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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 September 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st September||Rs.3,024 per gram|
|Gold rate on 30th September||Rs.3,063 per gram|
|Highest Rate in September||Rs.3,130 per gram on 8 September|
|Lowest Rate in September||Rs.3,024 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st-10th)
- Gold trade started off in Shimla opened with gold trading at Rs.3,024 per gram on the 1st.
- Steady demand for the metal over the next couple of days resulted in prices staying static at Rs.3,029 per gram on the 2nd and the 3rd.
- Safe-haven investments saw a rise around the world after the North Korean government confirmed their nuclear weapon tests. The led to gold prices rise to Rs.3,105 per gram on the 4th.
- Investors and retailers ramped up their purchases on the 5th, leading to gold rates rising to Rs.3,115 per gram.
- Steady demand for the metal resulted in gold trading at Rs.3,115 per gram the next day as well.
- Gold rates in Shimla dropped to Rs.3,100 per gram on the 7th as demand declined in the domestic trade.
- North Korea’s confirmation on its successful latest nuclear weapon tests brought down the US economy. This resulted in gold prices surging to Rs.3,130 per gram on the 8th. This was highest recorded monthly figure in Shimla.
- Gold price in Shimla dropped marginally to Rs.3,125 per gram on the 9th that continued on to the next day, thanks to steady demand from stockists and retailers.
September 2017 - Week 2 (11th-17th)
- The third week started on a relatively low note with gold trading at Rs.3,105 per gram on the 11th.
- Gold rate in Shimla slid further to Rs.3,085 per gram on the 12th after investors and jewellers suspended their purchases.
- The strengthening of the US dollar led to subdued demand for the metal in the global market. This resulted in gold rates falling to Rs.3,085 per gram on the 14th.
- Gold rate in Shimla remained unchanged at Rs.3,085 per gram for the rest of the week, thanks to steady demand for the precious metal.
September 2017 - Week 3 (18th-24th)
- The week began with the precious metal trading at Rs.3,073 per gram on the 18th.
- Global demand fluctuated with the US dollar recovery and prices slid to Rs.3,056 per gram the next day.
- The rising tensions between the US and North Korea led to an incline in safe-haven investments. This resulted in gold rising to Rs.3,078 per gram on the 20th.
- The 21st witnessed the yellow metal prices falling to Rs.3,051 per gram due to uneven global cues and poor demand for the metal.
- However, gold rate in Shimla bounced back to Rs.3,078 per gram with the imminent arrival of the festive season pushing gold sales up on the 22nd.
- Gold price in Shimla fell to Rs.3,058 per gram on the 23rd due to reduced demand after the recovery of the US economy.
- The week ended with gold trading at Rs.3,058 per gram on the 24th, thanks to steady demand for the precious metal.
September 2017 - Week 4 (25th-30th)
- The final week of September in Shimla opened with gold priced at Rs.3,051 per gram on the 25th.
- Demand for the yellow metal spiked with the arrival of Dussehra as consumers pushed up gold sales in Shimla. This led to gold being priced at Rs.3,110 per gram on the 26th.
- But, the news about a possible Fed rate hike resulted in the dollar strengthening, and gold prices slid to Rs.3,085 per gram on the 27th.
- With the US economy having recovered, demand for the metal dropped globally.
- Gold rate in Shimla dropped to Rs.3,067 per gram on the 28th, which further fell to Rs.3,057 per gram on the 29th.
- Local trade witnessed a slight increase in demand, which led to prices rise to Rs.3,063 per gram on the last day of the month.
Trend of Gold Rate in Shimla for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st August||Rs.2,960 per gram|
|Gold Rate on 31st August||Rs.2,999 per gram|
|Highest Rate in August||Rs.3,017 per gram on 28 August|
|Lowest Rate in August||Rs.2,930 per gram 3 August and 5 to 7 August|
|Overall Monthly Performance||Incline|
|Parameters||Gold price (24 karat)|
|July 1st Rate||Rs.2,992 per gram|
|July 31st Rate||Rs.2,950 per gram|
|Highest Rate in July||Rs.2,992 per gram on 1 & 2 July|
|Lowest Rate in July||Rs.2,843 per gram on 12 & 13 July|
|Overall Monthly Performance||Decline|
July 2017 - Week 1 (1 - 9):
- Gold traded at Rs.2,992 per gram on 01st July 2017.
