Gold Rate In Jodhpur

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Jodhpur is a historical city popular among tourists. It is the second-largest in Rajasthan, with a population of more than 1 million. The city is lined with palaces and forts built by the various kings who ruled the land. Jodhpur was founded by Rao Jodha, a Rajput Rathore king who established the kingdom of Marwar in the region.

The popular tourist spots in Jodhpur include: the Mehrangarh Fort, the Jaswant Thada, and the Umaid Bhawan Palace. Several colourful fairs surrounding religious festivals are held in Jodhpur that attract large domestic and foreign tourists. The primary economic activities in Jodhpur are handicrafts, furniture and sporting goods manufacture and textile industry. Gypsum and salt are the key minerals products mined in the Jodhpur region.

Gold prices in Jodhpur

There are only 3 gold fields in India – Hutti and Uti in Karnataka, and Hirabuddini mines in Jharkand. Therefore, much of the gold used in India is imported. Because of this, gold prices follow the international trends. Prices also shoot up during the wedding season because of high demand and limited supply.

Most of the gold bought over the counter in India is in the form of 24-karat gold coins/bars (this is mainly for investment purposes), and jewellery made of 22-karat, 20-karat, 18-karat or 14-karat gold. Of these, 22-karat is the most popular and its prices can be easily tracked. Pure gold is not strong enough to be moulded into ornaments and hence is mixed with silver, copper or nickel.

24-karat gold price: 24-karat gold is the purest form of gold, with a purity of 99.99%. If you wish to buy 10 gram of 24-karat gold in Jodhpur, you will have to pay Rs. 29,690 as on March 11, 2016. This is Rs. 180 higher than the price of gold a week ago. Compared to the price of Rs. 30,374 in the national capital of Delhi, this is Rs. 684 lower.

22-karat gold price: Jewellery is usually made with 22-karat gold, with a purity of 91.6%. The rates of 22-karat gold are lower than that of 24-karat gold because of the decreased purity. If you want to buy 22-karat gold in Jodhpur, you have to shell out Rs. 27,750 for 10 grams (as on March 11). Prices have increased only slightly – around Rs. 200 – over the last 7 days. In Delhi, he price is Rs. 28,400, lower by Rs. 650.

Gold Rate Trend in Jodhpur for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Jodhpur from July 2020 to September 2020:

• Gold price in Jodhpur opened the month of July at Rs.4,243 per gram and showed a substantial rise due to the rise in COVID-19 cases all over the world. The metal hit its lowest price on 7 July at Rs.4,919 per gram and hit its highest price at Rs.5,455 per gram, closing with an overall incline of 28.56%.
• However, in August, the gold rate in the city showed an overall decline as the markets recovered marginally along with the U.S. dollar. Opening at Rs.5,465 per gram, the metal hit its highest price on 8 August at Rs.5,712 per gram and its lowest price on 29 August at Rs.5,221 per gram.
• September also saw an overall decline in gold prices, opening at Rs.5,250 per gram and fluctuating throughout the month. Gold priced was at its highest on 17 September at Rs.5,311 per gram and lowest on 29 September at Rs.5,072 per gram, recording a decline of 2% for the month.

Gold Rate Trend in Jodhpur for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Jodhpur from April to June:

• The price of gold in Jodhpur opened the month of April at Rs.4,229 per gram and recorded a steady price for more than 15 days with the nation on lockdown to prevent the spread of COVID-19. At the end of the month, gold prices increased and closed at Rs.4,761 per gram, recording an overall incline of 12.5%.
• In May, the precious metal was priced at Rs.4,699 per gram on 1 May and remained steady throughout the month. The metal hit its lowest on 2 May at Rs.4,646 per gram and increased gradually. On 31 May, the metal closed at Rs.4,727 per gram, recording a percentage incline of 0.59.
• June saw gold prices hitting its 8-year highs, opening at Rs.4,727 per gram on 1 June and dipping to its lowest within the second week. However, the metal recovered with decreased risk appetite and hit its highest price at Rs.4,959 per gram on 30 June with an incline of 4.9%.

Gold Rate Trend in Jodhpur for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Jodhpur from January 2020 to March 2020:

• The price of gold in Jodhpur on 1 March 2020 was at Rs.4,023 per gram. On this day, gold hit its lowest rate for the month as well. The prices of gold fluctuated throughout January. Gold saw a 4.25% incline in its rates for the month. Some of the factors that influenced the prices of gold were the trade deal between Washington and Beijing and the tensions between the Middle East and the US. Gold hit its highest rate on 9 January 2020 and was at Rs.4,256 for a gram. On 31 January 2020, the price of gold in Jodhpur was at Rs.4,194 per gram.
• In Jodhpur, the prices of gold continued to increase in February. Gold rates opened at Rs.4,194 per gram and closed at Rs.4,379 per gram. Gold saw a 4.41% increase in its rates over the course of the month. On 6 and 7 February, gold hit its lowest rate for the month and was at Rs.4,163 per gram. However, the prices of gold increased the following days as investors moved towards the bullion market. Gold hit its highest rate on 25 February and was at Rs.4,425 for a gram.
• In March, the price of gold opened at Rs.4,291 per gram. In the first week, the prices of the yellow metal increased as investors were expecting the US Federal Reserve to reduce the interest rates. Gold hit its highest rate for the month on 7, 8, and 9 February and was at Rs.4,497 per gram. Post this, the prices of gold reduced drastically over the next two weeks due to the coronavirus outbreak. Investors selling their assets for cash was the reason for the prices to decrease. In the last week of the month, the prices of gold increased as the US Federal Reserve introduced several measures to help the economy. Gold closed the month at Rs.4,229 per gram, seeing a 1.44% decline in its rates.

Gold investment in Jodhpur

Indians do not always buy gold as an investment. The yellow metal transcends the boundaries of monetary profits because of the socio-cultural and religious significance attached to it. Gold is auspicious to Indians for weddings and other personal occasions, as well as during festivals and religious ceremonies. The amount of gold a family owns signifies its wealth as well as social status. The savings of a family are stored in gold. But this does not mean that gold is never purchased as an investment. Indians pledge their jewellery whenever the need arises, and some even sell them. Let us look at the main investment options exercised in Jodhpur:

Physical gold: Gold jewellery and gift articles sold in large showrooms and small outlets form the bulk of gold sales in Jodhpur. Keen buyers will purchase gold when the rates are low. However, during the wedding season, price is no bar for gold shopping. Gold bullions and coins are also bought and sold as an investment avenue. Banks and other financial institutions offer high-purity gold coins and bars. But sometimes buyers prefer local gold shops for this as the prices would be lower, though the purity might not be guaranteed.

Market trade: Trade of paper and virtual gold is not very popular in Jodhpur. Those who like to experiment go for Gold Exchange Traded Funds (ETFs), e-gold, Sovereign Gold Bonds, and other similar schemes. The Gold Monetisation Scheme introduced a year ago by the Central Government has not yet picked up pace. An ETF is the safest option as it provides healthy returns and can be traded easily on the stock exchange. Investors and speculators interested in a safe haven can go for gold futures contracts. E-Gold can be traded on the National Spot Exchange and buyers can either physically own their purchase or reinvest it.