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|Gold price in Kolkata in September 2017||Gold price in Kolkata in August 2017||Gold price in Kolkata in July 2017|
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 September 2017 (rates per gram for 24 karat gold)
September 2017 - Week 1 (1st to 10th)
- Gold prices in Kolkata started off on a slower note due to muted demand from investors and jewellers in the city.
- Rates remained at Rs.3,041 per gram on the 1st and the 2nd before increasing to Rs.3,049 per gram on the 3rd.
- As the local bullion exchange was affected by North Korea’s latest escalation with regards to its nuclear weapon testing.
- Gold rate in Kolkata continued at Rs.3,065 per gram for the next couple days, courtesy of a sustained demand from domestic investors.
- The North Korean hoodoo wore off, which led to prices drop to Rs.3,052 per gram on the 7th.
- However, when the Kim Jong Un government gave official confirmation about its most powerful nuclear test to date.
- Gold price in Kolkata jumped by Rs.133 per gram to trade at Rs.3,185 per gram on the 8th and continued at the same rate for the remaining days of the week.
- The sudden spike in gold rates was due to an increase in safe-haven investments skyrocketing in and around the world.
Trend of Gold Rate in Kolkata for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.3,005 per gram|
|August 31 Rate||Rs.3,041 per gram|
|Highest Rate in August||Rs.3,072 per gram on 17 August|
|Lowest Rate in August||Rs.2,971 per gram on 7 August|
|Overall Monthly Performance||Incline|
August ‘17 - Week 1 (1st to 6th)
- Reflecting trends seen across major Indian cities, the price of gold in the City of Joy was also subject to fluctuations as a result of market conditions.
- Gold was priced at Rs.3,005 per gram on 1 August but prices fell to Rs.2,997 per gram on 2 August due to declining demand.
- Gold rate in Kolkata fell sharply as U.S. markets were buoyed by the possibility of an interest rate hike, resulting in demand for gold falling to Rs.2,977 per gram on 3 August.
- Gold made a comeback as local demand increased on account of Varmahalakshmi, with the yellow metal trading at Rs.2,991 per gram on 4 August.
- Gold price in Kolkata rise was short-lived, as gold prices dropped to Rs.2,975 per gram on 5 & 6 August due to weak overseas demand.
August ‘17 – Week 2 (7th to 13th)
- In West Bengal’s capital Kolkata, gold prices were recorded at Rs.2,971 per gram when the week began on the 7th.
- Prices went up marginally on the 8th to Rs.2,975 per gram and continued at the same rate till the 10th as demand in local circles was minimal.
- However, positive cues internationally and in the the rest of the country led to gold prices increasing significantly by Rs.59 to trade at Rs.3,034 per gram on the 11th.
- The increase seen on the 11th also happened to be one of the highest single-day rise in the country.
- Due to marginal demand, gold price in Kolkata only went up to Rs.3,037 per gram on the 12th and continued at the same rate till the end of the week on the 13th of August.
August ‘17 - Week 3 (14th to 20th)
- Contrary to prevalent trends, the price of gold in Kolkata rose in the third week of August as local demand boosted prices in spite of conflicting global cues.
- Gold was priced at Rs.3,030 per gram on 14 August, with the price remaining unchanged on 15 August.
- Gold rate in Kolkata rose to Rs.3,049 per gram on 16 August as local demand rose in spite of the dollar rate stabilising.
- Tensions with North Korea led to U.S. markets faltering, which led to greater demand for safe-haven assets like gold.
- Gold traded at Rs.3,072 per gram on 17 August before falling to Rs.3,070 per gram on 18 August.
- Gold price in Kolkata fell steeply as the week drew to a close as the upcoming central banker’s meet led to a resurgence in the dollar rate, trading at Rs.3,040 per gram on 19 & 20 August.
August 2017 – Week 4 (21st - 27th)
- Gold rate in Kolkata fluctuated slightly this week due to uneven demand.
- On the 21st of the month, gold price in Kolkata were holding at Rs.3,030 per gram, which jumped up to Rs.3,034 per gram on the 22nd.
- However, a drop in demand due to cautious investors, gold prices dropped to Rs.3,026 per gram on the 23rd of August.
- Conflicts between the US and North Korea led to gold prices spike to Rs.3,035 per gram on the 24th.
- Over the final two days of August week 4, gold was selling at Rs.3,035 per gram.
August 2017 – Week 5 (28th - 31st)
- Gold prices fluctuated and dropped marginally in Kolkata over the course of the last week, trading at Rs.3,058 per gram on 28 August as demand was stable in spite of changes in the dollar rate.
- Demand dropped sharply, trading at Rs.3,015 per gram on 29 August as local demand plunged in spite of high demand internationally.
