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Gold Rate In Raipur
Raipur, the capital of the central Indian state of Chhattisgarh, is a historic city which has been an intrinsic part of Indian history through the ages. The city has a large population of over a million residents and is among the top consumers of gold in the state. Gold rate in Raipur is a good benchmark for analysing the gold rates in Chhattisgarh. The city has a number of jewellers and dealers catering to the rising demand for gold.
Gold is primarily consumed in the form of jewelleries and ornaments in Raipur. The city has a good demand for physical gold preferred by both the urban and rural populace. Gold demand is there in the city and gold rates are affected by these demands.
Trend of Gold Rate in Raipur for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1st Rate||Rs.2,950 per gram|
|July 31st Rate||Rs.2,920 per gram|
|Highest Rate in July||Rs.2,950 per gram on 1 & 2 July|
|Lowest Rate in July||Rs.2,800 per gram on 14 July|
|Overall Monthly Performance||Decline|
July ‘17- Week 1 (1st to 9th)
- Demand for gold was on the increase as the week began but prices fluctuated due to market conditions.
- Gold was priced at Rs.2,950 per gram on 1 & 2 July as industrial demand was high.
- Local demand was muted following the imposition of GST, as prices dipped to Rs.2,914 per gram on 4 July.
- Markets rallied on American independence day as the U.S. dollar was on the rise resulting in gold prices plunging to Rs.2,908 per gram on 5 July.
- Gold price in Raipur fell to Rs.2,869 per gram on 8 July as demand from local as well as overseas buyers was poor due to high dollar rates.
- The week ended with gold trading at Rs.2,869 per gram on 9 July.
July ‘17- Week 2 (10th to 16th)
- Gold prices were low for most of the second week as the G20 summit boosted markets across Europe and Asia, leading to a drop in demand for the yellow metal.
- The week opened with gold priced at Rs.2,867 per gram on 10 July but the metal dropped to Rs.2,824 per gram on 11 July as U.S. jobs data was also positive.
- Given prevalent global trends, local demand was muted as jewellers put off purchases, leading to gold plunging to Rs.2,800 per gram on 14 July.
- Gold price in Raipur rose to Rs.2,818 per gram on 15 & 16 July as the dollar rate appeared to be on the decline as geopolitical tensions in the U.S. affected its trading.
July ‘17- Week 3 (17th to 23th)
- Gold rates were on the rise as markets were unstable due to internal political instability in the United States, with gold trading at Rs.2,822 per gram on 17 July.
- Local demand began to improve as retail consumers and jewellers alike increased purchases leading to gold prices rising to Rs.2,869 per gram on 20 July.
- The dollar rate fluctuated as investors reduced trade in the currency, resulting in higher demand from overseas consumers, especially China.
- Gold reached Rs.2,917 per gram on 22 July and ended the week at the same price due to stable demand.
July ‘17- Week 4 (24th to 31st)
- The last week of July saw the price of gold rise for most of the week, with the precious metal opening the week at Rs.2,916 per gram on 24 July.
- Demand dropped to Rs.2,899 per gram on 26 July as the dollar rate rebounded as the possibility of a Fed rate hike circulated.
- Local demand and increased industrial demand boosted gold prices as the metal traded at Rs.2,920 per gram on 27 July.
- Prices fluctuated for the remainder of the week, with gold priced at Rs.2,926 per gram on 29 & 30 July.
- The price dropped to Rs.2,920 per gram on 31 July as gold lost 1.01% of its value over the course of the month due to erratic demand.
Trend of Gold Rate in Raipur for June 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.2,985 per gram|
|June 30 Rate||Rs.2,967 per gram|
|Highest Rate in June||Rs.2,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,949 per gram on 19 & 20 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1st to 4th)
- Gold prices for Raipur fluctuated in the first week of June but ended on a high due to increased demand from the industrial sector.
- Gold traded at Rs.2,985 per gram on 1 June before falling sharply to Rs.2,964 per gram on 2 June.
