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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 January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,884 per gram||Rs.2,985 per gram||Rs.3,054 per gram|
|Last day||Rs.2,985 per gram||Rs.3,054 per gram||Rs.3,011 per gram|
|Highest price||Rs.2,997 per gram from 16th to 27th January||Rs.3,054 per gram from 24th to 28th February||Rs.3,054 per gram on 1st and 2nd March|
|Lowest price||Rs.2,884 per gram on 1st & 3rd January||Rs.2,985 per gram on 1st February||Rs.2,968 per gram on 15th of March|
Gold Rate Trend in Jabalpur for January 2017:
- Gold trading prices in Jabalpur seemed to increase during the first quarter of 2017.
- Prices rose significantly from Q4 2016, during which period gold trading took a massive hit due to demonetisation.
- When January began, gold was trading at Rs.2,884 per gram, which seemed to go up as days went by.
- Gold prices were at their lowest on the 1st and the 3rd, meaning January was a very good period for bullion.
- From 16th to 27th, gold prices remained unchanged at Rs.2,997 per gram, which also happened to be the highest gold rate for the entire month.
- Price trends saw an inclined growth in January at a rate of 3.50% as demand rose.
Gold Rate Trend in Jabalpur for February 2017:
- Although February saw gold price trend continue on a positive note, the extent of the inclination was slightly lower than that of January.
- The month began with gold selling at Rs.2,985 per gram and increased significantly as days went by.
- This was the month when Donald Trump took a number of executive decisions as US President, which resulted in markets turning volatile.
- When President Trump’s travel ban was halted by a court, gold prices seemed to pick up to Rs.3,054 per gram, which happened towards the end of the month.
- February came to an end with gold rates holding at Rs.3,054 per gram - the highest gold rate for the entire quarter.
- Bullion price trends changed at a rate of 2.33% for the month of February.
Gold Rate Trend in Jabalpur for March 2017:
- Compared to the previous two months, gold prices endured an off-month in March as prices seemed to fall.
- Most of the fluctuations and the subsequent fall could be attributed to the US Federal Reserve rate hike, which increased the value of the dollar.
- As bullion is traded in dollar, an increasing dollar price meant an increase in gold prices, which then led to low demand.
- When trading began for March, gold was selling at Rs.3,054 per gram and hit the lowest on 15th to Rs.2,968 per gram as demand began to fall.
- By the end of the month,however, prices rallied to end at Rs.3,011 per gram.
- The last month of Q1 2017 saw gold prices decline at a rate of 1.40%
Gold Rate Trend in Jabalpur for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,249 per gram||Rs.3,168 per gram||Rs.2,938 per gram|
|Last day||Rs.3,168 per gram||Rs.2,975 per gram||Rs.2,884 per gram|
|Highest price||Rs.3,249 per gram on 1st & 2nd October||Rs.3,247 per gram on 11th & 12th November||Rs.2,938 per gram from 1st-7th December|
|Lowest price||Rs.3,133 per gram from 14th-19th October||Rs.2,949 per gram from 25th-27th November||Rs.2,810 per gram from 22nd-26th December|
Gold Rate Trend for Jabalpur in October 2016
- Gold prices in Jabalpur appreciated in the first week of October, trading at Rs.3,249 per gram on 1st October.
- A sudden drop in demand due to rising markets led to a marginal decline in price, though domestic demand kept prices stable.
- Strengthening markets due to strong economic data led to a decrease in gold demand, which led to prices falling to Rs.3,133 per gram on 14th October.
- Reduced demand from the jewellery sector due to enhanced scrutiny of purchases led to a lowering of demand from the domestic market as well.
- Prices recovered marginally as the month ended, though prices were still lower than expected, as gold traded at Rs.3,168 per gram on 31st October, resulting in an overall decline in price of 2.49%.
Gold Rate Trend for Jabalpur in November 2016
- Prices in November showed extreme volatility due to fluctuating markets.
- Gold traded at Rs.3,168 per gram on 1st November and prices rose to Rs.3,197 per gram in the next few days due to uncertainty in the U.S. markets.
- The demonetisation policy and the surprise victory of Donald Trump led to markets crashing across the world, which increased demand for gold and led to a rise in price.
- As markets stabilised, demand fell as industrial demand declined globally due to fears of a slowdown in Asian markets.
- The currency crisis in India led to reduced demand for retail gold during the festive season, which kept gold prices low.
- A slight recovery led to prices reaching Rs.3,012 per gram on 23rd November before declining demand led to a drop.
- Gold ended the month trading at Rs.2,975 per gram on 30th November, a decline of over 5.50%.
Gold Rate Trend for Jabalpur in December 2016
- The last month of the year saw gold prices continue to slide due to poor demand and unfavourable market conditions.
- Gold traded at Rs.2,938 per gram on 1st December and remained stable for the week due to steady demand.
- Prices fell as markets rose on positive economic cues, resulting in demand for gold dropping.
- Christmas led to higher sales volumes, which boosted markets and currencies, reducing demand for gold as a safe haven asset.
- Prices fell to a low of Rs.2,810 per gram on 22nd December as retail demand also dropped.
- An easing of the currency shortage led to increased demand from jewellers, which raised domestic gold prices marginally.
- Gold ended the month trading at Rs.2,884 per gram, though the value of gold fell by 1.83% during the month.
Gold Rate Trend in Jabalpur for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,112 per gram||Rs.3,249 per gram||Rs.3,212 per gram|
|Last day||Rs.3,249 per gram||Rs.3,225 per gram||Rs.3,279 per gram|
|Highest price||Rs.3,246 per gram on 6th and 7th July||Rs.3,283 per gram on 18th August||Rs.3,285 per gram from 24th to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 per gram on 1st and 2nd September|
Gold Rate Trend of Jabalpur in July 2016
- Gold traded at Rs.3,112 per gram on 1st July.
- Demand was high in domestic and global markets as prices rose consistently for most parts of the first two weeks.
- Prices fluctuated through most parts of the second and third week as marginal inclines were written off by subsequent declines.
- Prices remained constant at Rs.3,223 from the 22nd to the 30th of the month thanks to firming trends.
- The month closed with gold trading at Rs.3,249 per gram on 31st July.
Gold Rate Trend of Jabalpur in August 2016
- The rate of gold per gram on the 1st of August was recorded at Rs.3,249.
- Prices fluctuated as the month progressed, rising and falling on certain days until they gained stability at Rs.3,226 on the 6th and remained unchanged until the 9th.
- Domestic demand was stable as jewellers and retailers increased their offtake for the festive season, leading to a consistent increase in rates until the 18th when they hit Rs.3,283 – the highest recorded rate in August.
- Prices then fluctuated again and the yellow metal closed the month at Rs.3,225 per gram.
Gold rate trend of Jabalpur in September 2016
- Gold traded at Rs.3,212 per gram on 1st and 2nd September, which was the lowest rate for this month.
- The highlight for this month was that the interest rate hike by the U.S. Federal Reserve was put on hold as the U.S. presidential elections were too close.
- Prices remained stable from the 3rd of September to the 12th at Rs.3,229.
- Prices rose gradually until the 24th when they hit Rs.3,285 per gram and remained stable until the 26th of September.
- Prices remained constant for the last four days of the month and closed September at Rs.3,279 per gram.
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%.
|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
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