- The ongoing threat from North Korea as well as a plunging rupee led to higher demand for gold from local consumers which helped boost prices to Rs.3,041 per gram on 30 August.
- There was no change in the price of gold in Kolkata as the month ended, with the metal trading at Rs.3,041 per gram on 31 August as the dollar rate and U.S. markets continued to fall due to factors such as Hurricane Harvey and North Korea.
Trend of Gold Rate in Kolkata for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.3,011 per gram|
|July 31 Rate||Rs.3,001 per gram|
|Highest Rate in June||Rs.3,044 per gram on 3 July|
|Lowest Rate in June||Rs.2,903 per gram on 14 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st to 9th)
- A number of variations were noted in the price of gold in Kolkata during the first week of July. Gold traded at Rs.3,011 per gram on 1 July and continued to trade at this rate on 2 July as well.
- Post GST implementation, a few variations were seen in the price of this metal.
- There was a marginal increase noted in the price of gold on the 3 of July with gold being priced at Rs.3,044 per gram but fell the next day to trade at Rs.3,022 per gram.
- Gold continued to trade at Rs.3,022 per gram on 4 July but reduced the next day to trade at Rs.3,021 per gram. This price of gold was noted on 7 July as well.
- On the last two days of the week, gold was priced at Rs.2,992 per gram in Kolkata.
July 2017 - Week 2 (10th to 16th)
- Gold trading in Kolkata wasn’t as hit and miss as it was in other cities in the country.
- On the 10th of July, gold prices were recorded at Rs.2,909 per gram - a rate which went up marginally to Rs.2,911 per gram on the 11th.
- The 12th saw prices go up very slightly by Rs.1 for the metal to trade at Rs.2,912 per gram.
- During the 13th, the Donald Trump scandal gripped the US leading to a crash in dollar rate and the subsequent increase in gold demand.
- Gold prices were holding at Rs.,2915 per gram on the 13th.
- However, all the change in international market didn’t translate itself when trading began for 13th in Kolkata.
- Contrary to global demand, gold prices fell by Rs.12 to Rs.2,903 per gram on the 14th.
- Over the last two days of the week, however, gold prices remained stable at Rs.2,920 per gram, thanks to a steep incline in demand brought about by local buyers.
July 2017 - Week 3 (17th to 23rd)
- The price of gold in Kolkata rose over the course of the week due to an increase in local demand as well as favourable market forces.
- Gold was priced at Rs.2,920 per gram on 17 July, reflecting no change from the previous week.
- Gold price in Kolkata rose to Rs.2,939 per gram on 19 July as the U.S. dollar suffered losses due to various geopolitical crises affecting the United States.
- While local demand was not as expected, overseas demand made up for the domestic shortfall and kept price stable.
- Gold rose to trade at Rs.2,955 per gram on 21 July as Asian markets sought to capitalise on the poor U.S. dollar rate and increased demand for the yellow metal.
- Prices soared to trade at Rs.3,002 per gram on 22 July as industrial demand rose due to the continued poor performance of the U.S. dollar as well as global markets.
- The week drew to a close with gold prices remaining constant at Rs.3,002 per gram on 23 July, registering a Rs.82 increase over the course of the week.
July 2017 - Week 4 (24th to 31st):
- Kolkata recorded one of the highest rates for gold this week.
- On the 24th, the metal was trading at Rs.2,993 per gram, which continued on the 25th as well due to sustained demand.
- Prices went down to Rs.2,972 per gram on the 26th- a Rs.21 decrease - as demand from local investors fell.
- On the 27th, prices, however, increased thanks to a fall in US dollar value and the subsequent increase from jewellers in Kolkata.
- The 28th saw gold rates decline to Rs.2,982 per gram as investors were cautious and were hoping for prices to fall further.
- As prices didn’t seem to go down - and as demand went up instead - gold rates went up to Rs.3,001 per gram on the 29th.
- The next two days didn’t see any change in gold prices as there was sustained demand for the metal from investors.
|Parameters||Gold price (24karat)|
|June 1 Rate||Rs.3,030 per gram|
|June 30 Rate||Rs.3,011 per gram|
|Highest Rate in June||Rs.3,080 per gram on 7 June|
|Lowest Rate in June||Rs.2,994 per gram on 19 & 20 June|
June 2017 - Week 1 (1st-4th):
- In Kolkata, there was much the same pricing pattern as the rest of the cities, wherein the rates fell on the 2nd only to bounce back strongly on the 3rd.
- On June 1st, gold was priced at Rs.3,030 per gram.
- Due to there being low demand on the 2nd, gold prices fell to Rs.3,011 per gram - a sharp Rs.19 decrease from the previous day’s prices.
- The 3rd began strongly with gold opening at Rs.3,048 - a significant rally of Rs.37 per gram from the preceding day’s closing rate.
