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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 April 2016 to June 2016 (per gram of 24 karat gold)
|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|
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.
Gold Rate Trend in Maharashtra for January 2016 to March 2016 (per gram of 24 karat gold)
|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|
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
|Gold Rate in Mumbai||Gold Rate in Pune||Gold Rate in Nagpur|
|Gold Rate in Kolhapur||Gold Rate In Aurangabad||Gold Rate In Thane|
|Gold Rate In Nashik||Gold Rate In Solapur||Gold Rate In Amravati|
|Gold Rate In Nanded||Gold Rate In Sangli||Gold Rate In Jalgaon|
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News About Gold Rate in Maharashtra
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