- Local demand helped boost prices as jewellers and retailers increased orders in anticipation of higher rates after the implementation of GST.
- Gold price in Raipur rose to Rs.2,998 per gram on 3 June and the price remained unchanged as the week ended on 4 June.
June ‘17- Week 2 (5th to 11th)
- Market fluctuations as well as internal tensions led to a dip in the U.S. dollar rate and a plunge in the stock markets, which led to an increase in gold demand.
- The yellow metal traded at Rs.3,012 per gram on 5 June on the back of strong demand from investors as well as industry as currency markets were unstable.
- Prices rose to their monthly high of Rs.3,030 per gram on 7 June as local demand also rose due to positive cues from overseas.
- As the week progressed, demand dropped slightly as stock markets began to recover from their earlier poor performance, with gold prices falling to Rs.3,017 per gram on 8 June.
- Gold rate in Raipur fell further as the week ended, with gold trading at Rs.2,981 per gram on 11 June due to a sharp drop in demand.
June ‘17- Week 3 (12th to 18th)
- As markets recovered and currency markets stabilised, demand for gold fell further, with the metal trading at Rs.2,975 per gram on 12 June.
- Price of gold in Raipur rose marginally to trade at Rs.2,979 per gram on 14 June but soon fell as positive data from the United States led to a rally by stock markets globally.
- Gold was priced at Rs.2,957 per gram on 16 June amidst a slowdown in industrial demand for the metal.
- Prices rose to Rs.2,955 per gram on 18 June but the overall trend was one of a drop in demand.
June ‘17- Week 4 (19th to 25th)
- The downward slide in the price of gold in Raipur continued in the fourth week as the metal traded at Rs.2,949 per gram on 19 June.
- Sharp cuts in orders led to prices falling to their lowest rate of Rs.2,940 per gram on 19 June, though demand from local jewellers led to prices rising as the week progressed.
- Asian demand for gold also helped raise prices, as gold traded at Rs.2,958 per gram on 23 June.
- Stable and consistent demand from jewellers as well as a rise in demand from retailers led to gold ending the week trading at Rs.2,964 per gram on 25 June.
June ‘17- Week 5 (26th to 30th)
- With the imposition of GST not far off, demand for gold increased as markets were apprehensive of the switch to the new system.
- Gold traded at Rs.2,977 per gram on 26 June but fell to Rs.2,940 per gram on 27 June due to a rally by the U.S. dollar which led to a lowering of demand overseas.
- The unstable Indian stock market led to investors rushing to invest in bullion, which raised gold’s valuation to Rs.2,967 per gram on 28 June.
- Apart from a minor fluctuation, prices were stable as the month ended, with gold trading at Rs.2,967 per gram on 30 June, though prices fell by 0.60% over the course of the month.
Trend of gold Rate in Raipur for May 2017 (rates per gram)
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,963 per gram|
|Highest Rate in May||Rs.2,984 per gram on the 1st of May|
|Lowest Rate in May||Rs.2,890 per gram on the 12th of May|
May ’17 – Week 1 (1st – 7th)
- Gold opened the markets in Raipur by trading at Rs.2,984 per gram on the first day of the month of May. However, this rate was not sustained and the rate of gold reduced the next day to trade at Rs.2,955 per gram.
- However, the price of gold was near a three-week low following diminishing demand for sale-haven bullion as Asian equities rallied. At the same time, the U.S. dollar gained as compared to the yen resulting in a fall in the rate of gold.
- Gold rate reduced on the 4th of trade at Rs.2,922 per gram prior to decreasing even more on the 5th of May to trade at Rs.2,910 per gram.
- On the last two days of the first week, this metal traded at Rs.2,899 per gram in Raipur.
May ’17 – Week 2 (8th – 14th)
- A number of variations were noted in the rate of gold during the second week of May in Raipur due to fluctuations in demand.
- Gold was priced at Rs.2,903 per gram on the first two days of the week.
