Gold Rate In Kanpur

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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 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend for Kanpur in April 2017

• Gold traded on the first day of the month at Rs.2,991 per gram.
• The price of gold remained stable for the next couple of days due to Federal Reserve developments and unhopeful US economic data. The price of gold was stable from 1 to 3 April, standing at Rs.2,991 per gram.
• There was an incline in the price of the precious yellow metal from April 4, when the price stood at Rs.3,003 per gram. The price remained the same till April 7.
• The price dwindled again on April 8 to Rs.2,983 per gram from Rs.3,003 per gram, a fall by Rs.20 per gram. This fall in price is due to the strengthening of the US Dollar.
• As the week progressed the price of gold increased, influenced by geopolitical tensions surrounding Syria and North Korea. This led to a rise in safe-haven buying.
• The price of gold reached the highest in the month, standing at Rs.3,068 per gram from 15 to 16 April as demand increased.
• In the next few days, the rising rupee gave opportunity for ma ny buyers to purchase the precious yellow metal.
• Over the course of the month, prices inclined by 0.66%.

Gold rate trend for Kanpur in May 2017

• Gold opened at the markets on a high note at the beginning of the month. The price of gold was Rs.3,011 per gram on May 1. The price of gold remained the same on the next day.
• The price went down to Rs.2,982 per gram on May 3 from Rs.3,011 the previous day. A fall by Rs.29 per gram due to the rise in the US Dollar rate and a low demand for safe-haven assets as equity markets were on a high.
• Gold price in Kanpur continued to fall over the course of the week. The price fell to Rs.2,942 on May 8.
• The fluctuation in price during this week was due to winning of Emmanuel Macron in the presidential election in France.
• The price of gold in Kanpur fell to its lowest in the month of May from 11 to 15, when price stood at Rs.2,918 per gram. This was because of weak US manufacturing data.
• Prices went up from the next day and consecutively increased over the course of the month. However, the price did not reach its highest, which was on the first two days of the month.
• The price of gold was influenced by the blast in Manchester and other geo-political developments during the last week of May.
• Overall prices declined by -0.63% in Kanpur during the month of May.

Gold rate trend in Kanpur for June 2017

• Gold traded on a high note in the beginning of the month. This is because of various factors and happenings during the first week of June like the weakening of the US Dollar rate and the national election in UK.
• Gold traded at Rs.3,012 per gram in Kanpur on June 1. The price remained the same on the next day.
• The price of the precious metal spiked on June 3, standing at Rs.3,022 per gram. The price continued to increase over the course of the week.
• The price of gold on June 6 was Rs.3,037 per gram. This rise can be attributed to the fall in the US Dollar rate.
• On the next day, June 7, the price of the precious yellow metal reached its highest in the month at Rs.3,057 per gram. This trend is because of the development in Asian stock markets.
• The price of gold came down in the next few days as there were several import-related hindrances due to the forthcoming implementation of a new tax regime in the country.
• The price of gold fell to Rs.2,982 per gram on June 19 due to fluctuation in demand and the increase in the US Dollar.
• Overall, the price of gold declined by -0.66% during June.

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

Gold Rate Trend for Kanpur in January 2017

• On the 1st day of January, gold in Kanpur opened at Rs.2,844 per gram and was stable at this rate until the 3rd of the month.
• Due to positive market cues, the rate of gold went up marginally to trade at Rs.2,855 per gram before rising even further to trade at Rs.2,866 per gram from the 5th of January to the 9th.
• Thanks to an increase in the demand for this metal, as the third week of January progressed, the rate of gold continued to rise with marginal fluctuations.
• On the 24th of January, gold traded at Rs.2,979 per gram which was the highest at which gold traded at for the month.
• At the end of the month, gold was priced at Rs.2,958 per gram, recording a rise of 4% in the rate of gold.

Gold Rate Trend for Kanpur in February 2017

• Gold traded at Rs.2,978 per gram on the 1st of February and was steady at this rate until the 3rd of February.
• However, on the 4th of February, the rate of gold reduced due to a rise in the value of the U.S.Dollar trading at Rs.2,957 per gram.
• This rate was maintained until the 6th of February post which the rate of gold increased again.
• Due to heavy demand from jewellers in domestic markets, the rate of gold shot up to Rs.3,009 per gram on the 8th of February and stayed at this rate until the 10th of February before declining again.
• The rate of gold was steady at Rs.2,999 per gram from the 18th of February to the 24th of February due to steady demand.
• Gold closed the month of February in Kanpur by trading at Rs.3,020 per gram recording an incline of 1.41% in the rate of gold.

Gold Rate Trend for Kanpur in March 2017

• Gold traded at Rs.3,009 per gram on the 1st of March and stayed at this rate until the 2nd as well
• However, the price of gold reduced the next day to trade at Rs.2,990 per gram and stayed steady at this rate until the 6th before reducing again.
• Due to the impact of the Dutch elections as well as the U.S. Fed’s decision regarding the rate of interest, the price of gold plunged to a monthly low of Rs.2,950 per gram on the 15th of March.
• The rate of gold fluctuated between Rs.3,003 per gram and Rs.2,993 per gram between the 22nd of March and 26th of March, before steadily trading at Rs.3,003 per gram from the 27th of March to the 30th of March.
• As the month of March ended, gold traded at Rs.2,991 per gram recording a decline of 0.59% in the price of gold.

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.