- As there was no change in demand after that massive charge, gold prices ended June week 1 at Rs.3,048 per gram.
June 2017 - Week 2 (5th - 11th)
- Kolkata recorded one of the highest gold prices for this week.
- On the 5th, gold was priced at Rs.3,048 per gram and then increased to Rs.3,063 per gram as US market wobbled after Labour Department’s Employment Report.
- Prices went up again on the 7th to Rs.3,080 per gram as investors began to bank on a low-performing market.
- However, as the US dollar bounced back, gold prices went down on the 8th to hit Rs.3,066 per gram.
- The 9th saw saw prices dip significantly from Rs.3,066 per gram to Rs.3,032 per gram as demand took a massive hit.
- On the 10th and the 11th, gold prices remained at Rs.3,028 per grams as demand didn’t increase after the fall from two days prior.
June 2017 - Week 3 (12th-18th)
- Gold opened at Rs.3,024 per gram on the 12th of June and continued to trade at this rate on the 13th as well.
- There was a slight increase noted in the gold rate in Kolkata on the 14th with this metal trading at Rs.3,026 per gram but fell the next day due to a fall in the demand for this metal.
- Due to low but sustained demand for this metal gold traded at Rs.3,012 per gram on the 15th of the month.
- This rate was noted until the end of the week due to sustained demand.
June 2017 - Week 4 (19 to 25)
- Gold prices in Kolkata increased over the course of the week due to increased demand and favourable market conditions.
- Gold opened the week trading at Rs.2,994 per gram on 19 June and rose to Rs.2,999 per gram on 21 June due to an increase in domestic demand.
- The fluctuating U.S. Dollar as well as vacillating stock markets led to higher demand for the safe-haven asset.
- Speculation over the fiscal policy of the U.S. Federal Reserve led to precarious markets in the U.S., which boosted demand for the yellow metal.
- Prices remained constant for the rest of the week, trading at Rs.2,999 per gram on 25 June.
June ’17 – Week 5 (26 to 30)
- The price of gold in Kolkata was more or less stable in spite of the fluctuations brought about by changes in the U.S. Dollar rate as well as stock markets.
- Gold was priced at Rs.2,999 per gram on 26 June, the price remaining constant from the previous week.
- In contrast to trends observed across other cities, the price increased to Rs.3,011 per gram on 27 June in spite of the rise in the U.S. Dollar.
- Prices remained constant for the remainder of the week as higher demand from the retail sector boosted prices and kept demand stable.
- Gold ended the week trading at Rs.3,011 per gram on 30 June, though the overall price fell by 0.62% over the course of the month.
|May 1st Rate||Rs.3,021 per gram|
|May 31st Rate||Rs.3,015 per gram|
|Highest Rate in May||Rs.3,021 per gram on 1st May|
|Lowest Rate in May||Rs.2,937 per gram on 11th May|
May 2017 - Week 1 (1st-7th)
- There were a few marginal fluctuations noted in the price of gold during the first week of May in the City of Joy, Kolkata.
- Gold opened at Rs.3,021 per gram on the 1st of May before reducing to trade at Rs.3,002 per gram on the 2nd and 3rd of May.
- Due a fall in the demand as well as an increase in the value of the U.S.Dollar, the price of gold reduced.
- Gold was priced at Rs.2,994 per gram on the 4th before falling to Rs.2,947 per gram on the last two days of the week.
May 2017 – Week 2 (8th -14th)
- Barring a slight increase in price at the start of the week, the price of gold in Kolkata declined steadily due to poor demand.
- Gold was priced at Rs.2,943 per gram on 8th May, with the price rising to Rs.2,948 per gram on 9th May due to a marginal dip in markets locally.
- Prices soon reflected the prevalent trends, with the gold price falling as investors moved away from the safe haven asset as markets reacted positively to the news of the victory of Emmanuel Macron in the French presidential elections.
- The price fell to Rs.2,937 per gram on 11th May as demand continued to drop on lower industrial demand from Asian countries.
- Gold rate in Kolkata rose marginally to end the week trading at Rs.2,939 per gram on 14th May, registering a decline in price of Rs.4 per gram during the week.
May 2017 - Week 3 (15th - 21st)
- Gold trade in Kolkata was comparatively different compared to other states and cities in the country.
- The third week of May began on a high in Kolkata as bullion was trading at Rs.2,941 per gram.
- But, due to demand going down marginally, gold prices went down to Rs.2,939 per gram on the 16th.
- The 17th, however, saw prices increase to Rs.2,957 per gram as there was a possible showdown between the US President Donald Trump and the FBI.
- On 18th, gold rates hit one of the highest single-day raise of Rs.46 per gram to reach Rs.3,003 per gram.
- This increase was the first of its kind since the June of 2016, when Britain decided to break away from the European Union.
