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Gold Price in Nagpur
Investing in gold in India, to the average Indian, means purchasing gold jewelry and/or ornaments. At least this is what it is in the traditional sense, but a new wave of information and awareness is bringing India to the forefront of investments in gold as a tradable commodity. In Nagpur, second capital of Maharashtra, the perception of gold is changing from jewelry to high-valued investment option.
Investing in Gold in Nagpur – types and options available
Gold coins – After gold jewelry and ornaments, gold coins are the most common type of gold that’s purchased as an investment (especially in India). Gold coins are available in various weights like 1 gram, 2 grams, 5 grams, 10 grams, etc. and represent smaller investments than, say, gold bullion. Your investments will be subject to the same market factors that affect the price of all types of gold, but your risk will be significantly lesser as the denominations are lower, and coins can be purchased at any time during the year. Purchasing a few coins a month of a standard weight can be used to average out the gold price you’ve paid as the average gold price in India in that particular year. Gold coins are easy to acquire and provide a way for low and medium income groups to invest in gold as a commodity.
Gold bullion – Standard-sized pieces of gold, gold bars (like in the movies) and gold tablets fall under the definition of gold bullion. Gold bullion is bought primarily as an investable commodity, in larger quantities, from a certified authority. It is generally traded in weightages over 500 grams, the most common being 1 kilo. Gold bullion also facilitates international gold trading and is one of the most common ways in which gold is transferred overseas, apart from gold ownership certificates. Most types of gold bullion are internationally tradable.
Jewelry and Ornaments – are bought and sold in India at the drop of a hat, for weddings, naming ceremonies, festivals, etc. and are the most common form of gold in the country. It should be noted that when gold is shaped into ornaments and jewelry, it is sometimes mixed with an alloy to allow for greater malleability, which results in the loss of some purity. Gold in this form has utility as a gift, a daily use item and also as a means of preserving the asset value, should the need arise to sell it.
It’s very important to read up on the factors that affect the gold rate, such as the strength of the US Dollar, demand versus supply, international currency movements, etc. before deciding on the right time to invest. Investing and trading in gold is an activity centered on the right timing.
Trend of Gold Rate in Nagpur for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,988 per gram|
|August 31 Rate||Rs.3,045 per gram|
|Highest Rate in August||Rs.3,045 per gram from 29-31 August|
|Lowest Rate in August||Rs.2,978 per gram on 8 August|
|Overall Monthly Performance||Incline|
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.3,055 per gram|
|July 31 Rate||Rs.2,988 per gram|
|Highest Rate in July||Rs.3,055 per gram on 1 and 2 July|
|Lowest Rate in July||Rs.2,902 per gram on 10 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1st- 9th)
- When gold trading commenced for July on the 1st, the metal was priced at Rs.3,055 per gram, and remained unchanged on the 2nd.
- The steady pricing during these two days were due to the imminent arrival of the US Independence Day.
- Prices dropped by a massive Rs.64 as it hit Rs.2,991 per gram on the 3rd as rates neared eight-week low figures, owing to the resurgence of the US dollar.
- Bullion prices remained at Rs.2,991 per gram on the 4th before going up to Rs.3,004 per gram as demand from local jewellers pushed up the rates.
- From the 5th to the 8th, gold rate in Nagpur remained unchanged due to sustained buying from local investors.
- As the persistent buying came to a halt on the 9th, gold price in Nagpur dropped to Rs.2,981 per gram.
July 2017 - Week 2 (10th - 16th)
- On the 10th of July, gold price in Nagpur endured their worst price drops for the month as they went down by Rs.79 per gram to Rs.2,902 per gram.
- This single day drop was mostly due to a positive US job data, which was completely unexpected by trade analysts.
- A combined rallying effort from Asian markets also had an impact on gold prices in India and subsequently in Nagpur.
- `The 11th saw gold rate in Nagpur go up to Rs.2,919 per gram, before dropping to Rs.2,916 per gram on the 12th of July.
- When trading began on the 13th, gold rates had gone up to Rs.2,923 per gram and remained unchanged till the end of the week on the 16th as demand remained steady.
