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Gold Rates in Panaji
Panaji primary demand for gold is for use as jewelry. Investments are the next greatest demand driver. Despite the importance of the yellow precious metal being more for the sake of ornamentation. It is important to know gold rates in the city located in one of the most pleasant states in India, Goa since the state is very prosperous and there are more than often people who can afford it as a wealth investment in this part of the country. The city is also home to a lot of foreigners and expats mainly dealing with tourism. It is one of the most well known destinations in the country for tourism especially because of its location. Hence, it is important to know the gold rates in this city.
Trend of Gold Rate in Panaji for October 2016 (rates per gram for 24karat gold)
|Highest Price||Rs.3,160 from 1st October to 3rd October|
|Lowest Price||Rs.3,016 on 17th 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.3,160 on the 1st of October and prices remained stable until the 3rd.
- Prices declined consistently until the 7th when they hit Rs.3,020 per gram, and then remained stable until the 9th,
- Prices rose on the 10th to close the week at Rs.3,030 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.3,030 until the 13th of the month.
- Rates then increased by Rs.5 on the 14th and gain by Rs.5 on the 15th to settle at Rs.3,020 until the close of the week.
- In comparison with the previous week, gold prices declined by Rs.10 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 fell by Rs.4 on the first day of the week to stand at Rs.3,016 per gram – the lowest recorded rate in the month of October.
- Rates then fluctuated for the next two days before rising to Rs.3,045 and remaining constant until the 21st.
- Prices then fell by Rs.10 and remained stable for another day to close the fourth week of October at Rs.3,035 per gram.
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.
- The week began with fluctuations but prices soared to Rs.3,070 on the 29th and remained stable for another day before a drop by Rs.10 on the final day of trading saw the precious metal close the week at Rs.3,060 per gram.
- The overall decline in prices between the first and last day of October was 3.16%.
|1st Day||Rs.3,125 per gram|
|Last Day||Rs.3,160 per gram|
|Highest Price||Rs.3,190 per gram on 25th to 29th September|
|Lowest Price||Rs.3,115 per gram on 2nd September|
September '16 - Week 1 (1st to 4th)
- Gold traded at Rs.3,125 per gram on 1st September.
- On 2nd September, gold rates dropped to the lowest for this month when it traded at Rs.3,115 per gram.
- Prices soon started to rise as U.S. economic data was weak indicating that a Fed rate hike would not be possible this month.
- Demand for the yellow metal started to rise and the price of gold got a boost to Rs.3,140 per gram on 3rd and 4th September.
September '16 - Week 2 (5th to 11th)
- Gold continued to traded at Rs.3,140 per gram this week till 6th September.
- The constant rates could be attributed to steady demand for gold.
- Owing to positive global trends, gold rates climbed.
- Gold traded at Rs.3,180 per gram at the end of the week.
September '16 - Week 3 (12th to 18th)
- At the start of the week, gold was seen trading at a constant pace of Rs.3,180 per gram.
- The price of gold slipped after the U.S. Federal Reserve raised expectations of an interest rate hike.
- Demand was sluggish as investors took a backseat.
- Gold prices fell to Rs.3,155 per gram at the end of the week.
September '16 - Week 4 (19th to 25th)
- Gold traded at Rs.3,155 per gram for majority of the week.
- Prices climbed on 25th September as the Fed rate hike was postponed to December.
- The U.S. Federal Reserve felt that the presidential elections were too close to introduce a rate hike now.
- Gold prices soared to Rs.3,190 per gram as demand got a solid boost.
September '16 - Week 5 (26th to 30th)
- Gold traded at Rs.3,190 per gram from 26th to 29th September.
- The constant trend was a direct result of stable demand in the domestic and global markets.
- The market bore a bearish outlook on 30th September as the dollar gained strength.
- Gold rates fell to Rs.3,160 per gram on 30th September.
- The trend for this month was an increase of 1.12%
|First Day||Rs.3,190 per gram|
|Last Day||Rs.3,140 per gram|
|Highest Price||Rs.3,225 on 3rd August|
|Lowest Price||Rs.3,140 per gram 31st August|
August '16 - Weeks 1 (1st to 7th)
- Gold traded at Rs.3,190 per gram on 1st and 2nd of August.
- Weaker than expected growth data from the U.S. led to the dollar losing strength.
- Gold rates started to rise, with the highest price of the month recorded on 3rd August at Rs.3,225 per gram.