- As the week progressed, the price of this metal continued to fluctuate due to various geopolitical factors as well as decline in demand.
- Gold traded at Rs.2,899 per gram on the 10th and 11th of the month. The euro strengthened after Emmanuel Macron, a pro-EU candidate won the French presidential election.
- A slight recovery was noted in the rate of this metal with gold trading at Rs.2,890 per gram on the 12th of May and increased even further on the 13th of May to be priced at Rs.2,891 per gram. This rate was noted on the last day of the week as well.
May ’17- Week 3 (15th – 21st)
- Gold opened the third week of May by trading at Rs.2,890 per gram and increased the next day to trade at Rs.2,894 per gram.
- Further rise was noted in gold rate as slightly weaker dollar increased the demand for gold with this metal trading at Rs.2,910 per gram on the 17th of May.
- As the demand for gold rose, the rate increased as well with this metal trading at Rs.2,956 per gram on the 18th of the month in Raipur. There was a marginal decline was noted in the rate of gold thereafter.
- Gold traded at Rs.2,954 per gram on the 20th and 21st of May due to sustained demand for this metal from domestic markets.
May ’17 – Week 4 (22nd – 28th)
- Gold was priced at Rs.2,947 per gram on the 22nd of the month and increased marginally the next day to trade at Rs.2,979 per gram.
- As Asian stocks gained, gold rate reduced marginally. In addition to this, the Manchester blast did not have a significant impact on the rate of this metal.
- Gold traded at Rs.2,963 per gram on the 24th and 25th of May due to steady demand for this metal.
- The U.S. Federal Reserve’s meeting hint at a chance of an interest rate hike which resulted in gold trading quite steadily.
- Gold continued to trade at Rs.2,979 per gram on the 28th.
May ’17 – Week 5 (29th – 31st)
- Gold was priced at Rs.2,977 per gram on the 29th of May but increased marginally on the 30th to trade at Rs.2,984 per gram.
- Gold traded at Rs.2,963 per gram on the 31st, recording a decline of 0.70% in the rate of gold.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,035 per gram on 22nd and 23rd of April|
|Lowest Rate in April||Rs.2,954 per gram from the 8th to the 10th of April|
April ‘17 - Week 1 (1st to 9th)
- As a result of the dovish tone employed by the U.S. Federal Reserve regarding interest rate and sluggish economic data from the U.S., gold traded at Rs.2,956 per gram on the 1st and 2nd of April.
- On the 3rd of the month, gold was priced at Rs.2,962 per gram and increased marginally thereafter.
- On account of higher demand for this precious metal, gold was priced at Rs.2,977 per gram on the 4th of April. There was a rise in the price of gold the next day as well with this metal trading at Rs.2,983 per gram.
- However, as the week progressed, due to fluctuating demand, gold traded at Rs.2,954 per gram on the last two days of the first week of April in Raipur.
April ‘17 - Week 2 (10th to 16th)
- Due to changes in the demand for this metal, there were a number of variations noted in the rate of this yellow metal as well.
- Gold continued to trade at Rs.2,954 per gram on the first day of the week. This was also the lowest at which gold traded for the month of April in Raipur.
- However, due to various geopolitical issues, the safe-haven demand for gold increased resulting in a gradual increase in the rate of gold.
- On the 11th of April, gold was priced at Rs.2,968 per gram before shooting up to trade at Rs.3,010 per gram on the 12th of March. This was due to a rise in the demand for this metal.
- Gold rate increased by Rs.4 on the 13th to trade at Rs.3,014 per gram.
- As the week progressed, due to a rise in the demand for this metal, the rate of gold increased as well.
- On the last two days of the week, gold was priced at Rs.3,040 per gram in Raipur.
April ’17- Week 3 (17th to 23rd)
- On the 17th of April in Raipur, gold was priced at Rs.3,034 per gram. Due to a fall in the demand for this precious metal, gold rate fell to trade at Rs.3,021 per gram.
