Gold Rate In Shimla

  • Today's Gold Rate in Shimla ( 28 Jan 2021 )

    ₹ 4,716
    Today's Gold Rate (22K) per gram

    Compare 22K & 24K Gold Rate In Shimla (Today & Yesterday)

    Today
    Yesterday
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 4,716 ₹ 4,731 ₹ -15 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 37,728 ₹ 37,848 ₹ -120 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 4,952 ₹ 4,968 ₹ -16 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 39,616 ₹ 39,744 ₹ -128 ↓

    Daily Gold Rates

    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    27 Jan 2021 ₹ 4,716 ₹ 37,728 ₹ 4,952 ₹ 39,616
    26 Jan 2021 ₹ 4,731 ₹ 37,848 ₹ 4,968 ₹ 39,744
    25 Jan 2021 ₹ 4,740 ₹ 37,920 ₹ 4,977 ₹ 39,816
    24 Jan 2021 ₹ 4,750 ₹ 38,000 ₹ 4,988 ₹ 39,904
    23 Jan 2021 ₹ 4,750 ₹ 38,000 ₹ 4,988 ₹ 39,904
    22 Jan 2021 ₹ 4,759 ₹ 38,072 ₹ 4,997 ₹ 39,976
    21 Jan 2021 ₹ 4,786 ₹ 38,288 ₹ 5,025 ₹ 40,200
    20 Jan 2021 ₹ 4,739 ₹ 37,912 ₹ 4,976 ₹ 39,808
    19 Jan 2021 ₹ 4,736 ₹ 37,888 ₹ 4,973 ₹ 39,784
    18 Jan 2021 ₹ 4,716 ₹ 37,728 ₹ 4,952 ₹ 39,616

    Weekly & Monthly Graph of Gold Rate in Shimla

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    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 December 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    December 1 Rate Rs.4,846 per gram
    December 31 Rate Rs.5,074 per gram
    Highest Rate in December Rs.5,130 per gram on 21 December
    Lowest Rate in December Rs.4,846 per gram on 1 December
    Overall Performance Incline
    Percentage Change 4.70%

    Trend of Monthly Gold Rate in Shimla for December 2020:

    • Gold price in Shimla opened at the rate of Rs.4,846 per gram on 1 December following which it portrayed an inclining trend.
    • The gold rates in Shimla witnessed fluctuations throughout the month. The highest price of the yellow metal was recorded on 21st December 2020 wherein it was being traded at the rate of Rs.5,130 per gram. The lowest recorded price was Rs.4,846 per gram which was recorded on the opening day of the month, i.e., 1st December 2020.
    • The overall performance of the precious metal witnessed an increase of 4.70% during the month of December in Shimla.

    Trend of Gold Rate in Shimla for November 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    November 1 Rate Rs.4,996 per gram
    November 30 Rate Rs.4,736 per gram
    Highest Rate in November Rs.5,135 per gram on 10 November
    Lowest Rate in November Rs.4,725 per gram on 28 November
    Overall Performance Decline
    Percentage Change -5.20%

    Trend of Monthly Gold Rate in Panaji for November 2020:

    • Gold prices in Panaji started off at 4,996 per gram and continued to increase for the first few days of the first week.
    • However, the gold rate in Panaji started fluctuating by the second week of November but soon regained momentum, hitting the highest price on 10 November at Rs.5,135 per gram.
    • Gold prices in Panaji started declining during the second half of the month and by the end of the month was at Rs.4,736 per gram. The gold touched its lowest on 28 November ending Rs.4725 per gram.
    • The overall performance of gold prices in Panaji was on a decline of –5.20% throughout the month.

