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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 January 2017 (rates per gram for 24karat gold)
|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.
Trend of Gold Rate in Nagpur for December 2016 (rates per gram for 24karat gold)
|December 1st Rate||Rs.2,938 per gram|
|December 31st Rate||Rs.2,884 per gram|
|Highest Rate in December||Rs.2,938 per gram from 1st to 7th|
|Lowest Rate in December||Rs.2,810 per gram on the 22nd and 26th|
December 2016- Week 1 (1st- 4th):
- Maharashtrian city of Nagpur didn’t see too many changes in gold rate for much of the month.
- The first week began with gold trading at Rs.2938 per gram.
- Gold rates were the same at Rs.2,938 per gram, till the closing hours of the 4th and beyond.
December 2016 - Week 2 (5th - 11th):
- When business day began on the 5th, gold prices were still the same as the previous week at Rs.2,938 per gram.
- Rates didn’t change much until the end of the 7th as the market neither saw any demand and the lack of it.
- On the 8th, however, prices declined by Rs.31 to trade at Rs.2,907 per gram, which was again the case on the 9th as well.
- The 10th saw prices decline a little more as gold traded at Rs.2,879 per gram till the end of the week on the 11th.
December 2016 - Week 3 (12th - 18th):
- When week 3 began on 12th, gold prices hadn’t bore witness to any fluctuations either as the yellow metal again traded at Rs.2,879 per gram.
- The 13th and 14th, as well, had the same gold trading price at Rs.2,879 per gram.
- On the 15th, though, gold price decreased by Rs.37, to hit as low as Rs.2,842 per gram.
- Prices fell again on the 16th to Rs.2,824 per gram and remained the same until the week ended on 18th.
December 2016 - Week 4 (19th - 25th):
- Gold traded at Rs.2,826 per gram on the 19th, same as it was when week 3 ended and continued to be the same till the 21st.
- On the 22nd, gold prices went down slightly to trade at Rs.2,810 per gram till the end of the week on the 25th.
- Gold rate on 22nd to 25th was the lowest the month had to witness.
December 2016 - Week 5 (26th - 31st):
- The last week of December was quite productive for gold sales, thanks to the imminent arrival of new year.
- When trading began on the 26th, gold prices stood at just Rs.2,810 per gram but increased gradually from then on.
- On 27th, prices increased by Rs.5, as gold traded at Rs.2,815 per gram.
- The next two days, 28th and 29th, had the same trading prices which stood at Rs.2,848 per gram - a Rs.33 increased from the 27th.
- Last two days of the week and the year saw prices increase by Rs.36, to end 2016 on a high at Rs.2,884 per gram.
- Overall, gold prices saw a -1.83% decline in rates for the month of December, a good 2-odd percent compared to November 2016.
|1st Day||Rs.3,168 per gram|
|Last Day||Rs.2,975 per gram|
|Highest Price||Rs.3,247 per gram on 11th November|
|Lowest Price||Rs.2,949 per gram on 25th November|
November ‘16 – Week 1 (1st-6th)
- Gold traded at Rs.3,168 per gram on 1st November, with a slight increase in price the next day.
- On the 2nd of November, 2016, price of gold increased to Rs.3,197 per gram and remained steady over the next few days.
- There were absolutely no variations in the price of gold over the course of the week.
- On the last day of the week, the price of gold was Rs.3,197 per gram, the same as it was during most of the week.
November ’16- Week 2 (7th-13th)
- The price of gold on the first two days of the November’s second week was the same as last week, at Rs.3,197 per gram.
- This rate was maintained until the 20th of November.
- On the 11th, there was an increase of Rs.100 noted in gold rate wherein gold traded at Rs.3,247 per gram.
- There was a decline noted in the price of gold towards the end of the second week of November as compared to the first.
- On the last day of week two, the price of gold was Rs.3,082 per gram.
- The decline in prices could be attributed to Prime Minister Modi’s Demonetization announcement.
November ’16- Week 3 (14th-20rd)
- On the first of day of the third week of November, the price of gold declined slightly to trade at Rs.3,082 per gram. This was the same as the price that was noted on the last day of week 2.
- Rate of gold was sustained at Rs.3,082 per gram until November 17th.
- Due to reduced demand, price of this precious metal decreased by Rs.73 the next day.
- This low rate was sustained until the end of week 3.
November ’16- Week 4 (21st-27st)
- Low rate of gold continued until the 22nd after which a minor increase in gold prices was noted.
