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Gold Rates in Mangalore
Gold rates in Mangalore depend on various national and global factors, including but not limited to, imports, tariffs, oil prices, demand and supply and strength of the dollar. The price of the yellow metal touched a 4-year low in India and to more than five-year low globally. According to experts, gold prices are unlikely to rise in the near future due to imminent hike in interest rates by the US Fed and Greece’s default crisis among others. Rural India drives most of the demand for gold at 60% with majority of the sales registered during weddings. A diminishing rural purchasing power, low crop prices and a bad monsoon could therefore, have an adverse impact on the sale of gold jewellery. However, according to World Gold Council reports, given that 50% of the Indian population is under 25 years, around 150 million weddings are likely to take place in the coming ten years.
Most consumers in Mangalore buy gold jewellery for auspicious occasions, festivals and weddings. Dhanteras and Akshaya Tritiya attract long queues in front of jewellery stores. In addition to its obvious ornamental uses, gold is used as a safe hedge against inflation and depreciation of other financial assets.
Trend of Gold Rate in Mangalore for January 2017 (rates per gram for 24karat gold)
|January 1st Rate||Rs.2,820 per gram|
|January 31st Rate||Rs.2,930 per gram|
|Highest Rate in January||Rs.2,970 per gram on 23rd & 24th January|
|Lowest Rate in January||Rs.2,820 per gram on 1st & 2nd January|
January 2017 - Week 1 (1st - 7th):
- The year 2017 began with a bang for gold prices as they seemed to show positive growth for much of the month.
- First week of January began with gold trading at Rs.2,820 per gram, a rate that continued till the end of 2nd.
- On 3rd, prices increased by Rs.5 to hit Rs.2,825 per gram and then increased to reach Rs.2,840 per gram on 4th.
- Prices increased to Rs.2,860 per gram on 5th and continued at the same price on 6th as well.
- Gold rates again increased at the end of the week to finish at Rs.2,870 per gram.
January 2017 - Week 2 (8th - 14th):
- When week 2 began on 8th, gold prices were still holding at Rs.2,870 per gram and increased to Rs.2,890 on 10th as global demand increased.
- Prices went up further on 11th to end the day’s trading price at Rs.2,910 per gram.
- Rates for the yellow metal remained the same for the last three days of week 2 at Rs.2,920 per gram as no surge in demand was witnessed.
January 2017 - Week 3 (15th -21st):
- The third week of January continued on the positive trend set about by the previous two weeks.
- On 15th, gold was trading at Rs.2,920 per gram which later increased by Rs.25 per gram to hit Rs.2,945 per gram on 16th.
- The 17th and 18th saw gold rates increase by Rs.10 per gram as demand for the metal seemed to increase gradually.
- On 19th, gold rates went down by Rs.15 to hit Rs.2,950 per gram as demands went down suddenly owing to a strengthening dollar.
- By the time week 3 ended, gold prices had gained back to end the business day of 21st on Rs.2,960 per gram.
January 2017 - Week 4 and 5 (22nd - 31st):
- The 4th week of January was the worst period for gold as prices took a significant hit.
- On 22nd, when the week began, gold was trading at Rs.2,960 per gram and later increased to Rs.2,970 per gram.
- However, on 25th, prices took a hit to go down to Rs.2,950 per gram, and then went down again to Rs.2,915 per gram on 27th.
- The last 4 days of week 4 and 5 saw prices increase gradually to end the month at Rs.2,930 per gram.
- Overall, gold prices in Mangalore saw prices increase by 3.90%
Trend of Gold Rate in Mangalore for December 2016 (rates per gram for 24karat gold)
|December 1st Rate||Rs.2,905 per gram|
|December 31st Rate||Rs.2,820 per gram|
|Highest Rate in December||Rs.2,905 per gram on 1st December|
|Lowest Rate in December||Rs.2,765 per gram on 15th, 22nd and 23rd December|
December 2016 - Week 1 (1st - 4th):
- In Mangalore, the month of December was a relatively better period for gold prices as the rate of decline was comparatively lower than November.
- Week 1 began on the 1st with gold trading at Rs.2,905 per gram, the highest gold rate for the entire month.
