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Gold Price in Kolkata
Kolkata is the third largest metropolitan city in India and is home to over 14 million people. The city is a hub for industries and accounts for a large chunk of all investments made in the country. Gold in India is generally not viewed as an investment opportunity and people typically keep their gold safe at home or convert it into jewelry. This mindset is however changing, and Kolkata which has one of the highest gross domestic product among Indian cities is leading the path. Fluctuating gold rates have not deterred Kolkata residents from buying gold, ensuring that Kolkata accounts for a large percentage of gold transactions in India.
Gold rate in Kolkata depends largely on market fluctuations and availability. Gold buyers can opt for either 22 karat or 24 karat gold, depending on their needs. 22 karat gold is about 92% pure and commands a lower rate than 24 karat gold, which is 99.99% pure.
Trend of Gold Rate in Kolkata for April 2017 (rates per gram for 24karat gold)
April 2017 - Week 1 (1st-9th)
- Gold rate in Kolkata saw a marginal increase in price as compared to the previous month, with gold beginning the week at Rs.3,011 per gram on 1st of April.
- Gold rate was steady at the above rate until the 3rd of April in Kolkata due to sustained demand for this precious metal.
- On the 4th of April, gold traded at Rs.3,034 per gram before falling to Rs.3,033 per gram on the 5th.
- As demand for gold fluctuated, the rate of gold marginally decreased to trade at Rs.3,029 per gram on the 6th and continued to decline thereafter.
- On the last three days of the first week of April, gold price in Kolkata was steady at Rs.3,024 per gram.
April 2017 - Week 2 (10th-16th)
- After an increase in the first three days, gold price in Kolkata remained the same over the next few.
- On 10th, gold was priced at Rs.3,005 per gram and went up to Rs.3,016 per gram as domestic demand went up.
- The 11th witnessed prices go up by Rs.42 to Rs.3,058 per gram as the US dollar was at its volatile best.
- Gold rate in Kolkata went up to Rs.3,065 per gram on 12th - an increase of Rs.7 per gram from the previous day.
- As bullion rates consolidated, there were no changes to report for the remaining days of the week.
April 2017 - Week 3 (17th-23rd)
- There were a few marginal fluctuations noted in the price of gold during the third week of April in the City of Joy, Kolkata.
- Gold opened at Rs.3,096 per gram on the 17th of April and reduced by Rs.5 the next day to trade at Rs.3,091 per gram.
- The demand for this metal varied quite a bit due to fluctuations in the global demand for this metal from jewellers and investors.
- However, once the demand steadied, gold traded at Rs.3,095 per gram from the 19th of April until the 21st of April.
- A marginal increase in demand led to this metal trading at Rs.3,096 per gram on the last two days of the week in Kolkata.
Trend of Gold Rate in Kolkata for March 2017 (rates per gram for 24karat gold)
|March 1st Rate||Rs.3,030 per gram|
|March 31st Rate||Rs.2,987 per gram|
|Highest Rate in March||Rs.3,030 per gram on 1st and 27th March|
|Lowest Rate in March||Rs.2,945 per gram on 15th March|
March 2017 - Week 1 (1st - 4th):
- March in Kolkata began with gold trading at Rs.3,030 per gram but went down by Re.1 to Rs.3,029 per gram on 2nd.
- As US dollar strengthened, gold prices in Kolkata took a tumble to go down to Rs.3,015 per gram - a Rs.14 decrease from the previous day.
- On 4th, there was no change in price as the metal was still trading at Rs.3,015 per gram.
March 2017 - Week 2 (5th - 11th):
- In Kolkata, gold prices started with Rs.3,015 per gram and remained unchanged till the 7th.
- On 8th, prices went up slightly to Rs.3,018 per gram but went down considerably to hit Rs.2,997 per gram on 9th.
- Prices went down again on 10th to Rs.2,980 per gram as demand kept going down.
- When the week ended, gold price in Kolkata picked up to end at Rs.2,994 per gram.
March 2017 - Week 3 (12th-18th):
- Gold prices in the City of Joy saw a marginal increase in price, with gold beginning the week at Rs.2,994 per gram on 13th March as demand was constant from the previous week.
- Prices fell the next day to trade at Rs.2,977 per gram on the 14th of March as the U.S. Dollar increased and demand for gold fell.
- On the 15th of March, gold traded at Rs.2,945 per gram before rising to Rs.2,983 per gram on the 16th.
