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Gold Rates in Shimla
When it comes ornamentation, people of Shimla have an extreme love for it, with an apt love for Threading, pictures, wooden potteries, carving are part and parcel of Shimla region. The metal wares include the attractive utensils, ritualistic vessels, silver jewellery, idols.This makes it evident that silver is the more popular precious metal here. But the people also appreciate gold here as well. Hence it is important to know the this city.
Trend of Gold Rate in Shimla for March 2017 (rates per gram for 24karat gold)
| March 1st Rate | Rs.3,009 per gram |
| March 31st Rate | Rs.2,991 per gram |
| Highest Rate in March | Rs.3,009 per gram on 1st and 2nd March |
| Lowest Rate in March | Rs.2,950 per gram on 15th of March |
| Overall Performance | Declin |
| Percentage Change | -0.59% |
March 2017 - Week 1 (1st - 5th):
- When March began in Shimla, gold was priced at Rs.3,009 per gram, which didn’t change the next day on the 2nd.
- The rates, as seen on 1st and 2nd, also happened to be the highest gold rates for the month - meaning gold rates went down over the next few weeks.
- On 3rd, prices went down by Rs.19 to hit Rs.2,990 per gram.
- Over the next two days gold rates remained at Rs.2,990 per gram as there was no uptick in demand.
March 2017 - Week 2 (6th - 12th):
- Gold was still priced at Rs.2,990 per gram, when week 2 began on 6th.
- However, gold rates saw one of its sharpest decline for the month as global demand took a tumble, bringing prices down to Rs.2,970 per gram on 7th.
- The decline, though, was short lived as rates bounced back to increase by Rs.23 to close at Rs.2,993 per gram on 8th.
- This week witnessed considerable fluctuations which was evident from another slump in gold prices on 9th.
- Rates went from Rs.2,993 per gram to Rs.2,977 per gram - a decrease of Rs.16 - as market volatility was at its best.
- Unlike the previous instance, there was no bouncing back this time as a lack of demand brought bullion prices further down to Rs.2,965 per gram.
- The last two days of March week 2, however, showed some respite as rates picked up slightly to end the week at Rs.2,971 per gram.
March 2017 - Week 3 (13th - 19th):
- The third week of March was a rather topsy-turvy period for gold rates.
- On 13th, gold was selling at Rs.2,971 per gram but dropped down by Rs.2,951 per gram on the 14th.
- When trading began on 15th, prices went down marginally to Rs.2,950 per gram but went back up, thanks to a rise in demand to Rs.2,960 per gram on 16th.
- Rates again went up on the 17th to hit Rs.2,970 per gram as prices seemed to go back to where they started.
- Over the last two days of March week 3, gold was trading at Rs.2,971 per gram - marking a change of 0% for the week.
March 2017 - Week 4 (20th - 26th):
- The last two weeks of March 2017 were again a bit of a tumultuous period for gold rates.
- This was the period when several altercations in Syria brought about strong responses from the US, which helped the markets go up.
- On 20th, gold was priced at Rs.2,976 per gram, which continued on the 21st as well.
- The 22nd saw gold prices gain the highest - an increase of Rs.27 - to end the day at Rs.3,003 per gram.
- Although, gold prices remained unchanged on 23rd, they went down to Rs.2,993 per gram on the 24th and didn’t change till the 26th.
March 2017 - Week 5 (27th - 31st):
- On 27th, rates again went back to Rs.3,003 per gram - only to continue at the same rate till the penultimate day of the month.
- The last day of March 2017 saw gold prices fall by Rs.12 to end the month at Rs.2,991 per gram.
- In Shimla, gold prices declined slightly by just 0.59% for the month of March.
Trend of Gold Rate in Shimla for February 2017 (rates per gram for 24karat gold)
| February 1st Rate | Rs.2,978 per gram |
| February 28th Rate | Rs.3,020 per gram |
| Highest Rate in February | Rs.3,031 per gram from 25th to 27th February |
| Lowest Rate in February | Rs.2,957 per gram on 4th to 7th February |
| Overall Performance | Incline |
| Percentage Change | 1.41% |
February 2017 - Week 1 (1st - 4th):
- Like its neighbouring city Dehradun, gold rates in Shimla remained more or less identical.
