Gold Rate in Pune

The Gold rate in Pune is determined by different factors such as local demand for the metal, the rupee-dollar relationship and geopolitical factors. Though the majority of Gold demand in Pune is for industrial use, its use in jewellery and ornaments is also quite high. Detailed information on Gold prices in Pune can be found below.
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  • Today's Gold Rate in Pune ( 26 May 2020 )

    ₹ 4,600
    Today's Gold Rate (22K) per gram

    Compare 22K & 24K Gold Rate In Pune (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,600 ₹ 4,610 ₹ -10 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 36,800 ₹ 36,880 ₹ -80 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 4,830 ₹ 4,841 ₹ -11 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 38,640 ₹ 38,728 ₹ -88 ↓

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    26 May 2020 ₹ 4,600 ₹ 36,800 ₹ 4,830 ₹ 38,640
    24 May 2020 ₹ 4,610 ₹ 36,880 ₹ 4,841 ₹ 38,728
    23 May 2020 ₹ 4,610 ₹ 36,880 ₹ 4,841 ₹ 38,728
    22 May 2020 ₹ 4,620 ₹ 36,960 ₹ 4,851 ₹ 38,808
    21 May 2020 ₹ 4,620 ₹ 36,960 ₹ 4,851 ₹ 38,808
    20 May 2020 ₹ 4,620 ₹ 36,960 ₹ 4,851 ₹ 38,808
    19 May 2020 ₹ 4,650 ₹ 37,200 ₹ 4,883 ₹ 39,064
    18 May 2020 ₹ 4,650 ₹ 37,200 ₹ 4,883 ₹ 39,064
    17 May 2020 ₹ 4,610 ₹ 36,880 ₹ 4,841 ₹ 38,728

    Weekly & Monthly Graph of Gold Rate in Pune

    • 7 Days
    • 30 Days
    • 3 Months
    • 6 Months

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Price in Pune

    Pune has transformed itself from an educational hub to a cosmopolitan city in the last few years and is now considered as an excellent destination for safe investments. Gold, has been the preferred choice of investment in India regardless of the prevailing gold rate, making it a commodity which is always in demand. Pune boasts of a qualified, professional crowd, one which has the money and wisdom to invest in gold.

    With no gold mine in Pune, residents depend on gold supplied from other cities in India and exported gold to cater to their needs. This would mean that the gold here is a bit more expensive compared to places which produce gold. Gold rate in Pune change on a daily basis, keeping into account world gold rates and market trends.

    Pune is considered one of the best destinations in India for safe-haven investments such as gold. Despite the surging gold prices, people’s participation in the bullion trade has not been deterred in the city. However, there are a lot of questions left unanswered that are related to the precious metal. So, here is a detailed explanation aimed at covering every possible topic that relates to the bullion and its investment in Pune.

    Gold can be bought in either the 22 Karat form or the 24 Karat form and the gold rates vary depending on the purity and quantity of gold present in an item. 22 karat gold is about 92% pure, making it less expensive than 24 karat gold, which is 99.99% pure.

    Trend of Gold Rate in Pune for May 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    May 1 Rate Rs.4,699 per gram
    May 16 Rate Rs.4,841 per gram
    Highest Rate in May Rs.4,841 per gram on 16 May
    Lowest Rate in May Rs.4,646 per gram on 2 May
    Overall Performance Incline

    May 2020 - Week 1 (1 - 9):

    • Gold rate in Pune opened in May at Rs.4,699 per gram in Pune. There was a decline of Rs.62 for every gram of the 24-karat gold when compared to the price charged on the last day of the previous month.
    • The rate of gold in Pune slipped to its lowest for the month on 2nd May with a gram costing Rs.4,646 per gram. However, the price of gold improved immediately due to the fear of a new trade war between the United States of America and China over the origin of novel coronavirus. The gold recorded its highest price for the month on 3rd and 4th May with a gram costing Rs.4,751 in the city.
    • While the rate dropped in Pune on 5th May, it recovered and closed the week at Rs.4,646 per gram. Over the week, the overall performance of gold witnessed a declining trend in Pune.

    May 2020 - Week 2 (10-16):

    • Pune saw a heavy incline in gold price since the first week of the month, opening the second week of May at Rs.4,678 per gram on 10 May and increasing further to Rs.4,694 per gram on 11 May. The price of gold showed an overall incline due to various global factors which included the rising number of fresh COVID-19 cases all over the world. TGold price in Pune, on 12 May, remained steady at Rs.4,694 per gram.
    • However, on 13 May, gold price in Pune increased substantially to Rs.4,741 per gram, increasing by Rs.47 per gram with various stimulus packages being released by central banks all over the world, boosting bullion prices in the international market. The metal, on 14 May dipped marginally to Rs.4,720 per gram with a strong dollar value in the market which prompted investors with higher risk appetite to shift to equities.
    • On 15 May, the price of gold had recovered its marginal losses and increased further to Rs.4,788 per gram with trade tensions between China and the United States of America increased amongst investors. With uncertainty hovering around the deal yet again, the price of gold in Pune hit its highest of the week at Rs.4,841 per gram on 16 May, crossing the Rs.4,800 per gram mark.

    Trend of Gold Rate in Pune for April 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    April 1 Rate Rs.4,158 per gram
    April 30 Rate Rs.4,761 per gram
    Highest Rate in April Rs.4,846 per gram on 29 April
    Lowest Rate in April Rs.4,158 per gram from 1 - 18 April
    Overall Performance Incline

    April 2020 - Week 1 (1 - 4):

    • Gold price in Pune opened the first week of the month at Rs.4,158 per gram on 1 April. Compared to the previous week’s closing price, there were no changes in the price of the gold. After gold had hit new lows during the third week of the previous month, gold prices recovered marginally with investors awaiting the job data to be released by the United States of America.
    • Even though the gold price were at a low due to extensive selling off assets to hoard cash and the value of the dollar increasing, gold prices recovered with the United States of America releasing a poor job data to limit the losses of the precious metal.
    • At the end of the week, the gold rate in Pune closed at Rs.4,158 per gram with no decline or incline in its prices.

    April 2020 - Week 2 (5 -11):

    • Gold price in Pune opened the second week of April at Rs.4,158 per gram. Compared to the previous week’s closing price, there was no change in the rates of the yellow metal.
    • The gold rate saw no change in the city over the week even though the rates of the yellow metal saw some changes in the international market.
    • At the end of the week, gold rate in Pune closed at Rs.4,158 per gram in the city of Pune with no decline or incline in its prices.