- Rate of gold plunged again on the 18th to trade at Rs.3,021 per gram before marginally recovering the next day to trade at Rs.3,031 per gram.
- On the 20th and 21st of April, gold was priced at Rs.3,020 per gram due to steady but low demand for this precious metal.
- Due to a marginal rise in the demand for this metal from jewellers, gold rate increased to Rs.3,035 per gram. This rate was also noted on the last day of the week. This was also the highest rate at which gold was priced at for the month.
- Towards the end of the week, a rise was noted in the value of the rupee making it advantageous for individuals to purchase more gold.
April ’17- Weeks 4 (24th to 30th)
- On the 24th of April, gold was priced at Rs.3,012 per gram which was lower than the price seen the previous week.
- However, the rate of gold plunged to Rs.2,998 per gram which was due to a fall in the demand, The price of gold reduced even further the next day.
- Gold was priced at Rs.2,974 per gram on the 27th of April and reduced on the 28th of the month to trade at Rs.2,970 per gram.
- Emmanuel Macron, a centrist candidate won the first round of the Presidential elections in France, thus boosting the prices of stocks.
- On the last two days of the month, gold was priced at Rs.2,984 per gram due to a recovery in the demand for this metal, registering a rise of 0.94% in the price of gold.
|March 1st Rate||Rs.2,990 per gram|
|March 31st Rate||Rs.2,940 per gram|
|Highest Rate in March||Rs.2,994 per gram on 2nd March|
|Lowest Rate in March||Rs.2,900 per gram on 15th March|
March 2017 - Week 1 (1st - 5th):
- Gold rates in Raipur saw some ups and downs over the first week of March.
- When trading began on 1st, gold was priced at Rs.2,990 per gram, which then rose to Rs.2,994 per gram on 2nd - the highest gold rate for the entire month.
- Prices seemed to go down from then on as demand too went down.
- On 3rd, gold prices decreased by Rs.21 to hit Rs.2,973 per gram but went down slightly by Re.1 to Rs.2,972 per gram on 4th.
- Rates remained unchanged when the week ended on 5th as bullion was still trading at Rs.2,972 per gram.
March 2017 - Week 2 (6th - 12th):
- On 6th, gold prices had slumped down even more from the previous week as it was trading at Rs.2,970 per gram.
- The 7th saw gold prices drop by Rs.21 to hit Rs.2,949 per gram as demand took a massive slump amidst strengthening US dollar.
- However, prices picked up just as they fell on 8th to hit Rs.2,970 per gram.
- The optimism of stabilisation was short lived as prices slumped again on 9th to hit Rs.2,951 per gram - a decrease of Rs.19 per gram.
- Rates went down again on 10th to reach Rs.2,933 per gram as domestic demand saw saw hints of picking up.
- On 11th, prices gained slightly to end the day at Rs.2,945 per gram and maintained the same rate till the closing hours of the week on 12th.
March 2017 - Week 3 (13th-19th):
- Rates had picked up when trading started on 13th for the metal to trade at Rs.2,949 per gram, but decreased on 14th to reach Rs.2,933 per gram.
- On 15th, gold prices took a massive hit as they went down by Rs.33 to Rs.2,900 per gram, which happened to be the lowest rate of gold for the month of March.
- Bullion prices seemed to get back up from that slump as trading improved.
- On 16th, gold was priced at Rs.2,928 per gram, which then went up to Rs.2,935 per gram on 17th.
- Gold prices increased on 18th to reach Rs.2,940 per gram but remained unchanged on the last day of March week 3.
March 2017 - Week 4 (20th - 26th):
- The fourth and penultimate week of March witnessed some significant fluctuations in Raipur.
- On 20th, when the week began, gold was trading at Rs.2,947 per gram but fell by Rs.16 to Rs.2,931 due to a lack of demand.
- Uncertainty over the world market pushed gold prices by Rs.40 on 22nd, bringing gold prices up to Rs.2,971 per gram.
