Gold Rate In Maharashtra

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Gold Rate in Maharashtra

Maharashtra is one of the most prosperous states in India. The state, which includes cosmopolitan cities such as Mumbai and Pune, boasts of one of the largest demands of gold in the country. Gold rates in Maharashtra for different variants such as bullions and bars reflect the gold rates persisting worldwide. Mumbai, with its location in the western coast of India, has made it an ideal location for imports of gold, which form a significant portion of overall supply of the yellow metal in the country.

Gold is primarily traded in the form of jewellery in Maharashtra, with the rural population accounting for a substantial portion of gold purchases. Jalgaon in Maharashtra is also known as the ‘Golden City’ owing to its quality gold jewellery, which is sold far and wide. Gold rate in Maharashtra is related to gold rates in other parts of the countries, albeit with slight differences.

Gold Rate Trend in Maharashtra for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Maharashtra from January 2020 to March 2020:

• In January, the yellow metal had opened at Rs.3,985 per gram. On this day, gold had recorded the lowest price for this month. Throughout January, the yellow metal rates had seen an increase in its trend and this can be associated with many geopolitical and political reasons in the international market. The metal had reached its highest price for the month on 9 January. On this day, one gram of the metal had cost Rs.4,216. This shoot in the rates of the metal is because of the impeachment enquiry into the U.S. president. The prices of gold had then gone through a lot of fluctuations in Maharashtra. This was due to the sudden outbreak of the coronavirus in China. There were many other factors that had led to the fluctuations in the price of the metal. These include the uncertainty of the signing of a trade treaty between Washington and Beijing and the tensions in the Middle East. Gold had closed at Rs.4,179 per gram on the last day of the month. The metal went through an overall incline of 4.86% during January.
• In February, the yellow metal had stepped foot into the month at Rs.4,179 per gram and had shown an incline in its rates. The prices of gold had fluctuated a lot during the first week of February. The metal reached Rs.4,184 per gram on 4 February. It had then reduced to Rs.4,158 per gram by the next day, 5 February. The rates of gold had then dipped throughout the first week because of the increase in risk appetite with the investors as the Central Bank of China had liquidated their funds. Then, the precious metal had reached its highest rate for the month and stood at Rs.4,410 per gram by 25 February. This was driven by the increasing fears of the coronavirus. The price of the yellow metal had driven traders to book profits right before the rates had fluctuated. The heavy profit-booking had led to the fall in the price of the metal. By the end of February, the metal had closed curtains at Rs.4,358 per gram on 29 February.
• In Maharashtra, the prices of gold metal for March had witnessed a fall from Rs.4,263 per gram on the first day to Rs.4,158 per gram on 31 March. This fall by 2.46% can be associated with the growing fears of the coronavirus that had been having a huge impact on the global economy. The yellow metal had witnessed an increase in its prices on 3 March, by Rs.42 and had reached Rs.4,305 per gram. The rates of the precious metal had been Rs.4,116 per gram by 18 March. On this day, the metal had reached its lowest for March. The dip in the rates of gold is because the traders had liquidated their positions in the metal. They had made this move in spite of the central banks’ measures to fight and absorb the impacts of the pandemic. Traders had feared an economic fallout and the prices of gold had been stagnant for 12 days (20 March to 31 March). On these days, the price of gold was Rs.4,158 per gram.

Gold Rate Trend in Maharashtra for October 2019 to December 2019 (per gram of 24 karat gold)

Quarterly Gold Rate in Maharashtra from October 2019 to December 2019:

• In Maharashtra, gold prices opened the month of October at Rs.3,864 per gram. The rates of the yellow metal showed an incline of 2.71% over the month. Due to trade deal concerns and the value of the dollar falling against other currencies due to Brexit fears, gold prices fluctuated throughout the month. The yellow metal closed the month at Rs.3,969 per gram.
• Gold prices fell in the month of November as the US Federal Reserve slashed the rates yet again. Having opened the month at Rs.3,928 per gram, the rates closed the month at Rs.3,917 per gram. The overall performance of the metal over the month showed a declining trend of -0.53%.
• In December, gold prices bounced back as a number of geopolitical factors came into play. Gold opened the month at Rs.3,917 per gram and climbed considerably after the Senate voted in favour of impeachment of the US president. Tensions in the Middle East also played its part in the rates of the metal increasing. The yellow metal closed the month at Rs.3,985 per gram with the overall performance showing an incline of 1.73%.