    April 2020 - Week 3 (12 - 18):

    • The price of gold opened the third week of April at Rs.4,158 per gram in Pune. When compared to the closing price of the first and second week of the month, there was no change in the rates of the precious metal.
    • The gold rate saw no change in the city over the week even though there were constant fluctuations in the price of the metal in the international market. With speculations of a recession, gold prices increased to a great extent. However, with the measures taken by United States President, Donald Trump to reopen the economy of the country, the price of the metal declined.
    • At the end of the week, the metal closed the third week at Rs.4,158 per gram with no changes in its prices.

    April 2020 - Week 4 (19 - 25):

    • In Pune, gold was priced at Rs.4,158 per gram at the start of the fourth week of April. The rates of the gold saw no change in the city when compared to the closing price of the previous week.
    • The rates of gold increased in the city after staying constant for the next day as investors sought safe-havens after a historic slump in oil prices exacerbated fears of a global recession with many countries down lockdown due to the coronavirus pandemic. The yellow metal recorded its highest price for the month till date on 21st April with a gram costing Rs.4,817 per gram.
    • Gold prices dipped in the city following that as the dollar firmed following bleak economic data and a latest round of stimulus in the United States of America. The precious metal closed the week at Rs.4,746 per gram with the overall performance showing an incline in the rates over the week.

    April 2020 - Week 5 (26 - 30):

    • In Pune, the price of gold in the last week of the month was Rs.4,757 per gram on 26 April and held steady on 27 April as well. The price of the metal fluctuated throughout the week due to global factors and prices in the international market. With investors shifting to the stock market with increased risk appetite with speculations that the lockdown will be relaxed in the United States of America, the price of the bullion dipped.
    • On 28 April, the price of gold remained the same at Rs.4,757 per gram but on the next day increased to hit its highest at Rs.4,846 per gram on 29 April. The rise in prices came with central banks announcing stimulus packages to help the economy recover. At the end of the month, gold was priced at Rs.4,761 per gram, recording an overall incline.

    Trend of Gold Rate in Pune for March 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    March 1 Rate Rs.4,263 per gram
    March 31 Rate Rs.4,158 per gram
    Highest Rate in March Rs.4,531 per gram on 7 March
    Lowest Rate in March Rs.4,116 per gram on 18 March
    Overall Performance Decline

    March 2020 - Week 1 (01 - 07):

    • Gold opened the first week of March at Rs.4,263 per gram in the city of Pune. The price of the gold was steady on 2 March as well at the same price with a subdued local demand. However, investors also awaited on a decision to be made on rate cuts by the United States Federal Reserve. On 3 March, as the Federal Reserve declared a rate cut to mitigate the effect of the Coronavirus on the economy, the gold rate increased to Rs.4,305 per gram and remained steady until 4 March.
    • On 5 March, the gold rate increased to a great extent by almost Rs.150 in a day. On the day, a gram of gold was priced at Rs.4,452 per gram and was steady until 6 March as well. The rise in prices was majorly due to safe-haven demand of the metal. Investors shifted to the bullion market with a higher number of new cases being reported along with an overall rise in the death toll due to the deadly virus.
    • The gold rate, on 7 March increased to hit its monthly and weekly high at Rs.4,531 per gram due to a rise in the local demand of the metal in the state. In the international markets, gold prices had recorded a slight dip in prices due to profit booking amongst investors. The metal closed the week and the month at Rs.4,531 per gram.

    March 2020 - Week 2 (8 - 14):

    • In Pune, gold opened the second week of March at Rs.4,531 per gram and stayed there for the next day. There was no change in the rates of the yellow metal when compared to the previous week’s closing price.
    • Gold prices slumped to Rs.4,494 on 10 March in Pune as hopes for global stimulus measures to shield the economic impact due to the outbreak of coronavirus lifted riskier assets and the dollar.
    • After staying constant for a day, the rates of the yellow plunged to 4,478 per gram on 12 March. The drop was accounted to investors shunning risky assets after the U.S announced a travel ban from virus-hit Europe, exacerbating fears of a global economic downturn.
    • The freefall in the prices was accelerated as gold headed for its biggest weekly loss since 1983 given that investors embarked on a selling spree to accumulate cash and meet margin calls across other markets which have been hurt by the impact of coronavirus outbreak. This meant that gold closed the week at Rs.4,253 per gram in Pune. The closing price was the lowest recorded price of the yellow metal in the city for the month till date with the overall performance showing a decline in the rates.

    March 2020 - Week 3 (15 - 21):

    • Gold prices in Pune opened the third week of March at Rs.4,253 per gram on 15 March and were steady on 16 March at the same price. However, even with the repo rates being cut down on an emergency basis by the United States Federal Reserve, the gold price dipped marginally to Rs.4,221 per gram on 17 March.
    • The major reason for the decline in prices was investors selling off their assets to keep cash in hand as governments announce lockdowns in different countries all over the world due to the Coronavirus. The gold rate dipped further to the lowest in the week and month till date at Rs.4,116 per gram on 18 March.
    • The price of the gold increased on 19 March to Rs.4,190 per gram with the European Central Bank announcing measures to be taken by them to help mitigate the losses faced in the economy. However, the gold price dipped to Rs.4,158 per gram on 20 March with investors going back to hoard cash in exchange for their assets. With Palladium hitting its lowest price in 18 years, the gold rate closed the week at Rs.4,158 per gram on 21 march.

    March 2020 - Week 4 (22 - 31):

    • In Pune, the yellow metal was priced at Rs.4,158 per gram at the start of the fourth week of March. The rates saw no change when compared to the closing price of the previous week.
    • While the price of the yellow metal fluctuated in the global market, the rates of the 24-karat gold didn’t see any change in Pune over the final week of March. In the international market, investors liquidated their positions in the safe-haven metal despite stimulus measures being announced to combat the economic damage caused by the coronavirus pandemic.
    • Gold closed the week in Pune at Rs.4,158 per gram i.e., the opening price of the week as the government imposed a 21-day lockdown with effect from March 25 to contain the spread of coronavirus which has affected people worldwide. In the city, the rates of the precious metal witnessed a declining trend.

