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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 March 2017 (rates per gram for 24karat gold)
|March 1st Rate||Rs.3,005 per gram|
|March 31st Rate||Rs.2,900 per gram|
|Highest Rate in March||Rs.3,005 per gram on 1st of March|
|Lowest Rate in March||Rs.2,885 per gram on 15th of March|
March 2017 - Week 1 (1st - 5th):
- When gold trading began in Panaji for March, the metal was selling at Rs.3,005, which also happened to be the highest rate for the entire month.
- On 2nd, prices took a hit as demand went down to bring prices down to Rs.2,990 per gram - a decrease of Rs.15 from the previous day’s trading price.
- As demand went down again, gold prices decreased by Rs.25 to hit Rs.2,965 per gram on 3rd but went up to Rs.2,970 per gram on 4th.
- When the week ended gold was still priced at Rs.2,970 per gram.
March 2017 - Week 2 (6th - 12th):
- By the time trading began for the second week, gold prices had went down to Rs.2,962 per gram but sold at the same price on the 7th as well.
- On 8th, prices went down again as global events brought demand down, to go down to Rs.2,930 per gram.
- Rates didn’t see any hopes of rising as it again went down by Rs.20 to hit Rs.2910 per gram on 9th.
- The next three days till the end of the week, gold prices remained stable at Rs.2,900 per gram as demand sustained.
March 2017 - Week 3 (13th-19th):
- On 13th, when trading began for week 3, gold prices remained the same as it was - at Rs.2,900 per gram - on 12th.
- Prices went down as US dollar seemed to strengthen to bring gold trading prices down to Rs.2,880 per gram.
- Rates hit their worst when gold prices went down to as low as Rs.2,855 per gram - the lowest rate for the month of March.
- At a slump, rates picked up on 16th for the metal to trade at Rs.2,885 per gram and then at Rs.2,890 per gram on 17th.
- Rates didn’t change for the next few days till the end of the week as bullion was still selling at Rs.2,890 per gram.
March 2017 - Week 4 (20th - 26th):
- When gold trading began on 20th, gold prices had gained by Rs.10 from the previous week’s prices to sell at Rs.2,900 per gram.
- On 21st, prices went down again as demand took a hit to Rs.2,885 per gram but increased suddenly on 22nd to trade at Rs.2,920 per gram.
- From 23rd till 26th, gold prices didn’t change as demand stabilised, and bullion was still trading at Rs.2,920 per gram.
March 2017 - Week 5 (27th - 31st):
- Gold was still trading at Rs.2,920 per gram when trading for week 5 began on 27th.
- The next two days saw gold prices hold at Rs.2,925 per gram as demand went up slightly as more people began investing in it.
- On 30th, bullion rates took a hit as traders were wary against the resurgence of the dollar, which brought prices down to Rs.2,915 per gram.
- The last day of March 2017 saw gold trading at Rs.2,900 per gram - a decrease of Rs.15 from the previous day.
- Panaji saw one of the steepest decline with regards to gold prices, which stood at 3.67% for the month of March.
Trend of Gold Rate in Panaji for February 2017 (rates per gram for 24karat gold)
|February 1st Rate||Rs.2,945 per gram|
|February 28th Rate||Rs.3,005 per gram|
|Highest Rate in February||Rs.3,005 per gram from 27th and 28th February|
|Lowest Rate in February||Rs.2,945 per gram on 1st February|
February 2017 - Week 1 (1st - 4th):
- When February began, gold was trading at Rs.2,945 per gram in Panaji.
- Surprisingly, gold rate in Panaji on 1st was the lowest for the entire month - making February a positive month for gold sales.
- Gold rates didn’t witness much of a change for the next few days of the week as there was no catalytic features meddling with the bullion market.
- Week 1 of February ended in Panaji as gold was trading at Rs.2,945 per gram.
February 2017 - Week 2 (5th - 11th):
- Gold rates in Panaji on 5th remained the same as it was on 4th and was trading at Rs.2,945 per gram.
- The 6th, however, saw gold prices increase to Rs.2,955 per gram - an increase of Rs.10 - as domestic demand increased.
- On 7th, gold prices saw a significant surge to hit Rs.2,980 per gram - a Rs.25 increase - and remained unchanged on 8th.
- The 9th saw demand increase bringing a Rs.5 in gold prices to Rs.2,985 per gram.
- On 10th, gold prices fell by a massive margin of Rs.45, courtesy of a strengthening dollar, to reach Rs.2,940 per gram.
