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Gold Rate in Karnataka
Karnataka is not just home to one of the largest gold mines of India, the Kolar Gold Mines, but is also one of the most inclined towards buying and selling of this yellow metal. From centuries gold has been seen as a significant part of all auspicious occasions of the country. Be it festivals or weddings, exchange of gold forms an integral part of the Indian culture. Nowhere in the world is gold so highly revered as in the Indian sub-continent. Karnataka has a host of jewelers and gold traders who sell this metal to customers. These could be retail customers or wholesale customers.
The demand for gold in the state of Karnataka, peaks during the time of weddings and festivals. Some of the most important festivals for buying gold are Diwali, Akshaya Tritya and Dusshera. People in Karnataka are fond of wearing and gifting gold jewelry. Various designs ranging from modern to traditional are being furnished by various jewelers in Karnataka in order to mold this precious metal according to the latest fashion trends. Gold coins and gold bars are considered ideal gifts for gifting to family members.
Gold Rate Trend in Karnataka for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,905 per gram||Rs. 3,070 per gram||Rs.2,915 per gram|
|Last day||Rs. 3,070 per gram||Rs. 2,895 per gram||Rs.3,130 per gram|
|Highest price||Rs.3,070 per gram on 30th of April||Rs. 3,080 per gram on the 7th and 8th of May||Rs.3,200 per gram on the 24th of June|
|Lowest price||Rs. 2,880 per gram on the 4th of April.||Rs. 2,960 per gram from the 28th to the 31st of May||Rs.2,915 per gram on the 1st of June|
Gold Rate Trend in Karnataka in April 2016
- Gold traded at Rs. 2,905 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,070 per gram by the end of the month.
Gold Rate Trend in Karnataka in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,052 on May 4th.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,895 on the 31st of May.
Gold Rate Trend In Karnataka in June 2016
- Gold traded at Rs.2,915 per gram on the 1st of June.
- The price of gold managed to increase steadily over the next couple of days as gold hit the highest for the month at Rs.3,200 per gram on the 24th of June.
- Gold closed the month at Rs.3,130 per gram on the 30th of June.
Gold Rate Trend in Karnataka for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,540 per gram||Rs. 2,708 per gram||Rs. 2,975 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,960 per gram||Rs. 2,900 per gram|
|Highest price||Rs. 2,715 per gram on January 27th and 28th.||Rs. 2,975 per gram on February 26th and 27th.||Rs. 2,975 per gram from March 1st to 6th.|
|Lowest price||Rs. 2,540 per gram on January 1st.||Rs. 2,708 per gram on February 1st||Rs. 2,870 per gram from March 28th.|
Gold Rate Trend in Karnataka in January 2016
- Gold traded at Rs. 2,540 per gram on the 1st of January.
- Gold witnessed a steady rise in January and hit its highest for the month at Rs. 2,715 per gram on the 27th and 28th of January.
- Gold closed the month at Rs. 2,710 per gram.
Gold Rate Trend in Karnataka in February 2016
- Gold stood at Rs. 2,708 per gram on the 1st of February.
- Gold prices increased steadily in the first week of February and hit Rs. 2,815 per gram on the 6th of February.
- Gold hit its highest for the month on 27th and 28th February at Rs.2,975 per gram.
Gold Rate Trend in Karnataka in March 2016
- Gold price increased by Rs.15 from February 29th and held steady at Rs.2,975 per gram.
- Low demand led to a decline as gold was at its lowest for the month at Rs. 2,870 per gram on 28th of March.
Details of Gold Price in Karnataka (22 Karat & 24 Karat) - Till August 2015
Rate at which gold sells in the market changes every day with respect to the movement of the stock market. Also, gold rates differ for different purity of the metal. For example rates for 24 karat gold are different from those of 18 karat gold. Given below is a brief snapshot of the current gold prices in Karnataka.
- 22 karat gold rate
22 karat gold is widely used in making jewelry since it is more ductile and malleable as compared to the purest form 24 karat. Since 22 karat gold is just 92% gold and rest other metals, hence, the rate of 22 karat gold is lower than that of 24 karat. Currently 22 k gold in Karnataka costs Rs.2,361 per gram which equals Rs.23,610 per 10 grams and Rs,23,61,000 per Kilogram.
