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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 January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,844 per gram||Rs.2,978 per gram||Rs.3,009 per gram|
|Last day||Rs.2,958 per gram||Rs.3,020 per gram||Rs.2,991 per gram|
|Highest price||Rs.2,979 per gram on 24th January||Rs.3,031 per gram from 25th February to||Rs.3,009 per gram on the 1st and 2nd of March|
|Lowest price||Rs.2,844 per gram from 1st January to 3rd February||Rs.2,957 per gram from 4th February to 6th February||Rs.2,950 per gram on 15th March|
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 Rate Trend in Kanpur from October to December 2016 (rates per gram for 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,941 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st to 4th||Rs.3,213 per gram on 5th and 6th||Rs.2,893 per gram on 1st and 2nd|
|Lowest price||Rs.3,088 per gram from 8th to 25th||Rs.2,929 per gram from 25th to 27th||Rs.2,800 per gram from 23rd to 28th|
Gold Rate Trend in Kanpur for October 2016
- In the month of October, Kanpur had a rather good period as far as gold rate fluctuations were concerned.
- The month began with gold trading at Rs.3,205 per gram, which happened to be the highest rate for the month.
- On 5th, prices went down to Rs.3,119 per gram - a change of Rs.86 compared to its previous three days.
- Prices again went down on the 6th to hit Rs.3,088 per gram and continued at this rate till the 25th of the month.
- However, prices increased to Rs.3,099 per gram and saw the same rates hold on till the end of the month on 31st.
- Price trends in Kanpur saw a change of -3.307% for the month of October.
Gold Rate Trend in Kanpur for November 2016
- November began in Kanpur with gold trading at Rs.3,099 per gram and prices seemed to climb for the next two weeks and so.
- This was the month when demonetisation was introduced, as a result of which the trend saw some significant changes.
- Gold prices hit the highest rate of Rs.3,213 per gram during the 5th and 6th and then on, rates gradually went down.
- At the end of the month, gold prices were down by a huge margin which was evident from the trading rate on the 30th.
- Gold rate trends seemed to decline for the second month in a row as a change of -5.09% was seen.
Gold Rate Trend in Kanpur for December 2016
- December, in Kanpur, with regards to gold rates seemed to continue the same as was from the previous month.
- Demonetisation still affected gold prices significantly as there wasn’t enough of a spike in rates.
- The month began with gold trending at Rs.2,893 per gram on the 1st and went down to Rs.2,864 on the 10th.
- In the course of days, prices seemed to go further down, as gold was trading at Rs.2,822 per gram around the 20th.
- However, prices seemed to increase slightly towards the end of the month as new year was approaching.
- Overall, Kanpur saw a gold rate change of -1.69% for the month of December.
Gold Rate Trend in Kanpur for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,112 per gram||Rs.3,249 per gram||Rs.3,212 per gram|
|Last day||Rs.3,249 per gram||Rs.3,225 per gram||Rs.3,279 per gram|
|Highest price||Rs.3,246 per gram on 6th and 7th July||Rs.3,283 per gram on 18th August||Rs.3,285 per gram from 24th to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 per gram on 1st and 2nd September|
Gold Rate Trend of Kanpur in July 2016
- Gold traded at Rs.3,112 per gram on 1st July, and prices increased consistently for the first seven days of the month, after which they fluctuated.
- Prices increased marginally on two days of the third week and gained stability at Rs.3,226 between the 11th and 15th of July, and at Rs.3,234 between the 16th and 18th, after which they began to decline.
- Prices remained constant at Rs.3,223 from the 22nd to the 30th of the month thanks to firming trends.
- The month closed with gold trading at Rs.3,249 per gram on 31st July.
Gold Rate Trend of Kanpur in August 2016
- The rate of gold per gram on the 1st of August was recorded at Rs.3,249.
- Prices fluctuated as the month progressed, rising and falling on certain days until they gained stability at Rs.3,226 on the 6th and remained unchanged until the 9th.
- Domestic demand was stable as jewellers and retailers increased their offtake for the festive season, leading to a consistent rise in prices until the 18th when they hit Rs.3,283 – the highest recorded rate in August.
- Prices then declined consistently and the yellow metal closed the month at Rs.3,225 per gram.
- Overall, prices declined by 0.73% between the first and last day of August.
Gold Rate Trend of Kanpur in September 2016
- Gold traded at Rs.3,212 per gram on 1st and 2nd September, which was the lowest rate for this month.
- The highlight for this month was that the interest rate hike by the U.S. Federal Reserve was put on hold as the U.S. presidential elections were too close.
- Prices remained stable from the 3rd of September to the 12th at Rs.3,229.
- Prices rose gradually until the 24th when they hit Rs.3,285 per gram and remained stable until the 26th of September.
- Prices remained constant for the last four days of the month and closed September at Rs.3,279 per gram.
- The overall increase in prices between the first and last day of the month was recorded at 2.09%.
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.
|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
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- 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?