- Due to a sustained demand, prices remained unchanged on the 2nd before dropping to Rs.2,972 per gram on the 3rd as global demand went down.
- Prices went down again on the 4th to Rs.2,942 per gram - nearing eight-week lows - as the US dollar surged ahead of other currencies.
- On the 7th, gold prices went down to Rs.2,922 per gram - as the dollar kept strengthening - and went down to Rs.2,902 per gram on the 8th.
- When the week came to an end on the 9th, gold was still trading at Rs.2,902 per gram.
July 2017 - Week 2 (10th - 16th)
- Gold continued to trade at Rs.2,902 per gram but fell to Rs.2,872 per gram on the 11th of July.
- Gold prices fell further on the 12th of July to Rs.2,863 per gram and remained stable till the 13th of July.
- The 14th of July gold prices increased slightly and traded at Rs.2,863 per gram.
- The sudden fall was complemented by an increase in prices as a weakening dollar pushed gold rates up.
- When the week ended, gold was still trading at Rs.2,863 per gram.
July 2017 - Week 3 (17th - 23rd)
- When the third week of July commenced, gold was still trading at Rs.2,863 per gram.
- As gold price in Shimla rising in the global market, rates in Shimla saw a considerable increase as well.
- Prices went up to Rs.2,873 per gram on the 18th but dropped on the 19th and fell to Rs.2,883 per gram and remained the same on the 20th of the month.
- A weakening dollar led to a price drop internationally, which pushed domestic prices up.
- On 21st of July, gold price in Shimla increased as demand picked up and traded at Rs.2,908 per gram.
- Prices further increased on the 22nd of July when gold prices increased to Rs.2,944 per gram and remained the same till the 25th of July.
- Gold closed at Rs.2,944 per gram.
July 2017 - Week 4 (24th - 31st)
- The final week of July saw gold price in Shimla fluctuate considerably due to several domestic and global factors.
- On the 24th of July, gold rate in Shimla were recorded at Rs.2,944 per gram and remained the same til, the 25th.
- The 26th however saw rates dip to Rs.2,929 per gram due to a collectively subdued demand from domestic jewellers.
- On 27th of July, gold prices went up and traded at Rs.2,950 per gram.
- Gold traded at Rs.2,945 per gram and Rs.2,955 per gram on the 28th and 29th of July respectively.
- On 29th and 30th July gold prices picked up and traded at Rs.2,955 per gram before falling to Rs.2,950 gram on 31st July.
- Despite a late flourish, gold prices saw a decline of 1.40% for the month of July.
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,012 per gram|
|June 30 Rate||Rs.2,992 per gram|
|Highest Rate in June||Rs.3,057 per gram on 7 June|
|Lowest Rate in June||Rs.2,972 per gram on 27 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1st to 4th)
- Demand for gold was boosted by an increase in local demand, as the metal opened the month at Rs.3,012 per gram on 1 June.
- While the U.S. dollar was relatively stable, international demand was high as markets were volatile across Europe and America.
- Gold price in Shimla to Rs.3,022 per gram on 3 June as geopolitical tensions in the United States led to the dollar rate falling marginally.
- The week ended with gold continuing to trade at Rs.3,022 per gram on 4 June.
June ‘17- Week 2 (5th to 11th)
- There was an increase in the price of gold in Shimla in the second week as volatile markets and higher demand kept interest in the yellow metal high.
- Gold traded at Rs.3,037 per gram on 5 June as investor confidence in the markets slipped and safe-haven assets like gold were sought after.
- Prices rose to Rs.3,057 per gram on 7 June amidst a sharp fall in the dollar rate ahead of the release of jobs data.
- The markets reacted strongly to better than expected jobs data as unemployment fell across the U.S., prompting a surge in markets and a reduction in demand for bullion.
- Gold prices dipped to Rs.3,017 per gram on 9 June before falling further to Rs.3,007 per gram on 10 June.