- As demand for gold fluctuated, the rate of gold marginally decreased to trade at Rs.2,980 per gram on the 17th of March.
- The rate of gold was steady at Rs.2,985 per gram on the 18th of March due to stable demand.
March 2017 - Week 4 (19th-25th):
- Kolkata saw some gold price fluctuations over the fourth week of March due to local demand and some international factors.
- On 20th, gold was trading at Rs.2,978 per gram which then increased to Rs.2,980 per gram on 21st as demand went up slightly.
- Rates remained unchanged on 22nd as the metal was still trading at Rs.2,980 per gram.
- Prices rallied after the brief slowdown to bring gold rates up to Rs.3,019 per gram on 23rd - an increase of Rs.39 per gram from the previous day.
- As US dollar seemed to strengthen on 24th, gold prices went down marginally to trade at Rs.3,012 per gram.
- The week ended with gold still trading at Rs.3,012 as rates remained the same over the last three days.
March 2017- Week 5 (26th-31st):
- The last week of March saw gold rate in Kolkata go up and down, owing to a surge and fall of demand.
- On 27th, gold was selling at Rs.3,030 per gram and went down by Rs.6 to hit Rs.3,024 per gram on 28th.
- The 29th saw gold price in Kolkata drop significantly to go down to Rs.3,006 per gram, marking a decrease of Rs.18 from the previous day’s rates.
- On 30th, rates went up marginally for bullion to trade at Rs.3,008 per gram.
- However, the small incline felt like a false dawn as prices went down by Rs.21 per gram at the end of the week on 31st.
|February 1st Rate||Rs.2,989 per gram|
|February 28th Rate||Rs.3,008 per gram|
|Highest Rate in February||Rs.3,010 per gram from 20th-22nd February|
|Lowest Rate in February||Rs.2,977 per gram on 2nd February|
February 2017 - Week 1 (1st-4th):
- Kolkata saw gold prices fluctuate throughout the week.
- On 1st, gold was trading at Rs.2,989 per gram but went down significantly to hit Rs.2,977 per gram on 2nd.
- Prices changed again on 3rd for gold to trade at Rs.2,982 per gram - an increase of Rs.5 from the previous day.
- When the week ended on 4th, gold prices had slumped to Rs.2,980 per gram as demands decreased.
February 2017 - Week 2 (5th-11th)
- In a departure from the prevalent trend, the price of gold in Kolkata did not see much change in spite of major fluctuations and price changes across other cities in India.
- Gold was priced at Rs.2,980 per gram on 5th February on consistent demand from the industrial sector and the domestic market.
- Prices stayed the same for the rest of the week as markets were immune to the effects of sliding market indices.
- Gold ended the week trading at Rs.2,980 per gram on 11th February, with no change in its price in the city.
February 2017 - Week 3 (12th-18th)
- Gold prices in the City of Joy saw a marginal increase in price, with gold beginning the week at Rs.2,980 per gram on 12th February as demand was constant from the previous week.
- Prices rose by Rs.11 per gram to trade at Rs.2,991 per gram on 13th February as the U.S. Dollar dropped and demand for gold spiked, with the price remaining constant for the rest of the week.
- In contrast to the rest of the country, there was no change in price for the rest of the week in spite of fluctuations across markets which affected demand for gold.
- Gold traded at Rs.2,991 per gram on 18th February, registering a rise in price of Rs.11 per gram for the week.
February 2017 - Weeks 4 & 5 (19th-28th)
- The price of gold in Kolkata fluctuated due to market conditions as well as local demand.
- Gold was priced at Rs.2,991 per gram on 19th February and rose to Rs.3,010 per gram on 20th February.
- Prices remained constant till 22nd February after which they fell to Rs.3,008 per gram on 23rd February.
- A falling U.S. Dollar did not impact demand, which was stable till the end of the month.
- Gold traded at Rs.3,008 per gram on 28th February, recording a marginal increase of 0.63% in value during the month.
|January 1st Rate||Rs.2,843 per gram|
|January 31st Rate||Rs.2,989 per gram|
|Highest Rate in January||Rs.3,014 per gram on 24th January|
|Lowest Rate in January||Rs.2,843 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st to 7th)
- Barring a decrease midweek, gold prices in Kolkata were largely improving.
- Thanks to the new year and the general population's willingness to buy gold, demand seemed to soar throughout the week.
