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Karnal is an important rice-producing region of Haryana, lies within the National Capital Region that includes New Delhi. The city has proud historical antecedents, believed to have been founded by Karna of the Mahabharata. It has passed through the reigns of Nadir Shah, the Marathas, Raja Gopal Singh of Jind and Raja Gurdit Singh of Ladwa, before the British took over the administration.
Karnal is dotted with historical monuments such as tombs of emperors and saints, temples and churches, and a fort. It was a walled city up to 1862, when the fort was given over to the Education Department. The city is the headquarters of Karnal district and has a population of more than 3 lakh as per the 2011 census.
Gold prices in Karnal
Gold is an important commodity in Indian households, and Karnal is no exception to this preference. People of Karnal buy gold to wear on occasions such as weddings and parties, as well as give gold jewellery as gift on birthdays and anniversaries. Gold is also popular as an investment avenue. Those who use gold or ornamental purposes also purchase rolled gold or gold-plated jewellery. These ornaments generally contain about 1% of gold that is polished on to the surface.
Karnal’s gold rates generally follow a pattern of being lower than the prices of the precious metal in its neighbour and the country’s capital, New Delhi. Without any local gold production, Karnal depends on imported gold to meet its needs. Hence, fluctuations in international gold prices are reflected in the prices seen in Karnal.
The prices for 24-karat and 22-karat gold differ here just like in any other place in the country. While 24-karat gold is bought by jewellers and those investing in gold coins and bars, 22-karat gold is favoured by consumers buying jewellery. Pure gold comes at 24 karat. The 22-karat gold is mixed with 2 parts of silver, nickel, copper or other metals to form a stronger and more durable alloy to make ornaments and gold articles with.
24-karat gold prices: The price of 10 grams of 24-karat gold in Karnal as on March 9, 2016, was Rs. 29,910, up by Rs. 910 from 10 days ago (February 28, 2016), when it was Rs. 29,000. This means that gold saw an appreciation of around 3.14 percent in just 10 days. Comparatively, the price of 24-karat gold in Delhi was Rs. 30,374 on March 9.
22-karat gold prices: The rate of growth of gold prices or 22-karat gold seems to be higher than that for 24-karat gold in Karnal. The higher demand for jewellery and manufactured gold articles could be one of the reasons for this difference. On March 9, 10 grams of 22-karat gold cost Rs. 27,750 in Karnal, 4.01 percent higher than the Rs. 26,680 registered on February 28. The gold rate in Delhi on March 9, on the other hand, stood at Rs. 28,400.
Gold Rate trend in Karnal 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.2,991 per gram|
|Last day||Rs. 3,119 per gram||Rs. 2,960 per gram||Rs.3,167 per gram|
|Highest price||Rs. 3,119 per gram on 30th April, 2016||Rs. 3,120 per gram from 7th-9th May, 2016||Rs.3,182 per gram on 28th and 29th June|
|Lowest price||Rs. 2,943 per gram from 1st-4th April, 2016||Rs. 2,960 per gram from 28th-31st May, 2016||Rs.2,950 per gram from 2nd June to 5th June|
|Trend||Prices rose marginally||Prices fell||Rising|
|Change||+5.98% increase||- 5.09% decrease||+7.86%|
Gold Rate Trend in Karnal in April 2016
- April saw a marginal increase at the start of the month compared to the previous month with gold trading at Rs. 2,943.
- Demand soared with rates increasing after the jeweller’s strike was called off.
- Prices fluctuated through the month with demand dropping internationally.
- Rates finally increased again marking an overall increase of 5.98% for the month with gold trading at Rs. 3,119 per gram.
Gold Rate Trend in Karnal in May 2016
- Continuing the trend from April, going into May, gold traded at the same steady rate of Rs. 3,119 per gram.
- Gold rates seemed spooked by the increased speculation of an interest rate hike by the U.S. Federal Reserve.
- Rates dropped with a declining trend continuing through the month.
- Domestic demand was not able to cover the global market trends.
- The month closed with gold trading at Rs. 2,960, a decline of 5.09%.
Gold Rate Trend of Karnal in June 2016
- A steady increase in gold prices was recorded in the month of June thanks to stronger overseas trends in addition to increase in industrial demand.
- Despite marginal declines on certain days of the month, the value of the precious metal increased consistently as the month progressed, and the highest rate in June was recorded on the 28th and 29th when prices soared to Rs.3,182.
- The overall increase in prices between the first and last day of the month was Rs.176.
Gold Rate Trend in Karnal 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. 2,772 per gram on 28th January||Rs. 3,049 per gram on 26th February||Rs. 3,030 per gram from 1st to 14th March|
|Lowest price||Rs. 2,580 per gram from 2nd to 4th January||Rs. 2,756 per gram on 1st February||Rs. 2,940 per gram from 15th to 17th March|
|Trend||Prices Increased||Prices Increased||Prices Decreased|
Gold Rate Trend in Karnal in January 2016
- Gold rates were at Rs. 2,585 for a gram on January 1st, 2016.
- Increase in demand by jewellers in the domestic market set a trend of incline in the second week.
- With the wedding season blooming, demand increased further raising gold prices.
- The last week of January saw a slight decline with prices dropping to Rs. 2,756 per gram
Gold Rate Trend in Karnal in February 2016
- February gold rates started at Rs. 2,756.
- Due to global demand, prices remained relatively steady.
- Rates increased marking the highest at Rs. 3,049 per gram on 26th February.
- The overall increase for the month was 10.29% indicating a growing trend and increased demand.
Gold Rate Trend in Karnal in March 2016
- Gold traded at Rs. 3,030 at the start of the month, and stayed steady for two weeks.
- Demand fell nationwide due to the jewellers’ strike which lasted a month.
- The constant prices can be attributed to the strike.
- The final week of March saw a declining trend ending at Rs. 2,948 per gram.
Gold demand in Karnal
There are no reliable figures available to tell us the quantum of demand for gold in Karnal. However, a quick look at the gold jewellery showrooms in the city reveals that the appetite for gold in Karnal is high. National brands such as Tanishq and Gitanjali have their outlets in Karnal. Apart from them, there are over 50 medium-to-small jewellers running brisk business in the city. Since Karnal city is the district headquarters, people from the rural areas and the nearby towns also flock to the city to buy their ornaments.
Gold investment in Karnal
The people of Karnal invest in gold in two major forms:
Over-the-counter: An average Indian’s idea of investment in gold is to buy jewellery and sell it off or pawn it for loans when in need of money. Karnal is no different from other cities in following this trend. The number of jewellers and pawnbrokers in the city cater to this trend.
Market trade: Other gold-related investment options such as gold coins and bars, gold exchange traded funds (Gold ETF), e-gold and sovereign gold bonds are also exercised by the people of Karnal. These modes may not be popular yet, but those trading in stocks and bonds are slowly becoming favourable towards paper gold.
- Also Check: Gold Rate in Haryana
Also Check Gold Price in NearBy Cities of Karnal
|Gold Rate In Chandigarh||Gold Rate In Gurgaon||Gold Rate In Faridabad|
|Gold Rate In Ambala||Gold Rate In Hisar||Gold Rate In Delhi|
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