- When trading started on 1st, gold was priced at Rs.2,978 per gram.
- Rates didn’t change much over the first three days of week 1, owing to a lack of demand but went down considerably on the last day of the week.
- Gold was trading at Rs.2,978 per gram on 3rd but decreased massively by Rs.21 to go down to Rs.2,957 per gram.
February 2017 - Week 2 (5th-11th):
- On 2nd, when the second week of February began, the yellow metal was still trading at Rs.2,957 per gram - the same price as the previous week - and remained the same on 6th.
- Rates of gold in Shimla from 4th to 7th - i.e, Rs.2,957 per gram, was the lowest price of gold for the month.
- As industrial demand increased, while dollar value went down, gold prices went up by Rs.42 per gram to reach Rs.2,999 per gram on 7th.
- The rise in demand saw no end as it once again spurred an increase on 8th - this time to reach Rs.3,009 per gram.
- After the sudden rallying of prices, the 9th and 10th saw gold rates holding out at Rs.3,009 per gram.
- With the US dollar strengthening over the last couple days of Week 2, gold prices in Shimla fell to Rs.2,983 per gram - a decrease of Rs.26.
February 2017 - Week 3 (12th-18th):
- Gold in Shimla was priced at Rs.2,983 per gram, when week 3 began, but dropped down to Rs.2,973 per gram on 14th.
- Rates remained the same on 15th but went up by Rs.16 to reach Rs.2,989 per gram on the 16th.
- Gold prices, likewise, increased on the 17th - this time by Rs.10 as bullion trading rallied against the dollar.
- When week 3 ended, gold was seen trading at Rs.2,999 per gram.
February 2017 - Week 4 & 5 (19th-28th):
- The last two weeks of February didn’t see too much of a change in gold prices, barring a single occasion towards the end of the month.
- On 19th, gold was trading at Rs.2,999 per gram and continued at the same rate till the 24th - as US dollar was weakening owing to some questionable policy decisions taken by Donald Trump.
- Due to an increase in demand in the industrial niches in Shimla, gold prices went up to Rs.3,031 per gram on 25th - a huge increase of Rs.32.
- Overall, gold price trends went up by 1.41% in Shimla for the month of February.
| January 1st Rate | Rs.2,844 per gram |
| January 31st Rate | Rs.2,958 per gram |
| Highest Rate in January | Rs.2,979 per gram on 23rd & 24th January |
| Lowest Rate in January | Rs.2,844 per gram from 1st-3rd January |
| Overall Performance | Incline |
| Percentage Change | +4.00% |
January ‘17 - Week 1 (1st to 7th)
- The price of gold in Shimla for the month of January increased due to steady demand from the industrial sector as well as favourable market conditions.
- Gold was priced at Rs.2,844 per gram on 1st January, with the price staying constant till 3rd January.
- Prices rose on increased demand from the industrial sector and a spike in local demand also boosted prices.
- Gold traded at Rs.2,866 per gram on 6th January as stock markets fell slightly, which led to an increase in demand for gold.
- Gold ended the week trading at Rs.2,866 per gram, recording an increase of Rs.22 per gram over the week.
January ‘17 - Week 2 (8th to 14th)
- The second week of January saw gold prices continue to rise due to favourable market conditions, trading at Rs.2,866 per gram on 8th January.
- Prices rose to Rs.2,888 per gram on 10th January as industrial orders rose from Asia, as the U.S. Dollar was unstable and fell on poor trading.
- Gold futures also rose as gold prices kept increasing, reaching Rs.2,925 per gram on 12th January on consistent demand both domestically as well as internationally.
- Gold traded at Rs.2,941 per gram on 14th January, an increase of Rs.75 per gram over the week.
January 2017- Week 3 (15th to 21st)
- The price of gold continued to rise during the week, but at a more conservative rate compares to the previous two weeks.
- Gold was priced at Rs.2,941 per gram on 15th January and rose to Rs.2,973 per gram on 18th January on strong demand from Asia ahead of the Lunar New Year.
- Prices dipped due to a decline in demand, trading at Rs.2,952 per gram on 20th January as domestic demand suffered a setback.
