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 January 2017 to March 2017 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.2,893 per gram	Rs.3,035 per gram	Rs.3,080 per gram
Last day	Rs.3,017 per gram	Rs.3,095 per gram	Rs.3,029 per gram
Highest price	Rs.3,060 per gram on 23rd & 24th January	Rs.3,101 per gram from 25th-27th February	Rs.3,080 per gram on 1st and 2nd March
Lowest price	Rs.2,841 per gram on 10th and 11th January	Rs.3,034 per gram on 4th & 5th February	Rs.2,974 per gram from 15th to 17th of March
Trend	Incline	Incline	Decline
Change	4.28%	1.97%	-1.65%

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 Rate Trend in Jamnagar for October 2016 to December 2016 (per gram of 24 karat gold)

Factor	October	November	December
1st day	Rs.3,304 per gram	Rs.3,199 per gram	Rs.2,963 per gram
Last day	Rs.3,199 per gram	Rs.3,012 per gram	Rs.2,893 per gram
Highest price	Rs.3,304 per gram on 1st October	Rs.3,252 per gram from 3rd-6th November	Rs.2,963 per gram on 1st & 2nd December
Lowest price	Rs.3,157 per gram from 7th-13th October	Rs.3,003 per gram on 27th November	Rs.2,800 per gram from 23rd-28th December
Trend	Decline	Decline	Decline
Change	-3.17%	-5.81%	-2.36%

Gold Rate Trend for Jamnagar in October 2016

• The price of gold in Jamnagar was stable as the month began, trading at Rs.3,304 per gram as demand from the industrial sector was high.
• Demand dipped slightly due to a surge in markets globally, which led to demand for gold falling.
• The possibility of greater scrutiny of bullion purchases led to a dip in retail demand, which led to prices falling.
• Gold prices recovered towards the middle of the month as renewed demand from overseas bolstered the market.
• Prices rose as markets began to fluctuate due to uncertainty over the impending U.S. presidential election results.
• Gold ended the month trading at Rs.3,199 per gram on 31st October, which was a 3,17% reduction in price.

Gold Rate Trend for Jamnagar in November 2016

• Gold prices were high as the month began but dropped due to a decline in demand towards the middle of the month.
• Gold was priced at Rs.3,199 per gram on 1st November as prices were more or less stable.
• Uncertainty over election results led to U.S. markets falling, which increased demand for gold and resulted in the price rising to Rs.3,252 per gram on 5th November.
• The demonetisation of large currency notes led to a surge in demand for gold in India, which also boosted prices.
• As markets stabilised, demand for gold dropped as industrial demand began to fall.
• Gold prices dropped throughout the month, trading at Rs.3,012 per gram on 30th November as industrial demand from Asia slowed down and domestic demand was stagnant.
• The value of gold fell by over 5% during the month due to poor demand.

Gold Rate Trend for Jamnagar in December 2016

• Gold prices in Jamnagar failed to recover during the month of December, as demand continued to be sluggish due to declining demand from the retail and industrial sectors.
• Gold was priced at Rs.2,963 per gram on 1st December as demand began to decline due to a stable U.S. Dollar and surging stocks.
• The weeks before Christmas also saw higher consumer spending, which led to a decline in demand for gold from investors.
• The continued currency shortage led to reduced demand from jewellers, which lowered local demand during the peak buying season.
• Gold prices fell to a low of Rs.2,800 per gram from 23rd-28th December due to high consumer sentiment and reduced demand from both industrial as well as consumer sectors.
• Prices rose marginally as the month drew to a close, with gold trading at Rs.2,893 per gram on 31st December.

Gold Rate Trend in Jamnagar for July 2016 to September 2016 (per gram of 24 karat gold)

Factor	July	August	September
1st day	Rs.3,224 per gram	Rs.3,247 per gram	Rs.3,245 per gram
Last day	Rs.3,244 per gram	Rs.3,245 per gram	Rs.3,304 per gram
Highest price	Rs.3,287 per gram on 7th and 8th July	Rs.3,290 per gram from 23rd-26th August	Rs.3,304 per gram from 27th-30th September
Lowest price	Rs.3,209 per gram on 11th and 12th July	Rs.3,236 per gram from 8th-14th August	Rs.3,245 per gram on 1st and 2nd September
Trend	Increase in price	Decrease in price	Increase in price
Change	+0.62% increase	-0.06% decrease	+1.81% increase

Gold Rate Trend in Jamnagar for July 2016

• The price of gold was Rs.3,224 per gram at the start of July and rose marginally on moderate demand domestically and overseas.
• Demand spiked in the second week as fears over Brexit repercussions pushed markets down, with gold trading at Rs.3,287 per gram.
• Prices fell sharply as demand slumped due to weak international cues, with gold trading at Rs.3,222 per gram.
• Prices recovered marginally to close at Rs.3,244 per gram.

Gold Rate Trend in Jamnagar for August 2016

• Gold traded at Rs.3,247 per gram at the start of the month and prices were more or less stagnant due to even demand.
• Prices dropped in the second week on weak demand as markets recovered globally.
• The third week saw prices rise marginally, with gold trading at Rs.3,254 per gram.
• Stronger demand due to unstable global markets led to prices rising, touching a monthly high of Rs.3,290 per gram.
• Prices fell at the end of the month, with gold trading at Rs.3,245 per gram.

Gold Rate Trend in Jamnagar for September 2016

• Gold traded at Rs.3,245 per gram in the first week of September, with a marginal rise in price on strong domestic demand.
• Prices rose to Rs.3,291 per gram in the second week as demand picked up and global cues were strong.
• The third week saw prices remain constant as sustained demand and weak markets contributed to a steady gold price.
• Prices dipped slightly due to domestic demand falling but picked up again on international cues.
• Prices reached their monthly high of Rs.3,304 per gram as the month ended due to uncertainty over the US market.

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

Factor	April	May	June
1st day	Rs. 2,988 per gram	Rs. 3,147 per gram	Rs.2,991 per gram
Last day	Rs. 3,147 per gram	Rs. 2,991 per gram	Rs.3,209 per gram
Highest price	Rs. 3,147 per gram on 29th and 30th of April	Rs. 3,169 per gram on 2nd and 3rd of May	Rs.3,212 per gram from 25th June to 27th June
Lowest price	Rs. 2,957 per gram on 4th April	Rs. 2,991 per gram on the 30th and 31st of May	Rs.2,911 per gram on 1st and 2nd June
Trend	Rising	Decline	Rising
Change	+ 5.32%	-4.95%	+10.34%

Gold Rate Trend of Jamnagar in April 2016

• Gold rates started low in April at Rs. 2,988 and didn’t change till April 4^th.
• April 4^th saw a decline in prices to the lowest for the month at Rs. 2,957.
• Gold rates started to rise and continued the trend till the end of the month with a few falls along the way.

Gold Rate Trend of Jamnagar in May 2016

• Gold rates fluctuated through the month of May with it rising and falling.
• The prices initially inclined but the overall trend indicated a decline.
• The month ended at Rs. 2,991, the lowest price recorded for the month.

Gold Rate Trend of Jamnagar in June 2016

• Steady increases were recorded in gold prices during the month of June as international and domestic trends grew stronger.
• Despite marginal losses along the way, subsequent gains ensured that the upward trend continued until the end of the month, and the highest rate in June was recorded between the 25th and 27th when prices hit Rs.3,212 per gram.
• The overall increase in prices between the first and last day of the month was Rs.218.

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.

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