- 24 karat gold rate
Gold coins and gold bars are sold by retailers and wholesalers as the purest form of gold. These coins and bars are made up of 24 karat gold which is 99.99% pure. Banks are one of the chief sources of these coins and small bars. Banks offer their customers options to buy gold either online or by visiting any of the bank branches. Since making charges are levied on jewelry fashioned out of gold hence gold bars and coins are the standard form of saving via gold. As of August 2015, 24k gold in Karnataka cost Rs.2,522 per gram which translates to Rs.25,22,000 per kilogram.
Gold investment avenues in Karnataka
Gold is bought and sold in Karnataka as jewelry as well as an investment tool. Since gold prices have historically always been on the rise, the metal acts like a hedge for inflation in India. Gold is thus a favorite among households in Karnataka. Some of the most popular ways of obtaining gold are listed below.
- Retail buying of gold
Retail buying of gold in Karnataka can be done either via jewelry stores or via banks that offer pure gold coins. Both these methods are available both online as well as offline. Depending upon whether you are buying jewelry or gold coin or bar, the price may differ since the purity of gold may vary. Gold prices in India are in general so closely linked to market forces that they tend to fluctuate on a regular basis. Most customers are quick to buy it when the prices are low and a lot of these customers sell it when the prices soar and thus are able to make substantial profit.
- Wholesale buying of gold
Wholesale buying of gold is not permitted by the government except for smaller quantities. Gold trading markets are places where customers and retailers can buy gold in large quantities. Most gold merchants buy their gold for further processing, from these markets. Buying in bulk quantities offers these merchants better rates which they can utilize towards making profits when they sell their finished jewelry products.
Also Check Gold Prices in the Cities of Karnataka
|Gold Rate in Bangalore||Gold Rate in Mysore||Gold Rate in Mangalore|
|Gold Rate In Belgaum||Gold Rate In Bellary||Gold Rate In Shimoga|
|Gold Rate In Udupi||Gold Rate In Gulbarga|
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News About Karnataka Gold Rate
Gold Prices At Four-Week High After Late July Rally
The price of gold rose to $1,365.09 per ounce in trading on 2nd August, 2016 as the European markets and the Dollar suffered losses.
Data projecting U.S. economic growth would be around 2% dampened hopes of an interest rate hike by the Federal Reserve, leading to markets slumping.
U.S. gold futures also rose, trading at $1,372.60 for December delivery, a rise of 1%.
The concern that a rate hike might not happen as well as that equities could overheat led to investors putting their money on gold, considered the fail-safe asset.
With gold very susceptible to interest rate changes in the U.S., analysts are keenly watching to see what the outcome of the next few weeks could be.
The Dollar sunk to the lowest rate in a month, sparking orders for gold as the value increased.
Continuing the trend, the SPDR Gold Shares fund saw its biggest day of trading in months, with silver rates also rising.
4th August 2016
Gold Prices In London Rise As Dollar Weakens
The price of spot gold rose by 0.4% to $1,320.46 per ounce and the price of gold futures, to be delivered in August, came up by $1.40 per ounce to rest at $1,320.90. The value of the dollar came down by about 0.25% against a host of currencies. The investors are now waiting for the announcement by the US Federal Reserve about the interest rates. For the moment, the expectation is that the interest rates will remain unchanged. The fed will get into a 2 day meeting today, post which the announcement about the interest rates will be made. Speaking about the commodity markets, Mr. Daniel Smith, Oxford Economics’ director for commodity services said that he estimated that there was a 50% chance that the fed will increase the interest rate once before the end of the year.
28th July 2016
Gold drifts further down to settle at Rs.30,850 / 10 grams
On Friday, the bullion market recorded a further downward drift of Rs.50 on gold prices, and the price eventually settled down at Rs.30,850 per 10 grams of 99.9% purity gold in Delhi.
The dip is being attributed to lower demand from jewellers at the spot market (domestic) and a weak trend being tracked overseas.
Investors are focussed and waiting for the job report to be released containing US jobs data which may or may not raise the price of gold, but will definitely affect it.
In the global market, Gold in Singapore is presently trading at $1,354.69 / ounce. This is after a drop of 0.4%.
To summarize, as on 8th July 2016:
10 grams of gold of 99.5% purity currently trades at Rs.30,700.
10 grams of gold of 99.9% purity currently trades at Rs.30,850.
Gold sovereign currently trades at Rs.23,400 (per 8 grams sovereign).
One kilo of silver ready currently trades at Rs.45,500.