- Gold maintain high prices this week as there were positive trends on the domestic and global front.
August '16 - Week 2 (8th to 14th)
- Gold traded at Rs.3,165 per gram on 8th August.
- There were fluctuations in the equity markets leading to volatile prices in the gold markets.
- Prices rose to Rs.3,195 per gram on 10th August, but started falling again.
- The week ended with gold trading at Rs.3,175 per gram.
August '16 - Week 3 (15th to 21st)
- Steady demand in the domestic market kept gold rates up this week.
- Gold traded at Rs.3,175 per gram at the start of the week and climbed to Rs.3,205 per gram on 18th August.
- Rates were relatively stable despite global trends indicating a negative atmosphere.
- Gold rates dropped to Rs.3,200 per gram by the end of the week.
August '16 - Week 4 (22nd to 28th)
- Demand for gold was lacklustre as the expectations of a Fed rate hike were heightened.
- Gold rates started to drop as demand slackened.
- Gold traded at Rs.3,180 per gram on 22nd August.
- Gold rates dropped to Rs.3,160 per gram on 26th August, but remained constant till the end of the week on account of domestic demand.
August '16 - Week 5 (29th to 31st)
- Gold traded at Rs.3,160 per gram on 29th and 30th August.
- Prices started plummeting as investors expect the Federal Reserve to roll out the rate hike in September.
- The lowest price gold reached this month was Rs.3,140 per gram on 31st August.
- The overall trend this month was 1.5% decline.
|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.3,130 on 1st|
|% Change||+ 1.27%|
July'16 - Week 1 (1st to 3rd)
- Gold traded at Rs.3,130 per gram on 1st July.
- Expectations of the central banks providing more monetary stimulus to the markets grew rapidly amidst the Brexit vote aftermath.
- Gold rose to Rs.3,150 per gram on 2nd and 3rd July indicating a more constant trend for the week.
July'16 - Week 2 (4th to 10th)
- On 4th July, gold prices were at Rs.3,180 per gram.
- Equity investments fell to an all-time low, the U.S. released strong job data and the dollar gained strength.
- The mixed sentiments in the global market led to a number of fluctuations through the week.
- The lowest price was Rs.3,165 per gram on 5th July, but gold rapidly recovered by 7th July, trading at 3,205 per gram.
July'16 - Week 3 (11th to 17th)
- Gold traded at Rs.3,170 per gram on 11th July.
- Fluctuations were rampant through the week with gold touching the lowest rate on 14th July at Rs.3,135 per gram.
- Gold rates recovered slightly and ended the week at Rs.3,170 per gram.
July ‘16 - Week 4 (18th to 24th)
- Week 4 of July was not good news for gold rates as the U.S. released surprisingly strong economic data which sent the dollar up.
- Gold traded at Rs.3,165 per gram on 18th and fell to Rs.3,120 per gram by 21st July.
- Gold gained its strength slowly and traded at Rs.3,150 per gram by the end of the week.
July ‘16 - Week 5 (25th to 31st)
- This week was more steady for gold prices. Gold traded at Rs.3,150 per gram on 25th July.
- The prices fluctuated a bit but rose to Rs.3,170 per gram and stayed steady through the rest of the week.
- Anticipation of a U.S. Federal Reserve hike was looming which could mean lower gold prices.
|1st June rate||Rs.2,915|
|30th June rate||Rs.3,130|
|Highest rate in June||Rs.3,175 per gram on 27th June|
|Lowest rate in June||Rs.2,915 per gram 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 to 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||+ 5.67%|
Apr ‘16 - Week 1 (1st to 3rd)
- He month began on a slow note for gold, with investors adopting a wait and watch strategy on the back of anticipated statements over a Federal rate change.
- Gold traded at Rs 2,905 on 1st, dropping marginally over the week.
- Prices fell by Rs 20 on 3rd, as gold trading at Rs 2,885 to end the week on a loss.
Apr ‘16 - Week 2 (4th to 10th)
- An overall increase in rates was observed over the week.
- Gold traded at Rs 2,880 on 4th, marginally gaining momentum.
- Strong global cues aided gold rates in the city.
- The week ended with gold trading at Rs 2,940 on 10th, showcasing an overall gain of Rs 60.
Apr ‘16 - Week 3 (11th to 17th)
- Gold rates fluctuated over the weak, mimicking international trends.
- Gold traded at Rs 2,945 on 11th, peaking at Rs 2,955 on 12th.
