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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.
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Gold Rate Trend in Maharashtra for January 2017 to March 2017 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.2,884 per gram | Rs.2,985 per gram | Rs.3,054 per gram |
| Last day | Rs.2,985 per gram | Rs.3,054 per gram | Rs.3,011 per gram |
| Highest price | Rs.2,997 per gram from 16th to 27th January | Rs.3,054 per gram from 24th to 28th February | Rs.3,054 per gram on 1st and 2nd March |
| Lowest price | Rs.2,872 on 2nd January | Rs.2,985 per gram on 1st February | Rs.2,968 per gram on 15th of March |
| Trend | Incline | Incline | Decline |
| Change | +3.50% | +2.33% | -1.40% |
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)
| Factor | October | November | December |
| 1st day | Rs.3,249 per gram | Rs.3,168 per gram | Rs.2,938 per gram |
| Last day | Rs.3,168 per gram | Rs.2,975 per gram | Rs.2,884 per gram |
| Highest price | Rs.3,249 per gram on 1st & 2nd October | Rs.3,247 per gram on 11th & 12th November | Rs.2,938 per gram from 1st-7th December |
| Lowest price | Rs.3,133 per gram from 14th-19th October | Rs.2,949 per gram from 25th-27th November | Rs.2,810 per gram from 22nd-26th December |
| Trend | Decline | Decline | Decline |
| Change | -2.49% | -6.09% | -1.83% |
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%.
Gold Rate Trend in Maharashtra for July 2016 to September 2016 (per gram of 24 karat gold)
| Factor | July | August | September |
| 1st day | Rs.3,112 per gram | Rs.3,249 per gram | Rs.3,245 per gram |
| Last day | Rs.3,249 per gram | Rs.3,225 per gram | Rs.3,279 per gram |
| Highest price | Rs.3,249 per gram on 31st July | Rs.3,283 per gram on 18th August | Rs.3,285 per gram from 23rd-36th September |
| Lowest price | Rs.3,112 per gram on 1st July | Rs.3,225 per gram on 31st August | Rs.3,245 per gram on 1st and 2nd September |
| Trend | Increase in price | Decrease in price | Increase in price |
| Change | +4.40% | -0.73% | +1.04% |
Gold Rate Trend in Maharashtra for July 2016
- The price of gold in Maharashtra was Rs.3,112 per gram on 1st July, with the price rising to Rs.2,182 per gram from 2nd-4th July as demand spiked.
- Prices continued to rise as local demand grew, with gold reaching its monthly high of Rs.3,246 per gram on 6th July.
- Demand dropped domestically, which was also reflected internationally, leading to prices to fall to Rs.3,226 per gram on 11th July.
- Gold prices rose marginally due to market fluctuations, trading at Rs.3,234 per gram on 18th July.
- Prices were stable for the week beginning 25th July, with prices rising to Rs.3,244 per gram by the end of the month.
Gold Rate Trend in Maharashtra for August 2016
- Gold traded at Rs.3,249 per gram on 1st August, with prices falling as the week ended due to fluctuating overseas demand.
- Gold prices were stable for the week beginning 8th August, trading at Rs.3,226 per gram before rising to Rs.3,260 per gram on 10th August due to the stock market faltering.
- Prices remained constant and rose to Rs.2,283 per gram on 18th August as international and domestic markets experienced high demand.
- As markets stabilised, gold prices fell, trading at Rs.3,236 per gram on 27th August to close the month at Rs.3,225 per gram.
Gold Rate Trend in Maharashtra for September 2016
- The price of gold was Rs.3,212 on 1st September due to renewed demand from the domestic market.
- Prices continued to rise, trading at Rs.3,229 per gram on 3rd September and staying constant till 11th September.
- Market instability and fears of poor economic data from the U.S.A. led to demand for gold, pushing prices to Rs.3,246 per gram on 13th September.
- Prices fell to Rs.3,231 per gram on 16th September before increased demand led to prices reaching Rs.3,281 per gram on 22nd September.
- The price fluctuated as markets strengthened, but strong domestic demand led to gold trading at Rs.3,279 per gram on 30th September.
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Gold Rate Trend in Maharashtra for April 2016 to June 2016 (per gram of 24 karat gold)
| Factor | April | May | June |
| 1st day | Rs.2,989 per gram | Rs.3,154 per gram | Rs.3,038 per gram |
| Last day | Rs.3,154 per gram | Rs.3,018 per gram on 31st of May | Rs.3,112 per gram on 30th of June |
| Highest price | Rs.3,154 per gram on the 30th of April | Rs.3,155 per gram between 7th and 11th of May | Rs.3,192 per gram on 27th of June |
| Lowest price | Rs.2,989 per gram on the 1st of April | Rs.3,003 per gram on the 30th of May | Rs.3,038 per gram on 1st of June |
| Trend | Rising | Decline | Rising |
| Change | +5.52% | -4.31% | +2.43% |
Gold Rate Trend in Maharashtra in April 2016
- Gold traded at Rs.2,989 per gram on the 1st of April.
- Gold hit Rs.3,038 per gram on the 12th of April and remained unchanged till the 22nd.
- Gold managed to climb up in the month of April and traded at Rs.3,154 per gram on the 30th of April.
Gold Rate Trend in Maharashtra in May 2016
- Gold opened at Rs.3,154 per gram in the beginning of the month.