- The end of the week was relatively better as gold rates picked up to close week 2 at Rs.2,970 per gram.
February 2017 - Week 3 (12th - 18th):
- The third week of February saw gold prices in Panaji fluctuate slightly as global markets ran helter-skelter.
- When trading began on 12th, gold was trading at Rs.2,970 per gram but went down to Rs.2,960 per gram on 13th.
- The 14th and 15th also saw a dip in gold prices as they went down first to Rs.2,955 per gram and then to Rs.2,948 per gram.
- Prices picked up over the next three day period as they first went up to Rs.2,970 per gram on 16th - an increase of Rs.22.
- The 17th again saw prices increase - this time by Rs.10 - for the metal to trade at Rs.2,980 per gram.
- Week 3 ended in Panaji with gold still trading at Rs.2,980 per gram.
February 2017 - Week 4 & 5 (19th - 28th):
- Gold rates in Panaji went up and down over the last two weeks of February as several policy decision in the US affected the dollar rates and, in turn, bullion prices.
- On 19th, gold was still trading at Rs.2,980 per gram, but went down to Rs.2,970 per gram on 20th.
- After a brief slump, gold was back to performing better with rates reaching Rs.2,995 per gram on 25th.
- Rates were unchanged on the 26th and 27th as no fluctuation in demand was seen.
- The last two days of February saw gold prices rise again to go up to Rs.3,005 per gram.
- Overall, gold price trends saw a change of 2.03% in Panaji over the month of February.
|January 1st Rate||Rs.2,820 per gram|
|January 31st Rate||Rs.2,930 per gram|
|Highest Rate in January||Rs.2,970 per gram on 23rd & 24th January|
|Lowest Rate in January||Rs.2,820 per gram from 1st & 2nd January|
January ‘17 - Week 1 (1st to 7th)
- Gold prices in Panaji increased in the first week of January due to increased demand from the retail as well as the industrial sector.
- Gold was priced at Rs.2,820 per gram on 1st January and rose to Rs.2,840 per gram on 4th January as domestic demand from jewellers increased due to the wedding season.
- Prices continued to rise during the week as industrial orders from Asia increased, bolstered by a relatively weak U.S. Dollar.
- Gold traded at Rs.2,870 per gram on 7th January, registering a weekly increase in price of Rs.50 per gram on strong demand.
January ‘17 - Week 2 (8th to 14th)
- Prices rose for the second consecutive week on consistent demand from the retail and industrial sectors, with gold trading at Rs.2,870 per gram on 8th January.
- Prices rose to Rs.2,910 per gram on 11th January as markets began to dip as investors were unsure of the impact new economic policies under Donald Trump would have on the markets.
- Demand was high in Asia before the Lunar New Year, as industry and the retail sector’s appetite for gold rose significantly.
- Gold traded at Rs.2,920 per gram on 12th January, with the price remaining constant till the week ended on 14th January.
January 2017- Week 3 (15th to 21st)
- The third week of January saw a few fluctuations in the price of gold due to stock performance.
- Gold was priced at Rs.2,920 per gram on 15th January, with the price rising to Rs.2,945 per gram on 16th January on higher domestic demand in Panaji due to the wedding season.
- Industrial demand was also high as firms capitalised on a low U.S. Dollar, which made imports cheaper.
- Gold traded at Rs.2,965 per gram on 18th January before falling to Rs.2,952 per gram on 20th January due to a dip in demand.
- Gold prices rose as the week ended, trading at Rs.2,960 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 a reduction in demand and a strengthening of markets, which lowered demand.
- Gold was priced at Rs.2,960 per gram on 22nd January, with the price rising to Rs.2,970 per gram on 23rd January on steady demand from the Asian markets.
- Gold prices fell to Rs,2,950 per gram on 25th January as demand from Asian markets slowed and the U.S. Dollar rallied, which reduced demand for gold.
- Prices fell to Rs,2,915 per gram on 27th January as domestic demand for gold also fell, echoing international trends.
- Prices made a slight recovery as the week ended, with gold trading at Rs.2,930 per gram on 31st January, recording a fall of Rs.30 per gram in the weekly price.
|December 1st Rate||Rs.2,905 per gram|
|December 31st Rate||Rs.2,820 per gram|
|Highest Rate in December||Rs.2,905 per gram on 1st December|
|Lowest Rate in December||Rs.2,765 per gram on 16th, 22nd & 23rd December|
December '16 - Week 1 (1st to 4th)
- The price of gold was high as the month began, with gold trading at Rs.2,905 per gram on 1st December.