- Due to there being a slight demand for gold in the city, gold was trading at Rs.3,006 per gram on the 20th and the 21st of the month.
May 2017 – Week 4 (22nd - 28th)
- The rate of gold was relatively high during the fourth week of May in the city of Kolkata. Gold opened the week by trading at Rs.2,999 per gram but rose steadily as the week progressed.
- The rate of gold increased to trade at Rs.3,029 per gram on the 23rd of May but reduced the next day to be priced at Rs.3,009 per gram.
- Despite blasts in the city of Manchester, the rate of gold was not significantly impacted as the investors remained in the sidelines.
- Gold was priced at Rs.3,012 per gram and held steady at this rate until the end of the week. The value of the dollar fell after the last meeting of the U.S. Fed Reserve implied a relaxed stance on their increasing interest rates.
May ’17 – Week 5 (29th to 31st)
- Gold prices were relatively stable in the last week in Kolkata, though demand was stagnant due to a decline in demand.
- Gold was priced at Rs.3,026 per gram on 29th May, with the price rising marginally from the previous week due to a slight rise in overseas demand.
- Prices rose to Rs.3,034 per gram on 30th May but fell as the month ended, with gold priced at Rs.3,015 per gram on 31st May, registering a minimal drop in price over the course of the month.
|April 1st Rate||Rs.3,011 per gram|
|April 30th Rate||Rs.3,021 per gram|
|Highest Rate in April||Rs.3,096 per gram on the 22nd and 23rd of April and on the 17th of April|
|Lowest Rate in April||Rs.3,005 per gram on the 10th of April|
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.
April 2017 - Week 4 (24th-30th)
- There were a few marginal fluctuations noted in the price of gold during the fourth week of April in the City of Joy, Kolkata.
- Gold opened at Rs.3,060 per gram on the first day of the fourth week of April was relatively high as compared to the rates noted in certain other cities. However, this price was not sustained and gold rate fell the next day.
- On the 26th and 27th of April, due to low demand the rate of gold reduced to Rs.3,010 per gram before marginally recovering the next day to trade at Rs.3,021 per gram.
- Due to sustained demand, gold traded steadily at Rs.3,021 per gram on the last three days of the week.
|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.
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 prices have edged above $1,300 an ounce and the gold-focused ETFs to trade at a historic mark
The market analysts have reported that gold prices have edged over $1,300 an ounce this week. The gold-focused ETFs trades at a historic mark of $125.36 per share since early October. At $1,321.20 a troy ounce, on the Comex division of the New York Mercantile Exchange, gold for December was up 0.6%.
GLD was up by 3.7% over the previous month, and gold-focused ETFs have surged. As per State Street Global Advisors, the fund inflow was in excess of $1 billion since August 1. The market experts also reported that gold has traded between $1,150 to $1,350, and the next hike might not be in the month of December.
4th September 2017
Bullion Futures Rise On Strong Global Cues
Gold and silver futures rose on positive overseas cues, with gold gaining by 0.53% in the day’s trading on Tuesday, 6th June 2017. Gold was priced at Rs.29,468 for 10 grams at futures trading due to increasingly positive outlooks for the yellow metal.
Gold futures for August delivery rose by 0.47% to Rs.29,255 for 10 grams, an increase of Rs.138 in 1,289 lots.
The firm overseas trend as well as a widening of positions by local players have contributed to the rise in futures prices.
Silver also saw a rise in price, with the metal trading at Rs.40,570 per kg for July delivery, increasing by 0.29% as traders increased margins and orders.
The delivery for September 2017 also rose by 0.28% to trade at Rs.41,040 per kg as the price of the white metal rose in futures trading.
7th June 2017
Global gold demand took a significant hit in Q1 2017
According to a report published by the World Gold Council (WGC), demand for gold fell by 18% during the first quarter of 2017. Supposedly the total gold consumption went down to 1,034 tonnes from 1,220 tonnes. The reason for the fall, according to experts, was due to less demand from central banks and a low inflow rate into Exchange Traded Funds (ETFs).
Speaking about the issue, Alistair Hewitt, Head of Market Intelligence, WGC, said that demand during the first quarter of this year is because there was exceptionally high demand in Q1 2016. He further said that while demand hasn’t met last year’s levels, it still was considerably high particularly in the European markets, thanks to the imminent arrival of French and Dutch elections. Managing Director of WGC India, Mr.PR Somasundaram also gave his opinion and also shared some statistics regarding the fall in demand. He said that ETF inflows was only at 109 tonnes during Q1 2017, while it was at record levels of 342 tonnes last year.
Further continuing on the issue, he said that the rise last year was due to tensions around Europe surrounding Brexit and the growing concerns over Greece and other lesser stable nations in the continent.
5th May 2017
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
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