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Gold Price In Meerut
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 Trend in Meerut for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,946 per gram||Rs.5,481 per gram||Rs.5,287 per gram|
|Last Day||Rs.5,439 per gram||Rs.5,250 per gram||Rs.5,135 per gram|
|Highest Price||Rs.5,439 per gram on 31 July||Rs.5,749 per gram on 8 August||Rs.5,297 per gram on 16 September|
|Lowest Price||Rs.4,925 per gram on 7 July||Rs.5,234 per gram on 27 August and 28 August||Rs.5,077 per gram on 29 September|
Quarterly Gold Rate in Meerut from July 2020 to September 2020:
- On 1 July 2020, the price of gold in Meerut was at Rs.4,946 for a gram. By the end of the month, gold prices increased by 9.96% and were at Rs.5,439 per gram. The lowest and highest prices that gold touched for the month were Rs.4,925 for a gram and Rs.5,439 per gram, respectively. The coronavirus outbreak and the fears of a global recession were the main reasons for the prices to increase.
- The prices of gold in the city for the month opened and closed at Rs.5,481 for a gram and Rs.5,250 for a gram, respectively. Overall, gold prices declined by 4.21% over the course of the month. The highest and lowest rates that the yellow metal hit in August were Rs.5,749 per gram and Rs.5,234 per gram, respectively.
- In September, the prices of the yellow metal declined by 2.87% over the course of the month. The lowest and highest rates that gold hit for the month were Rs.5,077 and Rs.5,297 per gram, respectively.
Gold Rate Trend in Meerut for April 2020 to June 2020 (per gram of 24 karat gold)
|First Day||Rs.4,253 per gram||Rs.4,699 per gram||Rs.4,799 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,799 per gram||Rs.4,961 per gram|
|Highest Price||Rs.4,846 per gram on 29 April 2020||Rs.4,883 per gram on 18 and 19 May 2020||Rs.4,961 per gram on 30 June 2020|
|Lowest Price||Rs.4,253 per gram from 1 April to 20 April 2020||Rs.4,646 per gram on 2 May 2020||Rs.4,725 per gram on 8 June 2020|
Quarterly Gold Rate in Meerut from April to June:
- For the month of April 2020, gold opened at the rate of Rs.4,253 per gram in Meerut. The price remained steady at this rate till the 20th of April 2020. The prices went up after that and recorded the highest price on the second last day of the month wherein it stood at the rate of Rs.4,846 per gram. It closed at the rate of Rs.4,761 per gram. There was a hike of 11.94% in the overall performance of the metal.
- Opening the month of May 2020 at the rate of Rs.4,699 per gram, gold prices in Meerut witnessed an overall incline for the month. The highest price of the yellow metal was recorded on the 18th and 19th of May wherein it stood at the rate of Rs.4,883 per gram. The month came to an end with the price of the precious metal standing at the rate of Rs.4,799 per gram. The overall performance increased by 2.12%.
- The price of the yellow metal opened the month of June 2020 at the rate of Rs.4,799 per gram and showed an overall inclining trend of 3.38% with risk appetite amongst investors increasing. The month came to a close with the highest price of gold being recorded on the last day wherein it stood at the rate of Rs.4,961 per gram.
Gold Rate Trend in Meerut for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,995 per gram||Rs.4,169 per gram||Rs.4,274 per gram|
|Last Day||Rs.4,169 per gram||Rs.4,368 per gram||Rs.4,253 per gram|
|Highest Price||Rs.4,211 per gram on 9 January||Rs.4,394 per gram on 25 and 26 February||Rs.4,536 per gram on 7 March|
|Lowest Price||Rs.3,995 per gram on 1 January||Rs.4,116 per gram on 7 February||Rs.4,111 per gram on 20 March|
Quarterly Gold Rate in Meerut from January 2020 to March 2020:
- In Meerut, January was a month where the gold prices had seen an increasing trend. The prices of gold had stood at Rs.3,995 per gram on 1 January and on 31 January, the rates were Rs.4,169 per gram. The performance of the precious for the month had represented a 4.35% incline. In this city, the prices of gold had reached the highest for the month on 9 January as a gram of the metal had cost Rs.4,211. The hike in the rates can be associated with the U.S. dollar staying on the backfoot as a lot of progress had been made when it came to the US-Sino trade deal. A lot of optimism about the signing of the treaty between Beijing and Washington coupled with the easing of tensions in the Middle East had led the prices of gold to dip. On 20 January, the yellow metal had been traded at Rs.4.074. In the last week of January, the prices of gold had hiked up and had then dipped to Rs.4,116 per gram by 30 January. This dip in prices was because the World Health Organization (WHO) had declared a world health emergency as the number of coronavirus cases across the world increased.
- Gold prices had shown an incline and opened February at Rs.4,169 per gram. The metal had then seen a hike in its price to Rs.4,195 per gram by 4 February. This can be owed to the increase in demand as this month is a wedding season across the country. The prices of gold had increased by 13 February to Rs.4,169 per gram on 14 February and had then further hiked up to Rs.4,211 per gram by 16 February. The rates of the yellow metal had skyrocketed because of high safe-haven demand as South Korea had reported many new cases of the coronavirus. During the last week of the month, gold rates had hiked up and this had led to the metal reaching its highest price at Rs.4,395 per gram by 25 February. However, due to constant fluctuations and high prices, traders had decided to book profits on gold. The profit-booking had driven the rates of the yellow metal to fall and eventually close at Rs.4,368 per gram by 29 February.
- During the month of March, the metal had gone through a decline of 0.49% in its price. Gold had been priced at Rs.4,274 per gram by 1 March and in 2 days’ time, by 3 March, the rates of the metal had increased to Rs.4,284 per gram. With this increase in the rates, the precious metal had been recovering from a huge decline, led by the traders waiting for potential interest rate cuts by the U.S. Federal Reserve. On 8 March, the metal had been priced at Rs.5,510 per gram. One gram of the metal had been priced at Rs.4,237 by 16 March. The rates had then fallen because the traders had decided to go into a selling spree. They had sold their yellow metal and wanted to hoard cash. This was an attempt to meet the margin calls. By 20 March, gold had touched its lowest for March. The metal had been sold at Rs.4,111 per gram. This fall in price was due to investors liquidating their positions in the metal despite the constant measures from central banks to absorb the impact of the coronavirus. The last week of this month had witnessed the rates of the metal remain constant. Starting from 22 March till 31 March, the rates of gold had remained at the same figure, Rs.4,253 per gram.
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
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- Also Check: Gold Rate in Uttar Pradesh