    Trend of Gold Rate in Shimla for October 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    October 1 Rate  Rs.5,166 per gram
    October 31 Rate  Rs.5,171 per gram
    Highest Rate in October Rs.5,229 per gram on 13 October
    Lowest Rate in October Rs.4,914 per gram from 18 to 20 October
    Overall Performance  Incline
    Percentage Change 0.09%

    Trend of Monthly Gold Rate in Shimla for October 2020

    • Gold rates in Shimla for the month of October opened at the rate of Rs.5,166 per gram for 24 karat gold. There was an increase of Rs.31 per gram in the price of the yellow metal when compared to the closing rate of September.
    • The price of gold in Shimla witnessed a huge dip from 18th October to 20th October wherein the recorded price was Rs.4,914 per gram. The highest price was recorded on 13th October wherein the precious metal was being traded at the rate of Rs.5,229 per gram.
    • The prices of gold gained again on 21st October wherein it stood at the rate of Rs.5,171 per gram and continued to hold the gold rates steadily till the end of the month. The month of October closed in Shimla with the price of 24 karat gold being traded at the rate of Rs.5,171 per gram. The overall performance of the yellow metal witnessed an increase of 0.09%.

    Trend of Gold Rate in Shimla for September 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    September 1 Rate Rs.5,287 per gram
    September 30 Rate Rs.5,135 per gram
    Highest Rate in September Rs.5,297 per gram on 16 September
    Lowest Rate in September Rs.5,077 per gram on 29 September
    Overall Performance Decline
    Percentage Change -2.87%

    Trend of Monthly Gold Rate in Shimla for September 2020:

    • In Shimla, the month of September opened with gold price standing at the rate of Rs.5,287 per gram.
    • The price of gold witnessed a fluctuating trend in the city over the next few days. The increase in the rates saw gold record its highest price for the month when a gram was retailing for Rs.5,297 on 16 September.
    • Over the rest of the month, gold rate in Shimla remained unsteady and recorded its lowest price for the month on 29 September when a gram of the 24-karat gold was being traded for Rs.5,077. Gold price closed the month at the rate of Rs.5,135 per gram. The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 2.87%.

    Trend of Gold Rate in Shimla for August 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    August 1 Rate Rs.5,481 per gram
    August 31 Rate Rs.5,250 per gram
    Highest Rate in August Rs.5,749 per gram on 8 August
    Lowest Rate in August Rs.5,234 per gram on 27 and 28 August
    Overall Performance Decline
    Percentage Change -4.21%

    Trend of Monthly Gold Rate in Shimla for August 2020:

    • The gold price in Shimla was Rs.5,481 per gram on the first day and closed at a price of Rs.5,250 per gram.
    • The highest rate was on 8 August of Rs.5,749 per gram and the lowest was on 27 and 28 August of Rs.5,234 per gram.
    • The overall performance of gold was on an incline of –4.21% for the month. In spite of starting off on a high note due to the weakening dollar causing investors to rush to gold as a safe-haven investment, prices dipped towards the end of the month as investors hoped for relief measures from the US Federal Reserve.

    Trend of Gold Rate in Shimla for July 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    July 1 Rate Rs.4,946 per gram
    July 31 Rate Rs.5,439 per gram
    Highest Rate in July Rs.5,439 per gram on 31 July
    Lowest Rate in July Rs.4,925 per gram on 7 July
    Overall Performance Incline
    Percentage Change 9.96%

    Trend of Monthly Gold Rate in Shimla for July 2020:

    • Gold opened the month of July at Rs.4,946 per gram in Shimla. Compared to the price charged on the final day of the previous month, gold price for every gram was down by Rs.15.
    • Over the month, the price of gold saw a lot of fluctuations in the city. The yellow metal recorded its highest and lowest price for the month on 31st and 7th of July when a gram was retailed for Rs.5,439 and Rs.4,925 respectively.
    • Gold price in Shimla witnessed an inclining trend over the month with the percentage change recorded in the rates being 9.96%.