- On 2nd, however, prices slumped by Rs.15 which led to gold selling at Rs.2,890 per gram.
- Prices increased on the 3rd to Rs.2,900 per gram and continued to remain the same on the 4th as well.
December 2016 - Week 2 (5th - 11th):
- When week 2 began prices had decreased a little as against week 1 which pushed gold rates to Rs.2,895 per gram.
- Around this week, news relating to Federal Reserve gold rate cut gripped the market, so prices seemed to fluctuate quite a bit.
- On 6th, gold prices decreased by Rs.10 to hit Rs.2,975 per gram before going down by Rs.25 on the 7th to slump down to Rs.2950 per gram.
- The 8th gave hopes of a revival as gold traded at Rs.2,860 per gram.
- However, it seemed like a false hope as prices fell by Rs.20 bringing the effective gold rate to Rs.2,840 per gram on the 9th
- The 10th saw prices go down a little more as gold traded at Rs.2,825 per gram and maintain the same till the end of business day on the 11th.
December 2016 - Week 3 (12th -18th):
- Gold traded at Rs.2,825 per gram when business commenced on the 12th and prices didn’t change for the next two days till the 14th.
- The 15th, however, saw prices increase significantly by Rs.60 as gold began to trade at Rs.2,885 per gram.
- Prices went down to Rs.2,765 per gram on the 16th but recovered for gold to trade at Rs.2,775 per gram over the last two days of the week.
December 2016 - Week 4 (19th - 25th):
- The imminent arrival of Christmas didn’t do much to change the price of gold as demand hadn’t increased much.
- On 19th, gold traded at Rs.2,780 per gram but went down to Rs.2,775 per gram on the 20th.
- This week saw gold prices reach their lowest rate for the month of December, when the yellow metal traded at Rs.2,765 per gram on 22nd and the 23rd.
- At the end of week 4, gold prices were up slightly as the metal was selling at Rs.2,770 per gram.
December 2016 - Week 5 (26th -31st):
- Barring a minor blip on the last day of the week, gold prices increased gradually during week 5 of December.
- As new year approached and with plenty of offers made available, gold buying seemed to increase during this week.
- When the week began on 26th, gold was trading at Rs.2,775 per gram which increased to Rs.2,780 per gram on the 27th and 28th.
- On 29th, prices increased to Rs.2,815 per gram and then to Rs.2,827 per gram on the 30th.
- The last day of the year witnessed prices slumping to Rs.2,820 per gram as purchases reduced.
- Overall, Mangalore saw gold prices decline by -2.92% when compared to the previous month.
|Highest Price||Rs.3,180 on 9th November|
|Lowest Price||Rs.2,905 on 24th November|
November 2016 - Week 1 (1st - 6th)
- Gold prices opened at Rs.3,060 per gram at the beginning of November 1st and the rate continued to fluctuate for much of the week.
- On 2nd November, gold prices increased by Rs.35 to trade at Rs.3,095 per gram.
- As demonetization was announced, people started buying more gold and hence prices increased again on the 3rd as rates increased further by Rs.20 to reach Rs.3,115 per gram.
- 4th November, however, saw a small dip as confusion ensued regarding the discontinuation of Rs.500 and Rs.1,000 notes, where in prices ended at Rs.3,110.
- On 5th November, prices again increased by Rs.10 to hit Rs.3,120 per gram and continued to maintain this rate till the closing hours of the week on 6th November.
November 2016 - Week 2 (7th-13th)
- When trading began on 7th November, prices had witnessed a Rs.30 fall and prices came down to Rs.3,090 per gram.
- On the 8th, gold prices slid further to hit Rs.3,080 per gram.
- After the announcement that Rs.500 and Rs.1,000 will be cancelled, demand for gold picked up massively and prices surged by Rs.100 to hit Rs.3,180 per gram on 9th November.
- The 10th and 11th of the month saw gold trading prices come to Rs.3,110 per gram as the initial surge of buyers seemed to calm down.
- On 12th, however, prices fell significantly by Rs.70, as gold begun trading at Rs.3,040 per gram. The same continued till the end of the week on 13th November.