Gold Rate Trend in Maharashtra for July 2019 to September 2019 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for April 2019 to June 2019 (per gram of 24 karat gold)

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Gold Rate Trend in Maharashtra for January 2019 to March 2019 (per gram of 24 karat gold)

Gold rate trend in Maharashtra for January 2019:

• The gold rate in Maharashtra increased at the start of January 2019 as the rupee increased in value in comparison to the dollar.
• Demand for the metal surged globally amongst investors, as many switched to investing in bullion as opposed to stocks and equites. The share mark dipped in value globally and the metal stood at Rs.3,219 per gram on 1st January. It remained the same till 3rd January after which there was a steady increase in the value of gold for the month.
• There was a surge in demand for the metal amongst industrialists and local jewelers throughout the country. Therefore, there was a surge in the price of the metal causing the import business for gold to thrive.
• At the end of the month, the price of gold hit its highest point at Rs.3,411 per gram resulting in a percentage incline of 5.96%.

Gold Rate Trend in Maharashtra for February 2019:

• On the 1st of February, gold sold at Rs.3,411 per gram as equity markets remained low and bad economic trends prevailed despite the Federal Reserve indicating positive trends.
• Gold rate in Maharashtra from the 8th to 19th dipped to Rs.3,398 per gram as investor interest in the metal declined and the US dollar dipped rose in comparison to other currencies. This also dampened local and retail demand.
• Trade talks between Sino-US boosted the value of the dollar. However, economic uncertainty caused due to Brexit led to a higher interest in bullion. On 20th February, the price of the metal stood at Rs.3,446 per gram.
• The price of gold in the city then remained steady as local offtake increased. However, as the US dollar gained an edge towards the end of the month, the price of gold declined to Rs.3,439 per gram on 28th February.

Gold rate trend in Maharashtra for March 2019:

• The month started at a low as the gold rate in Maharashtra declined from last month as the dollar increased in value. During the same time, equities declined in value as well. The price of gold at the start of March was recorded at Rs.3,439 per gram. This was also the highest price that the yellow metal stood at for the month.
• At the end of the first week of the month, the Euro surpassed the dollar after the ECB (European Central Bank) postponed their interest hike. This stunted potential gain for bullion propelled by darkened economic situations.
• On 22nd March, the value of gold dipped to one of its lowest points as the dollar strengthened and poor economic conditions prevailed. At this point, gold in Maharashtra was trading at Rs.3,281 per gram.
• The month ended with gold being priced at its lowest when it was priced at Rs.3,266 per gram. The month recorded a declining trend for the month and the percentage decline was recorded at –5.03%.

Gold Rate Trend in Maharashtra for October 2018 to December 2018 (per gram of 24 karat gold)

Gold rate trend in Maharashtra in October

• In the state of Maharashtra, gold trade recorded an upward trend in the month of October, opening at Rs.3,140 per gram.
• The rise in the price of the metal was mainly due to positive global cues and the weakening of the dollar against other currencies.
• The lowest price of gold was on 9 October at Rs.3,228 per gram as the local demand was weak. However, in the second half of the month, the local demand increased due to the upcoming festivals of Diwali and Dhanteras in the country.
• On 31 October, the precious metal was priced the highest at Rs.3,302 per gram with a record percentage incline of 5.15.

Gold rate trend in Maharashtra in November

• November almost neutralised all the gains made by investors in the month of October due to low local demand and the dollar recovering against other currencies.
• Gold trade opened at Rs.3,302 per gram and decreased to Rs.3,209 per gram by the middle of the month.
• The rupee weakened in this month against the rising dollar which resulted in a weakened import business due to decreased local demand.
• On 30 November, gold trade closed at Rs.3,140 per gram with a percentage decrease of 4.90.

Gold rate trend in Maharashtra in December

• December was the month when the gold trade provided respite for investors as the dollar fell due to the US-China trade truce and other global factors.
• The price of the metal on 1 December was Rs.3,131 per gram which increased to reach the highest in the month at Rs.3,234 per gram from 11 December to 17 December.
• Local demand for the precious metal increased in the second half of the month as the wedding season began in the country. This led to the rise in prices along with the rise in the value of the rupee.
• On 31 December, gold trade closed at Rs.3,219 per gram with a percentage incline of 2.81.