    Trend of Gold Rate in Shimla for June 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    June 1 Rate Rs.4,799 per gram
    June 30 Rate Rs.4,961 per gram
    Highest Rate in June Rs.4,961 per gram on 30 June
    Lowest Rate in June Rs.4,725 per gram on 8 June
    Overall Performance Incline
    Percentage Change 3.38%

    Trend of Monthly Gold Rate in Shimla for June 2020:

    • In the month of June, gold opened at the rate of Rs.4,799 per gram in Shimla. The lowest price of the yellow metal was recorded for the month on 8 June 2020 wherein it stood at the rate of Rs.4,725 per gram. For the rest of the month, the prices generally depicted an upward trend.
    • The demand of the yellow metal increased manifold as the number of COVID-19 positive cases kept increasing, especially in India and USA. The overall economy and business growth have been stunted owing to the same reason.
    • The month of June ended with the price of the precious metal standing at the rate of Rs.4,961 per gram. This was also the highest rate of the yellow metal which was recorded in the month of June. Over the month, there was a percentage increase of 3.38% in the performance of gold in Shimla.

    Trend of Gold Rate in Shimla for May 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    May 1 Rate Rs.4,699 per gram
    May 31 Rate Rs.4,799 per gram
    Highest Rate in May Rs.4,883 per gram on 18 and 19 May
    Lowest Rate in May Rs.4,646 per gram on 2 May
    Overall Performance Incline
    Percentage Change 2.13%

    Trend of Monthly Gold Rate in Shimla for May 2020:

    • Gold opened at the rate of Rs.4,699 per gram for 24 karats in the month of May in Shimla. This happened as the appeal for safe-haven investments went up and risk sentiments kept on intensifying between Washington and China and the threat of new trade tariffs being imposed on China by the US. However, as the week started advancing, the price of the yellow metal started witnessing a drop. It had hit the lowest price point during the month and stood at the rate of Rs.4,646 per gram on 2 May. This was in response to risk sentiments which kept soaring after the restrictions during the lockdown were relaxed due to the coronavirus pandemic. With economic activities struggling to get back to normal, the appeal of safe haven investments seemed to be dimming after a long gap.
    • The yellow metal continued to hold steady in the second week of May wherein it stood at the closing rate from the previous week. The economic condition of countries across the world continued to look very weak with the coronavirus pandemic spreading and infecting the masses around the world. The much-anticipated release of the US jobs data report helped to keep prices of gold steady. Investors around the world continued to remain pessimistic around equities. Fears of the revival of the virus in a second wave of infections continued to dampen the risk appetite and increase the appeal of safe haven investments around the world.
    • The third week of May also saw the highest prices for gold at Rs.4,883 per gram on 18 and 19 May. This was in response to increasing tensions around USA and China. However, this was reduced soon enough with the risk appetite soaring once again on the back of successful trials of an early-stage coronavirus vaccine. However, the fears of a global recession and a strong US Dollar continued to keep the prices steady for the remnant of the week.
    • The last week of the month witnessed the prices going up and down again due to the various political and economic factors which played a direct role. The uncertainty in regard to the response of the USA to China’s passing of a security law in Hong Kong also led to an escalation in prices of precious metals as more and more investors around the world spread across to safe haven investments fearing volatility in the stock markets. However, there was also corresponding fears around the economy not recovering as fast as it needed to in spite of lifting of lockdown restrictions, followed by the coronavirus continuing to rage unabated around the world. For the month of May, Shimla witnessed a change of 2.13% in the overall performance of the precious yellow metal.

    Trend of Gold Rate in Shimla for April 2020 (rates per gram of 24 karat gold)

    Parameter Gold price (24 karat)
    March 1 Rate Rs.4,253 per gram
    March 31 Rate Rs.4,761 per gram
    Highest Rate in March Rs.4,846 per gram on 29 April
    Lowest Rate in March Rs.4,253 per gram from 1 - 20 April
    Overall Performance Incline
    Percentage Change 11.94%

    Trend of Monthly Gold Rate in Shimla for April 2020:

    • The gold prices in Shimla for the month of April opened at a Rs.4,253 for 24 Karat gold. This price remained unchanged for the first 20 days of the month. The reason behind prices remaining steady was due to global trends surrounding the coronavirus pandemic. Countries all over the world were forced go into lockdown and practice social distancing norms as fears of a global recession loomed large due to the coronavirus, due to which the global market suffered. However, while investors moved towards more safe-haven investments such as bullions, the prices were held back from rising exponentially due to the dollar holding strong on the back of several economic stimulus measures announced by the US Federal Reserve as well as the central banks of almost every other country.
    • As mentioned earlier, the price of gold remained unchanged at Rs.4,253 per gram for 24 Karat gold for the entire week. There was tentative pull towards equities after reports of a slowdown in coronavirus-related deaths coming in from several parts of the world emerged. However, investors decided to turn to gold as a safe-haven investment because of the ever-widening reach of the coronavirus which continued to impact the global economy.
    • In the third week of April, gold continued to remain unchanged at Rs.4,253 per gram for 24 Karats, which by now was also the lowest price for gold in the month of April. The price of gold was impacted due to the release of the US payroll data which confirmed a bleak prognosis for the economy as the true impact of the virus became clear with almost every state in the US continuing to be on lockdown. The investors turned to yellow metal after US crude oil futures plummeted to historic lows. The investors continued to be wary of equities and preferred to stick to bullions instead. This was also in response to increasing fears of a global recession which lowered the risk appetite of investors around the world.
    • In the last week of April, the prices of gold suddenly started changing, rising abruptly to Rs.4,792 per kg for 24 Karat at the beginning of the fourth week. This was an abrupt increase from the Rs.4,253 that it had remained on for almost 20 days previously. Gold touched its highest price point of Rs.4,846 per gram on 29 April. This was in response to the continuing havoc created due to the impact of Covid-19 around the world with the death toll remaining high. Along with the US dollar weakening, optimism of the economy reopening in the US and other countries also went down, forcing the investors to turn to precious metals as a safe haven in volatile times. The overall trend for gold in Shimla in April thus remained on a firm incline of 11.94% throughout.

    Trend of Gold Rate in Shimla for March 2020 (rates per gram for 24 karat gold)

    Parameters Gold Price (24 karat)
    March 1 Rate Rs.4,274 per gram
    March 31 Rate Rs.4,253 per gram
    Highest Rate in March Rs.4,536 per gram on 7 March 2020
    Lowest Rate in March Rs.4,111 per gram on 20 March 2020
    Overall Monthly Performance Decline
    Percentage Change -0.49%
    Gold Rate Trend in Shimla for March 2020:
    • Gold rates in Shimla for the month of March opened at Rs.4,274 for a gram. Gold prices increased significantly in the first week. Investors expecting the US Federal Reserve to cut the interest rates due to the coronavirus outbreak was the reason for the prices to increase. On 7 March 2020, gold hit its highest rate for the month and was at Rs.4,536 per gram.
    • The second week of March saw the price decrease slightly. The coronavirus outbreak led to many investors selling their assets for cash, ensuring the prices of gold reduced. Gold opened the week at Rs.4,510 for a gram but had reduced to Rs.4,431 per gram by 13 March 2020.
    • Gold prices reduced even further in the third week of March. On 16 March 2020, the price of gold was at Rs.4,237 for a gram but had reduced to Rs.4,153 per grams on 18 March 2020. After increasing slightly on 19 March, gold hit its lowest rate for the month on 20 March and was at Rs.4,111 for a gram. Gold closed the week at Rs.4,190 per gram.
    • From 22 March 2020 to 31 March 2020, the prices of gold remained stagnant and were at Rs.4,253 for a gram. The US Federal Reserve introduced several measures to help the economy during the coronavirus outbreak. This ensured that gold rates did not fall further. Overall, gold saw a 0.49% decline in its rate for the month of March in Shimla.