- Prices recovered as the week ended, with gold trading at Rs.2,963 per gram on 21st January, recording a weekly increase of Rs.22 per gram.
January 2017- Weeks 4 & 5 (22nd to 31st)
- Prices in the last two weeks saw fluctuations due to a fluctuating U.S. Dollar, which impacted gold prices severely.
- Gold was priced at Rs.2,963 per gram on 22nd January, with prices rising to Rs.2,979 per gram on 233rd January as markets dipped following the transfer of leadership in the United States.
- Gold prices were stable for a few days in spite of lowered demand from Asia, but prices dipped on 27th January, trading at Rs,2947 per gram.
- Prices were low for a few days but soon recovered to trade at Rs.2,967 per gram on 30th January as markets continued to be unstable due to uncertainty over the recently implemented travel ban.
- Gold prices dipped marginally as the month ended, trading at Rs.2,958 per gram on 31st January, recording a weekly loss in price of Rs.5 per gram.
| December 1st Rate | Rs.2,893 per gram |
| December 31st Rate | Rs.2,844 per gram |
| Highest Rate in December | Rs.2,893 per gram on 1st & 2nd December |
| Lowest Rate in December | Rs.2,800 per gram from 23rd -28th December |
| Overall Performance | Decline |
| Percentage Change | -1.69% |
December '16 - Week 1 (1st to 4th)
- Gold began the month trading at Rs.2,893 per gram on 1st December, as demand from retail and industrial sectors was high.
- Prices dipped marginally due to fluctuations in the market, but stayed stable for most of the week.
- The shortage of currency notes led to lower than expected demand from investors.
- Gold traded at Rs.2,887 per gram on 4th December, recording a marginal decrease in price.
December '16 - Week 2 (5th to 11th)
- The second week saw gold prices stay constant before increasing slightly due to a rise in demand.
- Gold traded at Rs.2,887 per gram on 5th December, with prices rising to Rs.2,892 per gram on 8th December on slight market uncertainty.
- Retail demand dipped as the week progressed due to greater scrutiny of bullion purchases, which led to gold trading low.
- The week ended with gold priced at Rs.2,864 per gram on 11th December.
December '16 - Week 3 (12th to 18th)
- Gold prices fell during the week due to weak demand as markets performed well.
- Gold was priced at Rs.2,864 per gram on 12th December, with prices remaining constant till 14th December on stable demand.
- Prices dipped to Rs.2,822 per gram on 15th December as the U.S. Dollar gained in value, which lowered demand for bullion.
- Prices remained unchanged for the rest of the week, with gold trading at the same rate due to stagnant demand.
December '16 – Week 4 (19th to 25th)
- Prices remained unchanged at Rs.2,822 per gram on 19th December as demand was domestic demand was muted, though international demand increased slightly.
- Gold prices fell to their lowest monthly rates, trading at Rs.2,800 per gram on 23rd December as retail demand slumped.
- A recovering market also contributed to lower demand for gold from the industrial sector.
- Gold traded at Rs.2,800 per gram as the week ended on 25th December, registering a marginal loss due to market forces.
December '16 – Week 5 (26th to 31st)
- The last week of December saw gold prices make a slight recovery due to higher international demand.
- Gold was priced at Rs.2,800 per gram on 26th December as domestic demand continued to be poor.
- Prices rose marginally to Rs.2,833 per gram on 29th December with anticipated announcement on the demonetisation policy leading to markets falling.
- Gold prices rose as the year ended to Rs.2,844 per gram on 31st December, though gold prices recorded a monthly loss of over 1%.
| November 1st Rate | Rs.3,099 per gram |
| November 30th Rate | Rs.2,941 per gram |
| Highest Rate in November | Rss.3,213 per gram on 5th & 6th November |
| Lowest Rate in November | Rs.2,929 per gram from 25th-27th November |
| Overall Performance | Decline |
| Percentage Change | -5.09% |
November '16 - Week 1 (1st to 6th)
- The price of gold was relatively stable as the month began, as high demand from the industrial sector coupled with strong domestic demand kept prices high.
- Gold traded at Rs.3,099 per gram on 1st November and rose as the week progressed.
