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 July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Maharashtra from July 2020 to September 2020:

• In July, gold prices increased by 7.75% over the course of the month in Maharashtra. The prices of gold opened the month at Rs.4,836 per gram and closed at Rs.5,211 per gram, respectively. The lowest and highest rates that the yellow metal hit for the month were Rs.4,746 and Rs.5,241 for a gram, respectively. The coronavirus outbreak was the main reason for the prices to increase.
• Gold prices in Maharashtra for the month of August opened and closed at Rs.5,291 per gram and Rs.5,147 per gram, respectively. The prices of yellow metal fell by 2.72% over the course of the month. Gold hit its lowest rate towards the end of the month and was at Rs.5,136 per gram.
• On 1 September 2020, the price of gold in the state was at Rs.5,250 per gram. However, by the end of the month, the prices of gold fell by 4.74% and closed at Rs.5,001 for a gram.

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

Quarterly Gold Rate in Maharashtra from April to June:

• For the month of April 2020, gold opened at the rate of Rs.4,158 per gram in Maharashtra. There was an overall upward trend in the price after 5 May 2020. The precious metal recorded the highest price on the 27th of April wherein it stood at the rate of Rs.4,785 per gram. It closed at the rate of Rs.4,635 per gram. There was a hike of 11.47% in the overall performance of the metal.
• Opening the month of May 2020 at the rate of Rs.4,641 per gram, gold prices in Maharashtra witnessed an overall incline for the month. The highest price of the yellow metal was recorded on 20 May 2020 wherein it stood at the rate of Rs.4,757 per gram. The month came to an end with the price of the precious metal standing at the rate of Rs.4,699 per gram. The overall performance increased by 1.24%.
• The price of the precious metal opened the month of June 2020 at the rate of Rs.4,702 per gram and showed an overall inclining trend of 2.74% with risk appetite amongst investors increasing. The highest price of gold was recorded on 25 June wherein it stood at the rate of Rs.4,841 per gram. The month closed with the yellow metal being traded at the rate of Rs.4,831 per gram.

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.

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