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Gold Rate in Jammu and Kashmir
Nestled in the foothills of the Himalayas, Jammu and Kashmir has the power to mesmerize us with its beauty. There are few objects which can match the beauty of this place, gold perhaps being the only element which evokes as much awe as Jammu and Kashmir. Gold has a long relationship with J&K, forming an integral part of its history and culture. Gold rates in Jammu and Kashmir depend on the economic conditions prevalent in the country, which in turn are closely related to international trends.
The demand for gold in Jammu and Kashmir peaks during the festival and wedding season, with jewellers across the state offering a plethora of options to residents. Gold has also been viewed as an excellent investment avenue in the state, serving a dual purpose for gold owners.
Gold Rate Trend in Jammu & Kashmir for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,941 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st-4th October||Rs.3,213 per gram on 5th & 6th November||Rs.2,893 per gram on 1st & 2nd December|
|Lowest price||Rs.3,088 per gram from 6th-25th October||Rs.2,929 per gram from 25th-27th November||Rs.2,800 per gram from 23rd-28th December|
Gold Rate Trend for Jammu & Kashmir in October 2016
- The price of gold in Jammu and Kashmir was steady but lower than expected towards the start of the month, with gold trading at Rs.3,205 per gram due to lowered demand from the jewellery sector as well as the industrial sector.
- The possibility of higher scrutiny of bullion purchases led to a dip in price, but stable demand from the industrial sector kept prices more or less stable.
- Overseas demand fell as the month progressed, which resulted in demand dropping and prices falling to Rs.3,088 per gram for two weeks beginning 6th October.
- A slight rise in prices was observed as the month drew to a close, with gold trading at Rs.3,099 per gram on 31st October, losing over 3.30% in value.
Gold Rate Trend for Jammu & Kashmir in November 2016
- Gold prices in Jammu and Kashmir rose during the first week due to a combination of factors, but dropped as the month progressed.
- Gold was priced at Rs.3,099 per gram on 1st November, rising to Rs.3,211 per gram on 9th November as demand rose following plunging markets due to the U.S. presidential election results and the surprise announcement of the demonetisation of Rs.1,000 and Rs.500 notes.
- A currency shortage due to the withdrawal of over 85% of the legal tender as a result of demonetisation led to a drop in demand for gold during the festive season coupled with lowered demand overseas as markets recovered.
- The price of gold failed to increase following the sharp decline in demand, resulting in gold trading at Rs.2,941 per gram as the month ended, recording a 5.09% drop in value.
Gold Rate Trend for Jammu & Kashmir in December 2016
- The price of gold continued to fall in the last month of the year due to lower than expected demand across sectors.
- Gold was priced at Rs.2,893 per gram on 1st December, with demand rising due to fluctuations in the market.
- The festive season saw higher volumes of retail spending, which stimulated markets and led to a rise in global currencies, which pushed demand for gold lower.
- The continued shortage of legal tender affected consumer demand for gold, which led to prices remaining low.
- Prices dropped to Rs.2,800 per gram on 23rd December on stagnant demand, but recovered as the month ended due to a slight fall in the U.S. Dollar value.
- Gold ended the month trading at Rs.2,844 per gram on 31st December.
Gold Rate Trend in Jammu and Kashmir for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram from 7th to 9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th to 12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th to 31st August||Rs.3,184 per gram on 1st and 2nd September|
Gold Rate Trend of Jammu and Kashmir in July 2016
- Demand for gold was high this month owing to a positive atmosphere in the global market.
- Gold was seen trading at Rs.3,167 per gram on 1st July.
- Prices climbed to Rs.3,227 per gram from 7th to 9th July, the highest for this month.
- There were fluctuations in gold rates but the lowest it dipped to was only Rs.3,163 per gram on 22nd July.
- Overall, gold prices saw an increase of 1.64% this month.
Gold Rate Trend of Jammu and Kashmir in August 2016
- A constant trend ruled gold prices till August 9th with gold trading at Rs.3,219 per gram.
- Stable prices can be attributed to steady demand in the domestic and global markets.
- Strong economic data from the U.S. indicated that a Fed rate hike was possible soon.
- Gold prices started to plunge as demand declined.
- On the last day of August, gold traded at Rs.3,205 per gram marking a decline of 0.43% in gold rates this month.
Gold Rate Trend of Jammu and Kashmir in September 2016
- Gold traded at Rs.3,184 per gram on 1st and 2nd September which was the lowest price for the month.
- Bearish sentiments had a strong presence in the market till the interest rate hike by the U.S. Federal Reserve was put off till December on account of the approaching presidential elections.
- Gold regained its safe-haven appeal and investors’ willingness to buy gold started to rise.
- By the end of the month, gold rates climbed to Rs.3,217 per gram marking an increase of 1.04%.
Gold Rate Trend in Jammu and Kashmir for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,943 per gram.||Rs.3,119 per gram.||Rs.2,960 per gram.|
|Last day||Rs.3,119 per gram.||Rs.2,960 per gram.||Rs.3,167 per gram.|
|Highest price||Rs.3,119 per gram on 30th April.||Rs.3,120 per gram from 7th-9th May.||Rs.3,182 per gram on 28th June.|
|Lowest price||Rs.2,933 per gram on 5th April.||Rs.2,960 per gram from 28th-31st May.||Rs.2,950 per gram from 2nd-5th, 24th-27th and 29th June.|
|Trend||Increase in price.||Decrease in price.||Increase in price.|
|Change||+5.98% increase.||-5.09% decrease.||+6.99% increase.|
Gold Rate Trend in Jammu and Kashmir in April 2016
- Gold prices were quite stable during the month, with prices increasing as the demand increased after the strike was called off.