November 2016 - Week 3 (14th-20th)
- The third week of November saw gold prices fall further as the metal began trading at Rs.3,025 at the beginning of the week on 14th, which trickled down to the next day on the 15th.
- November 16th and 17th saw prices decrease slightly more as they remained at Rs.3,010 for much of these two days.
- The 18th, however, saw a massive drop of Rs.50 to bring down the price furthermore to Rs.2,960 per gram.
- Towards the end of the week, prices begun to stabilize as the demand slowed down as prices hit Rs.2,965 at the end of the week.
November 2016 - Week 4 and 5 (21st to 30th)
- The final two weeks of the month were again a tumultuous period for gold as prices fluctuated quite a lot.
- Prices surged initially, for the first three days, then decreased significantly before stabilizing towards the last few days.
- Gold started trading at Rs.2,970 per gram at the beginning of the week on 21st and increased to Rs.2,980 per gram on the subsequent day.
- On 23rd, gold prices again increased by Rs.5 to end the day at Rs.2,985 per gram.
- The 24th, however, saw prices drop by Rs.54 as they went down to Rs.2,931.
- On 25th November, prices further dropped to Rs.2,905 per gram, the lowest price for the entire month.
- The next four days from 26th to 30th, however saw minor increase and decrease of Rs.5 or so to end the month on a stable price of Rs.2,930 per gram.
- Overall, the gold price trend for the month of November saw a decline of -4.24%.
|1st Day||Rs.3,160 per gram|
|Last Day||Rs.3,060 per gram|
|Highest Price||Rs.3,160 per gram from 1st-3rd October|
|Lowest Price||Rs.3,016 per gram on 17th October|
October ‘16 – Week 1 and 2 (1st-9th)
- Gold traded at Rs.3,160 per gram on 1st October, with the price staying constant till the middle of the week.
- A decline in demand due to strengthening markets led to prices falling, with gold trading at Rs.3,050 per gram on 5th October.
- The possibility of a U.S. Fed rate hike bolstered the markets, resulting in god prices falling in spite of rising domestic demand.
- Gold traded at Rs.3,020 per gram on 9th October, a decline of Rs.140 per gram in the price from the start of the week.
October ’16- Week 3 (10th-16th)
- The second week saw prices improve marginally, with gold trading at Rs.3,030 per gram on 10th October.
- Prices remained stable due to sustained demand from the domestic market.
- International markets also showed an increase in gold trading.
- Gold traded at Rs.3,020 per gram on 16th October, a decrease of Rs.10 per gram from the price at the start of the week.
October ’16- Week 4 (17th-23rd)
- Gold was priced at Rs.3,016 per gram on 17th October, the lowest price for the month on a drop in trading in the domestic market.
- Prices recovered as the week progressed, with gold reaching Rs.3,045 per gram on 20th October.
- Slight fluctuations in the price were observe during the week as demand from jewellers due to the festive season reduced.
- The price of gold was Rs.3,035 per gram on 23rd October, a fall of Rs.10 per gram.
October ’16- Week 5 (24th-31st)
- The last week saw the price of gold rise due to increased demand from the domestic market.
- Gold traded at Rs.3,045 per gram on 24th October, with demand also rising overseas due to market fluctuations.
- The price rose to Rs.3,070 per gram on 30th October as industrial demand also picked up.
- The price as recorded on 31st October was Rs.3,060 per gram, an increase of Rs.15 per gram from the price at the start of the week.
|1st Day||Rs.3,125 per gram|
|Last Day||Rs.3,160 per gram|
|Highest Price||Rs.3,285 on 7th September|
|Lowest Price||Rs.3,115 on 2nd September|
September '16 – Week 1 (1st to 4th)
- Gold traded at Rs.3,125 per gram on first of the month.
- The Federal Reserve decided to put the rate hike on hold due to weak U.S. economic data. This move led buyers to regain their lost interest in gold as investment.
- Gold rates attained some stability this week due to the festive season being around the corner.
- Gold traded this month’s lowest on 2nd September at Rs. 3,115 per gram.