July 2017 - Week 3 (17th - 23rd)
- Gold started this week at Rs.2,923 per gram and jumped by Rs.24 to reach Rs.2,947 per gram on the 18th as overseas demand increased owing to a weak US market.
- As the US dollar continued to slide, gold demand picked up, leading to an increase in prices.
- Gold rates in Nagpur remained at Rs.2,947 per gram till the 21st of July as demand remained stable from local jewellers.
- Thanks to a crisis in the US, gold prices jumped to Rs.41 to reach Rs.2,988 per gram on the 22nd of July.
- On the last day of July week 3, gold rates remained at Rs.2,988 per gram due to sustained demand from the domestic market.
July 2017 - Week 4 (24th - 31st)
- The last week of July saw little change in demand for gold in particular.
- When the week commenced on the 24th, gold was trading at Rs.2,988 per gram.
- As demand didn’t change at all gold rates continued at Rs.2,988 per gram for the rest of the week.
- Even though gold prices seemed to improve towards the later half of the month, the later flourish wasn’t enough to curb the negative growth trend from becoming pronounced.
- Gold price trends in Nagpur decline at a rate of 2.19% for the month of July.
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,046 per gram|
|June 30 Rate||Rs.3,055 per gram|
|Highest Rate in June||Rs.3,077 per gram on 7 June and 8 June|
|Lowest Rate in June||Rs.3,033 per gram from 15 June to 29 June|
|Overall Monthly Performance||Incline|
June ’17 – Week 1 (1 – 4)
- Gold opened at Rs.3,046 per gram on the first day of the month in the city of Nagpur.
- Following information regarding the Goods and Services Tax (GST) in India wherein gold will be taxed at a rate of 3%, the value of this metal in the city saw so no change and continued to trade at Rs.3,046 per gram on 2 June as well.
- The price of gold in Nagpur increased slightly to trade at Rs.3,059 per gram from 3 June until the end of the week due to steady demand.
June ’17 – Week 2 (5 – 11)
- Gold continued to trade at the rate seen during the end of the previous week until 6 June which was Rs.3,059 per gram.
- The yellow metal traded at its highest on 7 June and 8 June after U.S. dollar and Asian stock markets weakened ahead of the national election in the United Kingdom and a European Central Bank meeting. Gold was priced at Rs.3,077 per gram on these two days in Nagpur.
- However, this rate was not sustained and gold price in Nagpur reduced on 9 June to be priced at Rs.3,053 per gram and continued at this price until the end of the second week of June.
June ’17- Week 3 (12 – 18)
- This precious metal continued to trade at Rs.3,053 per gram until 14 June which was noted during the previous week as well, due to stable demand from domestic markets.
- Until the Indian government provides clarity regarding issues concerning GST being faced by banks that import bullion, a near-term supply bottleneck is expected.
- From 15 June until the end of the third week of the month, gold continued to trade at Rs.3,033 per gram which was also the lowest at which gold was priced, for the month.
June ’17 – Week 4 (19 – 25)
- Gold rate in Nagpur was lower due to a firm dollar as markets expected comments from Federal Reserve officials concerning the strength of economic data.
- Additionally, the demand for gold from international as well as domestic jewellers were quite low but steady.
- Although there were changes in the demand for MCX gold, there were no changes to be noted in the demand for 24 karat gold.
- Due to the above factors, gold continued to trade steadily at Rs.3,033 per gram from 19 June to 25 June.
June ’17 – Week 5 (26 – 30)
- There were a number of doubts regarding the smooth transition of the current tax regime to that of Goods and Services Tax structure, however the new regime is expected to roll out from 1 July.
- Despite a weaker U.S. dollar, the rate of gold remained unchanged during the entire week.
- Gold was priced at Rs.3,033 per gram from 26 June until the end of the month, recording an incline of 0.29% in the rate of gold in Nagpur.
|April 1st Rate||Rs.3,011 per gram|
|April 30th Rate||Rs.3,061 per gram|
|Highest Rate in April||Rs.3,061 per gram on 29th & 30th April|
|Lowest Rate in April||Rs.3,011 per gram from 1st-3rd April|
April ’17- Week 1 (1st to 9th)
- Gold prices in the first week of April were stable as the week began, as the effects of the second rate hike by the U.S. Federal Reserve led to muted demand for the metal.