- Prices rose in the second week of April and high demand pushed prices up by Rs.40 per gram in a day.
- Rates increased marginally as the month progressed.
- Gold traded at Rs.3,119 per gram on the 30th of April.
Gold Rate Trend in Jammu and Kashmir in May 2016
- Prices were high at the beginning of the month but declined due to market factors and low demand.
- Gold traded at highs of Rs.3,120 on the 7th of May but prices declined in the subsequent weeks.
- A stronger market led to lowered demand for gold, causing prices to fall.
- Speculation over a U.S. rate hike caused markets to rally, with gold trading at Rs.2,960 per gram at the end of May.
Gold Rate Trend in Jammu and Kashmir in June 2016
- Prices slowly rose as gold rallied after a poor showing in the previous month.
- Gold traded at Rs.3,003 per gram in the first week of June as markets continued to make gains.
- As the possibility of a rate hike declined, the markets began to falter and demand for gold rose.
- The impending Brexit referendum led to market instability, leading to demand for gold, pushing prices up to Rs.3,167 per gram.
|1st day||Rs.2,585 per gram.||Rs.2,756 per gram.||Rs.3,030 per gram.|
|Last day||Rs.2,756 per gram.||Rs.3,037 per gram.||Rs.2,948 per gram.|
|Highest price||Rs.2,772 per gram on 28th Jan.||Rs.3,049 per gram on 26th Feb.||Rs.3,030 per gram on 1st, 3rd-14th March.|
|Lowest price||Rs.2,580 per gram on 4th Jan.||Rs.2,756 on 1st Feb.||Rs.2,940 per gram from 15th-17th March.|
|Trend||Increase in price.||Increase in price.||Decrease in price.|
|Change||+6.61% increase.||+10.19% increase.||-2.70% decrease.|
Gold Rate Trend in Jammu and Kashmir in January 2016
- Gold retailed at a steady rate with marginal gains during the first half of the month.
- Prices rose as demand from jewellers and industry was high.
- Prices plateaued at Rs.2,655 for a week as demand shrunk.
- Rate increased as demand rose again, closing the month at Rs.2,756 per gram.
Gold Rate Trend in Jammu and Kashmir in February 2016
- Gold prices climbed steadily higher as demand was constant due to the festive season.
- Gold traded at Rs.2,756 per gram at the start of the month, reaching highs of Rs.3,049 per gram on the 26th of February.
- Global cues and consistent demand domestically resulted in prices being relatively stable, with gold closing at Rs.3,037 per gram on the 29th of February.
Gold Rate Trend in Jammu and Kashmir in March 2016
- Gold prices in March were stagnant due to the nationwide jewellers’ strike that lasted the whole month.
- Gold traded at Rs.3,030 per gram for the first half of the month before falling to Rs.2,940 per gram for the remainder of the month.
- Reduced demand from industrial units pushed prices down further, leading to a price stagnation.
Details of Gold Price in Jammu and Kashmir (22 Karat & 24 Karat) - Till October 2015
Gold rates in Jammu and Kashmir depend on the purity of gold, with different rates for 22 and 24 karat gold.
24 Karat Gold – 24 karat gold is the purest form of gold one can purchase in the market, having a purity of 99.9%. Individuals who wish to purchase 24 karat gold in Jammu and Kashmir would need to pay Rs 2,712 per gram (as of October 20, 2015). Gold rates in the state have witnessed turbulent times, witnessing highs and lows over the last year. Prices were at their highest in January 2015, costing Rs 2,850 per gram before gradually decreasing over the next few months. Prices fell below the Rs 2,600 per gram mark in July 2015, going as low as Rs 2,510 before climbing back to their current rates.
22 Karat Gold – 22 Karat gold is around 92% pure, making it cheaper than 24 karat gold. Individuals wishing to buy 1 gram of 22 karat gold in Jammu and Kashmir would have to shell out Rs 2,532 (as of October 20, 2015). Gold rate trends for 22 karat gold are closely related to 24 karat gold, with January 2015 seeing the highest rates this year when 1 gram gold cost as much as Rs 2,650. July 2015 saw prices fall to their lowest in five years, dropping to as low as Rs 2,350. Gold rates hovered around the Rs 2,500 per gram mark for most of the period between January and July 2015.
Gold investment avenues in Jammu and Kashmir
Gold forms an integral component of the investment portfolio of residents in Jammu and Kashmir, with multiple options to suit the needs of everyone.
Market Trade – While market trade of gold is yet to find favour among local residents, there are a few people who have started experimenting with it, thanks to the huge potential it offers. E-gold, futures contracts and Exchange Traded Funds (ETFs) are some of the options one can choose from.
Over-the-counter – A majority of the gold purchased in the state comes in the form of over-the-counter purchase through jewellers and banks. Jewellery is the preferred form of purchasing gold and the state has jewellery shops to cater to the demand for gold. Gold purchased from banks might be a bit more expensive on account of purity checks and guarantees.
Also Check Gold Prices in the Cities of Jammu and Kashmir
|Gold Rate In Jammu||Gold Rate In Srinagar|
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