Gold Rate Trend in Maharashtra for July 2018 to September 2018 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for April 2018 to June 2018 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for April 2018

• Gold rates in Maharashtra were on the increase over the course of the month, with the precious metal opening the month at Rs.3,148 per gram.
• Positive international cues, as well as stable local demand, kept prices steady in spite of market fluctuations, though industrial offtake was impacted marginally.
• The fears of a trade war led to markets falling, but conflicting cues and a rising dollar rate capped gains.
• Demand for the precious metal rose to Rs.3,232 per gram on 26 April, as a shock drop in the dollar rate led investors to bullion as a safe-haven asset.
• There was a slight decline in gold rates as the month ended, with the metal trading at Rs.3,219 per gram.

Gold Rate Trend in Maharashtra for May 2018

• May saw demand for gold in Maharashtra fall due to declining demand and a rising dollar rate, which impacted retail and industrial demand.
• The yellow metal was priced at Rs.3,219 per gram on 1 May before prices fell on steadily reducing demand, both locally as well as overseas.
• Markets fluctuated frequently during the month as geopolitical tensions as well as trade conflicts impacted global economies, but gold prices continued to trade flat or decline.
• Prices fell to Rs.3,205 per gram from 18-24 May as the rupee fell heavily against the dollar ahead of the implementation of trade tariffs on Indian goods.
• A marginal recovery in price saw gold end the month at Rs.3,208 per gram, as its value fell by 0.34%.

Gold Rate Trend in Maharashtra for June 2018

• With the dollar rate continuing to strengthen and markets fluctuating due to various socio-economic factors, gold prices fell sharply during the month.
• The yellow metal was priced at Rs.3,208 per gram on 1 June before declining industrial demand led to a drop in value.
• The U.S.-North Korea summit helped steady equity markets after the trade crisis, as the dollar also capitalised on the market uncertainty.
• The month ended with gold priced at Rs.3,142 per gram, with the sharp fall attributed to the depreciating rupee coupled with unfavourable market trends.

Gold Rate Trend in Maharashtra for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for January 2018:

• The first quarter of the year commenced in Maharashtra with domestic gold rates holding at Rs.3,093 per gram on the 1st.
• Strong US dollar rates coupled with rising equities led to gold prices plunging to Rs.3,080 per gram on the 4th.
• Prices remained untouched at Rs.3,080 per gram until the 8th with poor demand compounded by weak market trends globally.
• However, the dollar lost its ground with poor figures from the US jobs and payrolls’ data and weaker-than-expected US inflation data that raised concerns in the markets over the next couple of weeks.
• Gold rates in Maharashtra rose to Rs.3,164 per gram - the highest recorded monthly figure - on the 25th amid strong global cues.
• The month came to an end with the precious metal priced at Rs.3,121 per gram on the 31st with investors banking on the bullion to hedge against inflation concerns.
• Maharashtra recorded an increase of 0.90% in gold trade during the course of the month.

Gold Rate Trend in Maharashtra for February 2018:

• February began with the yellow metal trading relatively higher at Rs.3,128 per gram as domestic markets tracked a positive trend in the overseas bullion market.
• Prices surged to Rs.3,148 per gram on the 3rd following an increase in domestic demand from local retailers, jewellers and industries.
• The next couple of days saw gold rates holding at Rs.3,148 per gram with steady demand compounded by strong global cues.
• The 9th saw prices plunging to Rs.3,091 per gram - the lowest recorded monthly figure - as the dollar dominated against other apex currencies following the release of a highly anticipated employment data.
• Poor trends overseas coupled with weak demand led to gold rates remaining unaltered at Rs.3,091 per gram until the 11th.
• Gold prices rose again to its monthly high of Rs.3,148 per gram on the 17th and continued trading at the same rate until the 22nd amid the positive trend overseas.
• Trading concluded for the month with the precious metal trading firm at Rs.3,147 per gram on the last day and Maharashtra registered an incline of 0.60% in gold trade during the course of the month.