- This strong start was negated by losses, with gold rates falling over the rest of the days.
- The week ended with gold trading at Rs 2,950, a minor gain observed.
Apr ‘16 - Week 4 (18th to 24th)
- Rate fluctuation continued into the fourth week, as international trends had a strong local impact.
- The week began with gold trading at Rs 2,955.
- Both gains and losses were observed over this period, with prices dropping to Rs 2,945 on 19th.
- Prices got a boost towards the end of the week, as a weak US dollar pushed prices to Rs 2,980 on 22nd.
Apr ‘16 - Week 5 (25th to 30th)
- The week started on a low, with prices falling to Rs 2,960 on 25th.
- Demand for gold increased over the next few days, pushing up prices.
- Gold traded at Rs 3,038 on 29th and Rs 3,070 on 30th, ending the month on a strong note.
|1st March rate||Rs 2,975|
|31st March rate||Rs 2,900|
|Highest rate in March||Rs 2,991 on 2nd|
|Lowest rate in March||Rs 2,870 on 28th|
Mar'16 - Week 1 (1st to 6th)
- The month began with gold rates under Rs 3,000.
- Jewellers in the city joined nationwide protests against a proposal to hike excise duty on gold.
- This impacted gold markets in the city, with minor rate changes observed in the week.
- Prices went to a high of Rs 2,991 on 2nd before falling to Rs 2,975.
Mar'16 - Week 2 (7th to 13th)
- Protests continued into the second week.
- Rates fell marginally, as gold traded at Rs 2,968 till the 10th.
- Prices increased to Rs 2,973 before falling to Rs 2,926.
Mar'16 - Week 3 (14th to 20th)
- Prices went up to Rs 2,938 on 15th.
- A drop was witnessed on 16th, as rates fell to Rs 2,894.
- Rates increased to Rs 2,926 before falling to Rs 2,908 to end the week.
Mar'16 - Week 4 (21st to 27th)
- Prices went up to Rs 2,935 on 21st, before dropping to Rs 2,920.
- Rates further fell to Rs 2,874 on 24th.
- Gold rates picked up through the next three days, ending the week at Rs 2,910.
Mar'16 - Week 5 (28th to 31st)
- The last week witnessed gold rates appreciating.
- Prices went up gradually from Rs 2,882 on 28th.
- The month ended with gold trading at Rs 2,900.
Details of Gold Price in Panaji (22 Karat & 24 Karat) - Till December 2015
22K gold rate in Panaji for 1 gram gold is Rs. 2,395.00 while 24K gold in the city is at Rs. 2,550.00 as of December 21, 2015. Last month, the gold rates in Panaji, on November 14, 2015 was around Rs. 2432 for 22K and Rs. 2575 for 24K gold. Gold rates in Panaji are affected by the exterior issues which include both global and national economic events.
Gold Investments in Panaji
When it comes to a safe investment option, Gold is considered to be one of the least riskiest of trading commodities in any market, whether regional or global. In Madhya Pradesh too the yellow metal is considered an investment option that is lower on risk factors, primarily based on the fact that it is highly affordable and culturally significant as mentioned before. Most families find this metal auspicious such as weddings and Dhanteras season. Investors in this part of the country also find it an integral part of their investment portfolio along with stock market and mutual fund investments. Investors have various options for gold trading through gold contracts and physical gold.
Physical Gold: Jewelleries and ornaments are quite popular in the city and some of the largest jewellers in the country have significant presence in the city. Some of the leading jewellers include Tanishq, Nagvekar and Shobha jewellers. Apart from jewelleries, gold bullion can also be purchased in the city from reputed dealers, while coins can be purchased from dealers and banks. Generally it is a good idea to buy your gold from the banks since they are certified and you can be worry free about their purity. you also get a receipt which you can later use for trading gold for wealth. due to the cosmopolitan and travelling population in Goa, gold is mainly popular among tourists although it is a good idea to be alert about the gold rates in Panaji to avoid being cheated on.
Market Trade: In Panaji you can purchase gold through the markets, with gold being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. This is apt for individuals willing to purchase gold in bulk, with the minimum trading limit being set at 1 kg in general. It's a viable option for people who are well aware of the gold market and all that affects it.