- On 1st, gold prices in the city stood at Rs.2,843 per gram before decreasing slightly to hit Rs.2,838 per gram on the 2nd.
- The 3rd, however saw prices get back up as it increased to Rs.2,846 per gram.
- During the 4th, prices increased by Rs.14 for gold trade at Rs.2,860 per gram.
- The 5th and 6th saw prices remain the same at Rs.2,879 per gram before it increased by Rs.20 to end the week at Rs.2,899 per gram.
January 2017 - Week 2 (8th to 15th)
- Gold prices in Kolkata were on the increase for the week, barring a small dip towards the middle of the week.
- Gold traded at Rs.2,899 per gram on 8th January, with prices remaining unchanged from the previous week.
- A minor dip in price was observed, as prices fell to Rs.2,885 per gram on 9th January due to demand falling.
- Prices recovered the next day, with gold trading at Rs.2,910 per gram on 10th January, with the price increasing by Rs.25 per gram in a single day as demand spiked.
- Prices continued to rise for the rest of the week, with gold trading at Rs.2,926 per gram on 11th January, rising to Rs,2,941 per gram on 12th January.
- Prices fell by Rs.5 per gram to Rs.2,937 per gram on 13th January due to market fluctuations, though prices recovered as the week ended.
- Gold traded at Rs.2,961 per gram on 14th January and remained constant as the week ended on 15th January.
January 2017 - Week 3 (15th to 21st):
- Kolkata too saw some gold rate fluctuations during the third week of January.
- On 15th, gold was seen trading at Rs.2,961 per gram, which trickled down to the 16th as well.
- Prices increased significantly to hit Rs.2,984 per gram on 17th as global demands seemed to surge before climbing up to Rs.2,985 per gram on 18th.
- Gold rates, however, decreased to Rs.2,977 per gram on the 20th and continued at the same rate till the end of the week on 21st.
January 2017- Weeks 4 & 5 (22nd to 31st)
- Gold in Kolkata traded at Rs.2,977 per gram on 22nd January, rising to Rs.3,010 per gram on 23rd January due to increased demand from industry as well as the local retail market.
- Prices rose to their monthly high of Rs.3,014 per gram on 24th January as Asian investors bought heavily before the Lunar New year.
- Gold prices fell to Rs.2,992 per gram on 25th January as demand dropped, with the price falling to Rs.2,975 per gram on 26th January due to a marked decrease in industrial demand.
- Gold fell to Rs.2,947 per gram on 27th January before recovering to close the week at Rs.2,989 per gram on 31st January.
|December 1st Rate||Rs.2,884 per gram|
|December 31st Rate||Rs.2,843 per gram|
|Highest Rate in December||Rs.2,909 per gram on 5th and 6th December|
|Lowest Rate in December||Rs.2,749 per gram from 24th to 26th December|
December 2016 - Week 1 (1st to 4th)
- In Kolkata, gold traded at Rs.2,884 at the beginning of December 1st.
- No major surge is gold rates was seen over the course of the week as it traded at Rs.2,884 on the 2nd of December too.
- On December 3rd though, prices fell by a small margin as gold traded at Rs. 2,877 as purchases began to slow down.
- During the closing time of December 4th, gold prices stood at Rs.2,877 in the city.
December 2016 - Week 2 (5th-11th)
- Kolkata too has seen quite a bit fluctuations in terms of its gold rates.
- On December 5th, gold began trading at Rs.2,909 per gram and remained the same throughout the corresponding day on December 6th.
- On December 7th started though, trading prices were down by Rs.47 as gold was being sold at Rs.2,861 per gram.
- The rest of the week from December 8th to 11th saw marginally small fluctuations as gold traded on Rs.2,866 per gram on 8th and remained at Rs.2,852 for the remaining three days.
- At the time of closing on December 11th, gold prices ended up at Rs.2,852 per gram.
December 2016 - Week 3 (12th to 18th)
- Kolkata didn’t see any major changes in gold prices till the latter part of the week.
- At the beginning of the week on the 12th, gold traded at Rs.2,852 per gram.
- On the 13th, prices decreased by Rs.5 as the metal traded at Rs.2,847 per gram, which continued till the business end of the 14th.
- The 15th saw prices fall by Rs.39 as gold begun trading at Rs.2,808 per gram, the lowest for the week.
- During the closing time of December 18th, gold prices stood the same as on the 15th at Rs.2,808 per gram.
December 2016 - Week 4 (19th to 25th)
- Kolkata didn’t see any major changes in gold prices for much of the week.