    Trend of Gold Rate in Pune for February 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    1st February Rate Rs.4,179 per gram
    29th February Rate Rs.4,358 per gram
    Highest Rate in February Rs.4,410 per gram on 25 February
    Lowest Rate in February Rs.4,132 per gram on 7 February
    Overall Performance Incline

    February 2020 - Week 1 (1 - 9):

    • Gold prices in Pune opened at Rs.4,179 per gram on 1 February. The metal recorded fluctuating prices throughout the week in the city amidst fears of the virus and other global factors. The metal remained steady for the first three days of the month and increased marginally to Rs.4,184 per gram on 4 February.
    • However, after 4 February, the metal’s prices began to dip gradually due to the measures taken by China to flow liquidity into the economy by cutting down the reverse repo rates. With this, and positive economic data from the United States prompted investors to shift back to the stock market. The price of the metal hit its lowest on 7 February at Rs.4,132 per gram.
    • At the end of the week, the price of the metal began to increase again. This was due to the virus intensifying and taking more lives in the quarantined country. The price of the metal at the end of the week was Rs.4,174 per gram recording an overall decline.

    February 2020 - Week 2 (10 - 16):

    • Gold prices in Pune stood at Rs.4,174 per gram at the start of the second week of February. Compared to the previous week’s closing price, the rates didn’t see any change in the prices.
    • With the number of confirmed coronavirus cases dropping in China and the risk appetite improving the rates of the yellow slipped in the city over the next few days. A gram of the 24-karat gold was retailed for Rs.4,158 on 13 February.
    • The rates of the precious metal increased the next day as there was a sudden increase in the number of deaths and infections due to coronavirus. Following that the rates remained steady as investors gauged the economic impact due to the outbreak of the deadly virus in China. Gold witnessed a declining trend over the month and closed at Rs.4,174 per gram.

    February 2020 - Week 3 (17 - 23):

    • In the city of Pune, the precious metal opened at Rs.4,174 per gram on 17 February in the third week of the month. The metal’s price remained steady after closing at the same price in its last session. With China liquidating funds and cutting down the reverse repo rates to support its economy, investors with a higher risk appetite shifted to the stock market. The metal remained steady on 18 February as well.
    • On 19 February, the price of the metal increased with the outbreak of the Coronavirus escalating all over the world. Traders shifted back to the bullion market, thus increasing its price and demand. The metal was priced at Rs.4,211 per gram and remained steady on 20 February as well.
    • The precious metal’s prices increased yet again on 21 February at Rs.4,237 per gram and held steady on 22 February as well. However, recording positive trends globally, the price of the metal increased and hit its highest price of the month at Rs.4,358 per gram on 23 February, closing at the same rate.

    February 2020 - Week 4 (24 to 29):

    • In the city of Pune, gold opened the fourth week of February at Rs.4,358 per gram. Compared to the previous week’s closing price, the rates of the yellow metal increased by Rs.21 for every gram in the city.
    • The rates of the yellow metal jumped to its highest for the month in the commercial capital the following day with every gram being retailed for Rs.4,410. The hike in the prices was accounted to the warning from the United States over the domestic spread of the coronavirus outbreak rattled global markets, supporting safe-haven demand.
    • Gold closed the final week of the month at Rs.4,358 per gram as investors moved away from riskier assets given that fears of a pandemic heightened as the number of coronavirus cases increased across the world. Over the month, an inclining trend in the prices of gold was witnessed in Pune.

    Trend of Gold Rate in Pune for January 2020 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    January 1 Rate Rs.3,985 per gram
    January 31 Rate Rs.4,179 per gram
    Highest Rate in January Rs.4,216 on 9 January
    Lowest Rate in January Rs.3,985 on 1 January
    Overall Performance Incline

    January 2019 - Week 1 (01 - 05):

    • In Pune, gold prices fluctuated in the first half of the week, opening at Rs.3,985 per gram. The price of the metal was the same when compared to last year’s closing price. However, there were no major fluctuations in prices in the second half of the week.
    • On 2 January, the price of the metal increased to Rs.4,011 per gram due to a falling dollar in the global market. As the value of the rupee increased, gold prices increased in the city as well. The price of the metal held steady at Rs.4,011 per gram till 3 January.
    • On 4 January, gold prices nearly hit 7-year highs at Rs.4,095 per gram due to the tensions between Iran and the United States of America. The price of the metal held steady till 5 January and closed at the same.

    January 2019 - Week 2(06 - 12):

    • Gold prices in Pune opened the week at Rs.4,095 per gram. The price of the metal showed major fluctuations throughout the week due to various factors concerning the United States of America and Iran. However, the yellow metal closed the second week at the same price at Rs.4,095 per gram.
    • On 7 January, the metal was priced at Rs.4,169 per gram with a gradual increase when compared to its opening. After remaining steady on 8 January as well, the metal hit its weekly high on 9 January at Rs.4,216 per gram. This was due to a steady local demand amidst a global slowdown in price trends.
    • However, on 10 January, as President Donald Trump declined acting against Iran in an attempt to retaliate to their attacks, investors quickly shifted from the bullion to the stock market. With an increased risk appetite, gold prices dipped and closed the week at Rs.4,095 per gram on 12 January.

    January 2019 - Week 3(13 - 19):

    • Gold opened the third week of the month in Pune at Rs.4,095 per gram and dipped marginally to Rs.4,074 per gram on 14 January. The marginal dip in prices was due to investors shifted to the stock market ahead of the trade deal being signed between China and the United States of America.
    • The price of the metal remained steady throughout most of the week at Rs.4,074 per gram due to steady demand from investors as speculations rose about the unresolved issues in the trade deal such as the tariff on Chinese goods. At the same time, tensions in the Middle East escalated to a great extent.
    • Investors shifted to the bullion due to its safe-haven appeal on 18 January due to the escalating tensions in Yemen. As a drone and military strike killed more than 100 soldiers, the demand for gold remained firm in the overseas market. However, in Pune, gold priced dipped by Rs.10 to Rs.4,064 per gram and closed at the same rate.

    January 2020 - Week 4 (20 - 26):

    • In Pune, gold price stood at Rs.4,064 per gram at the beginning of the fourth week of January. Compared to the previous week’s closing price, the rates remained unchanged.
    • The rates of the yellow metal increased to Rs.4,116 per gram on 22 January. This was accounted to investors seeking refuge in the safe-haven metal rates as concerns regarding the demand for gold grew due to the outbreak of Coronavirus in China and escalating tensions in the Middle East.
    • Gold prices in Pune slipped to Rs.4,090 per gram the next day with investors assessed the risk of the deadly virus becoming a global epidemic and the dollar firming up. The rates of the precious metal remained unchanged over the next couple of days before closing the week at Rs.4,137 per gram. The overall performance of the metal in the city showed an incline in the prices.