- Market fluctuations due to the impending U.S. elections led to heavier investment in gold.
- Gold reached its monthly high of Rs.3,213 per gram on 5th and 6th November.
November '16 - Week 2 (7th to 13th)
- The price of gold was stable as the week began but dropped due to the government’s demonetisation policy.
- Gold traded at Rs.3,211 per gram on 7th November as markets fell following the election of Donald Trump as U.S. President.
- The surprise move to demonetise Rs.1,000 and Rs.500 notes led to markets falling and a renewed interest in gold.
- Prices stayed high initially but dipped as legal tender became difficult to come by, thereby reducing demand.
- Gold traded at Rs.3,071 per gram on 13th November, with the price falling due to decreasing demand from the retail sector.
November '16 - Week 3 (14th to 20th)
- Demonetisation and the currency shortage resulted in demand for gold dwindling, as retail demand all but ground to a halt.
- Gold was priced at Rs.3,071 per gram in 14th November, with the price dipping as the week progressed.
- International demand for gold was consistent, though demand fell marginally.
- Gold fell below Rs.3,000 for the first time in the month, trading at Rs.2,994 per gram on 20th November.
November '16 - Weeks 4 and 5 (21st to 30th)
- The possibility of a U.S. Fed rate hike led to the markets rallying, which pushed up the Dollar and resulted in demand for gold falling.
- Gold was priced at Rs.2,994 per gram on 21st November as domestic markets continued to reel from the effects of demonetisation.
- The enactment of stringent measures preventing large purchases of gold led to a further lowering of demand for gold.
- The price fell to Rs.2,929 per gram on 25th November, the lowest price for the month as domestic markets recovered and industrial demand was low.
- Gold made a slight recovery, trading at Rs.2,941 per gram on 30th November.
| 1st Day | Rs.3,205 |
| Last Day | Rs.3,099 |
| Highest Price | Rs.3,205 from 1st to 4th October |
| Lowest Price | Rs.3,088 from 6th October to 25th October |
| Trend | Decline |
| Change | -3.31% |
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold prices stood at Rs.3,205 on the 1st of October and the remained unchanged until the 4th of the month.
- A decline on the 5th of October saw prices drop to Rs.3,119 per gram, after which another decline saw prices plunge further down to Rs.3,088 on the 6th.
- Prices remained stable till the end of the week as there were no fluctuations.
October 2016 – Week 3 (10th to 16th)
- The price of gold per gram did not change from the closing levels of the previous week and prices remained stable at Rs.3,088 until the end of the week.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week, and rates remained unchanged at Rs.3,088 until the week ended.
October 2016 – Week 5 (24th to 31st)
- Although there was no change in rates on the first day of the week, prices increased to Rs.3,099 on the 26th of October and remained stable until the end of the month.
- The overall decline in prices between the start and end of October was 3.31%.
| 1st Day | Rs.3,184 per gram |
| Last Day | Rs.3,217 per gram |
| Highest Price | Rs.3,228 per gram from 7th to 12th September |
| Lowest Price | Rs.3,184 per gram on 1st and 2nd September |
| Trend | Incline |
| Change | +1.04% |
September '16 - Week 1 (1st to 4th)
- Demand for gold was high this week leading to a rise in gold prices.
- Gold traded at Rs.3,184 per gram at the start of the week. This was the lowest price for the month.
- With the release of weak U.S. economic data, expectations of a Fed rate hike this month died down.
- Gold prices rose significantly this week as demand was high.
- By the end of the week, gold traded at Rs.3,195 per gram.
September '16 - Week 2 (5th to 11th)
- Gold traded at Rs.3,195 per gram on 5th September.
- Positive trends loomed over the global market triggering a rise in demand for gold.
- Gold prices reached their highest on 7th September trading at Rs.3,228 per gram.
- For the rest of the week, stable demand kept prices constant.
September '16 - Week 3 (12th to 18th)
- Demand for gold took a hit this week as the U.S. Federal Reserve intended on rolling out an interest rate hike soon despite weak economic data.
- Gold traded at Rs.3,228 per gram on 12th September.
- Gold prices started falling as investors laid back from the yellow metal.