- At the beginning of the week on the 19th, gold traded at Rs.2,808 per gram, which continued till the 20th.
- On the 21th, prices decreased considerably as they dropped down to Rs.2,767 per gram and remained the same till the 23rd.
- The 24th saw prices decrease furthermore to hit Rs.2,749 per gram which remained the trading rate till the closing hours of the week on the 25th.
December 2016 - Week 5 (26th to 31st)
- Gold prices in Kolkata did not see much in the way of fluctuations in the price of gold due to stagnant demand from industry as well as the retail sector due to demonetisation.
- Gold traded at Rs.2,749 per gram on 26th December, with the price rising to Rs.2,789 per gram on 27th December as markets continued to fluctuate.
- Prices stabilised as the week progressed, with gold trading at Rs.2,816 per gram on 28th December.
- An increase in price was seen in the run up to the new year, with gold trading at Rs.2,843 per gram on 31st December.
|1st November rate||Rs.3,130 per gram|
|30th November rate||Rs.2,943 per gram|
|Highest rate in November||Rs.3,154 per gram on 8th to 13th November|
|Lowest rate in November||Rs.2,919 per gram on 27th November|
November '16 - Week 1 (1st to 6th)
- Gold traded at Rs.3,130 on 1st and 2nd November.
- Gold prices climbed to Rs.3,190 per gram on 3rd and 4th November on account of high demand in the domestic market.
- Global trends were uncertain in light of the U.S. elections, the Fed rate hike and the economy gaining momentum.
- Gold prices fell drastically on 5th and 6th November to Rs.3,102 per gram.
November '16 - Week 2 (7th to 13th)
- Gold traded at Rs.3,170 per gram on 7th November.
- Prices dropped to Rs.3,154 per gram on 8th November and remained unchanged for the rest of the week.
- Constant rates could be attributed to the ban on Rs.500 and Rs.1,000 notes in India which led to people being unable to use black money to purchase gold.
- Furthermore, PAN requirements for cash purchases deterred buyers.
- In the global market, the dollar weakened as Donald Trump won the elections. This played in favor of gold.
November '16 - Week 3 (14th to 20th)
- Gold traded at Rs.3,117 per gram on 14th November.
- Prices of gold continued to decline this week following PM Modi’s strike on black money.
- Gold prices dropped to Rs.3,007 per gram by the end of the week as demand for the metal was muted in the domestic market.
- Uncertainty over Trump’s economic policies led to a weak dollar and a rise in gold prices in the global mark
November '16 - Week 4 and 5 (21st to 30th)
- Gold prices dropped this week as global and domestic market trends were offbeat.
- On the global end, strong economic data from the U.S. pushed the dollar up giving solid support to the U.S. Federal Reserve’s interest rate hike.
- Gold traded at Rs.3,003 per gram on 21st November.
- In the domestic market, the people of India faced a serious cash crisis post the announcement of PM Modi’s strike on black money.
- Gold rates fell to Rs.2,943 per gram by the end of the month marking a decline of 5.97% in gold prices for November.
|1st October rate||Rs.3,244 per gram|
|31st October rate||Rs.3,130 per gram|
|Highest rate in October||Rs.3,244 per gram on 1st to 11th October|
|Lowest rate in October||Rs.3,100 per gram on 18th October|
October '16 - Week 1 (1st to 7th)
- Gold rates remain unchanged in Kolkata.
- Steady demand from domestic buyers has helped rates stay constant.
- Fluctuations in the global market have not deterred buyers in Kolkata.
- Gold traded at Rs.3,244 per gram from 1st October till the end of the week.
October '16 - Week 2 (8th to 14th)
- The constant trend of gold rates in Kolkata continued into this week.
- Gold traded at Rs.3,244 per gram till 11th October.
- Prices dropped drastically as domestic demand from retailers and jewellers fell.
- Weak trends overseas also resulted in gold prices falling this week.
- Though the U.S. Federal Reserve rate hike is distant, investors are still apprehensive as the hike will mean an increase of 20 to 25 basis points in the near future.
- Gold traded at Rs.3,103 per gram on 14th October, the lowest price for this week.
October '16 - Week 3 (15th to 21st)
- Gold traded at Rs.3,104 per gram on 15th October.
- Prices suddenly dropped to Rs.3,100 per gram on 18th October, the lowest for the week, as expectations of a Fed rate hike propped up.