- On 23rd, prices went up by just Re.1 to hit Rs.2,972 per gram but went down over the next few days to end the week at Rs.2,967 per gram.
March 2017 - Week 5 (27th - 31st):
- Gold prices witnessed ups and downs over the last week of March over to various global events that maintained the market’s volatility.
- On 27th, gold was selling at Rs.2,977 per gram but decreased to Rs.2,971 per gram on 28th.
- Though, gold prices didn’t change on 29th, they went down by Rs.11 to Rs.2,960 per gram on 30th.
- On the last day of March, gold prices had gone down by Rs.20 more to bring rates down to Rs.2,940 per gram.
- In Raipur, gold price trends decline by 1.67% for the month of March.
|February 1st Rate||Rs.2,965 per gram|
|February 28th Rate||Rs.3,003 per gram|
|Highest Rate in February||Rs.3,014 per gram from 25th and 26th February|
|Lowest Rate in February||Rs.2,944 per gram on 4th and 5th February|
February 2017 - Week 1 (1st - 4th):
- The first week of February saw gold prices fluctuate over all four days.
- On 1st, gold was trading at Rs.2,965 per gram but went down to Rs.2,954 per gram on 2nd.
- The 3rd saw prices go down marginally by Rs.1 for the precious metal to trade at Rs.2,954 per gram.
- Prices went down considerably on 4th to hit Rs.2,944 per gram as demand began to decrease.
- Rates on 4th was the lowest price of gold for the entire month.
February 2017 - Week 2 (5th - 11th):
- When business started on 5th, gold was still trading at Rs.2,944 per gram but increased by Rs.11 to trade at Rs.2,955 per gram.
- The 7th saw prices go up significantly to trade at Rs.2,980 per gram - an increase of Rs.25 per gram.
- Prices went down marginally to Rs.2,979 per gram on 8th but increased to Rs.2,982 per gram on 9th.
- On 10th, prices took a massive hit of Rs.36 for the metal to trade at Rs.2,946 per gram as US Federal Reserve increased the interest rate.
- At the end of the week on 11th, however, prices rallied considerably to close at Rs.,2,964 per gram.
February 2017 - Week 3 (12th - 18th):
- When week 3 began, gold was still trading at Rs.2,964 per gram but went down to Rs.2,959 per gram on 13th.
- Prices kept falling over the next few days, owing to a strengthening dollar and decreased gold sales.
- On 14th, gold prices went further down to Rs.2,953 per gram and went down again on 15th to Rs.2,947 per gram.
- After the slump over the previous few days, gold rates climbed back up to end 16th at Rs.2,975 per gram.
- Prices went up again on 18th for the metal to trade at Rs.2,988 per gram.
- As the end of the week approached, gold prices fell slightly to close at Rs.2,980 per gram.
February 2017 - Week 4 & 5 (19th-28th):
- Gold was priced at Rs.2,980 per gram when week 4 began on 19th but went down over the next few days due to a fall in demand.
- Prices went from Rs.2,976 per gram on 20th to Rs.2,973 per gram on 21st and remained the same on the 22nd as well.
- On 23rd, rates went up marginally by Rs.3 for the metal to trade at Rs.2,976 per gram.
- The 24th saw prices go up further more by Rs.19 to bring prices up to Rs.2,995 per gram and then to Rs.3,014 per gram on 25th.
- When February ended gold was seen trading at a marginally lower price of Rs.3,003 per gram.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,954 per gram|
|Highest Rate in January||Rs.2,978 per gram per gram on 23rd January|
|Lowest Rate in January||Rs.2,821 per gram on 1st January|
January 2017 - Week 1 (1st - 7th)
- In January, gold investment rose to it highest level compared to the previous 4 years.
- When trading began on 1st, gold was trading at Rs.2,821 per gram and rose by Rs.3 to trade at Rs.2,824 per gram on 2nd.
