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Gold Rate 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 from October to December 2016 (rates per gram for 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,941 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st to 4th||Rs.3,213 per gram on 5th and 6th||Rs.2,893 per gram on 1st and 2nd|
|Lowest price||Rs.3,088 per gram from 8th to 25th||Rs.2,929 per gram from 25th to 27th||Rs.2,800 per gram from 23rd to 28th|
Gold Rate Trend in Punjab for October 2016:
- In Punjab, gold began trading at Rs.3,205 per gram when October began but dropped by nearly Rs.80 in less than 4 days to hit Rs.3,119 per gram on 5th.
- Prices further fell on 6th to reach Rs.3,088 per gram before continuing at the same rate for much of the month, till 25th.
- On 26th, prices increased by Rs.11 to hit Rs.3,099 per gram and remained there till the end of the month on 31st.
- Gold rate trend in Punjab, despite remaining largely unchanged, saw a decline of 3.30%.
Gold Rate Trend in Punjab for November 2016:
- Like all the other states in India, November was one of the worst periods for gold in India.
- Although, the entire world was riding on a high demand due to Donald Trump winning the US elections, India’s gold industry was nearly brought down to its knees due to demonetisation.
- The first week of November saw gold prices spike on a daily basis but began falling as the latter half of the month approached.
- Having started trading at Rs.3,099 per gram on 1st, gold prices increased significantly to reach Rs.3,211 per gram on 9th.
- However, price dropped just as significantly as it rose on 11th to end the day at Rs.3,071 per gram.
- By the time 19th approached, prices went as low as Rs.2,994 per gram and went further down to record the lowest monthly price of Rs.2,929 per gram on 26th.
- The month ended with a respite as gold rates gained slightly to end at Rs.2,941 per gram.
- November saw a change of -5.09% with regards to gold rate in Punjab.
Gold Rate Trend in Punjab for December 2016:
- The impact of demonetisation was still there to be seen in December as the nation as a whole had to endure a cash crunch.
- December began with gold trading at Rs.2,893 per gram and went through a few fluctuations to reach Rs.2,892 per gram on 9th.
- When trading began on 10th, gold prices had slumped to Rs.2,864 per gram before continuing at this rate till the 14th.
- Rates fell again on the 15th as it Rs.2,822 per gram and remained the same till the closing hours of 22nd.
- On 23rd, however, gold rates reached their lowest for the month at Rs.2,800 per gram but picked up during the last three days of the month as new year was approaching.
- The month ended with gold trading at Rs.2,844 per gram.
- Of all three months in Q4, December witnessed the lowest change, of -1.84%, with respect to gold price trends.
Gold Rate Trend in Punjab for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram on 7th and 8th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th-12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram on 31st August||Rs.3,184 per gram on 1st and 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Punjab for July 2016
- The price of gold was Rs.3,167 per gram on 1st July as domestic demand was high, with prices rising to Rs.3,203 per gram on 4th July.
- Prices continued to rise as positive global trends and market uncertainty kept prices high, with gold trading at Rs.3,227 per gram on 7th July.
- Slight fluctuations in the price led to gold falling to Rs.3,199 per gram from 13th-21st July as demand dropped domestically.
- Prices continued to fall as the markets recovered, resulting in gold falling to Rs.3,163 per gram on 22nd July.
- Prices rose marginally towards the end of the month, with gold trading at Rs.3,219 per gram on 31st July, an overall increase of 1.64% from the rate at the start of the month.
Gold Rate Trend in Punjab for August 2016
- Gold was priced at Rs.3,219 per gram on 1st August, with the price rising to Rs.3,248 per gram on 4th August on increased demand due to a sudden fall in markets.
- Prices stabilised, with gold trading at Rs.3,206 per gram on 8th August before the price rose as domestic demand increased.
- Cues from international trends and poor market results led to prices rising to Rs.3,236 per gram on 15th August before rising to Rs.3,238 per gram by the end of the week.
- Market stability led to prices falling, with gold trading at Rs.3,218 and closing the month at Rs.3,205 per gram, a drop of almost 0.5% from the rate at the beginning of the month.
Gold Rate Trend in Punjab for September 2016
- Gold traded at Rs.3,184 per gram on 1st September on the back of strong demand from jewellers due to the festive season.
- Prices continued to rise as demand peaked, reaching Rs.3,228 per gram on 7th September as global markets suffered losses and the dollar weakened against other currencies.
- Sustained demand kept prices high for the week beginning 12th September, with the price dipping towards the end of the week due to reduced demand.
- As global demand rose, domestic prices also saw a rise, with gold trading at Rs.3,227 per gram on 23rd September, but dipped to Rs.3,207 per gram on 30th September.
Gold Rate Trend in Punjab for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,943 per gram||Rs.3,119 per gram||Rs.2,960 per gram|
|Last day||Rs.3,119 per gram||Rs.2,960 per gram on 30th of May||Rs.3,167 per gram on the 30th of June|
|Highest price||Rs.3,119 per gram on 1st of May||Rs.3,120 per gram on 9th of May||Rs.3,182 per gram on the 28th and 29th of June|
|Lowest price||Rs.2,933 per gram on 5 of May||Rs.2,960 per gram on the 30th of May||Rs.2,950 per gram on 2nd of June|
Gold Rate Trend in Punjab in April 2016
- Gold continued to trade at Rs.2,943 per gram for the first three days of April
- Gold witnessed a lot of fluctuation in the month of April with changes in rate every week.