- The rates reached Rs.3,140 per gram on 3rd September and maintained it through next week.
- The week’s goldrates were on an upward incline.
September '16 – Week 2 (5th to 11th)
- Gold closed at Rs.3,140 per gram on 5th of September.
- The rate went up on 7th September, reaching its highest in the month, at Rs.3,185 per gram.
- The peak lasted only a day after which gold fell to Rs.3,180 per gram on 8th September.
- Week 2 ended at Rs.3,180 per gram on 11th September.
September '16 – Week 3 (12th to 18th)
- On 12th September, gold traded at Rs.3,180 per gram, maintaining the same as its previous week.
- Gold rates remained the same until the middle of the week, after which it dropped to Rs.3,155 per gram on 16th September.
- Gold prices fell again owing to lost gold appeal in the domestic and global market.
- Demand for domestic gold from retailers, stockists, jewellers, and consumers remained weak.
September '16 – Week 4 (19th to 25th)
- Week 4 of September opened at Rs.3,155 per gram on 19th September.
- As the U.S. Federal Reserve set aside plans for a rate hike owing to presidential elections coming near, gold rates showed some improvement by the end of the week.
- The overseas gold market displayed an optimistic trend and bullish tendencies were observed.
- The week maintained the same rate throughout, reaching a high towards the end.
- With the festival season around the corner, the domestic gold market experienced a stable demand.
- Gold closed at Rs.3,190 per gram by the end of the week.
September '16 - Week 5 (26th to 30th)
- Gold traded at Rs.3,190 per gram on 26th September .
- As sentiments in the overseas gold market turned weak, gold rates fell drastically by the week’s end.
- Dollar gained strength as a result of the U.S. presidential elections.
- The rates remained the same through most of the week, falling by a huge margin on 30th September at Rs.3,160 per gram.
- Although week 5 of this month saw a drastic fall in gold rates, the month experienced an overall incline of 1.12%.
Gold as an investment in Mangalore
Gold in Mangalore has a store of value and extensively used for making jewellery with intricate designs. There are several reputed jewellers which offer hallmarked jewellery (awarded by the Bureau of Indian Standards, the gold adheres to international standards of purity) offering a wide range of gold articles suited for various occasions.
Over-the-counter: In most households in Mangalore, gold is handed down from generation to generation. Gold is sold in retail in the form of bullions, coins and jewellery in Mangalore. The precious metal has traditionally been a preferred choice of most consumers to park their surplus income. Gold as a physical asset is, by and large, considered a safer investment compared to equities or bank deposits. While all kinds of jewellery - bangles, waist chains, earrings and so forth are available in Mangalore, most women prefer traditional designs worn during weddings. Apart from several national and international economic factors and geopolitics, transportation costs and local taxes are included in the price of gold sold in retail chains in Mangalore. Gold Palace, Aishwarya Jewellers, Apeksha Jewellers, Benaka Jewellers, Malabar Jewellers and Hanuman Jewellers are some of the prominent jewellery showrooms found in Mangalore.
Market trade: Several investors prefer buying gold exchange traded funds (ETFs) to physical gold since the former offers higher liquidity and greater ease of storage. However, gold ETFs are currently on a downward slide courtesy falling gold rates in india and across the world. Gold futures in August delivery also hit the lowest intra-day in sex years at 1,134/ounce recently. According to experts, gold rates have further plummeted after 30 tonnes of gold was sold in the Shanghai spot market in the recent past.
- Also Check:Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Mangalore
|Gold Rate In Mysore||Gold Rate In Belgaum||Gold Rate In Bellary|
|Gold Rate In Shimoga||Gold Rate In Udupi||Gold Rate In Gulbarga|
|Gold Rate In Bangalore||Gold Rate In Kozhikode||Gold Rate In Kannur|
|Also Know: Silver Rate in Mangalore|
Read more on Gold
- Auspicious Days To Buy Gold In 2017
- Buying Gold This Akshaya Tritiya
- Gold and Indian Weddings
- How Do Fluctuations In The Gold Rate Affect The Indian Economy?
- Significance of Gold in Indian Culture
- Significance of Indian Jewellery