June ‘17- Week 3 (12th to 18th)
- Gold price in Shimla was more or less stagnant at the start of the third week as the precious metal fell out of favour due to bullish markets.
- The yellow metal traded at Rs.3,007 per gram on 12 June, with the price remaining unchanged till 15 June due to poor demand from industrial units.
- Local demand was also muted due to high prices, as retail demand all but ground to a halt.
- Gold rate in Shimla fell to Rs.2,992 per gram on 16 June as demand from Asian markets dropped ahead of an announcement of a possible rate hike by the U.S. Federal Reserve.
- As industrial demand was sluggish, prices dipped to Rs.2,982 per gram as the week ended on 18 June.
June ‘17- Week 4 (19th to 25th)
- The week began with gold priced at Rs.2,982 per gram on 19 June as local demand continued to be low.
- While the U.S. dollar rate was unstable, demand from overseas industrial units as well as retail was still poor.
- U.S. markets were also beginning to fall as the possibility of a rate hike seemed unfounded, though there was no change in the price of gold.
- Demand rose marginally as gold traded at Rs.2,987 per gram on 23 June as local demand increased ahead of the launch of the new tax regime.
- Demand rose towards the end of the week, with gold prices rising to Rs.2,992 per gram on 24 & 25 June.
June ‘17- Week 5 (26th to 30th)
- Prices were volatile in the last week of June as conflicting cues led to gold prices fluctuating.
- Gold traded at Rs.3,002 per gram on 26 June, with the prices rising in the wake of increased demand from both local and overseas markets.
- The opening of new investigations into possible collusion between the Trump campaign and the Russians destabilised the markets.
- Demand fell to Rs.2,972 per gram on 27 June but recovered to trade at Rs.2,992 per gram on 28 June.
- There was no change in the price of gold in Shimla as the month ended, with gold trading at Rs.2,992 per gram on 30 June and losing 0.66% of its value.
|May 1st Rate||Rs.3,011 per gram|
|May 31st Rate||Rs.2,992 per gram|
|Highest Rate in May||Rs.3,011 per gram on the 1st and 2nd of May|
|Lowest Rate in May||Rs.2,918 per gram from the 11th to the 15th of May|
May ’17 – Week 1 (1st – 7th)
- Gold opened at Rs.3,011 per gram on the first day of the month of May in Shimla. Due to sustained demand, this price was noted on the 2nd of May as well. This rate was the highest at which gold was priced at for the month of May in Shimla.
- However, the rate 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 drop in the price of gold.
- Gold traded at Rs.2,982 per gram on the 3rd of May before falling to trade at Rs.2,952 per gram from the 4th of May until the end of the first week of May in Shimla.
May ’17 – Week 2 (8th – 14th)
- Due to decline in demand, the price of this yellow metal continued to fall as well with gold being priced at Rs.2,942 per gram on the first two days of the second week of May.
- As the week progressed, the rate of gold continued to fall due to numerous geopolitical factors as well as decline in demand.
- Gold traded at Rs.2,928 per gram on the 10th of May. The euro strengthened after Emmanuel Macron, a pro-EU candidate won the French presidential election.
- However, as the demand for this precious metal declined, the price of gold declined as well, with this metal trading at Rs.2,918 per gram from the 11th of May until the end of the week. This was also the lowest at which gold was priced at, for the month of May.
May ’17- Week 3 (15th – 21st)
- The rate of gold was Rs.2,918 per gram on the 15th of May, which was a continuation of the price noted during the previous week.
- There was a marginal recovery noted in the rate of gold as relatively weaker dollar increased the demand for gold.
- Gold traded at Rs.2,923 per gram on the 16th of May before increasing to Rs.2,939 per gram on the 17th of May.
- As the demand for this metal increased, the rate of gold increased as well with this metal trading at Rs.2,991 per gram on the 18th of the month in Shimla.
- However, with a sudden increase in the value of the U.S. dollar, the rate of gold took a hit and reduced marginally.
- Gold traded at Rs.2,977 per gram from the 19th of May until the end of the third week.
May ’17 – Week 4 (22nd – 28th)
- Gold continued to reflect the rate noted during the previous week, which was Rs.2,977 per gram until the 25th of May due to low but sustained demand.