    January 2020 - Week 5 (27 - 31):

    • In Pune, gold price stood at Rs.4,137 per gram at the beginning of the fifth week of January. When compared to the previous week, the rates remained unchanged from the previous closing price.
    • The rates of yellow metal increased to Rs.4,158 per gram on 29 January. This was due to investors seeking refuge in the safe-haven metal rates due to increasing concerns on the outbreak of Coronavirus in China.
    • On 30 January, gold prices in Pune dipped to Rs.4,121 per gram as investors understood the risk of the deadly virus and value of the metal dipped. The price of the precious metal increased to Rs.4,179 per gram as the virus was declared under the World Health Emergency. The price of the metal showed an inclining trend at the end of the month.

    Trend of Gold Rate in Pune for December 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    December 1 Rate Rs.3,917 per gram
    December 29 Rate Rs.3,901 per gram
    Highest Rate in December Rs.3,948 per gram from 5 and 6 December
    Lowest Rate in December Rs.3,854 per gram on 12, 13, and 14 December
    Overall Performance Decline

    December 2019 - Week 1 (1 - 8):

    • In Pune, gold opened the first week of December at Rs.3,917 per gram. Compared to the previous week’s closing price there was an increase of Rs.32 for every gram.
    • Gold prices climbed to Rs.3,948 per gram on December 5 after the US president stated that trade talks with China was heading in the right direction.
    • The yellow metal closed the week at Rs.3,917 per gram. This was the lowest recorded price of gold in Pune over the first week of December. In Pune, gold prices saw a declining trend over the week.

    December 2019 - Week 2 (9 - 15):

    • Gold price in Pune stood at Rs.3,896 per gram on December 9. The rate for every gram of gold was similar to the closing price of the previous week.
    • The rates of gold dropped to the lowest recorded price for the month of December till date on December 12 with every gram costing Rs.3,854. The drop in the price was accounted to investors who decided to adopt a wait and watch approach regarding new US tariffs on Chinese products and the US Federal Reserve’s monetary policy statement.
    • In Pune, the yellow metal closed the week at Rs.3,875 per gram. The overall performance of the precious metal in the city was trending downwards.

    December 2019 - Week 3 (16 - 22):

    • The price of gold in Pune stood opened the third week of December at Rs.3,875 on 16 December per gram showing an increase in rates throughout the week. Due to various global factors, the price of the metal increased to Rs.3,901 per gram on 18 December.
    • Gold prices hit its weekly high on 18 December based on mixed signals in the trade deal between China and the United States of America. Amidst a good job data in the United States, the price of gold increased and held steady.
    • There was no change in the prices of the metal from 18 December in Pune, even though global prices of gold increased following the impeachment of the president of the United States. Gold closed the third week of the month at Rs.3,901 per gram.

    December 2019 - Week 4 (23 - 29):

    • The price of gold in Pune stood opened the third week of December at Rs.3,875 on 16 December per gram showing an increase in rates throughout the week. Due to various global factors, the price of the metal increased to Rs.3,901 per gram on 18 December.
    • Gold prices hit its weekly high on 18 December based on mixed signals in the trade deal between China and the United States of America. Amidst a good job data in the United States, the price of gold increased and held steady.
    • There was no change in the prices of the metal from 18 December in Pune, even though global prices of gold increased following the impeachment of the president of the United States. Gold closed the third week of the month at Rs.3,901 per gram.

    Trend of Gold Rate in Pune for November 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    November 1 Rate Rs.3,938 per gram
    November 30 Rate Rs.3,885 per gram
    Highest Rate in November Rs.3,980 per gram from 4 - 8 November
    Lowest Rate in November Rs.3,885 per gram on 29 and 30 November
    Overall Performance Decline

    November 2019- Week 1 (01-03):

    • In Pune, gold prices opened the month of November at Rs.3,938 per gram as due to renewed trade optimism, the price of the metal decreased considerably from last month’s closing.
    • The price of gold remained steady on 2 November as well due to steady local demand and investors shifting to the bullion as the value of the dollar decreased in the market and investors fearing the course of the trade talks.
    • On 3 November, the price of gold increased to Rs.3,980 per gram due to increased local demand and further interest rate cut speculations from the United States Federal Reserve.

    November 2019 - Week 2 (04-08):

    • In Pune, gold prices were holding steady through the second week of the month amidst weak global trends due to positive trade talk cues and strong dollar value.
    • On 4 November, the price of the metal was Rs.3,980 per gram and held steady at the same price until 6 November. This was due to steady local demand which did not hamper the aftereffects of the global prices of gold, which saw a gradual decline.
    • On 7 November and 8 November, the price of the metal remained steady at Rs.3,980 per gram as investors shifted to the stock market after dollar value strengthened and moved their focus to their investments on positive trade talk cues between China and the United States of America.

    November 2019 - Week 3 (09-17):

    • Gold opened at Rs.3948 per gram in Pune. The rates witnessed a drop of Rs.32 for every gram in the city when compared to the closing price of the previous week.
    • The prices of the yellow metal saw a fluctuating trend in Pune over the third week of November due to positive developments in the trade talks between Washington and Beijing.
    • Due to upbeat risk appetite from investors considering the positive developments saw the prices drop to a 3-month low on 12 November when every gram of gold cost Rs.3,901 in the city.
    • With investors shifting to the bullion as a safe-haven asset, the prices recovered marginally to close the week at Rs.3,927 per gram.

    November 2019 - Week 4 (18 - 24):

    • Gold opened at Rs.3,927 per gram in Pune and held steady throughout the week amidst fluctuating trends in the global markets and other geopolitical factors.
    • The prices of the yellow metal saw a fluctuating trend due to negative developments in the trade talks between Washington and Beijing. The price of the metal held due to steady local demand in the city.
    • However, in the second half of the week, as China invited officials to their country to have a face-to-face sit down, trade optimism renewed. With an upbeat risk appetite from investors considering the positive developments.
    • With investors shifting to the stock market as the value of the dollar increased, the price of gold declined to close the week at a decline. On 24 November, the price of the metal was Rs.3,906 per gram.