100 pieces of silver coins currently trades at Rs.73,000 (buying) and Rs.74,000 (selling).
8th July 2016
Easing Brexit Concerns Lead to Decline in Gold Prices
Gold prices declined to a two-week low prior to the Brexit referendum which was expected to determine Britain’s membership in the European Union. The value of spot gold fell by 0.3% at US$1,261.90 per ounce, making it the lowest recorded price since June 9 when gold was valued at US$1,257.91 per ounce.
US gold futures declined by 0.5% to us$1,263.10 an ounce. The director of metals trading for Chicago-based High Ridge Futures, David Meger, revealed that the market will remain on hold. Since gold is regarded as a hedge against financial and economic uncertainty, there is expected to be lower demand for safe-haven assets in the near future.
27th June 2016
Gold Posts Highest Price Rise in Years, Records 6% Rise
Friday (24th June, 2016) saw god jump over 6% to record the biggest price surge in over 3 years as market volatility and a weakening Rupee pushed prices up.
The price of gold on the Multi Commodity Exchange posted August delivery at Rs. 31,708 for 10 grams. This is the highest price since September 2013.
As news of the UK’s referendum vote trickled in, investors began to move their money into safe assets like gold. The possibility of the UK leaving the European Union would send markets tumbling across the world, causing instability and repercussions for the foreseeable future.
24th June 2016
Gold to Trade in Range of 30165 to 30875
According to Achiievers Equity, the range in which gold will trade for the day is 30165 to 30875. Gold prices have seen an increase and recovery from weaker dollar combined with a cautious remark regarding raise of interest rates by U.S Federal Reserve policy member.
James Bullard, who is the President of St.Louis Fed said that the ‘dot plot’ of the Central Bank regarding projected rate of interest policy seems to be very steep. SPDR Gold Trust Holdings increased by 0.59 percent that amounts to 5.35 tonnes to a 907.88 tonnes from 902.53 tonnes.
22nd June 2016
Gold And Silver Prices Rise For The 6th Day
The prices of gold in India have been rising for the past 6 days to reach a high of Rs 29,800 for 10 grams. The prices of silver also came up to Rs 41, 260 per kilo, which is an increase of Rs 200. The prices of gold gained about Rs 140 and the prices gained about 0.82% in the global markets. The prices of the 99.9% pure and the 99.5% pure gold were the ones that saw the rise of Rs 140 but gold sovereigns lost about Rs 100 from their price and came down to Rs 23,000 per 8 gram piece. One of the reasons for this gain are international markets that are also climbing in anticipation of the US Federal Reserve interest rate hikes and the speculation over Britain continued participation in the European Union. Another reason for this rise is being named as increased purchases of gold by jewellers.
16th June 2016
Gold Prices Soar to Two-Week Highs Following Delay in Fed Rate Increase
Monday saw gold prices soar to their highest in almost two weeks. In the earlier session, gold prices recorded their highest one-day gain in almost three months. The value of spot gold hit $1248.40 on Friday last week, making it the highest since the 24th of May. Investors are expected to be on the lookout for signals from Janet Yellen, the chairperson of the Federal Reserve, regarding the US Central Bank’s next hike in rates. Given that the number of jobs in the US has failed to significantly affect the overall economic scenario, a rate hike is said to be imminent.
7th June 2016
Gold Prices to Fall Back due to Low Demand from Asian Customers
Gold prices are expected to fall back after a 13 month high in March owing to a decrease in demand in Asia. As purchase from key customers in China and India plummeted, the global gold demand fell by 24 per cent year - on - year to 781 tonnes. However, lower prices are expected to attract Asian customers and the demand for gold is expected to improve in the coming times. After this recovery in demand happens, gold prices will resume trading at around $1,300 an ounce towards the end of the year.
27th April 2016
Gold Prices sink in Asia ahead of Central Bank Meetings
With Central Bank Meetings in Japan and the US in focus, Gold prices witnessed a dip in Asia. Gold prices decreased by 0.08% to $2,293 a troy Ounce at the New York Mercantile Exchange Comex division. Also, Gold prices rallied fiercely amidst a weaker dollar value to erase the losses from a huge sell - off ahead of the Federal Open Market Committee meeting. Silver prices increased by 0.06% for May delivery to $17.020 a troy ounce.
26th April 2016
- For more related news /update on gold price visit: Gold News