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Gold Price in Mysore
Gold rates in Mysore reflect the overall demand for the yellow metal across India, which in all probability, will remain the world's biggest consumer of gold this year, racing past China. Consumer demand in India increased by 15% to 192 tonnes this year affecting gold rates in Mysore and across the country. South India has traditionally been the largest consumer of gold in the country with several major jewelry chains spread across the region for expansion and consolidation. According to market experts, all the southern states including Karnataka account for over 40% of India’s demand for the yellow metal. Mysore has a rich history and culture with widespread use of gold, most famously, the Golden Throne, the royal seat of the rulers of the erstwhile Kingdom of Mysore. Like the rest of India, Gold in Mysore is available in varying weights such as grams and carat. Gold rates in Mysore differ depending on whether it is 24 carat gold or 22 carat.
Gold as an Investment in Mysore
Jewelry: Jewelry in Mysore forms the major component of the overall demand for gold in the city owing to the tradition of buying the yellow metal during festive occasions in addition to it being considered a relatively safe investment. The World Gold Council pegged the current jewelry demand in India at 151 tonnes, a rise of about 22% compared to the same period, last year. Demand for jewelry and investment stood at 842.7 tonnes last year.
Coins: According to the latest report of the World Gold Council, demand for gold bars and coins across the country fell 10% compared to last year as investors diverted their funds into equities owing to robust stock market performance. Experts maintain gold coins should ideally be bought from a well-known jeweler since there is no risk of impurity. While banks sell gold, they don’t buy back coins.
Gold ETFs: One unit of ETF is equivalent to 1 gram of gold. Exchange Traded Funds (ETF) have gradually been gaining prominence across the country due to several factors such as high liquidity, ease of investing (ETFs are traded on the stock exchange) among many others. What’s more, there is no wealth tax involved which makes it an attractive investment option.
Where to Buy Gold in Mysore?
There are many well-known gold showrooms which supply pure BIS Hallmarked gold offering a wide range of designs and patterns. Some of the top showrooms which offer the yellow metal are Salam and Sons, Shankara Chetty and sons, Abhushan Gold Palace, Akshay Jewels, Arihant Jewels, Ashish Jewelers, BKL Sons and Bharat Jewelery halls among many others. Several jewelry stores are located on Ashoka Road, K T Street and Mysore Trade Center among others.
Trend of Gold Rate in Mysore for August 2016 (rates per gram for 24k Gold)
|First Day||Rs.3,190 per gram|
|Last Day||Rs.3,140 per gram|
|Highest Price||Rs.3,205 per gram on 18th August|
|Lowest Price||Rs.3,160 per gram on 9th August|
August '16 - Weeks 1 (1st to 7th)
- Gold opened at Rs.3,190 per gram and remained steady on the 02nd of August.
- Gold started climbing and traded at Rs.3,225 per gram on 03rd of August due to demand from domestic gold spots.
- Fed rate hike expectation kept gold rate low in India.
- Gold rate stabilized and traded at Rs.3,196 per gram from 05th to 07th of August.
August '16 - Week 2 (8th to 14th)
- A slight decrease in gold rates was noticed on the first day of the week.
- Following weak trend overseas, gold traded at Rs.3,165 and Rs.31600 per gram on 08th and 09th of August, respectively. The latter being the lowest gold rate reported for this month.
- With things getting better in the global market, gold rate in Mysore surged and traded at Rs.3,195 per gram on the 10th of August.
- Despite demand from local traders, positive U.S employment data and firm dollar rate kept gold prices low this week.
- Gold closed at Rs.3,175 per gram.
August '16 - Week 3 (15th to 21st)
- Gold prices continued to trade at Rs.3,175 per gram on the first day of the week.
- Gold prices slightly increase due to domestic demand and traded at Rs.3,205 per gram, which is the highest gold rate recorded for the month.
- Gold closed at Rs.3,200 per gram.
- Experts predict that gold prices will increase during the second half of the year on account of upcoming festivals in India.
August '16 - Week 4 (22nd to 28th)
- This week, the overall trend indicated declining gold prices.
- Gold rate gradually declined throughout the week due to firm dollar, much anticipated Fed rate hike speculations and strong employment rate in the United States of America.
- Gold opened at Rs.3,180 per gram and closed at Rs.3,160 per gram.
August '16 - Week 5 (29th to 31st)
- Gold rate remained unchanged on the first two days of the week and traded at Rs.3,160 per gram.