- Prices rose again on 3rd by Rs.12 per gram to bring gold prices up to Rs.2,836 per gram.
- Gold rates kept rising till the end of the week as it went from Rs.2,846 per gram on 4th to Rs.2,872 per gram on 7th.
- Over the course of week 1, gold prices rose by Rs.51 per gram - a massive improvement compared to December of 2016.
January 2017 - Week 2 (8th - 14th)
- Gold traded at Rs.2,872 per gram when week 2 began on 8th and increased by Rs.4 to bring prices up to Rs.2,876 per gram on 9th.
- Prices went up again on 10th, this time by Rs.16 for gold to trade at Rs.2,892 per gram and went up again by Rs.17 to hit Rs.2,909 per gram.
- On 12th, gold was trading at Rs.2,925 per gram but slipped by Rs.3 on 13th to trade at Rs.2,922 per gram.
- After the small slip up, prices got back on track to continue on their growth.
- At the end of the week on 14th, gold prices were up by Rs.19 to trade at Rs.2,941 per gram.
January 2017 - Week 3 (15th - 21st)
- The third week of January saw considerable fluctuations as demand for the yellow metal seemed to waver.
- When trading began on 15th, gold was trading at Rs.2,941 per gram before increasing to reach Rs.2,954 per gram on 16th.
- By the end of 18th, gold rates had again gone up to Rs.2,974 per gram but tumbled on 19th to hit Rs.2,959 per gram.
- Prices went down on the 19th as well to bring prices down to Rs.2,951 per gram.
- All the decrease during this week was due to a strengthening dollar, which stabilised once Donald Trump’s travel ban was lifted.
- The last day of week 3 saw gold prices go up slightly to end at Rs.2,962 per gram.
January 2017 - Weeks 4 and 5 (22nd - 31st)
- The last two weeks of January saw gold prices dwindle significantly as demand for the metal wasn’t constant.
- Trading began on 22nd with gold selling at Rs.2,962 per gram and went up to Rs.2,978 per gram on 23rd.
- It was all downhill for gold prices from 24th till the 27th as rates went from Rs.2,976 per gram to Rs.2,913 per gram - a decrease of Rs.63 in just 4 days.
- Prices, however, picked up over the subsequent days to end the week on a high.
- On 28th, gold was trading at Rs.2,934 per gram which went up to Rs.2,937 per gram on 30th.
- The last day of January saw gold trade at Rs.2,954 per gram.
- Overall, Raipur saw gold price trends go up by 4.71% for the month of January, courtesy of a growing demand on both domestic and international markets.
News About Gold rate in Raipur
Gold Growth is Stunted
Gold rates fell by a slight margin last week as investors cashed in their gains after the metal achieved its highest growth in the past 30 years. But fears of the investors have not been allayed as the US employment increased and naturally the Federal Reserve would deem it fit to increase the tax on the yellow metal.
Prices went up by 16 percent in March as people thought a tax hike wouldn’t be done after all. China and India have been more conservative about buying more gold due to the concerns that have been floating around since the last year. In addition to that, the gold tax imposed in India has made matters even more dire.
4th April 2016
Gold Rates Increase Yet Again
Since Wednesday, there has been an increase noted in the rates of gold. While in India the prices increased by INR 400 per troy ounce, they increased by 18 dollars in the international market.
Per troy ounce gold now has a price of INR 49550 and 10 grams of gold is right now at INR 42471.
31st March 2016
Gold to Fall Even More in the Near Future
Gold prices have been on a decline since the comments from US Federal Reserve officials. The comments apparently hinted that gold will have a lesser value as tax rates are hiked on the yellow metal for at least twice this year. That in turn has strengthened the dollar and made commercial gold more accessible to people who are fans of the yellow metal.
