Gold Rate In Karnataka

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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 January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Karnataka for January 2018:

• The first quarter of 2018 saw gold rates incline consistently as demand was largely on the rise as a direct result of conditions in the US.
• On the 1st of January, when trade exchanges opened for the first time in 2018, gold was priced at Rs.2,953 per gram.
• The initial few days saw gold rates decline, owing to a strong dollar and a poor demand in the local market.
• During the 4th and the 5th, gold was priced at Rs.2,947 per gram - the lowest of the month - as demand hit a low point.
• This low point came rather early in the month which in turn signalled the arrival of better days as the month progressed.
• Gold rates in Karnataka improved over the next three weeks, albeit after bearing witness to fluctuations caused by uneven demand and poor cues.
• The yellow metal’s rates seemed to rise steadily during the fourth week as demand picked up ahead of strong cues.
• On the 25th, gold was seen trading at Rs.3,032 per gram, which was the month’s highest rate, as demand hit a peak while the dollar weakened.
• The next six days recorded some significant shifts in direction with gold rates in Karnataka dropping down considerably.
• When the month ended, the yellow metal was seen trading at Rs.2,998 per gram.
• Gold recorded a 1.52% change in price trends during the first month of Q1 2018 due to a weak dollar and a strong local demand.

Gold Rate Trend in Karnataka for February 2018:

• When the second month of Q1 2018 opened for trading, the precious metal was priced at Rs.2,998 per gram - no change from the previous day’s rates.
• On the 2nd, gold rates in Karnataka went up to Rs.3,019 per gram as demand surged suddenly as the US dollar was poor owing to fluctuating stock markets.
• Gold prices continued to undergo minor changes before falling significantly to a monthly low figure of Rs.2,951 per gram on the 8th.
• After this fall, gold began to improve over the second week with prices going up to Rs.3,017 per gram on the 15th.
• The next few weeks saw gold prices continue at a steady pace for a few days before increasing a while later.
• Gold rates went up to Rs.3,031 per gram - the month’s highest rate on the 20th of this month as demand surged amid strong change in the dollar - rupee dynamic.
• As this demand couldn’t be sustained, gold rates continued to drop slowly but steadily before consolidating as the month drew to a close.
• Gold recovered to trade at Rs.3,008 per gram on 25th and surged slightly to end the month at Rs.3,014 per gram.
• Price trends saw a 0.53% incline this month, which was brought about by strong change in demand factors.

Gold Rate Trend in Karnataka for March 2018:

• March’s trading began with gold opening at Rs.2,987 per gram - a markedly lower price compared to the previous month’s last day.
• The US dollar was relatively strong, which in turn affected gold prices as well as the sales.
• Gold prices in Karnataka was steady for large part of the first three week as demand was steady.
• On the 19th, however, gold rates went down to Rs.2,977 per gram - the month’s lowest rate as demand took a hit.
• Gold traded at a monthly high figure of Rs.3,045 per gram from the 25th to the 29th as the US dollar underwent some turbulent times.
• When the month ended, the yellow metal’s rates were holding at Rs.3,019 per gram.
• Price trends saw a marginal 0.16% incline as local demand was rather weak compared to other major cities in the country.

Gold Rate Trend in Karnataka for October 2017 to December 2017 (per gram of 24 karat gold)

Gold Rate Trend in Karnataka for October 2017:

The final quarter of 2017 began in Karnataka with gold trading at Rs.2,985 per gram. Gold prices would see considerable decline this month owing to poor local cues which was affected by a strong dollar. There were considerable fluctuations to be witnessed during the initial half of the month, with demand remaining uncharacteristically low despite the onset of a major festive season. Gold rates in Karnataka were at their highest on the 16th when it traded at Rs.2,995 per gram as traders took advantage of a brief fall in the dollar. However, prices continued to dwindle from the 17th as demand remained mostly flat and even fell as days progressed. Gold prices were at their lowest this month on the 27th when the metal traded at Rs.2,932 per gram. Price trend saw a considerable decline this month with rates falling at a rate of 1.90% due to poor sales.

