Gold Rate In Kanpur Today _{Last Updated : 31 Jan 2023}

Famed for its leather and textiles, the city of Kanpur is situated in the state of Uttar Pradesh. With most traders investing their income in gold, the precious metal has always seen steady demand in the city. The gold rate today in Kanpur is determined by local demand as well as external factors such as overseas demand and prevalent market trends. A detailed analysis of gold prices as well as historical data can be found below.

Today's 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.

Gold Rate Trend in Kanpur from July 2022 to September 2022

Gold Rate Trend in Kanpur from April 2022 to June 2022

Quarterly Gold Rate in Kanpur from April 2022 to June 2022

• On 1 April 2022, the price of gold in Kanpur was Rs.5,186 per gram. Gold rates jumped by the end of the month and closed at Rs.5,217 for a gram. Gold prices jumped by 0.59% over the course of the month in Kanpur.
• In Kanpur, the month of May opened with gold price standing at the rate of Rs.5,217 per gram. Gold prices in Kanpur recorded the lowest for the month on 18 May when a gram of the 24-karat gold was being traded for Rs.4,965. Gold reached its highest price point of Rs.5,217 per gram on 1 May. The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 1.30%.
• In Kanpur, the month of June opened with gold price standing at the rate of Rs.5,112 per gram. Gold prices in Kanpur recorded the lowest for the month on 30 June when a gram of the 24-karat gold was being traded for Rs.5,023. Gold reached its highest price point of Rs.5,212 per gram on 13 June. The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 1.74%.

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.

FAQs on Gold Rate in Kanpur

1. How is the price of gold determined in Kanpur?

   There are various external factors such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc. which determine the price of gold. Internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc. that affects the price of gold in India.

2. When should I buy gold in Kanpur?

   You can buy gold to meet so that you can sell it later when the price of gold is high to meet your future financial requirements such as weddings, education, vacation, etc. You can buy gold as an investment for the future as they are safe and low risk.

3. What things should I keep in mind before purchasing gold in Kanpur?

   Some of the things that you should look for when purchasing gold for yourself are the hallmark, weight of the gold, company from whom you are purchasing gold. Make sure that you buy your gold from a reputable company. These factors do affect the cost of gold and also determine the purity of the metal.

4. What is the difference between 22-karat and 24-karat gold in Kanpur?

   24-karat gold is considered to be the purest form of gold. This means that there is no other metal mixed with it, whereas 22-karat gold may contain some metal in it which may affect its overall purity and cost. A bar of 22-karat gold is 92% pure, while a bar of 24-karat gold will be 99.9% pure.

5. Why is the price of gold in Kanpur different than the price of gold in other cities?

   The price of gold in Kanpur will be different in comparison with the price of the precious metal in other cities due to reasons such as the demand for the yellow metal. Gold is purchased generally during auspicious events such as festivals, weddings, etc. and hence the demand will be higher, while in some cities the demand for it may be low. Due to this the price of gold will differ from state to state.

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