Gold Rate In Jammu

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Jammu is the winter capital of the northernmost Indian state of Jammu & Kashmir. The city is believed to have been founded by Raja Jamboo Lochan, a 14^th century king. The city, also the headquarters of Jammu district, is located on the bank of River Tawi and borders Pakistan in the west. Because of this, insurgency and terrorist intrusions are part of the modern narrative of the city. Jammu’s location amidst mountain ranges of the Shivaliks also makes it vulnerable to these attacks.

The district’s population as per 2011 census was around 15.30 lakh. The city has a considerable population of Muslims and Hindus, as well as a smattering of Sikhs and followers of other religions. There are several temples, mosques and churches in the city, and Jammu is also a base camp for pilgrims headed to Vaishno Devi. The temple of Bawey Wali Mata (Mahakali), the dargah of Peer Budhan Ali Shah, the Ragunath Temple are among the popular worshipping spots in Jammu. Other historical monuments such as forts, tombs and museums also make Jammu an attractive tourist spot.

Gold prices in Jammu

Indians consider gold as an investment as well as auspicious and an adornment. We buy gold articles and ornaments for weddings, birthdays, anniversaries as well as religious occasions. Almost every Indian household invests in gold in the form of either jewellery or gold coins. Gold is like a store of money for Indians – we do not hesitate to pledge our jewellery or sell it off in times of monetary crisis.

Gold rates depend on both the supply and demand for gold and gold products in the economy. It follows the demand-supply fundamentals – if demand is high and supply is low, we’ll see higher prices, while excess supply and low demand would lead to lower prices. However, since much of gold in India is imported, any fluctuations in international gold prices will also affect the prices of the precious metal here. The prices go up especially during the wedding season, as large-scale purchasing of gold jewellery and gift items occurs during that time.

Gold is primarily consumed in 24-karat (99.9% purity) for gold bars and coins, and in 22-karat (91.6% purity) for gold jewellery. Ornaments are also made of 20-karat, 18-karat and 14-karat versions. These, however, are not very popular as the resale value would be lower than that of 24- and 22-karat gold.

24-karat gold prices: As on March 9, 2016, 24-karat gold is priced at Rs. 30,321 in Jammu. On March 1, the price stood at Rs. 29,950. This means that in just 9 nine days, gold has gained Rs. 424 – or 1.42 percent – in the city. Also this price is only slightly lower than the price of gold in New Delhi, which was Rs. 30,374 on March 9. This indicates that prices in Jammu follows the national and international patterns of gold rates.

22-karat gold prices: Customers looking to purchase gold in Jammu would have to shell out Rs. 28,350 for 22-karat gold (as on March 9). This commodity was available for Rs. 28,000 at the beginning of the month – registering a rise of Rs. 350 (1.25 percent). The price rise of 22-karat gold has, therefore, been slower in Jammu compared to that of 24-karat gold. Gold rate in Delhi on March 9 was Rs. 28,400, barely Rs. 50 more than the rate in Jammu.

Gold demand in Jammu

Jammu has its share of jewellery shops, including national brands such as Tanishq and PC Jewellers. More than 50 other gold, silver and diamond jewellery showrooms also do brisk business in the city. The demand for traditional Dogri jewellery with exquisite craftsmanship that uses gold and beads, exists not only in Jammu but also across the country.

Gold Rate Trend in Jammu for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Jammu for April 2017

• Gold opened at Rs.2,991 per gram on 1 April in Jammu, with this rate remaining steady until 3 April.
• From 4 April until 9 April, the value of the U.S. dollar reduced, thereby increasing the demand for this yellow metal. As a result, gold traded at Rs.3,003 per gram from 4 April until 7 April. Additionally, the demand for gold in Jammu was also stable during this period.
• This price was not sustained and the rate of gold plunged from 8 April to 10 April in Jammu. This precious metal traded at Rs.2,983 per gram during the above three days and was also the lowest at which gold was priced for the month of April.
• Socio-political crisis led to a marginal incline in the demand for this metal. Gold was priced at Rs.2,998 per gram on 11 April and increased thereafter.
• The rate of gold was steady at Rs.3,068 per gram of 15 and 16 April which was also the highest at which gold was priced for the month in Jammu.
• Towards the end of the month of April, this yellow metal was priced at Rs.3,011 per gram steadily and an incline of 0.66% was noted in the rate.

Gold rate trend in Jammu for May 2017

• Gold traded at Rs.3,011 per gram on 1 May in Jammu, which was a continuation of the rate noted during the month of April. This was also the highest at which gold was priced for the month of May.
• During the next few days however the rate of gold were quite low due to reducing demand for safe-haven bullion as the U.S. dollar gained as compared to the yen and Asian equities had rallied.
• The rate of gold was steady at Rs.2,952 per gram from 4 May to 7 May in Jammu and reduced by Rs.10 the next day.
• The rate of gold continued to reduce and plunged to a monthly low of Rs.2,918 per gram from 11 May to 15 May.
• The rate of gold was also impacted by Emmanuel Macron, a pro-EU candidate’s win in the French presidential elections.
• The price of this yellow metal increased as weak manufacturing data from the U.S. reduced expectations of an interest rate hike by the U.S Federal Reserve.
• Towards the end of the month, the demand for this metal reduced and gold traded steadily at Rs.2,992 per gram from 26 May to 31 May, recording a decline of 0.63% in the rate of this metal in Jammu.

