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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. It did manage to climb up to about Rs. 29,770 in March of 2016 but further fluctuation is being expected as market conditions keep changing. 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 April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,943 per gram||Rs. 3,119 per gram||Rs.2,960 per gram on June 1st|
|Last day||Rs. 3,119 per gram||Rs. 2,960 per gram on 30th of May||Rs.3,167 per gram on 30th of June|
|Highest price||Rs.3,119 per gram on 30th April||Rs. 3,120 per gram on 9th of May||Rs.3,182 per gram on 28th and 29th of June|
|Lowest price||Rs. 2,933 per gram on 5th of April||Rs. 2,960 per gram on the 30th of May||Rs.2,950 per gram on June 2nd|
Gold Rate Trend of Kanpur in April 2016
- Gold traded at Rs. 2,943 per gram for the first three days of April.
- The highest gold traded at was on 30th April at Rs. 3,119.
- Prices saw multiple fluctuations through the month but inclined at the end of the month.
Gold Rate Trend of Kanpur in May 2016
- Continuing with the April rates, for the first three days in May, gold traded at Rs. 3,119.
- Due to low demand, gold declined to Rs. 3,048 per gram on May 24th.
- Gold dropped further to Rs. 2,960 per gram on 30th of May owing to a stronger dollar and the expectations of a rate hike by the Federal Reserve.
Gold Rate Trend of Kanpur in June 2016
- Gold opened the month at Rs.2,960 per gram on the 1st of June.
- Gold hit the lowest for the month on June 2nd at Rs.2,950 per gram.
- Gold scored the highest for the month on 28th and 29th of June at Rs.3,182 per gram.
- Gold closed the month at Rs.3,167 per gram on the 30th of June.
Gold Rate Trend in Kanpur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,585 per gram||Rs. 2,756 per gram||Rs. 3,030 per gram|
|Last day||Rs. 2,756 per gram||Rs. 3,037 per gram||Rs. 2,948 per gram|
|Highest price||Rs. 2,767 per gram on January 27th||Rs. 3049 per gram on 26th of February||Rs. 3,030 per gram from March 1st to 14th|
|Lowest price||Rs. 2,580 per gram from January 2nd to 4th||Rs. 2,756 per gram on February 1st||Rs. 2,948 per gram on March 25th to 31st|
Gold Rate Trend of Kanpur in January 2016
- On 1st January, gold traded at Rs. 2,585 per gram and remained unchanged for the next four days
- Gold hit the highest rate at Rs. 2,767 per gram on January 27th.
- Rates dropped further and by the end of the month, prices were at Rs. 2,756 per gram.
Gold Rate Trend of Kanpur in February 2016
- Gold rates started at Rs. 2,756 per gram on 1st of February continuing the trend from January.
- Prices were on an incline and reached Rs. 3,008 per gram on the 12th of February. It dropped to Rs. 2,917 per gram on the 16th of February.
- February saw a steady increase in prices. The month saw a high of Rs. 3,049 per gram on 26th of February.
Gold Rate Trend of Kanpur in March 2016
- For the first two weeks, gold rates stayed constant at Rs. 3,030 per gram.
- Rates declined and gold traded at Rs. 2,940 per gram on 15th of March.
- Fluctuating further, gold rose to at Rs. 2,998 per gram on 18th of March.
- The trend for the end of the month indicated a decline and the month ended at Rs. 2,948 per gram.
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.
Also Check Gold Price in NearBy Cities of Kanpur
|Gold Rate In Varanasi||Gold Rate In Allahabad||Gold Rate In Aligarh|
|Gold Rate In Noida||Gold Rate In Agra||Gold Rate In Bareilly|
|Gold Rate In Lucknow||Gold Rate In Meerut||Gold Rate In Ghaziabad|
- Also Check: Gold Rate in Uttar Pradesh
Read more on Gold
- Auspicious Days To Buy Gold In 2016
- Things To Remember Before Buying Gold Jewellery
- Lack Of Credibility In India's Hallmarked Jewelleries
- Significance Of Gold In Indian Culture
- How Will Restricting Gold Imports in India Affect Gold Rates?