- Despite unfavourable climate abroad, gold managed to avoid major fluctuations and remain steady due to constant demand in the domestic market.
- Gold closed at Rs.3,140 per gram.
|1st July rate||Rs.3,130|
|31st July rate||Rs.3,170|
|Highest rate in July||Rs.3,205 on 7th|
|Lowest rate in July||Rs.3,120 on 21st|
|% Change||+ 1.28%|
July'16 - Week 1 (1st to 3rd)
- Gold traded at Rs.3,130 per gram on 1st July.
- Gold had an air of uncertainty around it as the Brexit vote affected the global market.
- Gold rates increased to Rs.3,150 per gram on 2nd July and 3rd July.
July'16 - Week 2 (4th to 10th)
- Gold traded at Rs.3,180 per gram at the beginning of the week.
- Demand for gold was on the rise, as equities fell. Gold rates increased to its highest on July 7th with trading at Rs.3,205 gram.
- Investors anticipated that there would be more monetary stimulus from the central banks.
- Gold slipped again as the U.S. released strong job data. The week ended at Rs.3,180 per gram.
July'16 - Week 3 (11th to 17th)
- Due to uncertainties in the international markets, gold fluctuated through the week.
- Gold traded at Rs.3,170 per gram on 11th July.
- The lowest rate was seen on 14th July as gold rates dropped to Rs.3,135 per gram.
- Gold regained some of its strength by the end of the week and closed at Rs.3,170 per gram.
July ‘16 - Week 4 (18th to 24th)
- Gold traded at Rs.3,165 on 18th July and saw a declining trend at the beginning of the week.
- The U.S. dollar gained strength on the back of strong economic data leading to rising expectations of a Fed rate hike.
- Gold prices increased towards the end of the week trading at Rs.3,150 per gram.
July ‘16 - Week 5 (25th to 31st)
- The price of gold was Rs.3,150 per gram on 25th July.
- The prices then dropped owing to the inversely proportionate relationship to the U.S. dollar which was rising.
- Gold rates stabilised by 28th July, trading at Rs.3,170 per gram till the end of the week.
|1st June rate||Rs.2,915|
|30th June rate||Rs.3,130|
|Highest rate in June||Rs.3,200 per gram on 24th June|
|Lowest rate in June||Rs.2,915 per gram on 1st June|
Jun'16 - Week 1 (1st to 4th)
- Gold opened at Rs.2,915 per gram which was also the lowest price for the month of June.
- There was a minor increase in price on the 2nd wherein gold was priced at Rs.2,920 and this rate was maintained until the 3rd.
- Prices increased even further on the 4th to touch Rs.2,960 which was the highest rate for the month.
- Although the changes were minor, an increase was seen in the price of gold as the week progressed.
Jun'16 - Week 2 (5th to 11th)
- The rate of gold was quite steady during the first half of the second week with very minor fluctuations.
- The rate of gold hovered between Rs.2,960 to Rs.2,965 until the 7th.
- There was a minor increase noted in the price of gold on the 8th wherein the price of gold was Rs.2,957 per gram.
- The rate of gold was Rs.2,995 on the 9th after which gold rates touched Rs.3,000 mark.
- On the last day of the week, gold was priced at Rs.3,035 per gram.
Jun'16 - Week 3 (12th to 18th)
- Continuing from the last week, the rate of gold was Rs.3,035 per gram on the first day of the week and this was maintained until the 13th.
- There was a slight increase in the price of gold on the 14th wherein the price of gold was Rs.3,050 per gram.
- The following days saw even more of an increase in prices with the price of gold touching Rs.3,100 on the 16th and increased even further from there.
- Gold closed at Rs.3,085 per gram on the 18th which was a minor decrease as compared to the previous two days.
Jun'16 - Week 4 (19th to 25th)
- Gold opened at Rs.3,085 per gram on the 19th, which was the same as the last day of the previous week.
- Rate slightly increased on the 20th and steadied at Rs.3,085 per gram on the 21st and 22nd of the month.
- The price of gold decreased slightly on the 23rd before reaching the highest price for the month which was Rs.3,200 per gram on the 24th of June.
- Gold closed at Rs.3,150 per gram on the 25th which was a slight decrease from the previous day.
Jun'16 - Week 5 (26th to 30th)
- The price of gold in the final week of the month was still relatively high as compared to the other weeks.
- Gold opened at Rs.3,150 per gram and increased by Rs.25 the next day.
