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Rajkot is the 4th largest city in Gujarat. The population is more than 1.2 million and it is the 35th largest urban agglomeration in India. It is the 22nd fastest growing city in the world. The women of Rajkot are extremely fond of gold. They wear large necklaces and pendants for marriages, festivals and other functions. The gold prices keep changing based on the international gold rates.
Gold Rate in Rajkot
The gold rate in Rajkot varies based on the purity. People can buy either 24 karat, 22 karat, 18 karat or 14 karat gold. 24 karat gold is the most expensive and 14 karat is the cheapest. Gold rate changes in accordance to the international gold market. The prices of gold has been picked up in January 2016 after the significant fall in 2015.
24 karat gold:
It is the purest form of gold as it includes 99.95% gold mass. 24 karat gold is a very soft metal hence it cannot be used to make jewellery or other ornaments. The gold rate for 24 karat gold in Rajkot is Rs.29,650 per 10 grams as on 10th March, 2016.
22 karat gold:
22 karat gold includes 91.6% gold mass. It is the highest quality gold. It is used to make jewellery and ornaments. 22 karat gold has a shiny yellow coat. The 22 karat gold brightness depends on the metal it is alloyed with. 22 karat gold is usually alloyed with silver or copper. When gold is mixed with copper you get a reddish tint. Zinc is added to copper so that it neutralises the rose color and makes it look more yellow.
The best quality gold is when the 22 karat gold is alloyed with silver. It is the most common form of retail gold jewellery. It is however worn off easily so special care has to be taken. The gold rate for 22 karat gold in Rajkot is Rs.27,720 per 10 grams as on 10th March, 2016.
18 karat gold:
It includes 75% of the gold mass and is the popular karat for jewellery. 18 karat gold provides enough strength to hold the gemstones, diamonds and emeralds in place. Pink and rose gold are 18 karat.
14 karat gold:
It includes 58.3% gold mass and it is also the cheapest type of gold jewellery. When alloyed with copper you get a dull bronze color. If 14 karat gold is alloyed with silver or nickel it will look white and it is known as white gold.
Gold Rate Trend in Rajkot for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,224 per gram||Rs.3,247 per gram||Rs.3,245 per gram|
|Last day||Rs.3,244 per gram||Rs.3,245 per gram||Rs.3,304 per gram|
|Highest price||Rs.3,287 per gram on 7th and 8th July||Rs.3,290 per gram from 23rd-26th August||Rs.3,304 per gram from 27th-30th September|
|Lowest price||Rs.3,207 per gram on 15th July||Rs.3,236 per gram from 8th-14th August||Rs.3,245 per gram on 1st and 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Rajkot for July 2016
- Gold traded at Rs.3,224 per gram on 1st July, with prices rising marginally.
- Gold traded at Rs.3,285 per gram on 4th July as demand spiked due to an unstable overseas market but fell as the week ended.
- Prices stayed low, trading at Rs.3,223 per gram on 10th July on weak domestic demand.
- Gold continued its poor run, trading at Rs.3,218 on 18th July for the third week.
- Gold rallied in the final week as markets fluctuated and closed the month at Rs.3,244 per gram.
Gold Rate Trend in Rajkot for August 2016
- August saw gold trade at Rs.3,247 in the first week as demand was strong domestically.
- Prices dipped slightly to Rs.3,236 per gram on 8th August, with the price remaining stable due to muted demand.
- Uncertainty over the U.S. market led to gold selling at Rs.3,254 per gram on 15th August and rising to Rs.3,284 per gram on 21st August.
- Prices reached their monthly high of Rs.3,290 per gram on 26th August as demand spiked due to the dollar dropping against other currencies.
- Prices fell sharply to Rs.3,245 per gram on 31st August as the markets rallied and demand for gold fell.
Gold Rate Trend in Rajkot for September 2016
- Gold was traded at Rs.3,245 per gram on 1st September, with the price staying constant in the first week.
- Prices rose in the second week on fears the U.S. economy was shrinking, leading to gold prices rising to Rs.2,291 per gram on 7th September.
- Prices stayed constant for the week beginning 11th September as demand was high.
- Prices dipped slightly as the markets recovered, with gold trading at Rs.3,277 per gram on 21st September.
- Prices rose as the month ended on string domestic demand, trading at Rs.3,304 per gram on 30th September.