- Also Check:Gold Rate in Goa
Also Check Gold Price in NearBy Cities of Panaji
|Gold Rate in Pune||Gold Rate in Kolhapur||Gold Rate in Mysore|
|Gold Rate in Mumbai||Gold Rate in Mangalore||Gold Rate in Bangalore|
Read more on Gold
- Auspicious Days To Buy Gold In 2016
- All That You Need To Know About The Gold Monetization Scheme
- Things To Remember Before Buying Gold Jewellery
- Gold Rates Fluctuation – Why Gold Is On A Roller Coaster Ride
- Mcx Trading Tips For Beginners
News About Gold Rate in Panaji
Gold Hits a Three-Week High On Diminishing U.S. Rate Hike Expectations
Gold hit a three week high after an increase of 1.5% overnight, on Thursday. This increase was helped by fading prospects of an interest rate hike by U.S. Fed along with a weak dollar. Other contributing factors include cautious comments by Janet Yellen, the Fed Chair and non-farm payroll data.Spot gold was quite low at $1,262.28 per ounce whereas U.S. gold increased by 0.2% to hit $1265.20.
Although there are chances of gold rate increasing, there may be roadblocks on the way according to James Steel, an HSBC analyst. Gold has risen by 19% until now this year and has allowed companies like Barrick Gold to work on expansion and increase their production in new ways for the very first time in a period of five years.
67.75 tonnes of gold was produced by Russia in the period between January to April which is an increase as compared to the same period the previous year. Dollar index reduced by another 0.1%. Spot palladium and spot platinum were quite flat $559.8 per ounce and $1005.35 per ounce respectively.
9th June 2016
Gold Finally Rises Owing to an Easing Dollar and Weak Asian Stocks
Gold rates are on the rise, climbing on account of weaker Asian stocks. The dollar is also easing up allowing gold rates to be released from its declining trend. This rise marks the first one in ten sessions. Spot gold steadily rose to $1,217.08 per ounce increasing by 0.2%. U.S. gold climbed to $1,219.8, a 0.2% increase. Bullion increased as well, rising by 0.8%, the biggest one-day gain seen since 13th May 2016.
A slip in the crude oil rates resulting in the Asian stocks sagging. This dampened the appeal for investors. The Asian market was also dull due to the dollar stalling against the yen and euro. The U.S. economic data has also been like a bag of mixed emotions. The U.S. consumer spending also recorded its highest increase since six years ago. This suggests an incline in economic growth. The U.S. economy is on the path to grow by 2.9% (annualised) in the second quarter of this year. These factors might soon persuade the U.S. Federal Reserve to increase the interest rates in the near future.
2nd June 2016
On Bourse Listing, Gold Bonds Predicted to Trade at Premium
Usually enamoured by the physical metal, gold bonds look set to catch the eye of Indian investors soon, as gold bonds are expected to trade at a premium.
According to statements released by the Finance Ministry, the first set of gold bonds to be listed n bourses will be by May end. The government has, issued 3 tranches across a 7 months span and has made close to Rs. 1, 300 crore from them.
The rising gold price along with the easy exit will create interest among investors. Predictions that the bonds will list at premium are founded on the argument that gold itself has risen 20% in the past 4 months and thus the new tranche will probably be valued at Rs. 3000- Rs. 3, 500 for a gram.
The precious metal’s spot price has risen by 15.1% since November 2015, with the spot MCX being Rs. 29, 850 for 10 grams on 18th May, ’15.
The first tranche issued had a price of Rs. 2, 682 for a gram, higher than the price of bullion, which led to demand being rather weak.
The second tranche saw Rs. 726 crore subscription, an increase of Rs. 500 crore as the bond price was Rs. 2, 600 per gram. The third tranche, issued at Rs, 2, 916 per gram only garnered Rs. 329 crore as it was issued in March, when tax planning generally reduces appetite for investments.
The stamp duty payable for secondary market sales might also be a dampener when it comes to interest in gold bonds, as well as rules that stipulate that they can only be held in dematerialised form.
19th May 2016
Gold Prices Recover as the Value of the Dollar Declines
Gold prices recovered from a two-week low and the value of the dollar fell slightly as international shares declined, thus rekindling the appetite of investors for gold. The value of spot gold increased by 0.8% to $1277.56 per ounce while US gold for delivery in June increased 1% to $1278.10 per ounce. The value of the dollar fell by 0.5% against a number of other major currencies, making dollar-priced assets like gold less expensive for people who transact in other currencies and opening up the market again after a slow few days.
12th May 2016
Gold Falls Close to Two Week Low on Unyielding Dollar and Equities
Gold fell to an almost 2 week low post its sharpest drop since March in the initial session as higher equities and a firm dollar reduced appetite for the metal.