- Gold traded at Rs.3,195 per gram on 18th September.
September '16 - Week 4 (19th to 25th)
- Gold traded at Rs.3,195 per gram on 19th September.
- Gold gained this week on the back of the U.S. Federal Reserve’s decision to put the interest rate hike on hold till December.
- The decision was taken in light of the the upcoming U.S. presidential elections.
- Gold prices climbed as demand was heavy.
- On 22nd September, gold rates climbed to Rs.3,227 per gram and stayed constant for the rest of the week.
September '16 - Week 5 (26th to 30th)
- Gold traded at Rs.3,227 per gram from 26th to 28th September.
- Steady demand gave gold rates support to stay constant.
- Prices of gold soon started to fall as the dollar grew stronger.
- Gold was seen trading at Rs.3,217 per gram on 30th September.
- Overall, the trend for this month indicated an increase of 1.04%.
| First Day | Rs.3,219 per gram |
| Last Day | Rs.3,205 per gram |
| Highest Price | Rs.3,248 per gram on 4th and 10th August |
| Lowest Price | Rs.3,205 per gram from 26th to 31st August |
| Trend | Slight decline |
| Change | -0.43% |
August '16 - Weeks 1 (1st to 7th)
- Demand for gold was high in the first week of August.
- The dollar was weak on account of dampened economic data from the U.S.
- The global and domestic market was upbeat as the expectations of a U.S. Federal Reserve interest rate hike were low.
- Gold traded at Rs.3,219 per gram on 1st August and remained constant till 3rd.
- Though rates initially increased, the week ended with gold trading at Rs.3,206, a marginal decline in prices.
August '16 - Week 2 (8th to 14th)
- Gold traded at a steady pace in the second week of August.
- Demand was stable in light of the upcoming festivals. Jewellers and retailers increased their intake to prepare for the high-demand season.
- Gold traded at Rs.3,206 per gram on 8th and 9th August.
- Prices climbed to Rs.3,248 per gram on 10th August put was quick to start falling again.
- The volatility in prices could be attributed to the expectations of a Fed rate hike amid a weak U.S. economy.
- Gold prices settled at Rs.3,226 per gram at the end of the week.
August '16 - Week 3 (15th to 21st)
- The pre-festive season demand kept gold prices stable this week..
- Gold traded at Rs.3,226 per gram on 15th August.
- On 18th August, gold rates climbed to Rs.3,238 per gram and remained constant for the rest of the week.
- On the global front, the markets were dampened by increased prospects of a Fed rate hike in the month of September.
August '16 - Week 4 (22nd to 28th)
- The impact of global trends affected the domestic markets in the fourth week of September.
- Demand for the precious metal was sluggish and gold rates started to decline.
- Gold traded at Rs.3,238 at the start of the week.
- Prices gradually dropped to Rs.3,205 per gram on 26th August. This was the lowest price recorded for the month.
- The week ended with a constant trend as sustained demand helped keep gold rates stable.
August '16 - Week 5 (29th to 31st)
- The constant trend of week 4 continued into the final week of August.
- Gold traded at Rs.3,205 per gram, which was the lowest rate recorded for the month.
- Investors in the global market lost their interest in gold due to the anticipated Fed rate hike.
- Gold rates are expected to pick up in the domestic market as the festival season approaches.
- However, trends in the global market indicate that prices will be volatile for longer.
Gold Investment Opportunities in Shimla
Women from Kulu, Sirmaur, Kinnaur, Panchwati and Bharmour region wear attractive jewellery. Wide variety of architectural works, temples, objects, museums, shops, galleries chastised every tourist. The Himachalis are fond of dance and music. They are mainly spiritual and mainly used to invoke gods and goddesses during festive seasons. This also lead to believe that people in Shimla appreciate the yellow metal and use it as an investment option as well.
Physical Gold: If you are buying gold in Madhya Pradesh, you have a variety options. This includes buying gold coins from jewelers as well as banks who offer products that are variegated in prices based on individual’s investment requirement and budget. Gold ornaments include chains, anklets, earrings, amulets, nose rings and rings which serve both as an investment along with being an accessory. Gold statues of gods and goddesses are also popular in Shimla, with their demand peaking during festivals and religious processions during Akshaya Tritiya and Diwali. Gold in banks are slightly more expensive. But then again you have the advantage of gold that is certified and checked and you can be assured about the purity.