- Gold was able to recover on account of wedding season demand in the domestic spot market.
- Gold climbed to Rs.3,128 per gram on 20th October which was the highest price for this week.
October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)
- Gold traded at Rs.3,129 per gram on 22nd and 23rd October.
- Prices of gold fluctuated for a few days.
- The highest price for this week fell on 26th October with gold trading at Rs.3,139 per gram.
- Demand for the metal spiked on account of the festive season.
- In the global market, the Fed rate hike was speculated to happen gradually.
- Prices stabilized on 27th October and gold traded at Rs.3,130 per gram till the end of the month.
|1st September rate||Rs.3,218 per gram|
|30th September rate||Rs.3,244 per gram|
|Highest rate in September||Rs.3,244 per gram on 7th to 30th September|
|Lowest rate in September||Rs.3,218 per gram on 1st and 2nd September|
September '16 - Week 1 and 2 (1st to 10th)
- Gold traded at Rs.3,218 per gram at the beginning of the week.
- Rates fluctuated on account of the impact from the expectations of a U.S. Fed rate hike.
- Though economic data shows a rate hike is not possible this month, the Federal Reserve is positive about a hike in the coming future.
- Gold climbed to Rs.3,244 per gram by 7th September and stayed constant till the end of the week on account of demand in the domestic market as well as global trends.
September '16 - Week 3 (11th to 17th)
- Gold prices stayed constant this week in Kolkata.
- In the global market, gold took a hit as the U.S. Federal Reserve raised expectations of an interest rate hike this month.
- However, stable domestic demand kept gold trading at Rs.3,244 per gram through the week.
- A drop in prices is expected as the global market experiences a downturn.
September '16 - Week 4 (18th to 24th)
- Gold rates in Kolkata were constant through the week.
- Gold traded at Rs.3,244 per gram from 18th September till the end of the week.
- Stability in gold rates can be attributed to a positive climate in the global market as well as steady domestic demand.
- Prices are expected to remain stable as domestic demand is expected to remain steady in light of the festive season.
September '16 - Week 5 (25th to 30th)
- The constant trend from the previous week continued into the fifth week of September.
- Gold rates in Kolkata was unaffected by the trends in the overseas markets.
- Gold traded at Rs.3,244 per gram from 25th September to 30th September.
- Demand on account of the festive season has been stable.
|1st July rate||Rs.3,271 per gram|
|31st July rate||Rs.3,237 per gram|
|Highest rate in July||Rs.3,287 per gram on 5th to 7th August|
|Lowest rate in July||Rs.3,232 per gram on 9th August|
August '16 - Week 1 (1st to 7th)
- The price of gold in Kolkata increased marginally as the week progressed.
- Gold traded at Rs.3,271 per gram on the 1st and at Rs.3,287 per gram on the 7th of August.
- The prices increased in spite of the global trend of falling demand due to a spike in the Dollar and equity markets.
August '16 - Week 2 (8th-14th)
- Gold rates fluctuated during the second week of August.
- Gold traded at Rs.3,248 per gram on 8th August, after which it dropped and rose through the week.
- Domestic demand was high on 10th August as the festive season approaches. Gold was at its highest for the week when it traded at Rs.3,269 per gram.
- Gold dropped owing to global market trends.
August '16 - Week 3 (15th-21st)
- Gold rates stayed steady in the third week of August.
- The price of gold on 15th August was Rs.3,248 per gram.
- On 18th August, gold climbed to Rs.3,277 per gram owing to sustained demand in the domestic market as the festive season of the country approaches.
- Gold rates stayed stable at Rs.3,277 per gram going into the fourth week.
August '16 - Week 4 (22nd-28th)
- Gold rates remained stable from last week.
- Gold traded at Rs.3,277 per gram throughout the week owing to stable demand from the jewellers in the domestic market.
- Gold rates seemed unaffected by global cues as the domestic demand provided enough support.
August '16 - Week 5 (29th-31st)
- Gold rates stayed steady through the week trading at Rs.3,237 per gram.
- In the global market, gold rates dropped as the dollar gained.
- Demand from jewellers in the domestic market was sluggish, but with the festive season approaching, the demand was enough to sustain prices.
Investments in gold have evolved over the centuries and gold now offers more investment avenues than ever before. Gold investments act to balance rising inflation, with changing gold rates negating any inflation which could creep in. Some of the popular gold investment options in Kolkata are mentioned below.
