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Gold Price in Jabalpur
Having a rich historical heritage, Jabalpur was ruled by some prosperous kings. With royalty came the fascination for gold. Now a tier 2 city in Madhya Pradesh, Jabalpur is not only flourishing in the agricultural sector, it also has a number of industries. Apart from that, Jabalpur is also home to ordnance factories and defence organizations. Due to a strong economy, people invest in gold, since it is a safe haven during a crisis.
Owing to market trends, economic scenario, and international trading, the price of the yellow metal in Jabalpur may fluctuate for short or medium term. A volatility in prices does not depreciate the value of gold. People in Jabalpur can purchase the yellow metal as bars, coins, and jewellery of weights 1 gram, 10 gram, 50 grams, and 100 grams. Gold is usually available in values 24 karats and 22 karats, with prices varying due to the quality of the precious metal.
Gold Rate Trend in Jabalpur for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,904 per gram||Rs.5,450 per gram||Rs.5,250 per gram|
|Last Day||Rs.5,397 per gram||Rs.5,240 per gram||Rs.5,145 per gram|
|Highest Price||Rs.5,397 per gram on 30 July and 31 July||Rs.5,723 per gram on 8 August||Rs.5,311 per gram on 17 September|
|Lowest Price||Rs.4,883 per gram on 4 July, 5 July, and 6 July||Rs.5,221 per gram on 29 August||Rs.5,072 per gram on 29 September|
Quarterly Gold Rate in Jabalpur from July 2020 to September 2020:
- Gold price in Jabalpur opened at Rs.4,904 per gram on 1 July and was at its lowest from 4 July to 6 July at Rs.4,883 per gram. However, the metal showed an inclining trend throughout the month, hitting its highest price on 30 July at Rs.5,397 per gram, closing the month with an incline percentage of 10.05%.
- The price of gold showed an overall decline in the month of August, opening at Rs.54,50 per gram and hitting its highest on 8 August at Rs.5,723 per gram. However, the metal hit its lowest on 29 August at Rs.5,221 per gram, closing with an overall decline of 3.85%.
- In September, gold prices opened at Rs.5,250 per gram on 1 September and fluctuated heavily throughout the month. On 17 September, the metal hit its highest price at Rs.5,311 per gram and was at its lowest at Rs.5,079 per gram on 29 September, closing with a decline of 2%.
Gold Rate Trend in Jabalpur for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,158 per gram||Rs.4,699 per gram||Rs.4,799 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,799 per gram||Rs.4,988 per gram|
|Highest Price||Rs.4,757 per gram on 26 April to 28 April||Rs.4,833 per gram on 18 May and 19 May||Rs.4,988 per gram on 30 June|
|Lowest Price||Rs.4,158 per gram from 1 April to 20 April||Rs.4,646 per gram on 2 May||Rs.4,767 per gram from 12 June to 15 June|
Quarterly Gold Rate in Jabalpur from April to June:
- In the city of Jabalpur, gold opened the month of April at Rs.4,158 per gram on 1 April which was its lowest price of the metal for the month. Due to the nation-wide lockdown in place to prevent the spread of COVID-19 in the country, the price of the metal remained steady for the majority of the month. The value of the precious metal increased to Rs.4,757 per gram on 26 April. At the end of the month, gold closed at Rs.4,761 per gram, recording a percentage incline of 14.50%.
- In May, gold prices recorded further monthly inclines, opening at Rs.4,699 per gram on 1 May and increasing to hit its monthly high on 18 May at Rs.4,833 per gram. At the end of the month, gold prices closed at Rs.4,799 per gram on 31 May with an overall percentage incline of 2.12.
- Gold prices kept up its positive trend in the market as the number of fresh COVID-19 cases all over the world rose. On 1 June, the price of the yellow metal was Rs.4,799 per gram and was at its monthly low on 12 June at Rs.4,767 per gram till 15 June. However, the metal’s prices recovered and closed the month at Rs.4,988 per gram and with a monthly incline of 3.93%.