Market Trade: In this state one can purchase gold through the markets, with gold being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. This is apt for individuals willing to purchase gold in bulk, with the minimum trading limit being set at 1 kg in general. It's a viable option for people who are well aware of the gold market and all that affects it.
- Also Check:Gold Rate in Himachal Pradesh
- Also Check:Gold Price Trend In Shimla
Also Check Gold Price in NearBy Cities of Shimla
| Gold Rate in Delhi | Gold Rate in Lucknow | Gold Rate in Chandigarh |
| Gold Rate in Srinagar | Gold Rate in Ludhiana | Gold Rate in Dehradun |
Read more on Gold
- Gold Rate Trend In India
- Know Auspicious Days To Buy Gold In 2016
- How Do Fluctuations In The Gold Rate Affect The Indian Economy?
- What Do The Markings On Gold Mean?
- Tips For Buying Gold Jewellery
News About Gold Rate In Shimla
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Gold Prices Hold 2 Week High
The anticipation that the US Federal Reserve may announce the interest rate hikes a little early has been helping gold hold its prices. It reached its highest in the last 2 weeks with spot gold reaching a price of $ 1,248.40 per ounce. Even though the cost of labour surged in the US, the price of US Gold came down only be 0.1% to $ 1,246.40 per ounce. In the wake of all these things, the world bank reduced its estimate of global growth by 0.5% and brought it down to 2.4%. However, the high prices have still held consumers at bay with China’s Chow Tai Fook Jewellery Group Ltd reporting that they were looking at a 46% drop in profits over the year.
9th June 2016
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Gold Makes a Resurgence as Dollar Drops, All Eyes on Rate Hike
The Dollar weakened slightly and gold rose by a small margin today (2nd June, 2016), with analysts and investors gauging if recent data would result in an interest rate hike this month.
Figures released indicated U.S. manufacturing data was improving, which pushed the Dollar up, resulting in a fall in gold prices on Wednesday (1st June, 2016).
The Dollar index fell by 0.1% against the 6 other currencies on Thursday (2nd June, 2016), which accounted for the increase in the gold price as a weaker Dollar makes gold more affordable for buyers from non-Dollar countries.
Spot gold fell by 0.2% on Wednesday to $1, 212.40 per ounce while U.S. gold rose by 0.2% to close at $ 1, 217.
Gold has been plummeting on speculation that a Fed rate hike was imminent, which was bolstered as Fed officials dropped hints about a hike as early as June.
While gold has already dropped to $ 1, 200 an ounce, there are estimates that gold will drop to $ 1,130 an ounce over the next month.
3rd June 2016
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Gold Dips As Dollar Strengthens
The precious metal fell by over 1% on the back of the Dollar strengthening to a 3 week high as the US Federal Reserve’s minutes were announced that indicated interest rates would be raised.
The rate increase is expected to be in June if the second quarter shows stronger growth and employment prospects.
Fed officials have predicted at least 2 to 3 rate increases in the year, with one official stating a push would be made for an increase in June or early July.
With gold being influenced by changes in interest rates, this news led to a fall in the rates as the cost associated with holding it becomes higher.
Spot gold dropped to $ 1, 262.45 per ounce and U.S gold futures dipped to $ 1, 274.4, a decrease of 0.2%.
With the housing and industrial outlook looking up, there is more incentive to increase interest rates, as consumer prices had the largest increase in over 3 years.
Bullion has seen an increase as concerns that the Fed will be slowing down its proposed cycle of rate increases due to sluggish economic growth has had investors flock to the yellow metal.
19th May 2016
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Gold finally steadies at $1,280 an ounce
Gold price held steady at almost $1,280 an ounce on Thursday after rising to the highest since last April, the session before. The price is supported by a weaker dollar and soft equities. Spot gold however remained unchanged at $1,277. 36 an ounce after recovering from a two week low overnight. U.S gold delivery for June rose by about 0.3% to $1,279.20 an ounce. Gold has managed to rise by 20% this year.