Jewelry – Jewelry has been the preferred choice of Indians when it comes to buying gold. Traditionally jewelry was not seen as an investment but people are warming up to it now. Gold jewels can be exchanged or sold, making it a decent investment option in case of emergencies.
Gold Accumulation Plans – These plans provide an investor with the opportunity to deposit a specific amount on a monthly basis. After completion of an agreed upon time period the investor can choose to cash in the deposits in exchange for gold coins or jewelry.
Gold Bullion Bars – Gold bars are seen as a safe investment and every country invests in keeping certain gold bars as reserves. Kolkata has a large number of high net worth individuals and gold bars can be a sound investment opportunity for them. These bars are 99.5% pure and can weigh up to 1 kg each, making them excellent high value investments.
Gold Bullion Coins – These coins are an ideal investment option for those with low reserves. Coins can be purchased according to weight, weighing anywhere between 1g to 10 g. With no wastage and making charges, coins offer better value for money than jewelry and can also be converted into liquid assets if need be.
Allocated Gold Accounts – A lot of people worry about the safety of their gold investments and this plan is perfect for those who wish to own gold but do not want to keep it with them. Gold accounts ensure that the gold is safe and secure in banks, with the owner having freedom to access it at any point.
Gold rates are often set on the same principle in all the states and cities in the country. But, as variables often differ in different states and so does the demand, we see prices that are dissimilar in most places. Coming to the part about how gold rates are fixed, we can say that it hinges on a number of factors. These include:
- Rate of gold in the international market: The reason why gold rates in the international exchange matters is because much of the bullion in the country is imported. Gold rates in the global market depends on how well the US dollar is performing. This is because the metal is mostly trade in US currency.
- Import duty: Every state has a different import duty which is added on top of the duty that should be paid for importing the metal into the country. Gold prices in the market may vary depending on the duty paid at a particular point in time.
- Bank margins: Usually, banks are one of the few institutions that are designated to import gold into the country. When banks get the metal into the country, they decide on a profit margin before selling the same to the retailers. The percentage cut banks decide to take will also have a bearing on how gold rates are set.
- The MCX: The Multi Commodity Exchange, known commonly as the MCX, is a market where commodities are exchanged. Prices on this index will impact how gold is priced in a city, in this case, Kolkata.
- Associations: Bullion association is an association of traders and retailers who come together to discuss any and all of their gold related concerns. To set a rate, these traders often consider some of the biggest retailers and their latest pricing while also taking into account the profitability of the rate they set.
Up until 2003, gold prices around India remained around the Rs.3,500 bracket, but things changed soon after the Lehman Brothers crash happened in 2008. When the markets crashed, people felt that investing in gold, whose prices were rising significantly would help offset their losses. Now, ever since 2008, gold prices have risen by more than 750% within a decade.
While we have mentioned how gold prices have gone up over the last couple years, there is a chance that bullion trading has seen its best days already. These days there’s very few reasons why gold rates should spike, unless the world again goes through a bad debt situation like it did in 2008. Som expect gold prices to remain more or less flat for much of 2017.
Availing loans against gold has become rather common of late with several NBFCs like Muthoot Finance and Manappuram Gold Loans have been established with this as their core business principle. There are also several other NBFCs and banks which offer loans against assets like gold. To provide a loan, they usually value the gold at the current day’s rate and will keep it as a collateral tilt he borrowed amount is completely repaid with interest.
Selling gold in Kolkata is relatively simple as nearly every jewellery store offers you this service. All you’d have to do is walk into a jeweller near you, who will value your gold and pay the total amount based on how much it weighs. However, what we suggest is that you go to reputed jewellers and retailers so that you don’t get hoodwinked by scamsters.
These are some of the most important things you should know about investing in gold in Kolkata. If you are really looking to invest in the metal, be advised that rates haven’t seen the best of days in the past few months and isn’t likely to go up any time soon.
24 karat gold – One gram of 24 karat gold costs Rs 2722 in Kolkata today (June 15, 2015). The price has hovered around the Rs 2700 mark, with a high of Rs 2915 about 8 months ago and a low of Rs 2600 six months ago.
22 karat gold – A gram of 22 karat gold costs Rs 2538 in Kolkata today (June 15, 2015). The average cost of 1 g of 22 karat gold has been around Rs 2600 in the last year, with a high of Rs 2715 and a low of Rs 2378. The low cost of gold makes it the right time to invest in it.