Gold Rate Trend in Jabalpur for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,985 per gram||Rs.4,179 per gram||Rs.4,263 per gram|
|Last Day||Rs.4,179 per gram||Rs.4,358 per gram||Rs.4,158 per gram|
|Highest Price||Rs.4,216 per gram on 9 January||Rs.4,410 per gram on 25 February||Rs.4,531 per gram on 7, 8 and 9 March|
|Lowest Price||Rs.3,985 per gram on 1 January||Rs.4,132 per gram on 7 February||Rs.4,116 per gram on 18 March|
Quarterly Gold Rate in Jabalpur from January 2020 to March 2020:
- The price of gold in Jabalpur for the month of January opened at Rs.3,985 per gram. It was also the lowest price for the month. Overall, gold prices increased by 4.86% over the course of the month. The trade deal between China and the US and the tensions between the Middle East and the US saw investors shift towards the bullion market. On 9 January 2020, gold hit its highest rate for the month and was at Rs.4,216 per gram. The main reason for the increase in prices was due to the progress made in the trade deal between China and the US. Gold closed the month at Rs.4,179 per gram.
- The prices of gold continued to increase in Jabalpur for the month of February. Gold opened at Rs.4,179 per gram and closed at Rs.4,358 per gram. On 7 February 2020, the price of gold hit its lowest for the month and was at Rs.4,132 for a gram. A strong US dollar and the stock markets being down saw the prices of gold fluctuate till mid-February. However, the coronavirus outbreak saw gold prices increase as investors considers the yellow metal as a safe haven. Gold hit its highest rate for the month on 25 February 2020 and was at Rs.4,410 per gram.
- In March, the prices of gold opened at Rs.4,263 for a gram in Jabalpur. The prices of gold dropped by Rs.95 when compared to the last day of February. In the first week of the month, gold rates jumped significantly as investors were expecting the US Federal Reserve to cut the interest rates. On 7, 8, and 9 March, gold hit its highest rate for the month and was at Rs.4,531 for a gram. After fluctuating throughout the second week, gold prices reduced drastically in the third week due to the coronavirus outbreak. During this period, gold hit its lowest rate for the month on 18 March and was at Rs.4,116 for a gram. However, the US Federal Reserve launched several measures to help the economy during the coronavirus pandemic. This ensured that gold prices did not drop further by the end of the month. Gold rates closed the month at Rs.4,158 per gram, seeing a decline of 2.46%.
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Gold investment avenues in Jabalpur
Gold has always been a preferred investment and is always considered as an earning asset. Though gold may witness price fluctuations from time to time, there has been no drastic depreciation in value of the yellow metal. It is considered a safe and secure form of investment. This precious metal can be bought in the form of bars, coins, jewellery, and also be traded.
There are a number of jewellers in Jabalpur who sell gold in the form of ornaments, coins, bars and in other customized forms according to the customer’s requirement. Considered as an ideal investment mode, gold should always be bought from authorized places. It is also advisable to look for BIS certification while purchasing the yellow metal. A certificate of authenticity which contains amount of gold purchased, rate on the date of purchase, and details of purity, – along with the gold is also a must. This certificate can prove helpful in case of a resale. Nationalized banks also sell certified coins. However, there is no buy-back policy in banks.
The awareness and demand of gold as a tradable commodity is increasing among the people of Jabalpur. Apart from buying gold in the form of bullions, coins, and ornaments, people are also investing in paper gold. As an investment, the yellow metal can be bought as gold futures, as well as Exchange Traded Funds or ETFs. It is easy to buy gold futures early and sold later when the market experiences instability in gold prices
**Disclaimer: The gold rates mentioned above are subject to change as per the market conditions. Before buying gold, it is advisable to refer the current rates.**
- Also Check: Gold Rate in Madhya Pradesh
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