Gold Rate Trend in Karnataka for November 2017:

Gold traded at Rs.2,942 per gram when trading commenced for the month of November. Gold rates in Karnataka seemed to take a hit as a strong dollar kept investors at bay from making any major investments. As a result of this, gold prices fell to a monthly low figure of Rs.2,907 per gram on 6th November. From the 7th onwards, gold prices inclined consistently before trading at a monthly high rate of Rs.2,981 per gram on the 20th. Prices however consolidated as demand remained flat towards the final stretch of the month. When the month ended, gold was seen trading at Rs.2,942 per gram. Gold price trend was on the incline this month, thanks to a strong demand seen towards the middle of the month. Price trends recorded marginal 0.16% incline over course of the month’s trading sessions.

Gold Rate Trend in Karnataka for December 2017:

Gold opened at Rs.2,932 per gram in Karnataka for the month of December. The metal traded at Rs.2,942 per gram from the 2nd to the 4th of December, which also happened to be the highest gold rate of the month. However, demand was strongly swung by the tax reform introduced by US president Donald Trump, which caused the dollar to strengthen subsequently pushing gold rates down. Gold rates in Karnataka went down to as low as Rs.2,896 per gram as the rallying of the US dollar continued, which caused gold demand to plummet. On the 13th, gold rates were at their lowest for the month. The metal traded at Rs.2,859 per gram as markets remained strong, which gave little incentive for bullion investors. Gold price trends saw a 0.30% incline this December, thanks to an increased demand seen during the first week of this month.

Gold Rate Trend in Karnataka for July 2017 to September 2017 (per gram of 24 karat gold)

Gold Rate Trend in Karnataka for July 2017:

• July’s gold trading in Karnataka was affected by GST, which was introduced by the central government on the 1st of July.
• The month began on a strong note with the yellow metal priced at Rs.2,950 per gram.
• Due to there being significantly low demand, gold rates were largely on the decline for most of the month.
• The low demand could be attributed to weak sales locally, which was the immediate effect of GST.
• Overall, there was a 2.64% decline in gold prices, which was the effect of 3% GST implemented on gold.

Gold Rate Trend in Karnataka for August 2017:

• August’s trading began on a relatively weak note, owing to GST and the impact it had on investor's’ mindset.
• Gold opened at Rs.2,878 per gram on the 1st of August.
• Due to the US dollar being steady and local trading remaining weak, gold rates went down to Rs.2,845 per gram - on the 7th of August.
• There was a 2.63%incline in gold rates caused by a weakened US dollar.

Gold Rate Trend in Karnataka for September 2017:

• September, again, was a positive month for gold trading in Karnataka. The month began with gold being priced at Rs.2,956 per gram.
• As the US-North Korea conflict reached a head, gold rates rocketed to Rs.3,056 per gram on the 8th of September. This was also aided by the US economic data, which turned out to be lower than expected.
• However, the US dollar improved after the latest Federal Reserve meeting concluded that it is on track to raise the interest rates later in the year.
• Overall, gold rates surged by 0.97% this month, thanks to a strong local demand.

Gold Rate Trend in Karnataka for April 2017 to June 2017 (per gram of 24 karat gold)

Gold Rate Trend in Karnataka for April 2017

• In Karnataka, gold prices began at Rs.2,910 per gram when Q2 of 2017 started.
• Prices fluctuated significantly during the first ten days hitting a high of Rs.2,935 per gram on the 5th, while maintaining a low of Rs.2,910 per gram from the 1st to the 3rd.
• As demand changed constantly, gold price in Karnataka went up to as much as Rs.2,960 per gram on the 12th- a Rs.45 increase from 13th April’s closing rates.
• Due to gold prices increasing on a national level, gold rates reached Rs.2,990 per gram on the 15th - which as it turned out - was the highest gold rate for the month.
• Concerns over US President Donald Trump’s administration seemed to have some implications in the local market as well.
• When the 19th came to an end, gold prices in Karnataka were recorded at Rs.2,985 per gram.
• Over the last ten days of April, however, gold prices fell considerably - reaching a 14-day city low of Rs.2,920 per gram on the 26th as investors backed out of any purchases.
• The last three days saw demand rise slightly, thereby helping gold rates rally to reach Rs.2,930 per gram on the 28th.
• During the last two days of April, i.e., gold was seen trading at Rs.2,945 per gram, meanwhile recording a Rs.35 increase from the first day’s prices.
• Overall, gold rate trend increased at a rate of 1.20% in Karnataka.

