold at a later date as per the contract. Unlike most other commodities, gold futures are traded at spot prices and not at prices influenced by demand and supply.
Gold is traded as a commodity on three major commodity exchanges in India:
- Multi Commodity Exchange (MCX)
- National Commodity & Derivatives Exchange (NCDEX)
- National Spot Exchange (NSEL)
MCX is India’s leading commodities exchange and a leading exchange to trade in gold. Contracts traded here offer great liquidity and offer investors the option of contracts in four different sizes as outlined below with their other key features:
- Ticker GOLD
- Trades during 6 months of the year i.e. February, April, June, August, October, December (Monday - Saturday)
- 1 contract = 1 kg of gold
- Initial margin: 4%
- Daily price limit: 3%
- Upper limit on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Gold Mini:
- Ticker GOLDM
- Trades in all 12 months i.e. January to December (Monday - Saturday)
- 1 contract = 100 grams of gold
- Initial margin: 4%
- Limits on positions: Up to 2.5 MT for individual clients; higher of 12.5 MT or 15% of open position on market for all clients together through a member
- Quality: 995 purity, 999 purity
- Gold Guinea:
- Ticker GOLDGuinea
- Trades in all 12 months i.e. January to December
- 1 contract = 8 grams of gold
- Limits on positions: Up to 2 MT or up to 250,000 contracts at one time
- Gold Petal:
- Trades in months as specified by the exchange
- 1 contract = 1 gram of gold
- Limits on positions: Up to 2,000,000 contracts at one time
The best decisions are informed decisions and a decision to buy gold should also be a well-informed one. Especially given the present-day scenario where one has diverse investment options, the decision to invest in gold is not just ‘at what price’ but also when, how and how much. Gold prices, gold price trends and movements, investment channels and returns on investing in gold are all important factors to consider.
Information is now available online from a number of sources both authoritative as well as informational. This facilitates decision making to save time and effort. Besides the latest gold rates and factors that affect gold prices, information is available on gold production, trades, different forms of gold (physical and paperless), leading jewellers etc. Experts also publish their views on gold as an asset as well their outlook on the performance of gold.
|To convert from||To||Multiply by|
|Troy ounces||Penny weights||20|
|Troy ounces||Avoirdupois ounces||1.09714|
|Avoirdupois ounces||Troy ounces||0.911458|
|Short tonne||Metric tonne||0.9072|
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.
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 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.
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 is the current gold price in India ?
Gold rates change on a daily basis, with a number of factors impacting their price in a particular place on a given day. Demand and supply, global market conditions and currency fluctuations are some of the most critical factors which go into determining the rate of gold in a country, with prices changing every day. Gold rates in India have been following international trends, with a rise of close to 16% witnessed in the last four months. Purity also plays a key role in determining gold rates, with 24 karat gold costing more than 22 or 18 karat gold. Individuals who want to invest in gold would need to pay around Rs 3,155 per gram for 24 karat gold and Rs 3,005 for a gram of 22 karat gold (as of 05/06/2018).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.
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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