*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
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 Rate Trend in Kochi for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,931 per gram||Rs.2,997 per gram|
|Last day||Rs.2,920 per gram||Rs.2,965 per gram||Rs.3,040 per gram|
|Highest price||Rs.2,950 per gram on 1 July||Rs.2,980 per gram on 29 August||Rs.3,100 per gram on 8 September|
|Lowest price||Rs.2,800 per gram on 14 July||Rs.2,900 per gram from 5 to 8 August||Rs.2,997 per gram on 1 September|
Gold rate trend in Kochi for July 2017
- Gold opened trading at Rs.2,930 per gram when the month began in Kochi.
- The 3rd witnessed a rise in prices and the metal was trading at Rs.2,970 per gram. The rates remained unchanged until the 5th with steady demand. This was also the highest recorded monthly figure in Kochi.
- Speculations of monetary tightening by the global central banks led to the dollar collapsing.
- However, gold trade declined uncharacteristically and prices dropped to Rs.2,935 per gram on the 6th.
- Gold traded at Rs.2,900 per gram on the 8th and 9th due to reduced demand for the metal.
- The yellow metal prices plunged further to Rs.2,820 per gram on the 10th and remained same until the 12th with a decline in domestic trade.
- Gold price in Kochi rose the next day to Rs.2,840 per gram, but descended to touch the lowest monthly figure of Rs.2,796 per gram on the 14th.
- However, demand for the metal rose marginally and the metal was priced at Rs.2,811 per gram on the 15th. Prices remained the same until the 17th.
- The poorly performing dollar coupled with a volatile market spurred demand for the metal globally.
- Impressive global demand pushed the yellow metal prices to Rs.2,848 per gram on the 20th.
- Gold rates in Kochi rose with an increased global demand and the metal was priced at Rs.2,860 per gram on the 25th.
- The domestic demand, however, declined in the city on the 26th and gold traded at Rs.2,850 per gram.
- Demand picked up on the 27th with the fall of the US dollar and the precious metal was trading at Rs.2.860 per gram.
- The US dollar hit a 13-month low figure on the 31st, resulting in an increased global demand for the metal. The yellow metal ended trading at Rs.2,872 per gram on the last day.
Gold rate trend in Kochi for August 2017
- The month of August began in Kochi with the precious metal trading at Rs.2,882 per gram.
- Global demand for the metal declined with the recovery of the US dollar, and gold prices dropped to Rs.2,852 per gram on the 3rd.
- A rise in local demand despite the dollar recovery and the US Federal reserve meetings led to gold rates rising to Rs.2,860 per gram on the 4th.
- Gold prices in Kochi plunged to Rs.2,840 per gram on the 5th with reduced demand from investors and jewellers.
- However, positive global cues increased demand for the metal and gold traded at Rs.2,867 per gram on the 9th.
- The US economy crashed on the 10th and gold rates in Kochi surged to Rs.2,898 per gram.
- Safe-haven investments improved with tensions rising between the US and North Korea. This increased demand for the yellow metal and prices rose to Rs.2,924 per gram the next day.
- Local demand declined over the next few days and gold was trading at Rs.2,890 per gram on the 15th.
- Gold rates, however, picked up as overseas demand for the metal rose with the fall of the US dollar. The precious metal was trading at Rs.2,900 per gram on the 17th.
- Demand for the metal remained steady in Kochi despite uneven global trends. This led to the metal trading at Rs.2,898 per gram on the 21st.
- Gold rate in Kochi dropped on the 24th to Rs.2,988 per gram as investors and retail jewellers reduced purchases.
- The 28th witnessed prices surging to Rs.2,913 with increased local demand.
- The impact of Hurricane Harvey coupled with the US-North Korea conflicts sent the US economy crashing. This resulted in gold rates rising to Rs.2,958 per gram on the 30th.
- The last day saw industrial demand decline and gold prices dipped to Rs.2,941 per gram.
Gold rate trend in Kochi for September 2017
- When the month began in Kochi, gold was trading at Rs.2,941 per gram.
- Steady demand for the metal resulted in prices remaining unchanged until the 5th.
- Positive global cues pushed prices up in the domestic market and the metal traded at Rs.3,012 per gram the next day.