- On the final day of the month, gold was priced at Rs.3,130 per gram.
|1st May rate||Rs.3,070|
|31st May rate||Rs.2,895|
|Highest rate in May||Rs.3,080 on the 7th and 8th of May|
|Lowest rate in May||Rs.2,895 on the 30th and 31st of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Gold rates remained constant at Rs.3,070 for the first three days of the week after which they declined by Rs.18 to Rs.3,052 on the fourth day of trading.
- Prices increased by Rs.3 to Rs.3,055 on the 5th and then declined by Rs.10 to Rs.3,045 on the 6th of the month.
- The last day of the week saw gold rates rise by Rs.35 and finish strong at Rs.3,080.
- In comparison with the first day of the week, prices increased by Rs.10 during the first seven days of May 2016.
May ‘16 - Week 2 (8th to 14th)
- Gold rates remained unchanged on the first day of the second week and prices were recorded at Rs.3,080 on the 8th of May.
- A decline by Rs.20 on the second day of the week saw prices fall to Rs.3,060 and they remained unchanged for another day.
- Prices fell by Rs.25 on the fourth day of the week and stood at Rs.3,035 after which a further decline of Rs.10 saw prices touch Rs.3,025 on the 12th of May.
- Subsequent increases of Rs.10 each on the following two days saw gold close the week at Rs.3,045 per gram.
- The overall decline in rates from the start of the week to the end of the week was Rs.35.
May ‘16 - Week 3 (15th to 21st)
- An increase of Rs.8 was recorded on the first day of the third week of May and prices remained stable at Rs.3,053 on the 15th and 16th of May.
- Prices then fell by Rs.15 to Rs.3,038 on the 17th after which an increase of Rs.7 on the 18th saw prices rise to Rs.3,045.
- Rates fell by Rs.25 on the 19th and settled at Rs.3,020, followed by a decline of Rs.5 which saw prices remain stable at Rs.3,015 for the last two days of the week.
- Gold prices declined further at the end of the week in comparison with the first day of the week, albeit by just Rs.30.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices were recorded at Rs.3,015 on the 22nd of May and consistent declines over the next few days saw prices drop to Rs.2,925 on the 27th.
- Prices remained stable at Rs.2,925 between the 27th and 29th of the month, after which a further decline of Rs.30 saw prices reach their lowest level during the month and settle at Rs.2,895 on the last two days of May.
- The overall decline in prices between the first and last day of the month was Rs.175.
|1st April rate||Rs 2,905|
|30th April rate||Rs 3,070|
|Highest rate in April||Rs 3,070 on 30th|
|Lowest rate in April||Rs 2,880 on 4th|
|% Change||+ 5.68%|
Apr ‘16 - Week 1 (1st to 3rd)
- Demand for gold dropped marginally on account of statements by Us Federal authorities.
- Investors chose to adopt a cautious approach post this statement.
- Gold traded at Rs 2,905 on 1st.
- Prices dropped by Rs 20 on 3rd, as the week ended with gold trading at Rs 2,885.
Apr ‘16 - Week 2 (4th to 10th)
- A drop in rates was witnessed on 4th, as prices fell by Rs 5.
- Gold rates picked up over the week, trading at Rs 2,920 on 6th before dipping to Rs 2,910 on 7th.
- An increase in rates was witnessed post this drop, as gold ended the week on a high, trading at Rs 2,940.
Apr ‘16 - Week 3 (11th to 17th)
- Gold rates in Mysore were a reflection of market trends over the week.
- An overall increase of Rs 10 was witnessed during this period.
- The week began on a high, with gold trading at Rs 2,955 on 12th, before prices dropped to Rs 2,925 on 14th.
- Gold rates stayed steady at Rs 2,925 till 16th, before ending the week on a high, trading at Rs 2,950.
Apr ‘16 - Week 4 (18th to 24th)
- Gold rates fluctuated on a daily basis over the week.
- Gold traded at Rs 2,955 on 18th, dropping marginally on 19th.
- Prices rose and fell on alternate days, reaching a high of Rs 2,980 on 22nd, before dropping to Rs 2,975 on 24th.
- An overall increase of Rs 20 was seen during this period.
Apr ‘16 - Week 5 (25th to 30th)
- Rates dipped marginally on 25th, falling to Rs 2,960.
- Prices picked up over the next few days, with gold rallying to cross the Rs 3,000 mark on 29th.
