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Gold Rate In Kochi
Kochi, the second largest city in Kerala has long been a centre for trade and commerce, having been home to travellers for a major portion of the Middle Ages. Constant interaction with outsiders enabled it to grow prosperous, with its spice trade playing a key role. All this growth provided the city with sufficient money, with gold becoming a source to buy and sell goods. This penchant for gold has stayed strong in Kochi, with it accounting for a major portion of gold consumed in the country. Today, gold is viewed as a safe investment, with a number of its residents purchasing it on a regular basis.
Gold rates in Kochi closely reflect international gold trends, with a number of factors impacting prices. Jewellery accounts for a major portion of gold demand in the city, with coins, bars, ETFs and gold funds being other popular investment options.
Gold Price in Kochi
Gold rates in Kochi depend on the purity, with 24 karat gold costing more than 22 karat gold.
24 karat gold – with 99.99% purity, 24 karat gold is the purest form of gold people can buy. The cost for 1 gram of 24 karat gold in Kochi is Rs 2,962 (as of March 1, 2016), with 10 grams of this pure metal costing Rs 29,620. The last 12 months have provided residents of Kochi good opportunities to purchase gold, with prices dropping to a 5 year low in 2015. The cost for 1 gram of 24 karat gold in the city varied between Rs 2,950 and Rs 2,500 for most of last year, with July and August witnessing the lowest rates in this period. Gold rates have been on a rise since 2016, thanks primarily to the US Federal Rate change.
22 karat gold – With 92% purity, 22 karat gold is ideal to mould and craft into jewellery and other ornaments. Being slightly impure compared to 24 karat gold, buying 22 karat gold is cheaper in the city. Individuals who are looking to purchase 1 gram of 22 karat gold in Kochi would have to pay Rs 2,765 for it (as of March 1, 2016). The cost of 22 karat gold in Kochi has closely mimicked the pattern for 24 karat gold, with prices falling in July and August 2015. Prices fell to as low as Rs 2,300 in this period, picking up in January 2016.
Gold Rate Trend in Kochi for April 2016 to June 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,872 per gram||Rs. 2,810 per gram||Rs.2,895 per gram|
|Last Day||Rs. 3,025 per gram||Rs. 2,690 per gram||Rs.2,990 per gram|
|Highest Price||Rs. 3.025 per gram on April 30.||Rs. 2,820 per gram May 2.||Rs.3,050 per gram from 25th June to 28th June|
|Lowest Price||Rs. 2,852 per gram on April 4.||Rs. 2,680 per gram on May 30.||Rs.2,895 per gram from 1st June to 8th June|
Gold Rate Trend of Kochi in April 2016
- Gold traded at Rs. 2,872 per gram on the 1st of the month. However, the rates saw a decline with Rs. 2,852 per gram being the rate of the 4th of April which was also the lowest for the month.
- Rates picked up towards the end of the month closing at Rs. 3,025 per gram.
Gold Rate Trend of Kochi in May 2016
- The month of May saw a decline in gold prices largely due to the anticipation of an increase in interest rates by US Fed.
- A decline of 4.27 % was witnessed at the end of the month at Rs. 2,690 per gram from Rs. 2,810 per gram at the beginning of May
Gold Rate Trend of Kochi in June 2016
- Gold rates increased remained constant for long periods during the month of June thanks to stronger overseas trends amid increased offtake by industrial investors.
- The value of gold increased consistently despite certain days on which losses were recorded, and the highest price of the precious metal was Rs.3,050 between the 25th and 27th of the month.
- The overall increase in prices between the first and last day of the month was Rs.155.
Gold Rate Trend in Kochi for January 2016 to March 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,544 per gram||Rs. 2,685 per gram||Rs. 2,872 per gram|
|Last Day||Rs. 2,685 per gram||Rs. 2,872 per gram||Rs. 2,872 per gram|
|Highest Price||Rs. 2,773 per gram on January 29.||Rs. 2,828 per gram from February 12 to February 14.||Rs. 2,907 per gram on March 8.|
|Lowest Price||Rs. 2,514 per gram on january 4.||Rs. 2685 per gram on February 1.||Rs. 2,824 per gram on March 24.|
|Change||+ 5.54 %||+6.96%||0|
Gold Rate Trend of Kochi in January 2016
- As the month progressed, there was a rise seen in the rate of gold per gram.
- Although there were minor fluctuations throughout the month, the rate of gold was largely between Rs. 2,500 and Rs. 2,700.
- The highest price was recorded towards the end of the month.
Gold Rate Trend of Kochi in February 2016
- Gold rates traded at Rs. 2,685 per gram on the first day of the month and steadily increased thereafter.
- Although there were minor changes, a high rate of Rs. 2,828 was recorded from the 12th to the 14th of February.
- An rate increase of 6.96% was seen at the end of the month.
Gold Rate Trend of Kochi in March 2016
- Gold rates in March were relatively stable with the rates on the first and last day of the month remaining the same.
- Gold traded at Rs. 2,824 per gram on the 24th of March, which was the highest for the month.
- There was no change in rates from the first day to the last day of the month.
Gold Investment Avenues In Kochi
Residents of Kochi consider gold an ideal investment tool, thanks primarily due to its global demand and ease of purchase. The following investment modes are popular in the city.
- Over-the-counter – Over-the-counter purchases of gold account for a major chunk of gold purchased in Kochi, with gold jewellery, coins and bullions readily available. Jewellery is perhaps the most popular mode of buying gold, with the city home to some of the biggest jewellers in the country. Gold coins and bullions can be purchased from dealers and banks across the city, with the local price being determined by international trends. Different budgetary requirements can be met in the city, with shops catering to multiple budgets. Gold sales peak during festival season, with Diwali and Onam being good times to purchase it.