    Trend of Gold Rate in Shimla for February 2020 (rates per gram for 24 karat gold)

    Parameter Gold price (24 karat)
    February 1 Rate Rs.4,169 per gram
    February 29 Rate Rs.4,368 per gram
    Highest Rate in February Rs.4,394 per gram on 25 and 26 February
    Lowest Rate in February Rs.4,116 per gram on 7 and 8 February
    Overall Performance Incline
    Percentage Change 4.77%

    Gold Rate Trend in Shimla for February 2020:

    • The price of gold in Shimla opened at Rs.4,169 per gram on 1 February 2020 and closed at Rs.4,368 per gram on 29 February 2020. Gold rates fluctuated throughout the month of February in the city.
    • Over the course of the first two weeks, gold prices fluctuated due to the coronavirus outbreak and the appetite for equities. Gold hit its lowest rate for the month on 7 February 2020 and 8 February 2020 and was at Rs.4,116 per gram. Gold closed the second week of February at Rs.4,169 per gram.
    • In the third week of the month, gold opened at Rs.4,211 per gram, seeing a small rise. After remaining stagnant for two days, the prices of gold decreased over the next two days. However, over the last three days of the week, the prices of gold increased due to the coronavirus spreading outside China.
    • In the last week of February, the prices of gold increased over the first few days. Gold hit its highest rate during this period as well and was at Rs.4,394 on 25 February 2020 and 26 February 2020. However, as investors booked profits, the prices of gold fell over the last three days of the month. Overall, gold prices saw an incline of 4.77% for the month of February in Shimla.

    Trend of Gold Rate in Shimla for January 2020 (rates per gram for 24 karat gold)

    Parameter Gold price (24 karat)
    January 1 Rate Rs.3,995 per gram
    January 31 Rate Rs.4,169 per gram
    Highest Rate in January Rs.4,211 per gram on 9 January
    Lowest Rate in January Rs.3,995 per gram on 1 January
    Overall Performance Incline
    Percentage Change 4.35%

    Gold Rate Trend in Shimla for January 2020:

    • The gold rates started the month of January at Rs.3,995 per gram. January saw various events play their respective roles regarding the fluctuation of gold prices. As WHO declared Coronavirus as a global epidemic, the assassination of Iranian General Qassem Soleimani which spurred tensions between Iran and U.S., and uncertainty about the trade deal between the United States and China were reasons behind the fluctuations in gold prices.
    • 9 January saw Gold recording its highest price for the month with every gram of the yellow metal being traded for Rs.4,211 in the city. This was due to dollar losing its value as tensions between Iran and U.S. escalated. Apart from that the World Bank trimmed its global growth forecast slightly for 2020 which played a role in the traders investing more in safe havens.
    • The rates of the yellow metal faded in the city after U.S House of Representatives stopped U.S President Donald Trump from taking any military actions against Iran. The gold prices dropped after Donald Trump announced a phase-1 deal between Beijing and Washington.
    • Gold closed the first month of 2020 at Rs.4,169 per gram with the overall performance showing an incline of 4.35% in the prices of the yellow metal.

    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 Price in NearBy Cities of Shimla

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    Read more on Gold

    News About Gold Rate In Shimla

    • Gold Board of India on the cards for a complete gold policy

      The Centre might set up the Gold Board of India to come up with a comprehensive gold policy and increase the exports of jewellery and gems. A Niti Ayog or the Planning commission that was set up to suggest ways to change India's gold market had advised far-reaching changes to the finance ministry in the ways India deals with the yellow metal. The panel that was headed by principal adviser to the Planning Commission, Ratan P Watal submitted the report of the committee on 'Transforming India's Gold Market,' to the union finance minister recently. One of the suggestions made state that the import duty should be reduced which is not at 10% since 2013 and inspite that the smuggling in gold hasn't decreased.   

      The jewellery and gem industry is expected to take over 15% hit after the closure of Nirav Modi and Mehul Choksi group of companies post the Punjab National Bank loan scam. This was quoted in a report by Care ratings. In this year's Union Budget, Finance Minister Arun Jaitely declared that the government would come up with a complete gold policy to develop it as an asset class. He had advised that the Gold Monetisation Scheme would also be revised to make it more user friendly.

      6 March 2018

    • 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.

      9 June 2016

    • 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.

      3 June 2016

    • 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.

      19 May 2016

    • 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.

      12 May 2016

    • 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

      11 May 2016

    • 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.

      19 April 2016

    • 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.

      29 March 2016

    • 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.

      22 March 2016

    • 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.

      8 March 2016

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