- As Asian stocks gained, the rate of gold fell marginally. Additionally, the Manchester blast did not have a significant impact on the rate of this metal.
- The price of this metal increased on the 26th of May to trade at Rs.2,992 per gram.
- The U.S. Federal Reserve’s meeting did not touch upon the chance of an interest rate hike which resulted in gold trading quite steadily.
- On the last two days of the week, gold was priced at Rs.2,992 per gram due to sustained demand from both domestic as well as international markets.
May ’17 – Week 5 (29th – 31st)
- Due to steady demand for this yellow metal from all quarters, gold continued to trade at the same rate noted during the previous week.
- Gold was priced at Rs.2,992 per gram from the 29th of May to 31st of May in Shimla, recording a decline of 0.63%.
|April 1st Rate||Rs.2,991 per gram|
|April 30th Rate||Rs.3,011 per gram|
|Highest Rate in April||Rs.3,068 per gram on 15th and 16th of April|
|Lowest Rate in April||Rs.2,983 per gram from the 8th to the 10th of April|
April ‘17 - Week 1 (1st to 9th)
- On the 1st day of April, the rate of gold was Rs.2,991 per gram in Shimla. Thanks to sluggish economic data from the U.S. in addition to the U.S. Federal Reserve’s dovish tone with regards to interest rate, this price of gold was noted on the 2nd and 3rd of April as well.
- Due to positive market cues along with a slight increase in the demand for gold from domestic markets, the price of gold rose to trade at Rs.3,003 per gram on the 5th of April.
- Due to steady demand for this yellow metal, the price of gold continued to be Rs.3,003 per gram until the 7th of April.
- However, a slight fall in the rate of gold resulted in this yellow metal being priced at a lower rate of Rs.2,983 per gram on the 8th of April in Shimla.
- This rate was noted on the last day of week one of April in Shimla as well.
April ‘17 - Week 2 (10th to 16th)
- Due to variations in the demand for this precious metal, there were a lot of fluctuations noted in the rate of gold.
- This yellow metal continued to be priced at at Rs.2,983 per gram on the first day of the second week of April. This rate was also the lowest at which gold traded for the month of April in Shimla.
- However, as a result of various geopolitical issues, the safe-haven demand for gold rose resulting in a slight increase in the price of gold.
- On the 11th of the month of April in Shimla, gold was priced at Rs.2,998 per gram before rising up to trade at Rs.3,036 per gram on the 12th of March. This was due to a rise in the demand for this metal from markets overseas.
- A marginal decrease was seen in the price of gold on the 13th of April but increased again on the 14th of April to be priced at Rs.3,047 per gram.
- However, as the demand for this precious metal rose up, the price of gold increased as well. Gold traded at Rs.3,068 per gram on the 15th and 16th of April. This was also the highest rate at which gold traded at, for the month of April.
April ’17- Week 3 (17th to 23rd)
- On the 17th of the month in Shimla, gold was priced at Rs.3,057 per gram. This was as a result of a fall in the demand for this yellow metal.
- Although the demand for this metal fell, it was steady due to stable but low demand, resulting in this precious metal trading at Rs.3,057 per gram continuously until the 21st of April, in Shimla.
- Due to positive and sustained market cues, the demand for this yellow metal increased marginally thereafter.
- Gold was priced at Rs.3,062 per gram on the 22nd and 23rd of April in Shimla.
- Towards the end of the third week of April, an increase was noted in the value of the rupee, resulting in an advantageous situation for all those who wished to purchase this metal.
April ’17- Weeks 4 (24th to 30th)
- On the 24th of April, gold traded at Rs.3,041 per gram in Shimla, which was lower than the price of gold noted during the previous week. This rate was seen the next day as well.
- However, this rate of gold could not be sustained due to low demand. Geopolitical factors contributed to a reduction in the rate of gold as well.
- Gold was priced at Rs.3,011 per gram from the 26th of April until the 30th of April. An incline of 0.66% was noted in the rate of gold as the month of April came to an end.
|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|
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.
|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|
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|
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.
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
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
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
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
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
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
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
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
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
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
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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