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One of the oldest cities in India, and the base for a lot of freedom movements against the British since the 1850s, Meerut has now grown to become the largest manufacturer and distributor of sporting goods and musical instruments in the country. A city mentioned in countless mythological tales and steeped in the magic of pre-history, Meerut has also been the destination for a number of archaeological digs which found settlements dating back to the Indus Valley Civilization.
The people residing in Meerut have a greater affinity for gold than most other Indians, as tales of the inherent value of gold and its rarity have been passed down generations, and a large amount of the gold here is in the form of family heirlooms and ancient gold artefacts.
Residents of Meerut are moving towards a more progressive approach to buying gold for various reasons now, however, as gold is being viewed more as an investment that can generate long term returns, rather than just as ornamentation or jewellery.
Gold rate in Meerut
The price for gold varies depending on a number of factors – purity, workmanship, hallmarking, international price trends, etc.
24 karat gold: The purest form of gold that can be bought is 24 karat gold of 99.9% purity. While the purest of gold in this form is brittle and soft, and unfit for use by jewellers and goldsmiths, it is still the most expensive form of gold. Gold in this form is usually bought as bullion, or coins, which are held as investments and for value appreciation. Currently, the price for 10 grams of 24 karat gold in Meerut is Rs.29,800 (as on the 14th of March, 2016). The price for gold in Meerut has risen and fallen marginally in tune with international trends – at Rs.29,900 on the 5th of March, down to Rs.29,690 on the 9th, and eventually rising slowly to hit Rs.29,800 on the 13th, and holding steady at that rate till the 14th.
22 karat gold: This form of gold usually has a purity level of 91.6%, with impurities in the form of alloys being purposely mixed with the gold in order to reduce its brittleness and make it stronger (and more useful for goldsmiths and jewellers). 22 karat gold is the most valuable gold used to make jewellery, compared to its 18 karat and 14 karat alternatives. Currently, the price for 10 grams of 22 karat gold in Meerut is Rs.27,830. At a rate of almost Rs.200 less per gram, first time investors and families invest in this gold in the form of jewellery for weddings and auspicious occasions. This type of gold is usually held longer, and sold many years after it has been purchased – the gold is used in the meantime as jewellery. The cost for 22 karat gold in Meerut has followed the same international trends that affected the price for 24 karat gold, and has risen and fallen in the same proportion.
Gold Rate Trend in Meerut for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,943 per gram||Rs. 3,119 per gram||Rs.2,960 per gram|
|Last day||Rs. 3,119 per gram||Rs. 2,960 per gram on 30th of May||Rs.3,167 per gram|
|Highest price||Rs.3,119 per gram on 30th April||Rs. 3,120 per gram on 9th of May||Rs.3,182 per gram on 28th June|
|Lowest price||Rs. 2,933 per gram on 5th of April||Rs. 2,960 per gram on the 28th to 31st of May||Rs.2,950 per gram on 2nd June|
Gold Rate Trend of Meerut in April 2016
- Gold prices started steady at Rs. 2,943 per gram for the first three days of April.
- As the strike continued, prices remained constant.
- Once the strike was called off, gold rates rushed back up as the market picked up.
- Gold traded at the highest on 30th April at Rs. 3,119.
- Gold prices inclined by 5.98% by the end of the month.
Gold Rate Trend of Meerut in May 2016
- May started out steady and rising at Rs. 3,119.
- The month of May brought in expectations of a stronger dollar and speculation of an interest rate hike by the U.S. Federal Reserve
- Gold started to decline and by May 24th it was at Rs. 3,048 per gram.
- The month ended at Rs. 2,960 per gram on 30th of May.
Gold Rate Trend of Meerut in June 2016
- Due to an increase in domestic demand and market trends, a rise was noted in the price of gold as the month of June progressed.
- The lowest price at which gold traded at was Rs.2,950 per gram noted on 2nd June.
- The highest rate of gold was noted on the 28th of June wherein gold was priced at Rs.3,182 per gram.
- There were many fluctuations noted in the price of gold throughout the month.
- Post Brexit polls, economic uncertainty throughout the world resulted in a drastic increase in the price of gold.
Gold Rate Trend in Meerut for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,585 per gram||Rs. 2,756 per gram||Rs. 3,030 per gram|
|Last day||Rs. 2,756 per gram||Rs. 3,037 per gram||Rs. 2,948 per gram|
|Highest price||Rs. 2,767 per gram on January 27th||Rs. 3049 per gram on 26th of February||Rs. 3,030 per gram from March 1st to 14th|
|Lowest price||Rs. 2,580 per gram from January 2nd to 4th||Rs. 2,756 per gram on February 1st||Rs. 2,948 per gram on March 25th to 31st|
Gold Rate Trend of Meerut in January 2016
- Gold traded at Rs. 2,585 per gram at the start of January and was constant for the next four days
- The highest rate for gold in January was on 27th at Rs. 2,767 per gram.
