Gold Rate In Jamnagar

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Jamnagar is the fifth largest city in the state of Gujarat and is the home to the some of the biggest oil refineries in the country with the refineries located in this city. This city has also been called the world’s oil city as well as its previous moniker of brass city as it is a hub for brass manufacturing units. With a rich cultural heritage and boasting the 4 marble Jain temples, Jamnagar has a thriving population and is an economically viable city with an all-weather port, a good supply of bauxite mines and brass manufacturing units coupled with good connectivity via land, sea and air.

Gold price in Jamnagar

Gold rates tend to fluctuate not just on a global basis but also within a state from city to city due to various factors such as local production, the overall demand and supply, the amount of tax levied or to be paid. Rate of gold in Jamnagar also depends on the quality of gold in question with 24 karat gold costing more due to higher purity content and 22 karat gold costing a little lesser. All these factors affect the rates of gold in Jamnagar and the rates for 24 karat and 22 karat are as given below

24 karat gold – 24 karat gold is considered as the purest form of gold one can buy. It is a great option for investment as the purity of 24 karat gold is 99.9% which means that it can be traded at higher returns but this also means that the buyer has to shell out quite a bit to buy it in the first place. 1g of 24 karat gold costs Rs 2969 as of 9^th March 2016. The price of gold has seen some fluctuation but has been hovering around the Rs 2960 to Rs 2990 mark. The gold rates in Jamnagar have been the highest as of 3^rd March 2016 when it touched Rs 3090 per gram of 24 karat gold and the prices of 24 karat gold are expected to witness further rise.

22 karat gold – 22 karat gold is the cheaper alternative o 24 karat gold. T purity is at a much lesser content and stands at 92% and the other 8% consists of various impurities such as metals which make the gold malleable and easy to work with. The cost of 24 karat gold as per 9^th March 2016 stands around Rs 2775 per gram. The prices of gold had drastically fallen in 2015 which made it a good time for buying but the prices of gold has been steadily increasing with the next few days expected to bring in a further price rise.

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

Gold rate trend in Jamnagar for April 2017

• Gold traded at Rs.3,043 per gram on the first day of the month of April in Jamnagar and stayed steady at this rate until 4 April due to steady demand for this metal.
• Due to a fall in the demand for this metal from markets overseas, the rate of gold was Rs.3,060 per gram on 9 April and plunged thereafter to trade at Rs.3,038 per gram on 10 and 11 April which was also the lowest at which gold was priced at for the month of April in Jamnagar.
• However, recovery was noted in the rate of this precious metal with gold rate increasing to Rs.3,092 per gram on 13 April and to Rs.3,118 per gram from 14 April to 16 April. This was the highest at which gold was priced for the month of April.
• Towards the end of the month, the rate of gold continued to reduce with this metal trading steadily at Rs.3,058 per gram from 27 April until the end of the month, recording an incline of 0.49%.

Gold rate trend in Jamnagar for May 2017

• On the first day of the month of May in Jamnagar, gold traded at Rs.3,058 per gram and increased slightly the next day to trade at Rs.3,061 per gram. This rate was noted until 4 May.
• Due to a rise in the value of the U.S. dollar, the rate of gold reduced on 5 May to trade at Rs.3,001 per gram. On 6 May, the price of this yellow metal fell to Rs.3,000 per gram and continued to trade at this price until 10 May.
• On 11 May, due to reduction in the demand for this metal from domestic markets, the rate of gold reduced to Rs.2,976 per gram and stayed steady at this rate until 16 May. This was also the lowest at which gold was priced for the month of May in Jamnagar.
• The rate of gold varied as stocks in Asia gained. However, uncertainty regarding U.S. President Donald Trump’s policies kept the value of gold due to its importance as a safe-haven asset.
• The rate of gold fluctuated slightly as the weeks progressed with this metal trading at Rs.3,050 per gram from 26 May to 28 May.
• On the last day of the month, this precious metal was priced at Rs.3,065 per gram recording an incline of 0.22% in the price of gold in Jamnagar.

Gold rate trend in Jamnagar for June 2017

• Gold opened at Rs.3,065 per gram on 1 June in Jamnagar and reduced the next day to be priced at Rs.3,047 per gram. This rate was noted until 6 June. This was also the lowest at which gold was priced for the month of June in Jamnagar.
• It was decided that GST would be implemented in July and gold would be taxed at a rate of 3%.
• The rate of gold increased to Rs.3,099 per gram on 7 June and stayed steady at this price until 10 June due to increased demand for this yellow metal from both domestic as well as international markets.
• There were a large number of variations noted in the rate of gold during the month of June as a result of external factors.
• The rate gold fluctuated as the weeks progressed due to socio-political factors as well as demand.
• The price of this yellow metal was Rs.3,050 per gram from 16 June to 29 June due to sustained demand.
• On the last day of the month, this metal was priced at Rs.3,063 per gram, recording a decline of 0.06% in the rate of gold in Jamnagar.