- North Korea’s confirmation on its successful thermonuclear tests sent global markets crashing and prices surged to Rs.3,038 per gram on the 9th.
- Prices remained unchanged over the next few days, thanks to steady and sustained domestic demand for the metal.
- Gold rates in Kochi dropped to Rs.3,009 per gram on the 13th, which plunged further to Rs.2,990 per gram on the 14th as demand for the metal declined with the US dollar strengthening.
- Prices fluctuated over the next couple of days, but stood firm at Rs.2,992 per gram from the 16th to the 18th with a low but steady demand.
- The recovering US economy proved to be unfavourable for gold trade and prices dipped to Rs.2,961 per gram on the 21st.
- However, demand improved with the festive season coming up and prices rose in Kochi to Rs.2,976 per gram the next day.
- Prices remained steady at Rs.2,975 per gram over the next two days, but a decline in industrial demand against the rising dollar led to gold rates falling to Rs.2,961 per gram on the 25th.
- The arrival of Dussehra spurred domestic demand for the precious metal and gold traded at Rs.2,975 per gram on the 27th.
- The US economy recovered as the dollar dominated over other apex currencies. This led to gold prices dropping to Rs.2,954 per gram on the penultimate day of the month.
- Steady local demand resulted in gold prices remaining untouched at Rs.2,954 per gram when the month ended in Kochi.
Gold Rate Trend in Kochi for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,920 per gram||Rs.2,935 per gram||Rs.2,915 per gram|
|Last day||Rs.2,935 per gram||Rs.2,915 per gram||Rs.2,930 per gram|
|Highest price||Rs.3,000 per gram from April 22 to23||Rs.2,935 per gram from 1 to 2 May||Rs.2,945 per gram from 7 to 12 June|
|Lowest price||Rs.2,920 from April 1 to 3||Rs.2,885 per gram from 4 to 9 May||Rs.2,800 on 23 June|
Gold rate trend in Kochi for April 2017
- Gold prices in Kochi were more or less steady as the month began, with gold priced at Rs.2,920 per gram on 1 April.
- Prices rose due to an increase in demand following a dip in the U.S. dollar rate which led to a rise in demand from overseas markets.
- Local demand was also on the rise, though prices did not reflect much of a change over the course of the month, trading at Rs.2,965 per gram on 12 April.
- Gold reached Rs.2,990 per gram on 19 April as demand from Europe rose due to fluctuating markets, which also boosted domestic demand.
- In contrast to other cities, gold prices increased as the month progressed, reaching Rs.3,000 per gram on 23 April.
- A recovering U.S. dollar led to a decline in demand for the yellow metal, which traded at Rs.2,935 per gram on 30 April.
- In spite of the decline in price as the month ended, the overall value of gold increased by 0.51%.
Gold rate trend in Kochi for May 2017
- Gold prices in the month of May were stable as the month began, trading at Rs.2,935 per gram on 1 May.
- The victory of Emmanuel Macron led to European markets surging, which led to a sharp decline in demand for gold from the continent as gold was priced at Rs.2,865 per gram on 11 May.
- Local demand was also muted due to concerns over the impact of GST on bullion rates.
- Prices fluctuated towards the middle of the month due to conflicting cues from the U.S. markets and the sliding dollar rate.
- Gold prices rose marginally in the third week of May, trading at Rs.2,915 per gram on 18 May as retail demand propped up prices.
- Rates were more or less stable for the rest of the month as local demand was consistent in spite of fluctuations in international demand, with gold trading at Rs.2,925 per gram on 23 May.
- Gold ended the month trading at Rs.2,915 per gram on 31 May to register a fall in value of 0.68% due to declining demand.
Gold rate trend in Kochi for June 2017
- Gold rates were on the rise in the first week of June in Kochi, trading at Rs.2,915 per gram on 1 June.
- U.S. dollar rates were unsteady due to the political turmoil surrounding the Trump administration due to the Russia scandal as well the repeal of the health care bill.
- Prices rose to Rs.2,945 per gram from 7-14 June as demand was stable in spite of lowered domestic demand.
- There was a decline in gold prices as overseas demand was muted as markets were buoyed by positive outcomes from the G20 summit, with gold trading at Rs.2,885 per gram on 19 June.