Gold Rate Trend in Maharashtra for March 2018:

• Trading began with gold trading at Rs.3,147 per gram on the 1st of March amid positive global cues.
• Firm trends overseas coupled with steady domestic demand from local jewellers and retailers led to gold prices surging to Rs.3,148 per gram on the 8th. This was also the highest recorded monthly figure in Maharashtra.
• However, with the US dollar strengthening against other apex currencies following the release of the stronger-than-expected US employment data, gold prices plunged to Rs.3,123 per gram on the 17th.
• Poor demand coupled with uneven trends overseas led to gold rates holding steady at Rs.3,123 per gram until the 23rd.
• Thanks to an increase in investor demand ahead of the US Federal Reserve monetary policy meeting, gold prices surged to Rs.3,148 per gram the next day.
• The rest of the month saw gold rates holding strong at Rs.3,148 per gram with steady demand from local jewellers, retailers and industries due to positive global trends.
• Maharashtra registered a profit of 0.03% in bullion trade on account of the firm market trends that resulted in steady domestic demand during the course of the month.

Gold Rate Trend in Maharashtra for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Maharashtra for April 2017

• Gold prices in Maharashtra rose as April began, with the metal trading at Rs.3,011 per gram on 1 April, rising to Rs.3,043 per gram from 4-9 April as local demand was high due to favourable market conditions.
• Demand was steady but declined as the month progressed, with gold priced at Rs.3,025 per gram from 10-25 April as industrial demand was stagnant in spite of the fluctuations in the U.S. dollar rate as well as global markets.
• Local demand was poor as domestic markets were steady, prompting lower demand for safe-haven assets like gold.
• Prices recovered as the month was ending, with gold trading at Rs.3,036 per gram on 26 April.
• An increase in overseas demand led to gold trading at Rs.3,048 per gram on 28 April before prices rose to Rs.3,061 per gram on 30 April to register a 1.66% increase in price.

Gold rate trend in Maharashtra for May 2017

• Demand for gold dipped in May as demand was poor ahead of the French presidential elections, with gold prices falling from Rs.3,061 per gram on 1 May to Rs.2,977 per gram on 9 May.
• Prices were low as international markets were buoyed by the recent victory of Emmanuel Macron in the French presidential election, with the U.S. dollar also making gains.
• Gold prices rose slightly to trade at Rs.2,973 per gram on 17 May as demand from local jewellers helped boost prices.
• Gold price in Maharastra soon rose as industrial demand from Asian markets increased, with gold trading at Rs.3,017 per gram from 18-24 May.
• Demand was high as consumers also sought safety in safe-haven assets like gold following fresh allegations of collusion between the Trump campaign and Russia.
• Gold prices rose for the remainder of the month, trading at Rs.3,046 per gram on 31 May.

Gold rate trend in Maharashtra for June 2017

• Gold was priced at Rs.3,046 per gram on 1 June as demand was stable due to a low U.S. dollar rate, though the markets were stable.
• Prices rose to Rs.3,077 per gram on 7 June as demand from local jewellers rose prior to the implementation of GST.
• Markets fluctuated due to conflicting cues from overseas consumers as demand dipped, with gold priced at Rs.3,053 per gram from 9-14 June.
• Local demand was poor as markets were steady, resulting in gold prices falling to Rs.3,033 per gram from 15-29 June.
• International demand was also on the decline in spite of the low U.S dollar rate, as investors waited for news of a possible rate hike.
• Prices rose as the month ended, with gold trading at Rs.3,055 per gram on 30 June.

Gold Rate Trend in Maharashtra for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for January 2017

• The performance of gold over the first month of the new year was fairly satisfactory as prices increased between the first and last day of January.
• Trading in the precious metal rose to a significant extent as the month went on, thanks mostly to an increased amount of cash re-entering the system after demonetisation.
• An increased amount of cash in the system translated to an increase in the investment in gold as industrial investors as well as coin makers showed more demand in the precious metal.
• Not only was more cash available to invest in gold, but the United States’ monetary policy ensured that markets were volatile, thereby increasing the investment in the precious metal.
• Gold was seen trading at Rs.2,884 per gram on the 1st of January but a minor decline in demand saw rates go down to Rs.2,872 per gram on the following day.
• Rs.2,872 per gram on the 2nd of January was the lowest recorded rate of gold in the month.
• Gold prices kept increasing from the 3rd of January and the value of the precious metal was recorded at Rs.2,908 per gram on the 9th of the month.
• Prices hit Rs.2,997 on the 16th of month and stayed unchanged until the 27th, and this was the highest recorded rate in the entire month.
• Prices then stayed unchanged to end the month at Rs.2,985 per gram, marking an overall increase of 3.50% between the first and last day of January.