Gold Rate Trend in Punjab in May 2016
- There were no major changes in demand and the rate remained unchanged at Rs.3,119 per gram for the first three days of May.
- Gold witnessed a decline at Rs.3,048 per gram on 24th of May owing to low demand.
- Rising dollar and expectations of a rate hike by the Federal Reserve further led to the decline of gold price to Rs.2,960 per gram on 30th of May.
Gold Rate Trend in Punjab in June 2016
- Gold traded at Rs.2,960 per gram on the 1st of June.
- Prices steadily increased over the week as gold closed the month at Rs.3,167 per gram on the 30th of June.
|1st day||Rs.2,585 per gram||Rs.2,756 per gram||Rs.3,030 per gram|
|Last day||Rs.2,756 per gram||Rs.3,037 per gram||Rs.2.948 per gram|
|Highest price||Rs.2,767 per gram on January 27th||Rs.3049 per gram on 26th of February||Rs.3,030 per gram from March 1st to 14th|
|Lowest price||Rs.2,580 per gram from January 2nd to 4th||Rs.2,756 per gram on February 1st||Rs.2,948 per gram on March 31st|
Gold Rate Trend in Punjab in January 2016
- Gold traded at Rs.2,585 per gram on the 1st of January and remained unchanged for the next four days
- Gold hit the highest rate for January on 27th at Rs.2,767 per gram.
- Gold prices further witnessed a decline as it stood at Rs.2,756 per gram at the end of the month.
Gold Rate Trend in Punjab in February 2016
- Gold remained unchanged at Rs.2,756 per gram on 1st of February as a result of no changes in demand.
- Gold climbed up to Rs.2,788 per gram on the 3rd of February.
- Gold price increased to Rs.3,008 per gram on the 12th of February and went down by Rs.97 at Rs.2,917 per gram on 16th of February.
- Gold prices further shot up as it hit Rs.3,049 per gram on 26th of February.
Gold Rate Trend in Punjab in March 2016
- Gold traded at Rs.3,030 per gram for the first two weeks of March.
- Gold prices fell down to Rs.2,940 per gram on 15th of March as a result of low demand.
- Gold rose again at Rs.2,998 per gram on 18th of March.
- Gold witnessed a steady downfall in the last two weeks of March and stood at Rs.2,948 per gram at the end of March.
Details of Gold Price in Punjab (22 Karat & 24 Karat) - Till August 2015
The gold rates in Punjab vary based on their karats as following:
22 Karat Gold: 22-karat gold is considered to be lesser in purity and hence the rates are also lower. but the trend of rise of prices remain similar. Rate of gold in Punjab was around Rs.2,341 a gram in the beginning of August 2015. Since August 2014, prices of the yellow metal have continued to fall for the most part of the year, and so the lowest levels in July, when gold was performing poorly in the global markets, down to a 5 and half year low.
24 Karat Gold: Punjab gold was trading at Rs. 2,649 a gram in the beginning of April, while it fell drastically by August beginning to Rs. 2,540. Under the given circumstances of falling price of gold around the world gold rates in Punjab, to followed the lowering of rate and has been dropping consistently for the last one year. 24 karat gold is said to have the highest purity of the metal (999 purity) and hence the prices are comparatively much higher than 22 karat gold.
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
|Gold Rate in Chandigarh||Gold Rate in Ludhiana|
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News About Gold Rate in Punjab
Gold Rate Remains Steady After Four Weeks Low
Gold prices was low for the the last four weeks when dollar slipped expecting strict US interest rate policy. As gold rate are affected by interest rates in US economy, investors are hoping that Janet Yellen, Federal Reserve Chair, will shed some light on this topic in the central bankers meeting in Jackson Hole, Wyoming which is scheduled at 1400 GMT. Meanwhile, spot gold prices increased by 0.1% at $1,323 an ounce and US gold is currently up 0.1 per cent at $1,326.10 an ounce.
According to the recent data, US manufactured capital goods are receiving many new orders and there is drastic decrease in the number of people filing for unemployment benefits. This will give a boost dollar and affect gold prices in the near future.
30th August 2016
Gold prices fall as Dollar rises
Spot gold prices fell by 0.6 per cent to close at $1,248 an ounce today. USA gold futures for June delivery did not fare much better, as they dropped by $11.20 an ounce to close at $1,249.70. But as recent trends have shown, these drops are usually nipped due to the Federal Reserve frequently indicating an improvement in the economy of the United States. While physical demand continues to be slow overall, in India demand for gold has been largely subdued due to the jewellers strike that has shown no signs of abating since March. Silver, however, continued its rise, and is expected to outperform gold in the intermediate term according to VanEck International Investors Gold Fund strategist and Portfolio manager Joe Foster.
14th April 2016
- For more related news /update on gold price visit: Gold News