Gold Rate In Punjab Today

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Gold Price In Punjab

Punjab is said to be one of the most prosperous states in India. It is a part of a very fertile area in North-west India, making it flourish in agriculture and related industries. The state capital is Chandigarh while the other important cities include Amritsar, Jalandhar, Ludhiana and Patiala. The region is rich in culture and gold forms a very important part of the regular festivities of India. Gold rates in Punjab, are highly driven by the rates for the yellow metal in the state and the traditional requirements such as for Dhanteras, weddings and other auspicious occasions. Lets not forget that the world renowned Golden Temple is also located in this state, in Amritsar.

Jewelry is the primary trading route for gold in Punjab, while the maximum demand for gold comes from the rural regions of the state. Punjab residents also go online to buy gold or buy gold from the bank for larger instruments. People can also buy gold for bullion, but gold has it maximum significance as being a traditional and auspicious buy.

Gold Rate Trend in Punjab for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Punjab from July 2020 to September 2020:

• The prices of the yellow metal in Punjab for the month of September opened at Rs.4,946 per gram and closed at Rs.5,439 for a gram, respectively. The prices of the yellow metal hit its highest rate for the month on 31 July. On 7 July, gold hit its lowest rate for the month. Overall, gold prices increased by 9.96% in Punjab in July.
• On 1 August 2020, the price of gold in Punjab was at Rs.5,481 for a gram. By the last day of the month, the prices of the yellow metal reduced by 4.21% and were at Rs.5,250 per gram. The lowest and highest rates that gold hit for the month were Rs.5,234 per gram and Rs.5,749 per gram.
• In Punjab, gold prices fell by 2.87% over the course of the month. The highest and lowest rates that the yellow metal hit for the month were Rs.5,297 per gram and Rs.5,077 for a gram, respectively.

Gold Rate Trend in Punjab for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Punjab from April to June:

• On 1 April 2020, the price of gold in Punjab was at Rs.4,253 for a gram and remained steady over the next 20 days. This was the lowest rate that the yellow metal hit for the month. The coronavirus outbreak across the world was the main reason for the prices to increase. On 30 April, the price of gold was at Rs.4,761 for a gram, seeing a 11.94% incline over the course of the month.
• In the month of May, the prices of gold opened at Rs.4,699 per gram and closed at Rs.4,799 per gram. The tensions between China and the US was the main reason for the prices to increase. Gold saw its prices increase by 2.12% in May.
• In June, the prices of gold saw an incline of 3.37% as the price of gold opened and closed at Rs.4,799 and Rs.4,961 respectively. The increase in the number of coronavirus cases and the stimulus measures that were introduced ensured that the prices increased.

Gold Rate Trend in Punjab for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Punjab from January 2020 to March 2020:

• In Punjab, the price of the metal opened at Rs.3,995 per gram on 1 January and showed an inclining trend throughout the month. With growing tensions between the United States of America and the Middle East along with speculations between the trade deal between China and the United States of America, the price of gold increased due to its safe-haven appeal. The metal hit its highest price of the month early at Rs.4,211 per gram on 9 January and was at its lowest on the first day of the month at Rs.3,995 per gram. With the first phase of the trade deal being finalised, the price of the metal dipped with investors shifting back to the stock market with higher risk appetite. The yellow metal was priced at Rs.4,116 per gram on 22 January and closed the month at Rs.4,169 per gram on 31 January with a percentage incline of 4.35.
• For the month of February, gold prices recorded a higher incline percentage compared to that of January. Opening at Rs.4,169 per gram, the price of the metal showed an inclining trend throughout the month, even though it hit its lowest price at Rs.4,116 per gram on 7 January. With continuously mixed trends in the global market, the price of the yellow metal fluctuated heavily in the second and third week of February. By the middle of the month, the price of gold was Rs.4,169 per gram on 15 February. However, with reports coming in of a possible virus outbreak out of Wuhan in China, the safe-haven appeal of the bullion market increased drastically resulting in the rise in prices of the metal. By 25 February, the price of the metal increased to hit its highest of the month at Rs.4,394 per gram on and held steady on 26 February as well. At the end of the month, gold closed at Rs.4,368 per gram on 29 February, recording a percentage incline of 4.77.
• In March, gold was priced at Rs.4,274 per gram on 1 March and showed an overall decline in prices which was majorly due to the outbreak of COVID-19 all over the world. With the number of cases and deaths increasing all over the world, investors initially shifted to the bullion market and the price of the metal hit its highest on 7 March at Rs.4,536 per gram. However, with countries heading into lockdown, trade was greatly affected all over the world. Even though measures taken by central banks all around the world and the rate cuts by the United States Federal Reserve, in the latter half of the month, investors started selling off their assets for cash and to survive in the market. On 20 March, the price of the metal hit its lowest of the month at Rs.4,111 per gram. With India going into lockdown, bullion trading centres were closed to promote social distancing which resulted in little to no activity in the bullion trade. The metal’s price remained stagnant at Rs.4,253 per gram and closed the month at the same rate resulting in a percentage decline of 0.49.

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Gold Investment Avenues in Punjab

If you want to buy in gold, in Punjab, you can buy it in the form of bullions, coins, ingots and in the form of jewellery which is prevalent in the rural areas as well. Punjab has a very high proportion of gold consumers and owning gold is taken as a form of wealth, with the urban and rural areas prospering with high percentage of rural population being wealthy to invest and buy gold. Gold trends in Punjab can be summarized as:

Over-the-counter: You can buy or sell gold in retail in the form of coins, bullions and jewellery in Punjab, with prosperous Amritsar, Patiala and Ludhiana acting as markets in the state. Gold bullions are also available but at international rates. You can find them mostly in banks and large private dealers such as AAR GOLD, Pushpak Bullions and Pentagold etc.The maximum amount of gold gets bought in jewellery shops that include national renowned jewellers such as Joyalukkas and Tanishq, to local gold hot shots such as PC Jewellers, Punjab Jewellers and Blue Gems and Jewellers. Prices of gold in banks are generally higher as you get the assurance of the purity. Jewelry is also bought during the Dhanteras festivity in the state.

Market trade: As an asset investment you can buy gold futures, spot contracts,as well as Exchange Traded Funds or ETFs. ETFs can be bought and sold online from Bombay Stock Exchanges (BSE). Gold futures can be bought early and sold later, saving you from market instability of gold rates. However, spot contracts ares sold and bought quickly and hold rush to gold market risks.

Also Check Gold Prices in the Cities of Punjab

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