Gold Rate Trend in Maharashtra for February 2017

• Gold prices during the month of February fluctuated to a considerable extent, but also became stable on certain days in succession, recording an overall increase between the first and last day of the month.
• The price of gold per gram on the 1st of February was recorded at Rs.2,985, which was also the lowest recorded gold rate for the month.
• On the 2nd, gold prices increased to Rs.3,014 per gram and stayed unchanged at the same rate until the 7th as demand found stability amongst investors.
• On the 8th of the month, gold prices went up by Rs.20 to hit Rs.3,034 per gram and stayed unchanged for the following two days before recording a minor slump and falling to Rs.3,013 per gram on the 10th of the month.
• The US Federal Reserve decided to hike the interest rate around this time of the month, so gold prices stayed unchanged at Rs.3013 for a week after which they came crashing down.
• Local demand for gold went up as the month progressed and prices stayed unchanged as the precious metal was seen trading at Rs.3,024 per gram on the 16th of the month.
• Demand for gold picked up significantly in the last week of the month as the precious metal was seen trading at Rs.3,054 per gram, which happened to be the highest recorded gold rate for the month of February.
• The overall change in rates between the start and end of February was an increase of 2.33%, thanks to unchanged demand from domestic investors.

Gold Rate Trend in Maharashtra for March 2017

• Gold prices between the first and last day of the month fell due to a lack of global demand, which was coupled by the subsequent lack of domestic demand.
• The US Federal Reserve decided to increase the interest rate for the second successive month, due to which, investors’ interest in the purchase of bullion went down considerably.
• Gold was trading at Rs.3,054 per gram on the first day of the month, but prices kept reducing as the month progressed.
• Rs.3,054 on the 1st and 2nd of March was the highest recorded rate of the precious metal over the course of the month.
• Gold prices were at their lowest on the 15th of March, when they fell to Rs.2,968 per gram.
• However, a rally in prices from mid-way through the month until the end saw the precious metal ward off fluctuations to end March at Rs.3,011 per gram.

Gold Rate Trend in Maharashtra for October 2016 to December 2016 (per gram of 24 karat gold)

Gold Rate Trend in Maharashtra for October 2016

• When October began, gold was trading at Rs.3,249 per gram but due to a decrease in demand prices dipped to Rs.3,123 per gram when 9th approached.
• Prices increased on 10th to hit Rs.3,135 per gram and increased again to Rs.3,143 per gram on 13th but fell when trading began on 14th.
• Gold rates picked up on the 20th as they increased to Rs.3,154 per gram as investor sentiments went up.
• The month of October saw gold price trends change by -2.49% during the first month of Q4.

Gold Rate Trend in Maharashtra for November 2016

• November was one of the worst periods for gold rates in the country as a number of global and domestic events influenced the gold industry.
• Between Donald Trump’s appointment as US president and India’s demonetisation of Rs.500 and Rs.1,000 notes, markets around the world saw a significant crash.
• The month began with gold trading at Rs.3,168 per gram which then went up to Rs.3,197 by the 9th.
• On 11th, prices increased again to hit Rs.3,247 per gram, thanks to a sudden increase in domestic demand.
• However, the growth was short lived as prices came crashing down due to the lack of liquid cash and implementation of some stringent rules.
• By the time 24th came around, gold prices had gone down significantly to hit Rs.2,976 and again slumped to Rs.2,949 per gram when trading ended on 25th.
• Maharashtra saw a massive decline of -6.09% with regards to gold prices.

Gold Trend Rate in Maharashtra for December 2016

• Although the cash flow issues were somewhat handled, there was still a vast majority that were struggling to get their hands on newly released currency notes.
• This latest scenario meant that gold purchases couldn’t go as unhindered as expected.
• When trading began on 1st December, gold was selling at Rs.2,938 per gram and fell to hit Rs.2,907 per gram as business began on 8th.
• As new year approached gold prices seemed to improve thanks to the increased sales of bullion.
• The last month of Q4 ended with gold trading at Rs.2,884 per gram, thereby clocking a decline of -1.83%.

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