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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.
Gold Price in Jabalpur
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 of 24 karat is pure gold, which is mainly available in the form of coins. Due to its softness, 24 karat gold cannot be crafted into jewellery, unless it is mixed with some alloy. People generally buy coins of 24 karat gold. As on March 14, 2016 one gram gold is valued at Rs 2,975. With prices in the global market fluctuating, the value of gold can either increase or decrease in the coming days.
Gold available in 22 karats is a cheaper variation of the yellow metal. Rated 92% pure, this form is widely used to make ornaments. The rate of 1 gram gold on March 14, 2016 is Rs 2,778.
Gold Rate trend in Jabalpur for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 989 per gram||Rs. 3, 154 per gram||Rs.3,038|
|Last day||Rs. 3, 154 per gram||Rs. 3, 018 per gram||Rs.3,112|
|Highest price||Rs. 3, 154 per gram on 30th April, 2016||Rs. 3, 155 per gram from 7th- 11th May, 2016||Rs.3,192 per gram on 27th June|
|Lowest price||Rs. 2, 989 per gram from 1st-11th April, 2016||Rs. 3, 003 per gram on 30th May, 2016||Rs.3,015 per gram on 3rd June|
|Trend||Prices rose||Prices fell||Rise|
|change||+5.52% increase||-4.31% decrease||+2.44%|
Gold Rate Trend in Jabalpur in April 2016
- Gold traded at Rs. 2, 989 for a gram at the start of April as the jewellers strike continued.
- Poor demand kept the price stable for the week.
- The strike was called off, leading to an upsurge in demand that raised prices.
- International demand was muted but domestic demand kept pace, stabilising the price.
- Prices rose marginally in the last week, with gold gaining 5.52% in the month.
Gold Rate Trend in Jabalpur in May 2016
- Gold was trading at Rs. 3, 154 as demand continued to be strong.
- A stronger Dollar led to a drop in prices globally, which affected prices domestically.
- Renewed demand and market instability helped gold rally for a while, and prices reached a high of Rs. 3, 155.
- The near certainty of an interest rate hike led to the price plunging to a low of Rs. 3, 003 in the last week, with gold losing 4.31% of its value.
Gold Rate Trend of Jabalpur in June 2016
- Gold rates through the month of June stayed relatively constant and were not badly affected by the trends in the global markets.
- Gold traded at Rs.3,038 on 1st June and dipped to the lowest for the month at Rs.3,015 per gram on 3rd June.
- The highest recorded was Rs.3,192 per gram on 27th June.
- Domestic demand kept gold prices steady with a slight incline of 2.44%.
Gold Rate Trend in Jabalpur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,601 per gram||Rs. 2, 775 per gram||Rs. 3,068 per gram|
|Last day||Rs. 2,775 per gram||Rs. 3,068 per gram||Rs. 2,989 per gram|
|Highest price||Rs. 2,789 per gram on 27th and 28th Jan, 2016||Rs. 3,068 per gram on 27th and 28th Feb, 2016||Rs. 3, 093 per gram from 12th- 17th March, 2016|
|Lowest price||Rs. 2,601 per gram from 1st- 3rd Jan, 2016||Rs. 2,775 per gram on 1st and 2nd Feb, 2016||Rs. 2,989 per gram from 22nd- 31st March, 2016|
|Trend||Prices rose||Prices rose||Prices fell|
|Change||+6.68% increase||+10.55% increase||-2.57% decrease|
Gold Rate Trend in Jabalpur in January 2016
- The price of one gram of gold was Rs. 2, 601 in January, with prices rising due to high demand.
- Prices were stable for a week and then steadily began to climb as global markets experienced volatility due to a fluctuating Dollar.
- Domestic demand from jewellers continued to prop up the price domestically as gold prices fell internationally.
- A slump in the price in global markets led to a dip in price domestically but gold recovered to close the month at Rs. 2, 775.
Gold Rate Trend in Jabalpur in February 2016
- Gold began trading at Rs. 2,775per gram, continuing its stable run from the previous month.
- Gold continued to rally as domestic demand stayed constant due to the wedding season.
- Prices stayed high and increased as gold began to rally internationally as well.
- Prices dipped towards the end of the month but recovered to close at Rs. 3,068.
- Gold gained a whopping 10.55% in the month.
Gold Rate Trend in Jabalpur in March 2016
- The start of the month saw gold trading at Rs. 3,068 per gram as jewellers kept demand high.
- The announcement of a strike by jewellers nationwide led to demand stagnating.
- The price remained constant due to lack of demand from jewellers.
- Due to sustained drop in demand, the price fell towards the end of the month over uncertainty as to how long it would continue.
- Gold ended the month at a low of Rs. 2,989, a loss of 2.57%.
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
Also Check Gold Price in NearBy Cities of Jabalpur
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