    November 2019 - Week 5 (25 - 30):

    • In Pune, gold opened the final week of November at Rs.3,906 per gram. Compared to the previous week’s closing price there was no change in the prices of the precious metal.
    • Over the first few days of the week there was no change in the prices as traders decided to wait for further updates on the US-China trade deal as well as the ongoing protests in Hong Kong.
    • However, with no clear signs being put forth by either country, the rates of gold slipped to its lowest for the month of November on November 29 when every gram cost Rs.3,885. The rates closed the week with a declining trend in its prices at the same price.

    Trend of Gold Rate in Pune for October 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    Rate on 1st October Rs.3,864 per gram
    Rate on 31st October Rs.3,969 per gram
    Highest Rate in October Rs.3,969 per gram on 28 - 31 October
    Lowest Rate in October Rs.3,806 per gram on 2 and 3 October
    Overall Performance Incline

    October 2019- Week 1 (1-6):

    • Gold rate in Pune opened unchanged at Rs.3,864 per gram and dipped briefly to Rs.3,806 per gram on 2 October as local demand remained sluggish due to high import costs for bullion.
    • A drop in equity markets following fresh U.S. tariffs on EU goods buoyed bullion demand, as gold price in Pune rose to Rs.3,864 per gram on 4 October.
    • Festive demand raised jeweller orders and weak equities kept investor interest high as the precious metal surged to Rs.3,917 per gram on 6 October.

    October 2019- Week 2 (7-13):

    • Gold price in Pune opened the month of October at Rs.3,864 per gram, however slightly dipped to a low of Rs.3,806 per gram on 2 and 3 October due to the increased import costs of the bullion and comparatively decreased local demand.
    • On 7 October, the gold rate in Pune increased to Rs.3,917 per gram as trade tensions rose resulting in investors shifted focus from the stock market to the bullion.
    • As the metal hits its weekly highs from 8 to 11 October at Rs.3,948 per gram due to Brexit fears and rise in trade tensions, gold rate in Pune dipped soon after. On 13 October, gold was priced at Rs.3,917 per gram.

    October 2019- Week 3 (14-20):

    • In Pune, gold prices opened the month at Rs.3,864 per gram and showed positive trends in the second week. In the third week, the metal opened at Rs.3,917 per gram and was steady due to uncertainties in the trade talks and over Brexit fears.
    • The metal’s price was steady till 18 October as the U.S. dollar was under pressure as Great Britain managed to get a new deal from the European Union for themselves which lifted the risk appetite for investors.
    • Gold prices increased to reach the weekly high on 19 October even though the U.S. dollar’s value increased in the market. The increase in the metal’s prices was majorly due to Brexit fears and the trade talks between the U.S. and China. Gold closed with at Rs.3,838 per gram.

    October 2019- Week 4 (21-27):

    • Opening at a steady price in the fourth week of October, gold was priced at Rs.3,938 per gram in Pune and was steady until 25 October 2019 as investors awaited a decision on Brexit and due to positive cues in the trade talks between the United States of America and China.
    • However, on 26 October, the price of gold increased due to weak economic data hinted at another rate cut by the United States Federal Reserve and investors shifted to the bullion as haven.
    • On 26 October, gold was priced at Rs.3,969 per gram and held steady on 27 October as well, closing the week at Rs.3,969 per gram.

    October 2019- Week 5 (28-31):

    • The price of gold in Pune on 28 October was Rs.3,969 per gram hold it steady after it closed at the same price on 27 October. As there were hints of positive cues on the trade talks between the United States of America and China, the gold prices in Pune were holding due to steady local demand.
    • On 29 October and 30 October, the price of the metal was holding steady at Rs.3,969 per gram as the hopes of the trade talks faded, and the investors awaited on the decision to be made by the United States Federal Reserve on a possible rate cut.
    • After the Federal Reserve announced a 1% rate cut, the value of the dollar fell against other currencies, resulting in gold prices holding steady in Pune. The precious metal closed the week and the month at Rs.3,969 per gram.

    Trend of Gold Rate in Pune for September 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    September 1 Rate Rs.3,575 per gram
    September 30 Rate Rs.3,953 per gram
    Highest Rate in September Rs.4,010 per gram on 27 September
    Lowest Rate in September Rs.3,575 per gram on 1 September
    Overall Performance Incline
    Percentage Change 10.06%

    September 2019- Week 1 (1-8):

    • Gold price in Pune opened higher at Rs.3,953 per gram on rising jeweller demand and positive overseas trends, with prices climbing to Rs.3,980 per gram on 4 September.
    • Despite a steady dollar, the gold rate in Pune rose to Rs.4,011 per gram on 5 September after poor U.S. industrial data dented the dollar.
    • Talks of an economic stimulus and possible trade negotiations between the U.S. and China buoyed equities and the dollar as gold fell to Rs.3,938 per gram on 8 September.

    September 2019- Week 2 (9-15):

    • After opening the week unchanged at Rs.3,938 per gram, gold rate in Pune dropped steadily on declining retail demand and rising import costs due to a weak rupee.
    • Amidst falling investor interest in safe-haven assets like bullion, gold price in Pune prices fell to Rs.3,917 per gram on 10 September before plummeting to Rs.3,864 per gram on 13 September.
    • Rising Treasury yields and a recovering dollar further dented bullion demand as the gold rate plunged to Rs.3,833 per gram on 15 September, as local retail demand continued to be poor.

    September 2019- Week 3 (16-22):

    • After opening the week unchanged at Rs.3,833 per gram, gold rate in Pune dropped steadily on declining retail demand and rising import costs due to a weak rupee.
    • Amidst falling investor interest in safe-haven assets like bullion, prices traded at Rs.3,880 per gram on 18 September before plummeting to Rs.3,864 per gram on 19 September.
    • Rising Treasury yields and a recovering dollar further dented bullion demand as the gold price in Pune plunged to Rs.3,833 per gram on 22 September, as local retail demand continued to be poor.

    September 2019- Week 4 (23-30):

    • A weak rupee and positive overseas cues resulted in gold rate in Pune opening higher at Rs.3,948 per gram and rising to a monthly high of Rs.4,010 per gram on 27 September.
    • Retail demand was sluggish due to the high cost of imports which resulted in prices dropping to Rs.3,953 per gram on 28 September.
    • Despite steady overseas demand, local offtake remained static as the precious metal ended the week unchanged at Rs.3,953 per gram to record a rise of 10.06% over the course of the month.