Gold rate trend in Jammu for June 2017

• Gold was priced at Rs.3,012 per gram on 1 June in Jammu and stayed steady at this rate the next day as well.
• An increase of Rs.10 was noted in gold rate over the next two days before rising to trade at Rs.3,022 per gram until 4 June.
• Gold traded at Rs.3.57 per gram on 7 June which was the highest at which gold was priced for the month, in Jammu.
• Due to a weaker dollar and increased demand the rate of gold was relatively high at Rs.3,007 per gram from 10 June to 15 June.
• As the weeks progressed, there were a few fluctuations noted in the rate of gold due to variations in the demand as well as geopolitical factors.
• Towards the end of the month, this precious metal traded at Rs.2,992 per gram recording a decline of 0.66% in the rate of gold in Jammu.

Gold Rate Trend in Jammu for January 2017 to March 2017 (per gram of 24 karat gold)

January 2017

• Gold started the year 2017 at a strong Rs.2,844 per gram, on account of technical buying despite a strong US Dollar on January 1st.
• An increase in demand saw Gold climb to Rs.2,855 per gram on January 4th.
• Healthy global demand saw Gold climb to Rs.2,866 per gram on January 5th.
• US stocks saw a slump as energy shares dropped along with the price of crude oil, allowing Gold to climb to Rs.2,888 per gram in its second week of trading on January 10th.
• Uncertainty surrounding the US monetary policy saw Gold further climb to Rs.2,925 per gram on January 12th.
• Concerns amid Britain’s exit from the European Union saw the global spot price of Gold climb to Rs.2,952 per gram to open the third week of trading on January 16th and January 17th.
• Uncertainty over a Federal Interest Rate hike saw the US Dollar slump, causing Gold to climb to an 8-week high of Rs.2,973 per gram on January 18th.
• On the 23rd of January Gold reached a 2-month high of Rs.2,979 per gram amid uncertainty of the future US monetary policy.
• Technical corrections caused Gold to slip to Rs.2,946 per gram on January 27th.
• A weak US Dollar and sluggish economic data from the US saw Gold prices climb to Rs.2,967 per gram on January 30th.
• Gold closed the month’s trade at Rs.2,958 per gram on January 31st.

February 2017

• Gold opened the month’s trading at Rs.2,978 per gram on February 1st.
• Uncertainty over the upcoming French election, weak industrial data from Germany and a strong US Dollar saw Gold slip to Rs.2,957 per gram to close the week’s trading on February 5th.
• A boost in demand from retailers, jewellers and investors saw Gold prices edge up to Rs.2,999 per gram on February 7th.
• Sustained demand for Gold saw prices further climb to Rs.3,009 per gram on February 8th, 9th and 10th.
• The US Dollar strengthening against the Japanese Yen saw Gold prices slip to Rs.2,983 per gram on February 11th.
• Gold remained stable and closed the second week’s trading at Rs.2,983 per gram on February 12th.
• Gold opened the third week of trading at Rs.2,983 per gram on February 13th.
• Technical corrections saw Gold slip to Rs.2,973 per gram on February 14th and February 15th.
• A weakened US Dollar saw Gold climb to Rs.3,004 per gram on February 17th.
• Gold held firm at Rs.2,999 per gram to close the week’s trade on February 19th.
• Gold opened the fourth week of trading at a stable Rs.2,999 per gram on February 20th.
• A struggling US Dollar amid uncertainty pertaining to the US monetary policy saw Gold climb to weekly high of Rs.3,031 per gram on February 25th.
• A marginally strengthened US Dollar saw Gold prices slip to Rs.3,020 per gram to close the month’s trade on February 28th.

March 2017

• A stronger US Dollar saw Gold open trading on March 1st at Rs.3,009 per gram.
• Expectations of a US Federal Interest Rate hike in March saw Gold slip to Rs.2,990 per gram between March 3rd and March 6th.
• A weak demand domestically saw Gold prices slip to Rs.2,965 per gram on March 10th.
• A stronger US Dollar and a weak global demand saw domestic prices of Gold fall to Rs.2,951 per gram on March 14th.
• A marginally weakened US Dollar saw Gold prices rise to Rs.2,971 per gram on March 18th and March 19th.
• The failure of a new healthcare bill proposed by President Donald Trump saw Gold climb to Rs.3,003 per gram on March 22nd and March 23rd.
• Technical corrections caused Gold to slip to Rs.2,993 per gram between March 24th and March 26th.
• A strong demand for Gold allowed it to recover to Rs.3,003 per gram between March 27th and March 30th.
• Technical corrections caused Gold to drop to Rs.2,991 per gram to close the month’s trading on March 31st.

Gold Rate Trend in Jammu for April 2016 to May 2016 (per gram of 24 karat gold)

Gold investment in Jammu

Investment in gold is made in two major forms in Jammu, as in most other cities in the country:

Over-the-counter: Jewellery and articles are the most popular forms of investment in gold in Jammu. People buy jewellery and gold items that are sold or pawned when they need money urgently. The tendency would be to buy gold at lower prices and sell them or pawn them when the prices are high.

Market trade: Several trading options on gold are available in the market these days. These include gold exchange traded funds (ETFs), e-gold, gold coins and bars, and sovereign gold bonds. Though these are not very popular in Jammu currently, enterprising individuals have been experimenting and making the most of the benefits associated with these forms of investment.

Also Check Gold Price in NearBy Cities of Jammu