- Gold traded at Rs.3,011 per gram at the start of the week but prices soon jumped to Rs.3,043 per gram on 4th April as U.S. economic data painted a poor picture of the current job market.
- A weakening of demand from the industrial sector also kept prices more or less constant.
- Gold prices remained unchanged as the week ended, with gold trading at Rs.3,043 per gram on 9th April, registering a weekly increase in price of Rs.32 per gram.
April ’17- Week 2 (10th to 16th)
- The price of gold dipped in the second week of April, as investor demand dropped due to stabilising markets.
- Gold was priced at Rs.3,025 per gram on 10th April as the U.S. market stabilised in spite of political upheaval in the region.
- The U.S. Dollar rose in early trading during the week on the back of positive economic projections, which led to a decrease in interest in the yellow metal.
- Prices remained constant for the whole week, with gold trading at Rs.3,025 per gram as the week ended on 16th April on subdued demand from international as well as local markets.
April ’17- Week 3 (17th to 23rd)
- The third week saw the price of gold continue to remain steady, trading at Rs.3,025 per gram on 17th April in the face of muted but steady demand.
- A drop in industrial demand from China due to rumours of a slowing down of the world’s biggest economy led to sluggish global demand.
- Domestic demand also fell as the wedding season ended, reducing demand from jewellers, which in turn led to the price of gold plateauing.
- The week ended with gold trading at Rs.3,025 per gram on 23rd April as the price did not fluctuate.
April ’17- Week 4 (24th to 30th)
- The last week of April saw the price of gold fluctuate marginally, though the week began with gold trading at Rs.3,025 per gram on 24th April.
- The French election run off had caused some turbulence across global markets, which led to an increase in demand for gold, pushing prices to Rs.3,036 per gram on 26th April.
- In a reversal of trends, gold prices continued to rise, trading at Rs.3,048 per gram on 27th April in spite of a robust market due to a reviving U.S. Dollar.
- Prices reached their monthly high of Rs.3,061 per gram as gold ended the month trading at Rs.3,061 per gram on 30th April, recording an overall price increase of 1.66%.
|March 1st Rate||Rs.3,054 per gram|
|March 31st Rate||Rs.3,011 per gram|
|Highest Rate in March||Rs.3,054 per gram on 1st and 2nd March|
|Lowest Rate in March||Rs.2,968 per gram on 15th of March|
March ‘17 - Week 1 (1st to 5th)
- Trends in both national and international markets were an indication of a rise in gold prices due to high demand for this precious metal.
- The price of gold on the 1st of March was Rs.3,054 per gram which was relatively low as compared to the previous month. This rate was steady until the next day. This was also the highest at which gold traded.
- However, due to fluctuating rates, the price of gold in Nagpur reduced slightly on the 3rd of March to trade at Rs.3,026 per gram.
- This rate was maintained until the end of the week due to steady but low demand for this precious metal.
March ‘17 - Week 2 (6th to 12th)
- On the first day of the second week of March, the rate of gold was the same as that of the previous week.
- As the value of the dollar shot up, the gold rate in Nagpur plunged to a weekly low of Rs.3.016 per gram on the 7th of March.
- However, on the next day, the rate of gold increased due to positive cues from both domestic as well as international markets to trade at Rs.3,045 per gram.
- This demand fell slightly the next day resulting in gold trading at Rs.3,030 per gram.
- Demand continued to plunge downwards due to a fall in the demand for this precious metal from jewellers resulting in gold rate plunging to Rs.3,005 per gram on 10th of March.
- This rate was maintained until the end of the second week of March.
March ’17- Week 3 (13th to 19th)
- Rate in the third week of March started off with the same rate as that of the end of the second week. Gold continued to trade at Rs.3,005 per gram until the 14th of March.
- Gold rate in Nagpur fell to Rs.2,968 per gram on the 15th of March which was also the lowest at which this precious metal traded at in Nagpur for the month of March.
- There was a recovery noted in the rate of gold the next day wherein this metal traded at Rs.3,012 per gram.
- This recovery could be attributed to increased demand for this metal.