- Prices fluctuated in the final two weeks of June as retail demand increased domestically, with customers looking to buy before the imposition of GST.
- Gold traded at Rs.2,800 per gram on 23 June but prices recovered to trade at Rs.2,930 per gram on 30 June.
- Gold prices fell by 0.51% in value over the course of the month.
Gold Rate Trend in Kochi for January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,815 per gram||Rs.2,945 per gram||Rs.2,960 per gram|
|Last day||Rs.2,945 per gram||Rs.2,960 per gram||Rs.2,920 per gram|
|Highest price||Rs.2,970 per gram from 23rd to 26th||Rs.2,960 per gram from 18th to 28th||Rs.2,960 per gram from 1st to 13th March|
|Lowest price||Rs.2,815 per gram from 1st to 3rd||Rs.2,945 per gram from 1st to 17th||Rs.2,890 per gram from 14th to 21st March|
Gold Rate Trend in Kochi for January 2017:
- Of all the cities in the country, Kochi saw the biggest change in gold rate for the month of January.
- The month began with gold trading at Rs.2,815 per gram - the lowest rate for the month - and seemed to increase from then on.
- Rates first went up to Rs.2,845 per gram on 4th and then went up again to Rs.2,860 per gram on 5th as demand increased.
- By the end of the 20th, gold prices had gone up to Rs.2,950 per gram as a weakened dollar also contributed to a steep rise in bullion demand.
- The last ten days of the month saw gold prices fluctuate considerably but ended the month at Rs.2,945 per gram.
- January saw gold prices in Kochi incline at the rate of 4.61%, thereby starting 2017 on a high.
Gold Rate Trend in Kochi for February 2017:
- The month of February was one of the best months for gold rates in Kochi as there wasn’t any fluctuations to be seen.
- Over the course of the 28 days, gold prices only ever changed on 2 occasions.
- From the 1st to the 17th, gold prices remained at Rs.2,945 per gram as there was no apparent change in demand.
- However, gold rates went up on 18th to Rs.2,960 per gram, which carried on till the end of the month, i.e., the 28th.
- During February, gold price trends changed at a marginal rate of 0.50% as demand sustained against any domestic and international events.
Gold Rate Trend in Kochi for March 2017:
- Despite the demand held up over the first two month of March, the US Fed Rate hike didn’t allow gold rates to maintain at the same rates.
- On 1st, gold was still trading at Rs.2,960 per gram, a rate that remained unchanged till the 13th of March.
- The rate from 1st to 13th was the highest rate of gold for the month.
- However, on 14th, gold prices went down by Rs.70 to hit Rs.2,890 per gram as demand took a hit after an interest rate hike from the Federal Reserve.
- After a blip which lasted for a week, gold prices went up to Rs.2,920 per gram on 22nd and went up to Rs.2,925 per gram on 28th before falling back again to Rs.2,920 per gram on 29th.
- Though the changes were very few, price trends went down by 1.35% in Kochi for the month of March.
|1st day||Rs.3,115 per gram||Rs.3,055 per gram||Rs.2,905 per gram|
|Last day||Rs.3,055 per gram||Rs.2,945 per gram||Rs.2,815 per gram|
|Highest price||Rs.3,115 per gram from 1st to 4th||Rs.3,135 per gram on 9th||Rs.2,905 per gram on 1st and 2nd|
|Lowest price||Rs.3,020 per gram from 8th to 11th||Rs.2,930 per gram on 25th||Rs.2,745 per gram on 16th|
Gold Rate Trend in Kochi for October 2016
- The first week of October saw the highest gold trading prices in Kochi which stood at Rs.3,115 per gram.
- Prices, however, fell as days progressed and went down to Rs.3,020 when business day ended on the 9th.
- Prices picked up slightly over the next 10-day period as global demands seemed to increase a tad bit.
- Rates increased from Rs.3,020 per gram on 10th and went up to Rs.3,040 per gram when trading closed on 20th.
- The next 10 days saw gold prices fluctuate a little bit before ending the month with trading price of Rs.3,055 per gram.