Gold Rate trend in Rajkot for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,988 per gram||Rs. 3,147 per gram||Rs.2,991 per gram|
|Last day||Rs. 3,147 per gram||Rs. 2,991 per gram||Rs.3,209 per gram|
|Highest price||Rs. 3,147 per gram on April 29th and 30th||Rs. 3,178 on May 7th and 8th||Rs.3,212 per gram on 25th June|
|Lowest price||Rs. 2,957 per gram on April 4th||Rs. 2,991 on May 30th and 31st||Rs.2,991 per gram on 1st June|
Gold Rate Trend in Rajkot in April 2016
- As the strike continued, prices remained constant going into April. Gold traded low at Rs. 2,988 per gram.
- The strike was finally called off and the demand from the jewellers helped the prices climb back up.
- Prices rose to 3,147 per gram on April 29th and 30th marking an overall increase of 5.32%.
Gold Rate Trend in Rajkot in May 2016
- Speculation of an interest rate hike by the U.S. Federal Reserve led to a drop in demand.
- For gold, a high borrowing cost does not work in its favor, making it less appealing for investors.
- Gold rates dropped through the month of May owing to a growing U.S. economy and a stronger dollar.
- The month ended with a 4.95% decline at Rs. 2,991 on May 30th and 31st.
Gold Rate Trend of Rajkot in June 2016
- There was a rise of 7.68% noted in the price of gold as the month progressed.
- The increase in price could be largely attributed to uncertainties in the global market especially due to Britain’s exit from the European Union.
- This resulted in investors rushing to purchase this precious metal resulting in an a rise in gold rate.
- The highest rate that gold was priced at was Rs.3,212 per gram on the 25th of June.
- The lowest rate of gold was observed on the 1st of the month at Rs.2,991 per gram.
Gold Rate Trend in Rajkot for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,605 per gram||Rs. 2,781 per gram||Rs. 3,067 per gram|
|Last day||Rs. 2,781 per gram||Rs. 3,067 per gram||Rs. 2,988 per gram|
|Highest price||Rs. 2,727 per gram on 28th January||Rs. 3,067 per gram on 27th to 29th February||Rs. 3090 from 2nd March to 19th March|
|Lowest price||Rs. 2,605 per gram on 1st January||Rs. 2,781 per gram on 1st February||Rs. 2,974 per gram on 23rd to 25th March|
Gold Rate Trend in Rajkot in January 2016
- The month of January began with low gold rates of Rs. 2,605 per gram.
- However, there was a rise in demand in the domestic market by the jewellers which drove prices up.
- In the global market, the dollar weakened and the market was uncertain and this contributed to higher gold prices.
- The highest price of gold was at Rs. 2,727 per gram on 28th January.
- The month ended at Rs. 2,781 per gram indicating a substantial increase of 8.52% in the rates.
Gold Rate Trend in Rajkot in February 2016
- On 1st February, gold traded at Rs. 2,714 per gram which was quite low, but the month saw a rising trend.
- Global market turbulence played a major role in driving gold rates up.
- Gold rates rose to its highest for the month on 27th to 29th February at Rs. 3,067 per gram.
- The overall inclined trend brought about a 10.28% increase for the month of February.
Gold Rate Trend in Rajkot in March 2016
- Demand in March dropped as the jewellers announced their all-India strike.
- Prices stayed constant as there was no demand from the jewellers, but the global demand helped gold rates maintain their stability.
- The highest gold rate was Rs. 3,090 from 2nd March to 19th March.
- Rates rose to Rs. 2,988 on 26th March and remained the same till the end of the month even though the strike continued.
Gold investment avenues in Rajkot
People in India buy either gold jewellery or coins and bars or shares as an investment. Gold sales are usually higher during the wedding season and festivals. As gold is treated as a safe haven asset, investors buy gold to protect themselves from the market fluctuations. Gold can be brought in Rajkot in the following ways:
- Over the counter purchases:
When people buy gold they prefer to look at the jewellery and try it on before actually buying it. There are a various jewellers in the Rajkot from where people can buy gold. Gold can also be brought in the form of gold coins and bars from the bank as well as the jewellers. When you buy gold from the bank is costlier as you get a purity certificate.
- Market trade:
Gold can also be purchased from anywhere now as you have access to E-gold, futures and ETFs. However, trading in gold is subject to risk. ETFs is traded on Bombay Stock Exchange. E-gold trade is done through National Spot Exchange.
- Also Check: Gold Rate in Gujarat
Also Check Gold Price in NearBy Cities of Rajkot
|Gold Rate In Ahmedabad||Gold Rate In Surat||Gold Rate In Vadodara|
|Gold Rate In Jamnagar||Gold Rate In Indore||Gold Rate In Kota|
Read more on Gold
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- Significance Of Indian Jewellery
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