Kolkata is home to all major jewelers from across the country and houses some of the best gold stores. One can find gold shops in every major part of the city, with the most popular ones being Reliance Jewels, Tribhuvandas Bhimji Zaveri, DK Basak Jewellers, Anjali Jewellers and Senco Gold. Residents can also opt for the smaller gold shops spread across the city to meet their individual needs.
Also Check Gold Price in NearBy Cities of Kolkata
|Gold Rate In Siliguri||Gold Rate In Ranchi||Gold Rate In Jamshedpur|
|Gold Rate In Guwahati||Gold Rate In Raipur||Gold Rate In Bhilai|
|Gold Rate In Patna||Gold Rate In Bhubaneswar||Gold Rate In Cuttack|
- Also Check:Gold Rate in West Bengal
|Also Know: Silver Rate in Kolkata|
Read more on Gold
- Best Time To Buy Gold 2017
- Akshaya Tritiya – An Auspicious Day to Buy Gold
- Know About Hallmark, Kdm And 916 Varieties Of Gold
- Find Great Tips For Buying Gold Jewellery
- Which One Should You Buy, Gold Coins Or Gold Bars
- Learn About The Difference Between Spot And Futures Gold Rates
News About Kolkata Gold Rate
Gold offered better returns than stocks over the last decade
According to a recent report, gold investments supposedly offered much higher returns when compared to that of stock market acquisitions. From 2007 to 2016, NIFTY index rose by 4,000 to 8,924, clocking the returns at a rough 9%. However, gold and risk-free bonds offered returns of 12% Compound Annual Growth Rate (CAGR) which translates to 7.6%.
The report also suggested that the decrease in equity returns was vastly due to the Lehman Brothers crash which led to a global economic meltdown in 2008.
Returns on gold vastly improved compared to the previous decade i.e., 1997 - 2007, wherein stocks offered returns of 21% CAGR while gold offered just 7.6%.
27th March 2017
Demand for Gold Rekindled Thanks to Lower Prices
Demand for gold increased across the continent during the third week of March, thanks to a decline in global prices as the value of the dollar increased. The value of gold declined to its lowest level over the past five weeks last week as traders were inactive due to the US payrolls data that is expected to be closely scrutinised for clues on the American monetary policy. Traders revealed that demand for the precious metal has been strong in China, which is one of the top consumers of the commodity, and premiums ranged from $15 to $17 per ounce. In comparison, the prices last week stood between $9 and $12.
Brian Lan, the managing director at GoldSilver Central, a gold dealer based out of Singapore, said that clients had been visiting to enquire about inventories, and as a result, the physical demand for gold was expected to increase. India, on the other hand, has seen bullion prices hit premium over the past week, although retail demand was still somewhat subdued. In February alone, India imported 50 tonnes of the precious metal, marking an 82% increase from the previous year. So far as the local market is concerned, gold futures were seen trading at Rs.28,250 per 10 grams last week.
14th March 2017
Gold traders hoping for GST to usher in lower gold rates
As global cues are changing, gold prices are on the volatile side dipping below Rs.30,000 on Monday to hit Rs.29,750 per 10 grams.
Concerned by this latest turn of events, gold traders are hoping that the imminent introduction of GST will most likely stabilise the rates so as to improve their business.
Gold prices have been on a drop due to a reduced demand in the overseas demand and also due to the wedding season coming to a halt.
The industry to hoping for a tax rate between 1% to 1.5% on gold, though key gold-consuming states like Bihar and Kerala are batting for a 6% tax.
Analysts have, however, suggested that gold prices are likely to fluctuate for much of the year despite hitting a high because a price correction is likely to follow.
10th March 2017
Gold’s Vulnerability Leaves Traders Hoping For Low GST Rates
The recent volatility in the price of gold has led to traders hoping for low GST rates for the yellow metal, recent reports have suggested. With gold falling to below Rs.30,000 for 10 grams on 6th March, 2017, local traders are looking for ways to counter the sharply fluctuating prices. With Donald Trump’s recent policy decisions and the possibility of a U.S. Fed rate hike imminent, there is a fear that gold prices could plummet further in the coming weeks. Lowered demand from Indian jewellers and a weak demand industry are also fanning the flames. Gold industry figures are hoping for a 1%-1.5% tax on the yellow metal, though it is unclear if the government will entertain such a low rate. Some states, such as Bihar and Kerala are hoping for a 6% tax. After July, the price of gold will be determined by the tax payable on it, which will lead to the metal becoming dearer, as traders wait with bated breath for the announcement of GST rates for gold.