- Gold traded at Rs 3,038 on 29th and Rs 3,070 on 30th, ending the month on a high.
|1st March rate||Rs 2,975|
|31st March rate||Rs 2,900|
|Highest rate in March||Rs 2,975 on 1st, 3rd, 4th, 5th and 6th|
|Lowest rate in March||Rs 2,699 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- The budget proposed a hike in the excise duty on gold, which led to protests from jewellers.
- Protests impacted gold trade in the city.
- Gold price was Rs 2,975 on March 1st and dropped to Rs 2,699 on 2nd, the lowest for the month.
- Prices quickly bounced back to Rs 2,975 and stayed at this level throughout the week.
Mar'16 - Week 2 (7th to 13th)
- Protests continued into the second week, with gold trade being impacted.
- Prices fell marginally, dropping to Rs 2,968 on 7th.
- Prices increased to Rs 2,973 on 11th, before dropping to Rs 2,926.
- The week ended with gold trading at Rs 2,926.
Mar'16 - Week 3 (14th to 20th)
- A few jewellers opened their stores for business after two weeks of protest.
- Prices increased marginally, going up to Rs 2,938 on 15th.
- Prices fell to Rs 2,894 before bouncing back to Rs 2,926.
- A further drop was witnessed on the 20th, as rates fell to Rs 2,908.
Mar'16 - Week 4 (21st to 27th)
- The week began on a high as rates went up from Rs 2,908 to Rs 2,935 on 21st.
- Prices however fell continuously through the week, dropping to a low of Rs 2,874.
- The week ended with gold rates at Rs 2,910.
Mar'16 - Week 5 (28th to 31st)
- Gold rates dropped from Rs 2,910 to Rs 2,870 on 28th.
- An overall increase in rates was witnessed during the week.
- Prices went up to Rs 2,900 on 31st to close the month at a loss of Rs 75 from 1st.
|1st February rate||Rs.2,718|
|29th February rate||Rs.2,960|
|Highest rate in February||Rs.2,975 on 12th and 26th|
|Lowest rate in February||Rs.2,718 on 1st|
Feb '16 - Week 1 (1st to 7th)
- Gold started February on a positive note.
- Prices were Rs.2,718 on 1st and Rs.2,815 on 7th.
- Gold appreciated continuously all through the week, clocking a cumulative gain of Rs.97 during the week.
Feb '16 - Week 2 (8th to 14th)
- Prices appreciated again during the 2nd week.
- Rates were Rs.2,805 on 8th and Rs.2,965 on 14th.
- Gold rose to Rs.2,975 by 12th before sliding to Rs.2,965 by 14th, with a cumulative gain of Rs.160 over the week.
Feb '16 - Week 3 (15th to 21st)
- Gold’s positive streak continued going into the third week.
- Rates were Rs.2,920 on 15th and Rs.2,960 on 21st.
- Gold dropped to Rs.2,875 on 16th before rallying to Rs.2,960 by 21st, rising by Rs.40 over the week.
Feb '16 - Week 4 (22nd to 29th)
- Gold ended February on a positive note.
- Prices were Rs.2,925 on 22nd and Rs.2,960 on 29th.
- Gold rose consecutively till 26th to settle at Rs.2,975 before sliding to Rs.2,960 to end the month on a profitable note.
|4 th January rate||Rs.2,545|
|31 st January rate||Rs.2,710|
|Highest rate in January||Rs.2,725 on 29th|
|Lowest rate in January||Rs.2,545 on 4th|
- Gold rates were up during the 1st week of January.
- Prices were Rs.2,545 on 4th and Rs.2,633 on 10th.
- Gold rates were up on consecutive days throughout the week on strong buying by jewellers on the domestic sector and favourable global cues.
- Gold rates were down in the 2nd week.
- Rates were Rs.2,638 on 11th and Rs.2,605 on 17th.
- Gold fluctuated to Rs.2,642 before dropping to Rs.2,605 by 14th.
- Gold remained stable at Rs.2,605 for the rest of the week.
- Gold rates appreciated during the 3rd week.
- Rates were Rs.2,657 on 18th and Rs.2,660 on 24th.
- Gold was mostly stable within the range of Rs.2,650 to Rs.2,670 for the week.
- Gold rates appreciated again in the final week of January.
- Prices were Rs.2,670 on 25th and Rs.2,710 on 31st.
- Gold gained Rs.55 till 29th to touch Rs.2,725.
- Prices slid to Rs.2,710 on 30th and 31st to end the month on an overall positive note.
|1st December rate||Rs.2,555|
|31st December rate||Rs.2,564|
|Highest rate in December||Rs.2,603 on 14th|
|Lowest rate in December||Rs.2,545 on 19th and 20th|
- Gold rates appreciated in the 1st week of the month.