- Gold was steady at Rs.3,012 per gram until the end of the week.
March ’17- Weeks 4 (20th to 26th)
- This precious metal continued to trade at Rs.3,012 per gram during the first three days of the third week of March.
- On the 23rd, a marginal rise was noted in gold rate wherein this traded at Rs.3,035 per gram
- There was no other change noted in the rate of gold as the third week of March progressed. Gold price in Nagpur continued to trade steadily at Rs.3,035 per gram until the end of the fourth week of March.
- This was also the highest at which gold traded at for the month of March in Nagpur.
March ’17- Weeks 5 (27th to 31st)
- Gold rate in Nagpur was steady at Rs.3035 per gram due to increased but stable demand for this precious metal from jewellers as well as markets in both India and abroad.
- However, this demand could not be sustained and on the last day of the month, the rate of gold plunged to Rs.3,011 per gram.
- A monthly decline of 1.40% was noted in the rate of gold during the month of March.
|February 1st Rate||Rs.2,985 per gram|
|February 28th Rate||Rs.3,054 per gram|
|Highest Rate in February||Rs.3,054 per gram from 24th-28th February|
|Lowest Rate in February||Rs.2,985 per gram on 1st February|
February ‘17 - Week 1 (1st to 5th)
- Gold prices in Nagpur in the first week of February were relatively stable, as domestic and local demand kept prices steady.
- Gold was priced at Rs.2,985 per gram on 1st February but quickly rose to Rs.3,014 per gram on 2nd February due to continued fluctuations in the market as the results of the U.S. Federal Reserve meeting were awaited.
- Prices remained constant for the rest of the week as industrial demand was muted.
- Local demand kept prices from falling significantly, as gold ended the week trading at Rs.3,014 per gram on 5th February, recording a Rs.29 per gram increase in price.
February ‘17 - Week 2 (6th to 12th)
- Prices in the second week of February were more or less constant, as demand from industrial units rose.
- Gold traded at Rs.3,014 per gram on 6th February, remaining constant from the previous week.
- Prices rose to Rs.3,034 per gram on 8th & 9th February as a drop in the U.S. Dollar led to higher demand for gold.
- Prices dipped sharply to trade at Rs.3,013 per gram on 10th February, as the markets recovered on strong data from the U.S. labour markets.
- A drop in demand from jewellers kept prices low, as gold ended the week trading at Rs.3,013 per gram on 12th February, a decrease of Rs.2 per gram during the week.
February ’17- Week 3 (13th to 19th)
- Prices were constant towards the beginning of the third week, as demand stagnated due to strengthening markets.
- Gold traded at Rs.3,013 per gram on 13th February, with the price remaining constant till 16th February.
- An increase in domestic demand led to prices rising marginally, with gold trading at Rs,3,024 per gram on 16th February.
- Gold prices rose as the week ended, trading at Rs.3,034 per gram on 17th February on increased demand from investors due to market volatility.
- Gold ended the week trading at Rs.3,034 per gram on 19th February.
February ’17- Weeks 4 & 5 (20th to 28th)
- The last two weeks of February saw the price of gold rise after a period of stagnation.
- Gold traded at Rs.3,034 per gram on 20th February, with the price remaining constant till 23rd February due to muted demand from industrial units.
- Local demand was also poor, as jewellers reduced orders following the end of the wedding season.
- A sudden rise in the price of gold was seen on 24th February, as gold traded at Rs,3,054 per gram.
- Prices remained constant for the rest of the month as demand kept pace due to fluctuating markets.
- Gold traded at Rs.3.045 per gram on 28th February, recording a monthly increase in price of 2.31%.
|January 1st Rate||Rs.2,884 per gram|
|January 31st Rate||Rs.2,985 per gram|
|Highest Rate in January||Rss.2,997 per gram from 16th-27th January|
|Lowest Rate in January||Rs.2,872 per gram on 2nd January|
January ‘17 - Week 1 (1st to 7th)
- Gold prices in the first week of January were high as trading volumes were lower than expected, with gold trading at Rs.2,884 per gram.
- Prices dipped to Rs.2,872 per gram on 2nd January due to a slight fluctuation in demand but prices rose as demand increased.