12th May 2016
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Gold Prices Dip Further, Now at Less than Rs.30, 000
The price of gold has dipped for the second straight day, taking the price below Rs. 30, 000 for 10 grams. Weak demand from overseas and lowered demand from jewellers pushed the yellow metal’s price to Rs. 29, 850 for 10 grams on Tuesday.
Silver also fell, with the metal retailing at Rs. 40, 600 for a kilo on the back of poor demand by industry.
Monday saw poor sales for gold due to its high price, in spite of it being Akshaya Tritiya, considered an auspicious day to buy it. Industry insiders said sales were 20-30% lower as compared to the previous year.
On the global bullion markets too, gold took a dip, trading at $1,263.40 per ounce in New York. Sovereign gold retained its price of Rs. 23, 300 for an 8 gram piece, but 99.9 purity gold fell by Rs. 250 to Rs. 29, 850, while the 99.5 purity variety was retailing at Rs. 29, 700 for 10 grams.
With Indians being the largest consumers of bullion in the world, the recent Akshaya Tritiya was expected to be a windfall for jewellers. However, demand was slow, with some blaming it on ongoing elections in gold-buying strongholds like Tamil Nadu
11th May 2016
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Gold Prices Up in Asia
The price of gold increased earlier this week following the failure of oil producers to reach an agreement on an output freeze, thereby contributing towards the reduction in equities and crude prices. As a result investors are seeking safe-haven investment instruments owing to which the demand as well as price of bullion has increased.
Crude futures in the United States declined by 6.8% to $37.61 per barrel. Brent futures, on the other hand, fell by 7% to $40.10 per barrel. Also on the decline were Asian shares, pulled down by the decline in crude oil futures. The value of spot gold hit a session high to close at $1,239.30 per ounce prior to falling by a mere 0.2% to $1,236.20.
Market experts and chief dealers are of the opinion that there are investors out there who are looking to maximise safe haven purchasing. However, concerns regarding the interest rate hikes in the United States are on the rise, making it a sort of tug of war to ensure that prices are in range.
19th April 2016
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Gold Dips ever so slightly
Gold experienced a dip in its rates on Tuesday but managed to stay above the month-low on account of a lesser aggressive dollar, unconfirmed economic data from the United States and weak speculations of a double hike in the tax rates of gold in the US Federal Reserve.
Spot gold had a slip in its rates by around 0.2 percent and came to rest at 1218.10 dollars an ounce during 0300 hours GMT in the States. The month low of the metal had been 1208.15 dollars an ounce on Monday and it had increased by 0.4 percent by the end of the day.
29th March 2016
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Jewelers’ strike prompts government to set up a panel
After the recent strike against excise duty by the gold jewelers’ association, the government has decided to set up a panel that will look exclusively into the demand of gold traders and jewelers are work towards solving their issues. The panel will look into the current state of things and then furnish its report in 60 days. The panel will check the compliance procedure, records maintained, operating procedures etc. with respect to the excise department.
All such gold jeweler associations will get to present their case in written and the all India level committee will get to present its case in person to this panel.
22nd March 2016
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Gold equity rises close to a 13 month high
As the European shares dipped, the gold rose hovering below a 13 month high. Fall in the average earnings mean that the Fed is not in any hurry to raise the rates. Low interest rate encourages investors to invest in non-interest bearing assets such as gold. Spot gold rose by 0.8% at $1,269.03 an ounce. Bullish bets in COMEX gold were reduced by hedge funds and money managers.
8th March 2016
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Gold prices rise in Asia on weak PMI readings in China
Gold prices rose in Asia on Tuesday on the back of weak PMI (Purchasing Managers Index) readings in China. Also, China infused around 680 billion yuan into its economy to boost the liquidity in its banking sector on Monday.
The manufacturing PMI stood at 49 on Tuesday down from 49.4 recorded in January. Similarly, the non-manufacturing PMI decreased from 53.5 last month to currently at 52.7. Experts attribute the fall in production in the month of February to the Chinese New Year celebrations which last for a week.
On Monday, Gold futures rose by 1% amid weak economic US data and fears of global economic slowdown among other factors.
1st March 2016
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