9th March, 2017
Gold Rates Dropped on Friday
Gold rates dropped on Friday after US Federal Reserve officials spoke of an increase in interest rates in March. The price of spot gold dropped by 0.2% to $1,232.81 per ounce. On Thursday, the price fell by 1.1% to $1,230.58. US gold futures rate increased by 0.2% to $1,234.90. The holdings of SPDR Gold Trust increase by 0.21% to 845.32 tonnes. Spot silver remained unchanged at $17.78 and Platinum was firm at $986.40. Palladium trading increased by 0.1% to $768.
2nd March, 2017
No Major Fluctuations in Gold Rates
On Friday, gold rates did not see any major fluctuations. Gold trading was not affected due to uncertainties in the Global market because of Donald Trump’s economic policy. At 0326 GMT, spot gold rate was $1,249.37 for each ounce. The price of US gold futures was $1,250.80. Even though many policymakers in USA think that it is suitable to increase interest rates, they are considering the uncertainties caused due to no clarity on the new economic policy. Due to the political scenario in Europe, gold prices have increased by 8% this year. According to a report, spot gold rate in Europe may increase to $1,278. Silver rates increased by 0.2% to $18.20 per ounce. Palladium increased by 0.2% to $774.25 and Platinum increased by 0.1% to $1,007 per ounce.
24th February 2017
Low Demand for Gold Jewellery in 2016
According to the Gold Demand Trends Report for 2016 released by the World Gold Council, the demand for gold jewellery during the year was at a 7 year low. The reason for this is the increase in gold rates. The demand fell by 15% during the year. India saw the biggest drop in demand during the year. The demand was 148.3t lower than the previous year. One reason for the drop in demand was the jewellers strike in the 1st quarter. The demand increased during the festive season and after demonetization, but cash crunch brought rural gold purchase to a new low.
10th February 2017
Demand for gold jewellery plunged to a 7-year low in 2016
A recent report published by World Gold Council (WGC) has suggested that demand for gold jewellery hit a seven-year low in 2016.
The Indian jewellery industry, in particular, saw the biggest ever decline in jewellery trends in history. Much of the decline was attributed to Indian government’s stance towards curbing black money and the subsequent move to demonetise Rs.500 and Rs.1,000 currencies.In the report, it was said that demand went down to 2,041 tonne in 2016 which was a decrease of 15% compared to the previous year.
Besides, a majority of the decline in demand was contributed to by the two most populous countries in the world - India and China.Despite a recovery in Q4, demand for gold jewellery in Asian countries also dropped by nearly 0.2 tonnes in 2015 from 15.6 tonnes in 2015.
The report also suggested that investment in gold increased significantly but couldn’t see itself transfer to the jewellery department.
9th February 2017
Gold Crosses Rs.29,000 Mark At Start Of February
The price of gold crossed the Rs.29,000 mark as the month began, as strong demand from the jewellery sector led to a rise in price. Gold traded at Rs.29,750 for 10 grams on 1st February, 2017 on steady buying by jewellers as well as an increase in retail purchases. Pure gold (of 99.9 purity) also registered an increase in price, trading at Rs.29,160 for 10 grams on 1st February, 2017 against its previous closing rate of Rs.29,110 for 10 grams.
Globally, though, gold prices fell as the U.S. Dollar strengthened over the U.S. Fed’s meeting which would delineate the monetary policy for the next financial year.
As a result, spot gold traded at $1,210.61 for an ounce on 1st February, 2017.
2nd February 2017
Gold Prices Dip On Weak Demand And Speculation
The price of gold fell on Thursday, 19th January, 2017 due to weak demand and speculation. Gold traded at Rs.28,615 for 10 grams on 19th January, 2017, recording a loss of Rs.176 for 10 grams.
Weak international demand due to a strengthening U.S. Dollar led to decreasing demand for the metal as a safe-haven asset. Profit-booking by speculators at current levels also led to a decrease in demand and prices.
The disclosure by the U.S. Federal Reserve Chair Janet Yellen on the gradual lifting of U.S. interest rates led to the U.S. Dollar rising.
Positive data from the U.S. put pressure on gold, resulting in global prices falling to $1,202 per ounce on 19th January, 2017.
Gold had risen by more than 7% since December due to political and financial instability.
20th January 2017
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