- Increased domestic demand due to the wedding season kept prices high, with gold rising to Rs.2,908 per gram on 5th January.
- Prices were stable for the rest of the week as industrial demand also began to rise, as the U.S. Dollar price was constant.
- Gold ended the week at Rs.2,908 per gram on 7th January, an increase of Rs.28 per gram.
January ‘17 - Week 2 (8th to 14th)
- Gold prices in the second week were constant as the week began, with gold trading at Rs.2,908 per gram on 8th January.
- Prices rose to Rs.2,938 per gram on 10th January on higher demand from jewellers and the retail sector, as overseas demand also saw an increase.
- Uncertainty over the economic direction under the new U.S. President led to markets being unstable, resulting in the U.S. Dollar dropping and gold demand increasing.
- Gold rose to Rs.2,974 per gram on 14th January, a weekly increase of Rs.66 per gram.
January 2017- Week 3 (15th to 21st)
- Gold prices continued their rise, as market conditions and higher demand led to investors taking a keen interest in the metal.
- Gold was priced at Rs.2,974 per gram on 15th January and rose by Rs.23 per gram to trade at Rs.2,997 per gram on 16th January.
- Consistent demand from the industrial sector as well as higher trading in gold bonds kept prices steady for the rest of the week.
- The upcoming handover of the presidency in the United States and uncertainty over policy changes led markets to dip.
- Demand for gold was constant, as the metal traded at Rs.2,997 per gram on 21st January.
January 2017- Weeks 4 & 5 (22nd to 31st)
- The last two weeks of January saw fluctuations in the price of gold due to market and geopolitical factors.
- Gold was priced at Rs.2,997 per gram on 22nd January, with the price remaining constant till 27th January on consistent demand.
- The markets began a cautious recovery, though investors were still investing heavily in gold stocks.
- Domestic demand was also high, as demand from the industrial sector rose.
- Gold dropped to Rs.2,985 per gram on 28th January as the executive order banning immigration from certain to the United States was announced.
- Confusion over the travel ban affected markets, though gold was more or less steady at Rs.2,985 per gram on 31st January.
Buying Gold in Nagpur
There are many traders, merchants, established sellers and certified authorities selling gold in the great city of Nagpur, such as Shri Nirmal Jewellers, Sona Hira Chand Rupchand, V M Jewellers, Jos Alukkas Jewellery, Inter Gold Gems Private Limited, Wadilal Parekh and Sons, Tanishq, Pure Gold, etc.
When buying gold in Nagpur, it is highly recommended that you buy from a well-established and certified dealer. Ensure that the gold is marked, stamped, engraved or in some way certified and determined to be authentic gold of whichever purity you choose – 22 karat or 24 karat. Make sure that you also get a certificate of authenticity which contains details of purity, gold rate on the date of purchase and the amount of gold purchased – along with the gold.
- Also Check:Gold Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Nagpur
|Gold Rate In Pune||Gold Rate In Aurangabad||Gold Rate In Thane||Gold Rate In Nashik|
|Gold Rate In Solapur||Gold Rate In Amravati||Gold Rate In Nanded||Gold Rate In Sangli|
|Gold Rate In Sangli||Gold Rate In Jalgaon||Gold Rate In Kolhapur|
|Also Know: Silver Rate in Nagpur|
Read more on Gold
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- Akshaya Tritiya – An Auspicious Day to Buy Gold
- Invest In Gold
- How to Buy Gold Online
- Where to Buy Gold In India
- Gold Coin or Gold Bar
- Global Demand for Gold
- Gold and Weddings
News About Gold Rate in Nagpur
Jewellers offer to stop selling bullion to end users
Jewellers have appeared with a negotiation table post their indefinite strike for a week against the budget proposal which is expected to impose 1% excise duty on gold. Traders of gold have come up with the decision to give the government with a condition that they will not sell bullion i.e. raw gold to consumers. Users will be given the opportunity to buy ornaments from all jewellery shops. This decision was made after daylong meeting in Mumbai with several representatives of various local level jewellers' associations, including the one that is based in Nagpur.
8th March 2016
- For more related news /update on gold price visit: Gold News