    Trend of Gold Rate in Pune for August 2019 (rates per gram of 24 karat gold)

    Parameters Gold price (24 karat)
    August 1 Rate Rs.3,575 per gram
    August 31 Rate Rs.3,953 per gram
    Highest Rate in August Rs.4,010 per gram on 27 August
    Lowest Rate in August Rs.3,575 per gram on 1 August
    Overall Performance Incline
    Percentage Change 10.06%

    August 2019- Week 1 (1-11):

    • There was a steep rise in gold price in Pune despite the metal opening unchanged at Rs.3,575 per gram as bullion demand soared on economic uncertainty.
    • The yellow metal climbed to Rs.3,670 per gram on 5 August after the announcement of additional U.S. tariffs on Chinese goods, though a weak rupee capped some gains.
    • Prices rose to Rs.3,791 per gram on 8 August as global recession fears ramped up demand for bullion, with the metal ending the week at Rs.3,806 per gram.

    August 2019- Week 2 (12-18):

    • There was a steep rise in gold price in Pune despite the metal opening unchanged at Rs.3,575 per gram as bullion demand soared on economic uncertainty.
    • Gold rate in Pune climbed to Rs.3,670 per gram on 5 August after the announcement of additional U.S. tariffs on Chinese goods, though a weak rupee capped some gains.
    • Prices rose to Rs.3,791 per gram on 8 August as global recession fears ramped up demand for bullion, with the metal ending the week at Rs.3,806 per gram.

    August 2019- Week 3 (19-25):

    • After opening unchanged at Rs.3,864 per gram on 19 August, gold rates in Pune dropped to Rs.3,843 per gram on 20 August on weak local demand due to rising import costs.
    • Prices remained static for a few days despite fluctuations in the dollar rate and steady overseas demand, with the yellow metal rising to Rs.3,864 per gram on 24 August.
    • There was a steep rise in price following the Federal Reserve meeting, with bullion once again in demand as gold traded at Rs.3,948 per gram on 25 August.

    August 2019- Week 4 (26-31):

    • A weak rupee and positive overseas cues resulted in gold rates in Pune opening higher at Rs.3,948 per gram and rising to a monthly high of Rs.4,010 per gram on 27 August.
    • Retail demand was sluggish due to the high cost of imports which resulted in prices dropping to Rs.3,953 per gram on 28 August.
    • Despite steady overseas demand, local offtake remained static as the precious metal ended the week unchanged at Rs.3,953 per gram to record a rise of 10.06% over the course of the month.

    Gold as an Investment in Pune

    Gold is often considered as a safe investment as the risk factor involved in this is very less and there is always a demand for it. There are plenty of ways to invest in gold, depending on the money at hand and the needs.

    • Jewelry – Indians and residents of Pune in particular love their jewelry and while most might not view buying jewelry as an investment it could be a worthy asset in times of need. The drawback of investing in jewelry is that we fail to factor in wastage and making charges, which may lower the actual value of gold. Resale of jewelry might however not fetch market value.

    • Bullion Bars – Gold bullion bars can be an investment option for those with large investment capacities. The bars generally weigh close to 1 kg and have high purity, being about 99.5% pure and are considered a good option for those who can afford them. High net worth individuals in Pune have woken up to gold bars as an investment and the city has seen a slow growth in them.

    • Bullion coins – These coins are much cheaper than bars and can be an investment option for people who are looking to spend less. Pune is home to a vast upper middle class society and gold coins can be a perfect investment option for them. These coins are easy to sell and provide a source for liquid assets.

    • Allocated Gold Accounts – Investing in gold through allocated gold accounts can be a smart option for those who wish to own gold but are not keen to keep it with them. Banks which offer this account would keep the gold with them and it can be accessed by the owner when needed.

    Investments in gold act as a safety valve against inflation, as it has good resale value and can be a life-saver in case of emergencies.

    What are the means of Investing in Gold in Pune?

    Pune, being an excellent destination for safe-haven investments in the country has a lot to offer for gold and gold investment. From the most consumer-centric jewellery, ornaments and gold coins to other investments like gold bullions and gold Exchange Traded Funds also known as gold ETFs.

    Things to know before Investing in Gold in Pune

    Before investing in the bullion, one must know about a lot of things such the purity level, labour charges and even the time of your purchase. Here’s a list of things to consider to give you an in-depth knowledge before making an investment.

    • The purity of gold: Gold is classified into many levels based on its purity. The most common ones are 24 karat, (99.9% and above), 22 karat (92% pure), 18 karat (75% pure and 14 karat (58.33% pure) gold. The 24 karat gold is considered as the purest form of the precious metal. However, the high level of purity limits its level of customizability to jewellers and 24 karat being very brittle is liable to break easily while performing sophisticated works on them. Hence, 22 karat gold is chosen over the 24 karat gold by jewellers to perform personalise designs according to its need.
    • Certification: Once you’ve zeroed in on the purity, the next thing to know is the certification of gold you’re purchasing. Gold is usually certified into two categories - KDM gold and Hallmarked gold. They are categorised based on the metal used for alloying and purity. Before making the investment, it is important to ensure that the gold being purchased has the right certification.
    • Time of purchase: Most people believe that the time of purchase has nothing to do with the price of gold. In Pune, however, gold rates tend to go higher during the festive and wedding seasons due to an increase in consumer demand as opposed to purchases during the off season. Hence, it is also important to keep track of the prices during the time of purchase. Lookout for seasonal offers which major jewellery outlets put up often.
    • Labour charges: Another thing to consider when buying gold is the labour charge. A labour charge is a compensation for the man-hours spent on the type of jewellery you are buying. It also depends on the detailing required for the design. It can either be machine-made or man-made. Man-made jewellery is usually priced higher than the machine-made jewellery. However, at most jewellers, customers can also negotiate for a discount on the jewellery.

    Major Gold Dealers in Pune

    Most of the gold purchased in Pune is through the established players, with pan India presence. Some of the big names in Pune are KP Gems World, Krishna Jewellers, VS Waikar and Sons, Sagar Jewellers and Tikhe Saraf. Gold can be purchased at the smaller stores across town too, with stores catering to individual needs and demands.

    How are Gold Prices determined in Pune?