- There were very minor fluctuations noted during the week.
- On November 23rd, gold traded at Rs.3,012 per gram but fell again to Rs.2,976 per gram on 24th.
- The lowest rate of gold was noted on the 25th, which was Rs.2,949 per gram. This rate was sustained until the last day of the week.
November ‘16 – Week 5 (28th-30th)
- Gold traded at Rs.2,975 per gram on 28th of November, after which prices declined further.
- On the 29th, gold traded at Rs. 2,975 per gram, which was the same as the previous day.
- Gold rate closed at Rs.2,975 per gram on the last day of the month which was a decline as compared to the beginning of the month.
- There was a decline of 6.09% in the rate of gold as compared to the beginning of the month.
|Highest Price||Rs.3,249 on 1st and 2nd October|
|Lowest Price||Rs.3,123 from 7th October to 9th October|
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold as priced at Rs.3,249 on the 1st of October and the remained stable on the 2nd after which they declined consistently until the 7th.
- Prices were recorded at Rs.3,123 between the 7th and 9th of October, making it the lowest recorded rate in the month.
- Prices increased by Rs.12 on the 10th of October to close the month at Rs.3,135 per gram.
October 2016 – Week 3 (10th to 16th)
- The price of gold per gram did not change from the closing levels of the previous week and prices stood at Rs.3,135 until the 12th of the month.
- Rates then increased to Rs.3,143 on the 13th after which a decline by Rs.10 saw them tumble to Rs.3,133 per gram and remain constant for the remainder of the week.
- In comparison with the previous week, gold prices declined by just Rs.2 between the 10th and 16th of October.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week.
- Rates remained constant at Rs.3,133 until the 19th of the month after which an increase saw the rise to Rs.3,154 per gram on the 20th.
- Prices remained unchanged until the end of the week as the precious metal recorded an increase in prices over the seven-day period.
October 2016 – Week 5 (24th to 31st)
- Gold prices increased during the last week of the month as festive demand picked up in the domestic market.
- Although there was no change in rates on the first day of the week, prices rose to Rs.3,168 on the 26th of October and remained stable until the end of the month.
- The overall decline in prices between the first and last day of October was 2.49%.
|1st Day||Rs.3,212 per gram|
|Last Day||Rs.3,279 per gram|
|Highest Price||Rs.3,285 from 23rd September to 26th September|
|Lowest Price||Rs.3,212 on 1st September|
September '16 – Week 1 (1st to 4th)
- Gold traded at Rs.3,212 per gram on first of the month.
- Buyers regained interest towards investment in gold thanks to the Fed rate hike being put aside owing to weak U.S. economic data.
- Gold prices also reached some stability this week due to the festive season being around the corner.
- Gold traded this month’s lowest on 1st September at Rs. 3,212 per gram.
- The rates went up to Rs.3,229 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.3,229 per gram on 5th of September.
- The yellow metal remained at the same rate throughout the week at Rs.3,229 per gram.
September '16 – Week 3 (12th to 18th)
- Week 3 of September started at the same rate as the previous week.
- Gold climbed to Rs.3,246 on 13th September and maintained at the same rate till 15th September.
- Owing to lost gold appeal in the domestic and global market, gold prices fell again.
- Gold traded at Rs.3,231 per gram on 16th September and stayed the same until the end of week.
- Demand for gold from jewellers, stockists, retailers, and consumers remained dull in the domestic market.
September '16 – Week 4 (19th to 25th)
- Gold recorded the same rate as last week at Rs.3,231 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 bounced back.
- The global market displayed an optimistic trend and bullish tendencies were noticed.
- The week saw a gradual increase in gold prices throughout.
- From Rs.3,231 per gram recorded at the beginning of the week, gold traded at Rs. 3,285 per gram on 25th September.
- With the festival season around the corner, the domestic gold market experienced a stable demand.
September '16 - Week 5 (26th to 30th)
- Gold traded at Rs.3,285 per gram on 26th September .
- As sentiments in the overseas gold market turned weak, gold rates suffered this week.
- Dollar gained strength as a result of the U.S. presidential elections.
- On 27th September, gold was recorded at Rs.3,279 per gram and maintained the same rate till the end of week 5.
- Despite a fall in gold rates this week, overall month of September recorded an increase of 2.08%.
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
- Which Day Is Good To Buy Gold in Year 2017
- 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