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

January 2017

• Gold opened the trading for the month of January 2017 at Rs.2,893 per gram.
• Strong trading in the equity markets saw Gold slip to Rs.2,888 per gram between January 3rd and 5th.
• On the 6th of January, due to a weakening US Dollar, Gold was traded at Rs.2,926 per gram.
• Technical buying saw Gold sustain an upswing and trade at Rs.2,937 per gram on January 7th and 8th to close the first week’s trade.
• Gold opened the second week of trading at a stable Rs.2,937 per gram on January 9th.
• Expected US Federal Interest Rate hikes saw Gold slip to Rs.2,841 per gram on January 10th and 11th.
• Uncertainty surrounding the US monetary policy and negative economic data saw Gold recover to Rs.2,990 per gram between January 12th and 15th to close the second week’s trade.
• Technical buying saw Gold prices open the third week of trading at Rs.3,023 per gram on January 16th.
• Sustained demand for the metal allowed Gold to climb to Rs.3,034 per gram between the 17th and the 20th of January.
• Technical trading saw Gold drop by Rs.10 to Rs.3,024 per gram on 21st and 22nd January to close the third week of trading.
• A slight increase in domestic demand saw Gold prices open the fourth week of trading at Rs.3,060 per gram on January 23rd.
• A better performing US Dollar saw Gold slip to Rs.3,029 per gram between the 26th and 29th of January.
• Technical corrections saw Gold slip to Rs.3,017 per gram on January 30th and 31st to close the month’s trade.

February 2017

• Marginal increase in domestic demand saw Gold open the trading for the month of February at Rs.3,035 per gram on February 1st.
• Minor fluctuations in demand and technical trading saw Gold marginally rise to Rs.3,038 per gram on February 2nd and 3rd.
• Technical trading caused Gold to drop to Rs.3,034 on February 4th and 5th to close the first week of trading.
• Sustained demand saw Gold open the second week of trading at Rs.3,044 per gram on February 6th.
• A heightened demand for Gold saw it climb to Rs.3,075 per gram between February 7th and 9th.
• Technical corrections saw Gold slip to Rs.3,068 per gram on February 10th and 11th.
• A stronger US Dollar saw Gold close the week’s trade at Rs.3,048 per gram on February 12th.
• Technical trading saw Gold open the third week of trading at Rs.3,044 per gram on February 13th.
• A weakened US Dollar saw Gold prices rise to Rs.3,070 per gram between February 17th and 19th to close the week’s trade.
• Gold remained steady at Rs.3,070 per gram to open the fourth week of trading on February 20th.
• A spike in demand in the domestic market saw Gold soar to Rs.3,101 per gram between February 25th and 27th.
• Technical corrections saw Gold close the month’s trade at Rs.3,095 per gram on February 28th.

March 2017

• Technical selling saw Gold open trading for the month of March at Rs.3,080 per gram on March 1st.
• A stronger US Dollar saw Gold slip to Rs.3,056 per gram between March 3rd and March 5th to close the first week of trading.
• Gold remained stable and opened the second week of trading at Rs.3,056 per gram on March 6th.
• A marginal increase in domestic demand saw Gold prices climb to Rs.3,062 per gram on March 8th.
• Technical selling saw Gold prices drop to Rs.3,044 per gram on March 9th and 10th.
• A stronger US Dollar saw Gold prices slip to Rs.3,023 per gram on March 11th and March 12th to close the week’s trade.
• Gold remained stable to Rs.3,023 per gram to open the third week of trading on March 13th.
• Positive cues from the US Federal Reserve pertaining to an interest rate hike saw Gold prices slip to Rs.2,974 per gram between March 15th and March 17th.
• Prevailing prices caused a spike in demand seeing Gold prices recover to Rs.3,023 on the 18th and 19th.
• Technical trading saw Gold open the fourth week of trading marginally higher at Rs.3,028 per gram on March 20th.
• A weakened US Dollar and an increase in domestic demand saw Gold prices climb to Rs.3,050 per gram between March 23rd and 26th to close the week’s trade.
• The last week of March saw Gold open trading marginally higher at Rs.3,065 per gram on March 27th.
• A strengthening US Dollar saw Gold prices close the month’s trade at Rs.3,029 per gram on March 31st.

Gold investment avenues in Jamnagar

Investment in gold is something that is inbuilt into every Indian. Indians consider gold as a social status symbol and its efficiency against inflation has been proven with time. This precious metal has been considered as a safe haven for investments and is deeply tied into our culture playing major roles during auspicious and celebratory events.

Over-the-counter – Akin to buying over the counter drugs and medicines, the simplest way f procuring gold is over the counter. There are dime a dozen jewellers across Jamnagar offering competitive rates along with banks that provide avenues for gold to be invested in. The most common forms of gold being sold are in the form f bangles, rings, chains, coins and bars. The products offered rage in prices with the intended purpose of purchase. Gold coins and bars are often purchased solely as investment while the ornamental jewellery is purchased in conjunction with auspicious events

Market trade – Although market trading of gold is catching on as a better form of gold investment and exchange, it still has to catch on in Jamnagar. The most popular ways of gold trade in Jamnagar through multiple modes are through ETF’s and gold futures. If the investor is willing to put in time and effort to understand the intricacies of gold exchange it can also be done through the national stock exchange and Mumbai stock exchange.

Also Check Gold Price in NearBy Cities of Jamnagar