- Market trade – Market trade of gold has gained prominence in the last few years, with Exchange Traded Funds, E-gold and futures contracts providing an opportunity to indulge in trade. Thanks to their good returns and ease of trading, gold ETFs are viewed as safe and simple, with an option to trade them on the Mumbai Stock Exchange. The National Spot Exchange permits the sale and purchase of E-gold in the country. Futures contracts can be a good option for people who are looking to own gold in the future, but are subject to market fluctuations.
- Also check: Gold Rate In Kerala
Also Check Gold Price in NearBy Cities of Kochi
|Gold Rate In Kozhikode||Gold Rate In Kannur||Gold Rate In Malappuram|
|Gold Rate In Thrissur||Gold Rate In Trivandrum||Gold Rate In Coimbatore|
|Also Know: Silver Rate In Kochi|
Read more on Gold
- Auspicious Days to Buy Gold in 2016
- Buying Gold on Onam
- Importance of Gold in Kerala
- Things To Remember Before Buying Gold Jewellery
- Gold Rate Outlook for India in 2016
News About Gold rate in Kochi
Gold Trading Low For 1 Week Due To High Employment Rate In U.S
Gold prices continous to reduce after the last fall of 2% due to increase in employment rate in the United States. This indicates a rate hike by the Federal Reserve later this year. As jobs in U.S picked up for second consecutive month and wages simultaneously increased, faster economic growth and high interest rates are expected in the near future. Spot gold was trading low at $1,335.40 an ounce. U.S gold dropped to 0.2 % to $1,341.50 an ounce. Barnabas Gan, OCBC Bank analyst stated that gold prices have fully digested the nonfarm payroll data. According to Wang Tao, technical analyst in Reuter, spot gold may resist up to $1,339 per ounce and may graduate towards the next resistance level of $1,346 per ounce. Apart from the yellow metal, spot silver prices also fell for the last 2 weeks to 0.3 % at $19.60 an ounce.
9th August 2016
Gold Recovers 2% Owing to Weak US Payrolls Data
Gold prices increased on Friday last week and recovered after settling a three-month low that was recorded a day earlier. A disappointing job report released by the US Labour Department provoked aggressive purchasing action among investors who sought gold as well as other dollar-denominated metals. Non-farm payrolls were up by just 38,000 jobs in May, marking the lowest increase since September 2010. A month-long strike held by employees of Verizon also restrained employment gains, which further reduced payrolls in the information sector by 34,000 jobs. These incidents reduced the US Dollar index.
8th June 2016
Gold Prices Improve As Dollar And Stock Markets Slip
The price of gold rose on the 17th in the wake of a weakening dollar and stock markets that slipped. The prices rose by 0.36% for spot gold and came up to $ 1,278.06 per ounce, while the price of US gold futures rose by about 0.2% to about $ 1,276.9. As trading began the price did slip a bit as a result of traders taking profit when the stock market seemed to be climbing for a while. The dollar also slipped and was trading at 0.06% lower compared to six other currencies. Even though gold prices have risen by about 20% this year, speculation is that the US Central Bank may increase the short term interest rates.
18th May 2016
Gold Prices Pick up as the Dollar rebounds against the Yen
Gold prices firmed on May 05, 2016, after three days of losses amidst weaker global equities. Spot gold prices went up by 0.2 per cent to be fixed at $ 1, 281.06 an ounce after dropping about 1.1 per cent in the last three sessions. US Futures gold went up by 0.7 per cent to hit $ 1,283.10. Also, the dollar which had come down to a 15 month low, scaled up on May 4th, bolstered by US factory orders and trade. Gold is sensitive to returns on other assets and interest rates as rising interest rates rise the opportunity cost of holding non yielding bullion.
6th May 2016
Gold Appreciates on the back of Weak US data, Dollar
Gold was up again on Wednesday as weak US economic data and a weak Dollar helped spur rates. However, rates didn’t improve by much as investors remained cautious ahead of rate review by the US Fed.
Rates are likely to remain unchanged by the Fed and the main takeaways from the review meeting are likely to be the tone of the announcements and the timing for future rate changes.
28th April 2016
Safe-haven buying boosts demand for gold in UAE
Demand for gold bullion increased on Monday on the back of a failed bid by OPEC and Non-OPEC producers to freeze oil outputs. The failure by the oil producers to come to an agreement led to tumbling equities and crude prices, sparking an increase in safe-haven demand for gold. Spot gold prices peaked at a session high of $1,239.30 per ounce before stabilising at $1,234 at the close, while Dubai gold prices stayed put at Dh 115 per gram and Dh 149.75 per gram for 18K gold and 24K gold respectively.
21st April 2016
Gold Slides Slightly by Rs. 84
Gold prices slid by Rs. 84 to Rs. 29,325 for 10 gram following speculative sales amid generally weak global market conditions.
Gold for June delivery at the Multi Commodity Exchange fell by 0.29 percent in a business turnover of 52 lots. Similarly, gold for April delivery decreased by Rs. 82 (0.28 percent) to Rs. 29,049 per 10 gram for 737 lots.
In the international market, gold declined by 0.40 percent to USD 1,250.99 an ounce in Singapore.
According to experts, the fall in gold prices can be attributed to the stabilisation of the dollar after its initial decrease over the lowering of interest-rate outlook for 2016 by the US Federal Reserve.
23rd March 2016