Gold Rate In Kanpur Today

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Gold Price In Kanpur

India is one of the largest consumers of gold in the world. It is, in fact, beaten only by China and that too by not a very huge margin. In a country that consumes so much gold, it is natural that the effects of the change in the rates of gold will be more visible. The prices of gold have been going through a low period since 2015 but they seem to be on the rise now. The year 2016 began with a low price for both 24 and 22 karat gold but it has been recovering. One of the key factors that can effect such fluctuations can be the US dollar itself. Since gold is traded in USD, if the dollar gets strong, the price of gold can fall since the demand will fall owing to the cost of the dollar.

Kanpur is a city in the state of Uttar Pradesh and is considered to be one of the largest cities in that state. The city is an industrial hub and boasts of many textile manufacturing units. Other industrial establishment that also find a home in the city include industries like leather production, plastics, detergents, food processing, etc. Gold jewellery is one of the major productions in the city and it is also quite well known for the typical style of the jewellery that is produced here.

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

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

• Gold rate in Kanpur opened the month of July at Rs.4,946 per gram on 1 July and showed an inclining trend. The metal’s price was lowest on 7 July at Rs.4,925 per gram and at the end of the month, gold prices hit its monthly high at Rs.5,439 per gram, closing with a percentage incline of 9.96.
• In August, gold prices showed a declining trend as the value of the dollar recovered in the market. Gold rate opened at Rs.5,481 per gram and was at its highest on 8 August at Rs.5,749 per gram. On 27 August, the metal was at its lowest and closed at Rs.5,250 per gram, with a decline of 4.21%.
• Opening at Rs.5,287 per gram on 1 September, gold price in Kanpur fluctuated to a great extent, hitting its highest price at Rs.5,077 per gram on 16 September and was at its lowest on 29 September at Rs.5,077, closing with a decline of 2.87%.

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

Quarterly Gold Rate in Kanpur from April to June:

• In Kanpur, gold prices recorded the highest incline percentage in the quarter at 11.94% in April, opening at Rs.4,253 per gram and holding steady till 20 April. With trading centres shut, the price of gold didn’t change until the last week, increasing to Rs.4,846 per gram on 29 April and closing at Rs.4,761 per gram on 30 April.
• In May, gold prices in Kanpur showed a marginal inclining trend, opening at Rs.4,699 per gram and dipping to its lowest on 2 May at Rs.4,646 per gram. The metal’s prices increased and hit the highest price of the month on 18 May at Rs.4,883 per gram and closed at Rs.4,799 per gram on 31 May with an incline percentage of 2.12.
• On 1 June, gold rate in Kanpur was Rs.4,799 per gram and dipped to record its monthly low on 8 June at Rs.4,725 per gram. The metal’s value increased further to hit its 8-year high on the last day. On 30 June, gold closed at RS.4,961 per gram, recording an incline of 3.38%.

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

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

• With an overall percentage incline, gold prices in the city of Kanpur for January opened at Rs.3,995 per gram on 1 January and increased throughout the month. With the ongoing tensions between China and the United States of America with the trade deal and also escalated tensions between the Middle East and the United States of America, investors shifted to the bullion market due to its safe-haven appeal with the dollar value dipping in the market. The price of the metal hit its highest in the second week of the month at Rs.4,211 per gram on 9 January. The lowest price of the precious metal was on the first of the month at Rs.3,995 per gram. By 15 January, gold prices in the city had hit 4,037 per gram. By the last week of the month, the metal’s price had crossed the Rs.4,100 per kg mark and was priced at Rs.4,142 per gram on 26 January. By the end of the month, gold closed January at Rs.4,169 per gram on 31 January and recorded an overall monthly incline of 4.35.
• The month of February turned out to be a beneficial month for the traders invested in the bullion market. Gold prices recorded the highest overall incline in this month opening at Rs.4,169 per gram on 1 February. Gold prices were at its lowest in the first week of the month, at Rs.4,116 per gram on 7 February. However, after constantly fluctuating prices of the metal in the second week of the month, the precious metal crossed the Rs.4,200 per gram mark in the third week. The price of the metal was Rs.4,211 per gram on 16 March and increased with investors shifting to the bullion market with the Coronavirus affecting a larger number of people and affecting the economy in a negative way. With this, gold prices were at its highest on 25 February at Rs.4,394 per gram and held steady on 26 February as well. At the end of the month, gold closed at Rs.4,368 per gram on 29 February recording an overall monthly incline of 4.77.
• For the month of March, the precious metal saw an overall decline in its prices opening at Rs.4,274 per gram on 1 March. The price of the metal increased to hit its monthly high at Rs.4,536 per gram on 7 March and saw a fluctuating trend in the second week of the month. With most countries going into lockdown to prevent the spread of COVID-19, the trade centres for bullion were shut to promote social distancing. The price of the metal dipped substantially in the third week of the month with a larger number of investors selling off their assets to hoard cash and survive in the struggling economy. With poor job data released from the United States of America, the losses of gold were limited even though trade was stopped completely. The metal hit its lowest price of the month on 20 March at Rs.4,111 per gram and closed the month at Rs.4,253 per gram on 31 March recording an overall percentage decline of 0.49.

Gold as an investment

Since the city is so well known for the gold that comes out of it, it is natural to assume that the people of Kanpur are keen on spending on gold in the form of ornaments and in the form of an investment. The ways that they can do this in are:

Physical gold: Since the jewellery made in Kanpur is so famous, the people always have the option to buy physical gold in the form of ornaments. The city has a lot of shops that sell jewellery made out of gold and offer all sorts of trinkets made out of it.

Buying gold from banks: Banks in Kanpur also offer gold bullion in both 24 karat and 22 karat gold. This can be purchased from most of the banks and with appropriate certificates as to the purity of the gold being sold.

Trading in gold: Trading in gold is another avenue open to the people of Kanpur. This trading can be conducted either by investing in gold directly through gold exchange traded funds or through gold mutual funds that many of the asset management companies offer. These mutual funds even come with CRISIL ratings that can help identify the good funds to invest in.

Gold rates in Kanpur

Since the price of gold in Kanpur follows the same trends as the rest of the country, it too saw a sharp drop in the price in 2015. The demand for gold had also gone down since there was a lot of uncertainty about the prices. Since 2016, gold prices have begun a slow march towards a rise and now stand at Rs. 27,820 for 10 grams of 22 karat gold and Rs. 29,790 for 24 karat. In the beginning of 2016, the price of gold stood at about Rs. 2,655 for 1 gm of 24 karat gold. It has since risen by slightly over 10% to settle at Rs. 3,030 per gram of 24 karat gold. There is still fluctuation expected in the market even as US Federal Reserve rates are set to change once again which, no doubt, will affect the gold rate in Kanpur.