- By the end of the month, rates dropped further due to decline in demand.
- Prices were at Rs. 2,756 per gram on 31st January 2016.
Gold Rate Trend of Meerut in February 2016
- Entering February, gold prices were the same as January end. The month opened at Rs. 2,756 per gram.
- Gold rates were increasing through the month recording 10.19% change.
- The highest price was Rs. 3049 per gram on 26th of February.
Gold Rate Trend of Meerut in March 2016
- Gold rates traded at Rs. 3,030 on February first. The rates stayed the same for two weeks into March owing to the jeweller’s strike that took place across India.
- By March 15th, gold rates declined to Rs. 2,940 per gram but managed to rise again to Rs. 2,998 per gram on 18th of March.
- Overall, there was a declining trend that can be attributed to the strike. The month ended at Rs. 2,948 per gram on 31st March 2016.
Investing in gold in Meerut
Traditional over the counter trading: As one of the oldest cities in the country, Meerut also has one of the oldest jewellery markets and is home to skilled craftsmen, jewellers, and gold traders. Gold can be purchased in the form of bullion, bars, coins, jewellery, etc. and held for value appreciation, or as stock in trade to trade with the rising and falling international gold prices. Physical gold can also be purchased from banks for a slightly higher cost – due to the security provided and the hallmarking certification provided by the bank.
Gold ETFs and E-gold: Meerut is seeing a favourable change in the way e-gold and gold ETFs and being purchased and traded. The old school thinking that physical gold is better for various reasons is being challenged by the profitable results gained through trading e-gold and investing in gold ETFs. Gold futures trading is also gaining ground. The Mumbai Stock Exchange and the National Stock Exchange govern and regulate the trade of e-gold, gold ETFs and gold futures trading.
Also Check Gold Price in NearBy Cities of Meerut
|Gold Rate In Ghaziabad||Gold Rate In Kanpur||Gold Rate In Varanasi|
|Gold Rate In Allahabad||Gold Rate In Aligarh||Gold Rate In Noida|
|Gold Rate In Agra||Gold Rate In Bareilly||Gold Rate In Lucknow|
|Gold Rate In Delhi||Gold Rate In Gurgaon|
- Also Check: Gold Rate in Uttar Pradesh
Read more on Gold
- Why Gold Prices Are Up
- Pricing Of Gold Ornaments- How Is It Actually Priced?
- Gold Rate Outlook for India in 2016
- Tips For Buying Gold Jewellery
- What are Gold Exchange Traded Funds?
News About Gold Rate in Meerut
Gold rate dips while waiting for BoE to reduce interest rates
Gold rate dropped as the dollar and Asian Stock Market looked positive. Investors believe that continuous dip in gold price may be due to the Bank of England maintaining steady interest rates. They are positive that BoE will reduce interest rates after seven years to avoid recession. The Central Bank of India may reduce their interest rate to 0.25 % which will be the lowest so far. Spot gold is reducing at a constant rate of 0.4 % at $1,351.52 an ounce while US gold dipped at the rate of 0.5 % to $1,358.30 an ounce. Mark To, Head of Research at Hong Kong's Wing Fung Financial Group stated that the Central Bank should take appropriate measures immediately as the trend of declining gold rate is not healthy in the medium term. While the Dollar rate bounced back due to high employment rate and Asian Stock survived this dip with their increasing oil prices, focus has now shifted to gold rate. The world's largest gold-backed exchange, SPDR Gold Trust also suffered losses of about 0.03 % to 969.65 tonnes. Apart from the yellow metal, spot silver also dropped about 1 % at $20.16.
9th August 2016
As Dollar Weakens and Asian Stocks Slide, Gold Rises to Four Week High
After touching the highest in almost four weeks, gold held steady and was supported by a weakened dollar and a reduction in Asian stocks ahead of important central bank meetings this week along with Britain’s referendum on the EU membership.
Bank of England, Bank of Japan, Swiss National Bank and the U.S. Federal Reserve are expected to hold meetings on monetary policy this week. So far, gold has increased by 5% in the month of June and 20% this year.
U.S. gold had increased by 0.1% and spot gold was flat at $1,273.95 per ounce. Stocks in Asia reduced and Japanese yen increased as riskier assets were affected.
Among other metals, spot silver decreased by 0.9% and spot platinum decreased by 0.8% while spot palladium fell by 0.2%.
13th June 2016