    Gold rate in Pune mainly follow an international trend,i.e., when the gold price rises or loses in the international market, rates move proportionally in Pune simultaneously. Another aspect on which gold prices in Pune are dependent are the exchange rates. If the US dollar rises against the Indian rupee, cost of importing gold will also increase. This will, in turn, increase gold prices in Pune. Other factors that determine gold prices are:

    • The minimal cost charged by banks to import the gold
    • Price of gold on the Multi Commodity Exchange (MCX)
    • Goods and Services Tax (GST) on gold

    How does GST affect Gold Rate in Pune?

    As per the previous tax regulations, gold was assessed at 12.2%, out of which 1% was the customs duty, 1.2% was the value-added tax (VAT) and the remaining 10% was the import duty on gold. However, with the implementation of Goods and Services Tax (GST) on 01 July 2017, the VAT and customs duty has been eliminated and replaced with a 3% GST adjacent to the previous import duty of 10%. In the retail sector, an additional 5% making charge is added to the 3% GST and 10% import duty.

    What Are The Factors Affecting Gold Prices In Pune?

    One of the most common misconceptions in Pune is that gold rates surge higher during festivals. However, the only reason prices tend to go up is due to the increased consumer demand during the festive season. Hence, it isn’t necessary that the arrival of the festive season will result in gold rates going up.

    However, gold marketed in the global markets are influenced by various aspects such as interest rates, exchange rates and the movement of the US dollar index. Gold is inversely proportional to the dollar,i.e., when the dollar value rises, gold plunges and vice versa. Similarly, if you’re sure that US dollar index will gain against other currencies, please proceed and buy gold as gold rates will definitely decline against a strong dollar index.

    What are the Advantages of Buying Gold in Pune?

    There are a great number of advantages when it comes to buying gold in Pune. The main advantage is that investing in gold can hedge investors and consumers from times of inflation. Reportedly, in the last few decades, the bullion has given some outstanding yields to consumers. Another important advantage is that gold can also act as security during times of emergency. Gold is more of a need rather than an investment. One of the biggest advantages of buying gold in Pune is that purchasing gold for your personal needs can also eventually end up as an investment in the future. Other ways of investing in gold also include Gold ETFs. Gold ETF is an option available to invest in gold online. Buying a unit of gold ETF is equivalent to owning a gram of physical gold. Gold ETFs not only protects you against currency fluctuations but also saves you from undergoing any making charges. The bottom line is that the advantages of buying gold in Pune far outweigh the disadvantages. This makes gold one of most preferred metal for safe-investments in Pune.

    Also Check Gold Price in NearBy Cities of 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 Jalgaon
    Gold Rate In Kolhapur Gold Rate In Mumbai Gold Rate In Nagpur
    Also Know: Silver Rate in Pune

    Read more on Gold

    News About Pune Gold Rate

    • Gold prices in India increase for the second day in a row on 23 April 2020

      The prices of gold continued to increase in India on 23 March 2020. Gold futures prices for the month of June on MCX increased by 0.53% and are at Rs.46,413 for 10 grams.

      In the previous session, the prices of gold increased by Rs.850. After hitting record highs of Rs.47,327 for 10 grams in the previous week, the prices of gold followed global trends and have remained volatile. In the international markets, gold prices decreased. The main reason for the reduction in prices is due to investment in the equity markets. Spot gold prices fell by 0.2% and are at $1,710.23 for an ounce. In the previous session, the prices of spot gold increased by 2%. Equities were afloat due to an increase in oil prices and the several measures introduced by the government. A strong dollar also impacted the prices of gold. Gold is considered a safe haven against currency debasement and inflation. The demand for investing in the yellow metal has continued to remain strong. The spot gold markets in India continue to remain closed due to the lockdown that has been in effect because of the coronavirus outbreak. According to a note provided by Kotak Securities, the prices of gold remained strong due to the several measures that have been introduced by the government because of the coronavirus outbreak.

      23 April 2020

    • Gold prices fall on 26 March 2020 after increasing for five days in a row

      The prices of gold fell in India on 26 March 2020 after seeing a sharp rise in the previous session. The fluctuation of gold prices has been volatile over the last few days.

      Gold futures prices for the month of April on MCX has decreased by 0.75% and is at Rs.41,900 for 10 grams. June futures prices decreased by 0.4% and are at Rs.42,650 for 10 grams. In the previous session, gold futures prices for the month of April increased by nearly 2% for 10 grams. After hitting record highs of Rs.45,000 for 10 grams earlier this month, the prices of gold in India have followed the global markets and have reduced significantly. In the international markets, the prices of gold decreased as there was a rush for cash from investors. Spot gold prices reduced by 0.6% and are at $1,604.16 for an ounce. On 24 March 2020, the prices of gold in the international markets increased by 5%. According to Kotak Securities, the demand for gold has been weak due to the lockdown. Even though discounts have been provided, the physical demand has been low because of the restrictions that have been enforced due to the coronavirus outbreak.

      26 March 2020

    • Prices of gold hit record highs on 6 March 2020

      High global rates and a weaker rupee ensured that the prices of gold continued to increase in the domestic markets. Over the last two days, gold rates have increased by over Rs.1,000 for 10 grams.

      Gold futures prices on MCX increased by Rs.200 and hit record highs of Rs.44,460 for 10 grams. In the previous session, gold futures prices increased by Rs.900 for 10 grams. The value of the rupee against the dollar fell beyond the Rs.74 levels. According to the Chairman and Managing Director of Abans Group of Companies, Abhishek Bansal, the main reasons for the rise in gold prices were the depreciation of the rupee against the dollar, the coronavirus outbreak, and the reduction in interest rates by the US Fed. According to a note by SMC Global, the prices of gold may go higher. The brokerage firm further added that prices of gold could move towards the Rs.44,700 levels and take support near the Rs.44,000 levels. In the international markets, the prices of gold were steady after increasing by 2% in the previous session. The prices of spot gold are at $1,669.13 for an ounce. Due to the coronavirus outbreak, the prices of gold in the international markets have increased by 5% this week. The rate cuts by the US Fed further boosted gold.

      6 March 2020

    • Gold prices increase due to fear of the Coronavirus escalates

      In the country, gold April futures increased on 13 February with positive trends in the global market. This was majorly due to its increased safe-haven appeal with the death toll increasing drastically due to the virus.

      On the Multi Commodity Exchange, the metal’s contracts for April was trading at a considerably high rate of Rs.119 at Rs.40,603 per 10 grams recording a percentage increase of 0.30.