24 carat gold in Dubai retailed at 147.25 dirhams on Sunday while 22k, 21k and 18k variants of the metal were on the market at 138.50 dirhams, 132 dirhams and 113.25 dirhams respectively. Spot gold on Thursday had a 0.6 percent decline. Seeing the constant underperformance of the metal, more than half of the retails opine that gold still has its worse days ahead.
28th March 2016
Gold Futures Surge by 0.89%
Gold prices for April delivery went up by 0.89 percent at the Multi Commodity Exchange, boosted by the surges for spot gold and gold futures at COMEX.
Gold for June delivery is also higher by 0.84 percent at Rs. 29,478. Speculative trading had led to a decline in gold futures prices earlier in the day.
International spot gold prices rose by 0.67 percent to USD 1,252.04 per ounce, while April futures at COMEX traded higher by 0.80 percent at USD 1,254 per ounce.
The Federal Reserve’s move to increase rates next month is likely to bear negatively on the precious metal, analysts say.
23rd March 2016
Gold Prices on the Decline Again
Gold prices fell for the second session in a row on Monday. Gold for April delivery decreased by $10 (0.8 percent) to $1,244.20 an ounce on the Comex division of the New York Mercantile Exchange.
After touching 13-month high prices earlier in March, gold prices have fallen in six of the last seven trading sessions. In London, gold decreased by $14.40 (1.1 percent) to $1,252.10 an ounce.
Meanwhile, silver for May delivery gained 0.2 percent (3.6 cents) to $15.847 an ounce. Last week, the metal had climbed by 1.3 percent.
22nd March 2016
Industry demand of gold increases
With the price of gold increasing after almost 22 months, the listing of jewelry companies increased from 4% to 8%. The yellow metal traded at Rs 30,075 per 10 grams on Tuesday. This was recorded the highest since March 18, 2014 when it closed at Rs 30,205. With India being the world's biggest importer of gold, at an average of a 1,000 tonnes a year, the generic gold contract was priced as per the cueson commodity exchange. The Indian Government is also planning to substitute the 1% excise tax with higher import duty or increased value-added tax, as per industry demands.
9th March 2016
Jewellers nationwide strike reaches day 6
National Strike of All India Jewellers, was called in order to force the government to overturn the decision to charge 1% Excise Duty on manufacturing of Gold & Diamond. The Confederation of All India ( CAIT ) has supported the strike, they have said that levy of excise duty is not the only way or solution, talks between the Trade & the Government can find better solutions. The strike has costed the business of almost Rs. 6000 crore and revenue loss of Rs. 200 crore in the form of custom duties, and almost Rs.48 crores as VAT tax all over India.
8th March 2016
Dollar rises along with equities, forcing gold to drop
Earlier on Wednesday, the dollar strengthened and the equities markets also gained with the US data speculations being rekindled. The Federal Reserve may still have rate hikes this year. Owing to these reason gold dropped by 0.1% the price stood at $1,229.06 for an ounce. But, gold ETFs for April delivery stayed the same at $1,230.80 for an ounce. The price of bullion increased this year already by more than 15%, and proving to a safe haven for investors.
3rd March 2016
Chhattisgarh auctioned it’s first gold mine
The first gold mine in Chhattisgarh was auctioned off to the Vedanta Private Limited, who bid the highest price of Rs. 74,712 per troy ounce. Each troy ounce is equivalent to 31.10 grams. Vedanta Private Limited were the highest bidders where they bid 12.55% of the Indian Bureau of Mining. The gold mine has a reserve of 2700 kg, and will earn Chhattisgarh Rs. 81.40 crores and a royalty of Rs. 24.70 crores.
29th February 2016
Gold gains were limited as stocks markets rebounded
Since last Friday, the prices of gold have not changed much $1, 230 per ounce. The equities and oil prices stock and turn for the better, and not letting the gold price go higher. Spot gold after gaining a tiny 0.4% in the earlier session, but remained $1,235.38 for an ounce. On Thursday, the prices of crude oil and the securities markets globally saw a hike for the better.
26th February 2016
- For more related news /update on gold price visit: Gold News