- Expectations of a rate hike by the Federal Reserve managed to bring gold prices down in the month of May.
- Gold traded at Rs.3,018 per gram on 31st of May.
Gold Rate Trend in Maharashtra in June 2016
- Gold traded at Rs.3,038 per gram on 1st of June.
- Prices rose steadily over the next three weeks as gold hit the highest at Rs.3,192 per gram on 27th of June.
- Gold closed the month at Rs.3,112 per gram on the 30th of June.
| Factor | January | February | March |
| 1st day | Rs.2,601 per gram | Rs.2,775 per gram | Rs.3,068 per gram |
| Last day | Rs.2,775 per gram | Rs.3,068 per gram | Rs.2,989 per gram |
| Highest price | Rs.2,789 per gram on the 27th and 28th of January | Rs.3,068 per gram on the 29th of February | Rs.3,093 per gram between 12th and 17th of March |
| Lowest price | Rs.2,601 per gram on the 1st of January | Rs.2,775 per gram on the 1st of February | Rs.2,989 per gram on March 31st |
| Trend | Rising | Rising | Decline |
| Change | +6.68% | +10.55% | -2.57% |
Gold Rate Trend in Maharashtra in January 2016
- Gold opened at Rs.2,601 per gram on 1st of January.
- Gold prices rose steadily due to heavy demand in the second week of January.
- Gold hit its highest for the month on 27th January at Rs.2,789 per gram.
Gold Rate Trend in Maharashtra in February 2016
- Gold traded at Rs.2,775 per gram on the 1st of February with no changes in demand.
- The price steadily increased over the next two weeks as gold hit Rs.2,973 per gram on the 18th of February.
- There was a steady rise in gold rate in the last week of February as gold hits its peak for the month on 29th of February at Rs.3,068 per gram.
Gold Rate Trend in Maharashtra in March 2016
- Gold stood at Rs.3,068 per gram at the start of the month.
- There were not many changes in the gold price for the month of March as rates did not fluctuate that often.
- Gold dropped down to Rs.2,989 per gram on 22nd of March and remained constant for the rest of the month.
Details of Gold Price in Maharashtra (22 Karat & 24 Karat) - Till August 2015
24-karat gold (1 gram rates): 24-karat gold represents the highest purity of the metal (999 purity). In the past 12 months, gold rates in Maharashtra for 24-karat gold has come down from Rs.2,930 per gram at the start of August 2014 to Rs.2,512 by the end of July 2015. Prices have seen a gradual decline over the year. Prices continued falling from August till October 2014, before rallying to a high of Rs.2,751 on 22nd October ‘14. Prices followed a downward trend for most of last year till rallying to the highest rate yet in 2015 of Rs.2,859 on 22nd January. Since then, gold rate has fallen to Rs.2,617 in March and have more or less remained stable since then, except for a rally in mid-May which brought prices up to Rs.2,791.
22-karat gold: 22-karat gold rates closely follow the trend of 24-karat gold in the state of Maharashtra. Prices, which were at a high of Rs.2,839 at the start of august 2014, declined to Rs.2,411 by the end of July 2015. Since August’14 prices continued on a downward trend for the most part of the year, before somewhat stabilizing in January and February 2015, when prices rallied to a high of Rs.2,760 on 23rd Jan. Prices have continued the downward spiral from March, and saw the lowest levels in 5 years at the end of July at Rs.2,431.
Gold investment avenues in Maharashtra
Gold is popularly sold as bullions, ingots, coins and jewellery in Maharashtra. The state is among the largest consumers of gold, driven by its upwardly mobile urban population and agriculture-dependent rural populace. Gold trends in Maharashtra can be summarized as:
Over-the-counter: Gold is sold in retail in the form of bullions, coins and jewellery in Maharashtra, with Mumbai being the largest market in the state. Gold bullions are sold mostly on international rates and are sold primarily by banks and large private dealers such as Muthoot, Pushpak Bullions and Pentagold etc. Gold jewellery forms the backbone of the gold industry here and is sold in stores such as Joyalukkas, Tanishq, N. Gopaldas, Rose, Tribhovandas bhimji Zaveri, among others. Cities like Jalgaon and Mumbai have been at the forefront of gold sales for a long time now. Gold coins are another gold product sold in the state, with prices generally higher for coins sold by banks due to their assured quality.
Market trade: Gold is available in spot contracts, futures contracts and exchange-traded funds (ETF). The spot contracts are highly volatile gold contracts which can be bought and delivered quickly. Futures contracts for gold can be bought for delivery at a later date, thereby shielding you against market volatility. The gold ETFs are traded on the Mumbai stock exchange (BSE), apart from other international exchanges. These aim to track the price of gold.
Also Check Gold Prices in the Cities of Maharashtra
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News About Gold Rate in Maharashtra
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Gold rises as oil dips
The price of gold rose on Tuesday on the back of falling oil prices and fears about US monetary policy. According to reports, reduced output in Kuwait owing to a strike of oil workers hit oil prices.
The price of an ounce of spot gold increased by $1 to $1,232 on Tuesday. It may be recalled here that the precious metal touched a peak in March amid expectations that Fed may not raise rates in 2016. However, according to reports, Fed may hike interest rates in the near future.
On Tuesday, China, the biggest consumer of gold in the world, introduced a yuan-denominated gold benchmark to strengthen its position in the bullion market.
21st April 2016
- For more related news /update on gold price visit: Gold News
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