- Prices were Rs.2,555 on 1st and Rs.2,597 on 7th.
- Gold rose to Rs.2,572 on 3rd before dropping marginally to Rs.2,561 on 4th.
- Gold gained Rs.39 on 5th when prices rose to Rs.2,600.
- It was trading slightly lower at Rs.2,597 on 7th.
- Gold rates appreciated marginally over the course of the 2nd week.
- It was priced at Rs.2,595 on 8th and Rs.2,603 on 14th.
- Gold dropped to Rs.2,574 by 9th before rising to Rs.2,590 by 13th.
- Prices were up again on 14th as gold rose to Rs.2,603.
- Gold rates depreciated in the 3rd week of the month.
- Prices were Rs.2,580 on 15th and Rs.2,561 on 21st.
- Gold traded in the negative all through the week except for 21st when prices rose to Rs.2,561 from Rs.2,545.
- There was marginal depreciation in rates in the last days of December.
- Rates were Rs.2,569 on 22nd and Rs.2,564 on 30th.
- Gold was stable throughout the week and was trading within the range of Rs.2,560 to Rs.2,569.
|1st November rate||Rs.2,681|
|Highest rate in November||Rs.2,724 on 2nd|
|Lowest rate in November||Rs.2,566 on 19th and 30th|
- Gold rates depreciated in the 1st week of the month.
- Prices were Rs.2,681 on 1st and Rs.2,600 on 7th.
- Gold increased to Rs.2,724 on 2nd and stabilized at Rs.2,722 on 3rd.
- There was a continuous drop in rates for the remaining part of the week, with gold losing Rs.122 over the course of 4 days to settle at week ending rate of Rs.2,600.
- Gold rates declined marginally over the course of the 2nd week.
- It was priced at Rs.2,600 on 8th and Rs.2,580 on 14th.
- Gold rallied over the first 5 days of the week to touch Rs.2,660 by 12th.
- Prices dropped in the next 2 days by Rs.41 and Rs.39 to settle at Rs.2,580 for the week.
- Gold rates were stable overall in the third week of the month.
- Prices were Rs.2,580 on 15th and Rs.2,575 on 21st.
- Gold appreciated by Rs.66 on 16th to touch Rs.2,646, before losing out the gains in the next two days to settle at Rs.2,581 on 18th.
- Gold dropped further to Rs.2,566 on 19th and stabilized at Rs.2,575 by the end of the week.
- There was some more depreciation in rates in the final days of the month.
- Rates were Rs.2,575 on 22nd and Rs.2,566 on 30th.
- Prices stayed in the range of Rs.2,575 to Rs.2,585 all through the 4th week and on 29th as well.
- Gold dropped to Rs.2,566 on 30th from Rs.2,583 on 29th.
Gold Price Trends in Mysore in 2015
Buying due to peer pressure, price manipulation and falling currencies are among some of the factors experts cite as triggers for fluctuations in the price of gold. Gold is considered a safe option during hyperinflation since it is believed to hold its purchasing power better compared to money during such periods. The following are the gold rates prevalent in Mysore this year.
22 karat prices: One gram gold in Mysore (22 k) is currently priced at Rs. 2,542. The price of gold has witnessed minor fluctuations with the rates plummeting in that in January this year, one gram of gold was priced at Rs. 2,546.00. The price hovered around Rs. 2,562.00 in February while it was Rs. 2,514, Rs. 2,502 and Rs. 2600 for the months of March, April and May respectively. By the beginning of June, gold rates fell to Rs. 2,535.
24 karat prices: One gram of gold in Mysore (24 k) is currently priced at Rs. 2,726. The rate of gold has seen a minor increase over the past few months in that at the end of the month of May, one gram of gold was priced at Rs. 2,725. The price of gold has been fluctuating with one gram of yellow metal costing around Rs. 2,740.00 towards the end of April and Rs.2,650, Rs.2,680 and Rs.2,818 for the months of March, February and January this year.
- Also Check:Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of 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 Mangalore||Gold Rate In Kozhikode||Gold Rate In Coimbatore|
|Also Know: Silver Rate in Mysore|
Read more on Gold
- Significance of Gold
- Significance of Indian Jewellery
- India’s Love for Gold
- Gold Investment
- Where to Buy Gold In India
- Gold Coin or Gold Bar