Gold Rate Trend in Karnataka for May 2017

• The month of May saw gold demand take a fall in Karnataka - a firm reflection of a nationwide trend.
• When trading started on the 1st of May, gold was priced at Rs.2,945 per gram.
• On 2nd, prices dropped to Rs.2,905 per gram and dropped again to Rs.2,875 per gram on the 5th as dollar value rallied in the US.
• The next day gold rates fell by Rs.25 per gram to reach Rs.2,850 per gram as demand reached saturation levels given the market performance.
• By the 11th, gold prices had gone down to Rs.2,840 per gram - the lowest for the month - and remained unchanged till the 14th of May.
• Prices increased marginally to Rs.2,845 per gram on the 17th before increase by a massive Rs.60 per gram the next day as domestic investors flocked outlets to make purchases.
• Rates fluctuated during the next 10 days before ending the month at Rs.2,918 per gram as demand dipped after Asian stock prices rose.
• The month saw gold rate trends change by -0.91% for the month.

Gold Rate Trend in Karnataka for June 2017

• The month of June started with gold in Karnataka trading at Rs.2,933 per gram.
• Trading this month was mostly affected by the performance of the US dollar which had a knock-on effect in India and most of its cities.
• Prices prices fell mostly over the first few days of the month as the US dollar’s strong performance led to a decrease in domestic demand.
• Gold rates were recorded at Rs.2,940 per gram on the 9th but gradually dropped down to Rs.2,905 per gram on the 19th.
• The 20th saw gold rates reach their lowest for the month of Rs.2,895 per gram as demand didn’t pick up.
• When the month came to an end, gold was trading at Rs.2,920 per gram - a Rs.13 less compared to the rates on the 1st of June.
• Despite some late flourishes, gold rates fell by 0.44% for the month of June.

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

Gold Rate Trend for Karnataka in January 2017

• On the 1st of the month in Karnataka, the rate of gold was relatively low on account of reduced demand. The rate of gold was Rs.2,820 per gram. This rate was noted the next day as well and was also the lowest at which gold traded for the month in the city.
• A slight increase in the rate was seen from the 3rd of the month due to heightened demand for this precious metal from jewellers. As a result, gold traded at Rs.2,890 per gram on the 10th of January.
• From the 12th of the month, the rate of gold at Rs.2,920 per gram. This rate continued until the 15th and can be attributed to the harvest festival of Sankranti. The rate of gold continued to increase as the week progressed.
• This precious metal traded at Rs.2,970 per gram on the 23rd and the 24th of January and this was the highest at which gold traded at for the entire month. However, this high rate was not sustained and gold rate reduced marginally on account of low demand.
• On the last day of the month, gold was priced at Rs.2,930 per gram and recorded an incline of 3.90% in the price of gold.

Gold Rate Trend for Karnataka in February 2017

• Gold opened the month of February by trading at Rs.2,945 per gram and was also one of the lower rates of gold noted. This was due to reduced demand from investors and jewellers.
• The rate of gold was steady at Rs.2,945 per gram until the 5th of the month post which the price of this metal increased by Rs.10.
• Throughout the month of February, a number variations were noted in the rate of gold due to fluctuations in the demand for this metal along with other geopolitical factors.
• On the 16th, gold traded at Rs.2,970 per gram and increased the next day to trade at Rs.2,980 per gram.
• As the value of the U.S.Dollar fell, the rate of gold rose to Rs.2,995 per gram. Gold traded at this price from the 24th of February to 26th of February.
• On the last two days of the month, the rate of gold increased to trade at Rs.3,005 per gram. This was also the highest at which gold traded for the month. A rise of 2.03% was noted in the price of gold in Karnataka.

Gold Rate Trend for Karnataka in March 2017

• The trend observed in Karnataka during the month of March was in opposition to the trend witnessed in January and February.
• This precious metal traded at Rs.3,005 per gram on the 1st, which was a continuation of the rate noted during the end of February. This was also the highest rate at which gold traded at for the month.
• However, demand from international and domestic markets fell, resulting in a decline in the rate of gold to Rs.2,990 per gram. The rate of gold continued to decline as the month progressed.
• A number of variations were noted in the rate of gold in Karnataka in March.
• On the 15th of March, gold traded at its lowest for the month due to U.S. Fed Reserve’s decision regarding the interest rates. The price of gold on this day was Rs.2,855 per gram. However, a marginal recovery was noted over the next few days.
• On the last day of the month, gold traded at Rs.2,990 per gram recording a decline of 3.49% in the price of this metal in Karnataka.

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

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