In five out of the previous six sessions, bullion has reduced and has not benefited from the last weeks’ data which shows that the economy in US added the lowest number of jobs in 7 months in the month of April.
Spot gold was reduced to $1258.1 at 0.4% an ounce after hitting a low of $1257.15 which is the weakest since 28 April. Bullion was reduced by 1.9% which is its sharpest drop in one day since 23 March.
For June delivery, US gold was reduced by 0.5% at $1261.1 for an ounce. Spot prices have increased by 18% this year and higher rates would boost the dollar while increasing the opportunity cost of holding gold.
The dollar index saw an increase of 0.2% which i the highest in almost two weeks in the Asian Trading Session.
Gold, which reached a high of $1303.6 the previous week will not find it easy to cross the $1300 barrier and the physical demand for it is currently poor, according to Tom Kendall, an ICBC Standard Bank analyst.
The demand for gold in China is not certain and Indian consumption is sluggish said HSBC when asked about the appetite for gold amongst the top two consumers of gold in the world.
During the annual festival of Akshaya Tritiya, Indians purchased a third less amount of gold as compared to last year due to drought affecting millions of farmers within the country.
Silver increased by 0.2% to $17.04 for an ounce and platinum increased by 0.7% at $1043.58 an ounce. Palladium reduced by 0.2% to 4584.70.
11th May 2016
Gold futures Trade Lower by Rs. 136 amidst Weak Global Cues
Amidst profit booking by speculators and a weak global trend, gold futures dipped by Rs. 136 and sold at Rs. 30, 318 per 10 gram on May 4, 2016. Gold for delivery in August was selling lower by 0.45 per cent or Rs. 136 and was set at Rs. 30, 097 per 10 gram. Analysts attribute the decrease in gold futures to weak overseas trend where the gold prices fell for the third consecutive day as dollar swayed on prospects of interest rate increase. In Singapore, gold prices fell by 0.5 per cent to touch $ 1, 279.75 an ounce. Gold prices reached $ 1, 303. 82 on May 4th, 2016, the highest intra - day price since January 2015.
4th May 2016
Experts predict that gold will trade higher
Gold closed trading on MCX at Rs.30,464 / 10 grams on Friday, a rise of 4.2%. An unexpectedly weaker growth in the US economy was reported, which led to a weakened dollar, and an opportunity for spot gold to jump and close at $1,293.40 / ounce.
Experts now suggest that gold could trade even higher because of the positive looking reports of manufacturing out of China. The entire Asian market could stand to see a higher gold rate.
2nd May 2016
Gold Prices Set To Fall Again
Gold prices, after 3 consecutive days of loss, stabilised a little on Friday. However, experts believe the prices will decline again as US dollar is gaining and the stock market picking up pace, therefore reducing the need for a safe haven.
Bullion prices reached a 3-week high on Tuesday but started falling after the global equity market made gains on the back of strong Chinese economic data and oil price hikes.
Spot gold was stable at $1,228.50 per ounce by 03:08 GMT on Friday, after a decline of 1.3 percent in the previous session. The prices are lower by 1 percent compared to the previous week.
15th April 2016
Rate Outlook Aids in Increasing Gold Prices
Gold prices increased to their highest over the past three weeks, thereby ensuring that the market is on course for the $1300 per ounce. Scepticism over the US monetary policy and weak economic information played a crucial role in contributing to risk aversion, increasing investor appetite for bullion and other safe-haven assets such as the Japanese Yen among others. The value of spot gold was reported at $1258.70 per ounce, making it the highest value at which gold was traded since the 22nd of March, before dropping marginally to $1255.93.
12th April 2016
Jewellers Strike Causes Losses To Rise to Rs. 40,000 crore
As a result of the strike by jewellers, the economy has suffered a reported loss of about Rs. 40,000 crores. The strike has now been going on for 40 days and has been called in opposition to the implementation of an excise on gold as a luxury commodity. The excise duty has also been implemented in an effort to stem the flow of black money. Not only has the strike led to a loss in the industry, it has also caused about 200,000 people their jobs since the artisans that work in this industry and are actually daily wage workers. The government had assured the jewellers that a committee would be set up to look into the implications of the excise however no results of such claims have been forthcoming so far. Even the Confederation of All India Traders has lent its support to the strike.
11th April 2016
- For more related news /update on gold price visit: Gold News