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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 October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.2,985 per gram||Rs.2,942 per gram||Rs.2,932 per gram|
|Last day||Rs.2,942 per gram||Rs.2,947 per gram||Rs.2,941 per gram|
|Highest price||Rs.2,995 per gram on 16 October||Rs.2,981 per gram on 20 November||Rs.2,942 per gram from 2 to 4 December and 29 December|
|Lowest price||Rs.2,932 per gram on 27 October||Rs.2,907 per gram on 6 November||Rs.2,859 per gram on 13 December|
Gold Rate Trend in Karnataka for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,878 per gram||Rs.2956 per gram|
|Last day||Rs.2,874 per gram||Rs.2,956 per gram||Rs.2,985 per gram|
|Highest price||Rs.2,950 per gram on 1 and 2 July||Rs.2,976 per gram on 29 August||Rs.3,056 per gram on 8 September|
|Lowest price||Rs.2,796 per gram on 14 July||Rs.2,845 per gram on 7 August||Rs.2,956 per gram on 1 September|
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)
|1st day||Rs.2,910 per gram||Rs.2,945 per gram||Rs.2,920 per gram|
|Last day||Rs.2,945 per gram||Rs.2,918 per gram||Rs,2,933 per gram|
|Highest price||Rs.2,990 per gram on 15 and 16 April||Rs.2,945 per gram on 1 May||Rs.2,965 per gram on 8 June|
|Lowest price||Rs.2,905 per gram per gram on 10 April||Rs.2,840 per gram from 11-14 May||Rs.2,895 per gram on 20 June|
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)
|1st day||Rs.2,820 per gram||Rs.2,945 per gram||Rs.3,005 per gram|
|Last day||Rs.2,930 per gram||Rs.3,005 per gram||Rs.2,900 per gram|
|Highest price||Rs.2,970 per gram on the 23rd and 24th of January||Rs.3,005 per gram on the 27th and 28th of February||Rs.3,005 per gram on the 1st of March|
|Lowest price||Rs.2,820 per gram on the 1st and 2nd of January||Rs.2,940 per gram on the 10th of February||Rs.2,855 per gram on the 15th of March|
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.
|1st day||Rs.3,160 per gram||Rs.3,060 per gram||Rs.2,905 per gram|
|Last day||Rs.3,060 per gram||Rs.2,930 per gram||Rs.2,820 per gram|
|Highest price||Rs.3,160 per gram on 1st October||Rs.3,180 per gram on 9th November||Rs.2,905 per gram on 1st December|
|Lowest price||Rs.3,023 per gram on 17th October||Rs.2,905 per gram on 25th November||Rs.2,765 per gram on 16th December, 22nd December and 23rd December|
Gold Rate Trend in Karnataka for October 2016
- Compared to all the other states in the country, Karnataka seemed to have a comparatively good quarter as far as gold prices were concerned.
- The month of October began with gold trading at Rs.3,160 per gram, which fell to Rs.3,020 per gram by the time 7th approached.
- On 10th, however, prices picked up to reach Rs.3,030 per gram - an increase of Rs.10 per gram, but again fell to Rs.3,016 per gram on 17th.
- The last 10 days of October saw considerable fluctuations as prices dwindled quite a lot before ending the month at Rs.3,060 per gram.
- Gold hit its highest and lowest rates on 1st and 17th respectively which stood at Rs.3,160 per gram and Rs.3,023 per gram.
- The month saw a decline of 3.16% with regards to gold rates.
Gold Rate Trend in Karnataka for November 2016
- While the nation was ravaged by demonetisation, Karnataka seemed to perform slightly better under pressure.
- November began with gold selling at Rs.3,060 per gram and rose to Rs.3,120 per gram by the time 6th approached.
- Prices went up significantly to hit the highest rate for the month on 9th, as demonetisation brought about a sudden surge in demand.
- However, as cash flow issues began gold sales was affected leading to a drop in prices.
- In fact, gold rates went down by Rs.220 in little over a week to hit Rs.2,960 per gram on 18th.
- As another week went by, gold prices reached the lowest point for the month at Rs.2,905 per gram on 25th.
- As Donald Trump’s imminent arrival to the White House became clear, prices rose to Rs.2,930 per gram on 30th, due to volatility in the market.
- November yet again bore witness to a negative gold rate trend, which stood at 4.24%.
Gold Rate Trend in Karnataka for December 2016
- Cash crunch was still a prevalent theme when December began as the amount of physical currency weren’t enough.
- The month began with gold trading at Rs.2,905 per gram but kept dropping to hit Rs.2,840 per gram by 9th.
- Prices further dropped to Rs.2,765 per gram as demand for gold seemed to continue on its downward path.
- Gold rates dwindled despite the fact that Christmas was approaching but picked up during the last week of 2016.
- At the end of the year, gold prices went up to finish at Rs.2,820 per gram.
- December too followed to declining trend set by the previous two month of Q4.
- Gold rate trends in Karnataka changed by -2.92% in December.
|1st day||Rs.3,130 per gram||Rs.3,190 per gram||Rs.3,125 per gram|
|Last day||Rs.3,170 per gram||Rs.3,140 per gram||Rs.3,160 per gram|
|Highest price||Rs.3,205 per gram on 7th July||Rs.3,225 per gram on 3rd August||Rs.3,190 per gram from 25th-29th September|
|Lowest price||Rs.3,120 per gram on 21st July||Rs.3,140 per gram on 31st August||Rs.3,115 per gram on 1st September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Karnataka for July 2016
- The price of gold was Rs.3,130 per gram on 1st July which rose to Rs.3,150 per gram as domestic demand pushed prices higher.
- Demand continued to be high as markets were recovering from the Brexit vote, with gold trading at Rs.3,205 per gram on 7th July.
- Prices slowly dropped as domestic demand fell, with gold trading at Rs.3,170 per gram on 11th July.
- Prices were consistent with minor fluctuations as international cues pointed to recovering markets.
- Gold traded at Rs.3,120 per gram on 21st July, its lowest rate in July before recovering to close the month at Rs.3,170 per gram, an increase little over 1% from the price at the start of the month.
Gold Rate Trend in Karnataka for August 2016
- Gold prices were high at the start of the month, trading at Rs.3,190 per gram and reaching the monthly high of Rs.3,225 per gram on 3rd August due to high demand.
- Prices slipped to Rs.3,165 per gram on 8th August as demand slowed due to declining orders from jewellers in the domestic market.
- Gold traded at Rs.3,175 per gram on 15th August as demand picked up, with gold reaching Rs.3,200 per gram on 19th August.
- Gold prices fell marginally as the last week began, trading at Rs.3,170 per gram on 25th August before falling to a low of Rs.3,140 per gram on 31st August, a decrease of over 1.5% from the rate at the start of the month.
Gold Rate Trend in Karnataka for September 2016
- The start of the month saw gold trade at Rs.3,125 per gram, with the price fluctuating to close the first week at Rs.3,140 per gram on 4th September.
- Prices rose to Rs.3,185 per gram on 7th September as demand from jewellers spiked due to the upcoming festive season, with prices staying high for the rest of the week.
- High demand on the international market led to prices remaining high, with gold trading at Rs.3,180 per gram on 12th September.
- Prices stayed constant for the week before rising to Rs.3,190 per gram on 25th September, but dropped to Rs.3,160 per gram on 30th September.
|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.
|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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