      According to experts, gold prices could hit Rs.40,700 per 10 grams along with selling pressure at higher levels. With positive data from the economy of the United States of America, both silver and gold will be dependant on buying at the lower and higher levels amidst growing tensions all over the world due to the virus outbreak.

      Gold prices on Thursday increased with the selling of equities by investors with the death toll rising due to Coronavirus. The April contracts of the precious metal on the Multi Commodity Exchange closed with a negative note at Rs.40,350 per 10 grams facing some amount of pressure in its last session.

      With the risk appetite amongst investors being at a low at the moment, gold prices are likely to see a hike along with silver due to safe-haven appeal.

      13 February 2020

    • Prices of gold fall for the third consecutive day

      Due to the decline in global rates, the prices of gold and silver continued to fall in India on 10 January 2020. Gold futures prices for the month of February on MCX reduced for the third day in a row.

      Gold futures prices for the month of February reduced by 0.38% and hit Rs.39,680 for 10 grams. Earlier this week, the prices of gold hit a record high of Rs.41,293 for 10 grams. The prices of gold declined in the international market as well due to the easing in tensions between Iran and the US. After a steep loss in the previous session, the prices of gold were at $1,551 for an ounce. In the international market, the prices of silver were flat at $17.89 for an ounce. In the global market, equities have rallied after the US President said that sanctions would be imposed on Iran instead of military action. Gold traders are looking forward to the US jobs figures to get a better understanding of the state of the economy. Gold traders are also looking forward to the signing of the trade deal between China and the US, which is scheduled next week. The interest rates were left unchanged by the US Fed in December. According to various analysts, no rate cuts are expected in the near future.

      10 January 2020

    • Prices of gold reduce by Rs.73 on 11 December 2019

      The prices of gold in Delhi fell by Rs.73 on 11 December 2019 and hit Rs.38,486 for 10 grams. According to HDFC Securities, the main reason for the reduction in prices was a strong rupee.

      On 10 December 2019, the value of gold closed at Rs.38,559 for 10 grams on 10 December 2019. According to Tapan Patel, an HDFC Securities senior analyst, the value of gold decreased by Rs.73 because of the strong value of the rupee against the dollar. On 11 December 2019, the early trade saw the value of the rupee increase by 12 paise against the dollar and touch Rs.70.80. The prices of silver also reduced by Rs.89 and hit Rs.44,640 for a kg. In the global markets, the value of gold was at $1,464.8 for an ounce, while the value of silver was at $16.62 for an ounce. Tapan Patel further added that the value of gold in the international market could range around $1,464 for an ounce as global markets are waiting for information in the trade talks between China and the US.

      13 December 2019

    • Gold prices rise as U.S - China trade deal under doubt

      The prices of gold rose after U.S. President Donald Trump in his speech dashed any hopes for a positive sign regarding the trade deal between U.S and China forcing the investors to invest in the yellow metal.

      Spot gold rose 0.3% at $1,460.89 per ounce, while U.S. gold futures advanced 0.6% at $1,462.70 per ounce.

      Asian stocks and Wall Street futures also suffered over growing worries regarding the stalling of the trade deal between the two nations. The civil unrest in Hong Kong which is intensifying with each passing day also added to the concerns.

      Trump said that the two nations were close to a phase one deal between U.S. and China but refused to offer any further details regarding the negotiation between the two countries.

      The investor will also keep a close on Fed Chairman Jerome Powell who is set to testify on the economic outlook before the congressional Joint Economic Committee on Wednesday.

      Palladium was up 0.8% at $1,712.93 per ounce, while Silver grew 0.9% to $16.92 per ounce, and platinum gained 0.6% to $873.86.

      13 November 2019

    • 6th tranche of gold bond rolled out by the government

      With Dhanteras around the corner, the government has recently rolled out the sixth tranche of sovereign gold bonds. The subscription for the Sovereign Gold Bond (SGB) Scheme 2019-20 – Series VI will be closed on the 25th of October, i.e. on the day of Dhanteras.

      As per a statement issued by the Ministry of Finance, the price of gold has been fixed at Rs.3,835 per gram by the government. The date of settlement has been scheduled for 30 October 2019. The government has also offered an additional discount of Rs.50 per gram for the investors who will apply online and make online payment for the purchase of the bonds. The effective price of the gold bond will be Rs.3,785 per gram for these investors. The Series V of the SGB Scheme was issued by the government earlier this month.

      23 October 2019

    • Price of gold as tensions of the trade war between the U.S. and China eases

      The price of gold on 30 September 2019 dropped marginally as the trade tensions between the United States of America and China eased considerably. This resulted in the rise in the value of the dollar against other currencies in the market.

      As per reports by Reuters, the price of gold declined in the international markets as due to the uncertainties surrounding the trade talks, investors shifted to the dollar. This resulted in added pressure to the price of the safe-haven asset.

      Gold’s October Futures was priced at Rs.37,254 per 10 grams which was a decline by Rs.496 or 1.31% compared to previous prices on the Multi-Commodity Exchange.

      The price of the metal on the MCX traded at a low of Rs.37,310 on 27 September, resulting in a slip of the precious metal’s prices internationally to below $1,500 an ounce.

       The December silver futures declined by Rs.1,057 or 2.32% to Rs.44,460 per kg on MCX.

      1 October 2019

    • Gold prices increase above $1,500 because of growth woes

      Due to focus returning on Middle East tensions and global growth risks, gold prices rose above $1,500 for an ounce on 19 September 2019. The bullion has recovered after a cut in interest rates had been announced by the US Federal Reserve.

      However, in regards to future cuts, a mixed signal was given by the US Federal Reserve. Spot gold prices increased by 0.6% to hit $1,502,53 for an ounce. On 18 September 2019, spot gold prices hit a one-week low of $1,484.16 for an ounce. However, gold futures reduced by 0.4% and hit $1,509.30 for an ounce. Interest rates were cut by the US Federal Reserve for the second time this year because of the slowdown in global growth. However, according to the US Central Bank, no more cuts are expected because of the strong labour market. Global growth has also been hurt by the trade war between the US and China. Overnight gains were also lost because the dollar slipped. According to Carsten Fritsch, Commerzbank analyst, gold is expected to trade higher in the medium term because of negative interest rates, economic risks, and increasing tensions in the Middle East.

      23 September 2019

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