Gold Rate Trend in Kochi for November 2016
- Like other cities in the country, Kochi too saw gold price trends dwindle considerably as demonetisation was introduced.
- On 1st, gold was seen trading at Rs.3,055 per gram which increased to Rs.3,075 per gram on the 2nd and then to Rs.3,110 by the 6th.
- Though prices slumped to Rs.3,080 per gram around the 8th, they rose significantly to Rs.3,135 per gram as demands surged by a huge margin.
- After a brief surge, however, prices began to drop as there was a cash flow issue around the country.
- By the end of 20th, prices had gone down to Rs.3,070 per gram and slumped further in the subsequent days.
- On 25th, prices went down to Rs.2,930 per gram, which was the lowest price for the entire month.
- Prices gained slightly towards the end of the month to close at Rs.2,945 per gram.
- Overall, gold rate trend change by a heavy margin of -3.60% in November.
Gold Rate Trend in Kochi for December 2016
- The effects of demonetisation trickled down to December as well as the issue of cash crunch still lingered on.
- December began with gold trading at Rs.2,905 per gram, which was the highest gold price for the month.
- However, the price decrease was evident from the first week itself as it was down to Rs.2,840 per gram by the 9th.
- Prices were further down to Rs.2,810 per gram by the 10th and went down a little more to hit the lowest rate for the month - Rs.2,745 per gram - on the 16th.
- From then on, however, prices seem to gain albeit at a marginal rate to hit Rs.2,770 per gram by the 20th.
- When the last week of 2016 arrived, prices had recovered considerably due to Christmas and New Year to end the year at Rs.2,815 per gram.
- All in all, December saw gold prices trends change by -3.09% in Kochi.
|1st day||Rs.3,000 per gram||Rs.3,092 per gram||Rs.3,184 per gram|
|Last day||Rs.3,092 per gram||Rs.3,130 per gram||Rs.3,135 per gram|
|Highest price||Rs.3,167 per gram on 16th and 17th July||Rs.3,140 per gram from 26th to 30th August||Rs.3,160 per gram on 25th and 26th September|
|Lowest price||Rs.3,000 per gram on the 1st of July||Rs.3,092 per gram on 1st August||Rs.3,120 per gram on 2ndt September|
Gold Rate Trend of Kochi in July 2016
- Gold traded at Rs.3,000 per gram on the 1st of July and increased by Rs.50 on the 2nd to remain stable for another day.
- Fluctuation were recorded over the next few days as any increases were written off by subsequent declines until the 16th of July when prices soared to Rs.3,167 per gram – the highest recorded rate in the month.
- Consistent declines were recorded on the next four days of the month, after which they settled at Rs.3,060 from the 23rd to the 27th of July.
- Rates then increased to Rs.3,092 on the 28th and remained stable until the end of the month.
- The overall increase in price over the course of the month was 3.07%.
Gold Rate Trend of Kochi in August 2016
- The rate of gold per gram on the 1stt of August was recorded at Rs.3,092.
- Prices remained stable for most parts of the month, starting with an increase on the 2nd to Rs.3,112, where they remained until the 5th.
- Prices hit Rs.3,095 on the 8th of August and remained unchanged until the 12th, after which they increased and remained stable at Rs.3,125 until the 15th.
- A marginal increase on the 16th saw prices climb to Rs.3,135 per gram and remain there until the 25th.
- A small increase then took prices higher to Rs.3,140 – which was the highest recorded rate in the month of August.
- Prices then fell by Rs.10 on the last day of August and closed the month at Rs.3,130 per gram.
Gold Rate Trend of Kochi in September 2016
- Gold traded at Rs.3,130 per gram on 1st September, after which they fell to Rs.3,120 on the 2nd – which was the lowest rate for this month.
- Prices rose and remained constant from the 3rd to the 6th of September at Rs.3,125.
- On the 8th, prices rose to Rs.3,145 and remained stable until the 14th of the month.
- A minor decline on the 15th then saw prices settle at Rs.3,135 until the 18th.
- Stability was achieved again at Rs.3,130 between the 20th and 24th of September, after which they increased to Rs.3,160 and remained stable for another day.
- Consistent declines over the next four days saw gold close the month at Rs.3,135 per gram.
|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.
|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 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 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