- The continued effect of the policy of demonetisation led to a currency shortage, which reduced consumer spending on gold during the festive season.
- International markets were high, which led to a reduction in demand for bullion, keeping prices low.
- Gold traded at Rs.2,900 per gram on 4th December, recording a very marginal drop in price.
December '16 - Week 2 (5th to 11th)
- Demand failed to increase in the second week of December, resulting in gold prices falling slightly.
- Gold traded at Rs.2,885 per gram on 5th December as industrial demand fell.
- A decrease in retail purchase of gold led to a decline in price, with gold trading at Rs.2,840 per gram on 9th December.
- In spite of international trends reflecting an increase in demand for gold, domestic demand continued to be sluggish, resulting in gold trading at Rs.2,825 per gram on 11th December.
December '16 - Week 3 (12th to 18th)
- Gold prices dipped further during the week due to weak demand and strengthening markets.
- Gold was priced at Rs.2,825 per gram on 12th December, with the price falling further to Rs.2,785 per gram on 15th December.
- A rise in U.S. Dollar rates led to a decrease in demand for gold on the international market, which resulted in a decline in price in the domestic market as well.
- Gold was priced at Rs.2,775 per gram on 18th December, registering a marginal dip in price.
December '16 – Week 4 (19th to 25th)
- Prices did not improve in the fourth week in spite of holiday buying due to Christmas and the wedding season in India as a result of the continuing currency shortage.
- Gold traded at Rs.2,780 per gram on 19th December as markets staged a recovery, which decreased demand for bullion.
- Gold prices fell to Rs.2,765 per gram on 23rd December before rising marginally to close the week at Rs.2,770 per gram on 25th December.
December '16 – Week 5 (26th to 31st)
- The last week of December saw gold prices remain more or less constant due to stable demand.
- Gold was priced at Rs.2,775 per gram on 26th December, with the metal recording marginal increases in price throughout the week.
- Domestic demand rose slightly as the currency shortage appeared to be abating, with gold trading at Rs.2,800 per gram on 28th December.
- International demand also rose as the week ended, resulting in gold reaching Rs.2,820 per gram on 31st December.
|November 1st Rate||Rs.3,060 per gram|
|November 30th Rate||Rs.2,930 per gram|
|Highest Rate in November||Rss.3,180 per gram on 9th November|
|Lowest Rate in November||Rs.2,905 per gram on 25th November|
November '16 - Week 1 (1st to 6th)
- Gold prices in Panaji were high as the week began, as demand from industry and the retail sector were stable.
- Gold traded at Rs.3,060 per gram on 1st November and prices rose throughout the week.
- Weakening markets due to the upcoming U.S. elections led to investors putting their money into gold to safeguard against losses on the markets.
- Strong domestic demand on account of the festive season also contributed to keeping prices high.
- Gold traded at Rs.3,120 per gram on 6th November as the week ended with gold firmly in the black.
November '16 - Week 2 (7th to 13th)
- The second week saw prices reach their monthly high due to renewed uncertainty following the U.S. election results as well as the demonetisation policy.
- Gold was priced at Rs.3,090 per gram on 7th November as markets fell following the surprise victory of Donald Trump in the U.S. election.
- The government’s announcement on the demonetisation of large currency notes created panic, leading investors to invest heavily in gold.
- Gold reached its monthly high of Rs.3,180 per gram on 9th November due to the market crash following the demonetisation announcement.
- Demand for gold fell as the shortage of legal tender affected the economy.
- Gold traded at Rs.3,040 per gram on 13th November.
November '16 - Week 3 (14th to 20th)
- Gold prices began to slide as demand dropped due to a shortage of funds as a result of demonetisation.
- The government also enacted more stringent laws to monitor gold purchases, further putting people off investing in the metal.
- Gold was priced at Rs.3,025 per gram on 14th November, with the price dropping to Rs.2,960 on 18th November.
- Gold traded at Rs.2,965 per gram on 20th November, recording a marginal increase in price.
November '16 - Weeks 4 and 5 (21st to 30th)
- The continued effect of demonetisation led to demand for gold falling due to a paucity of funds.
- Gold was priced at Rs.2,970 per gram on 21st November as markets began to recover domestically.
- A strengthening Dollar and positive market trends led to lower demand for gold in the international markets as well, which impacted domestic demand.
- Prices fell gradually throughout the week, with gold closing at Rs.2,930 per gram on 30th November.
|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%
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 Trend In Panaji
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
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