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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 August 2016 (rates per gram for 24k Gold)
|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|
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.
|1st July rate||Rs.3,167|
|31st July rate||Rs.3,219|
|Highest rate in July||Rs.3,227 on 7th to 9th|
|Lowest rate in July||Rs.3,163 on 22nd|
|% Change||+ 1.64%|
July'16 - Week 1 (1st to 3rd)
- The trend for the first week of July was constant.
- Gold traded at Rs.3,167 per gram on 1st July and climbed to Rs.3,203 per gram on 2nd.
- Gold traded at the same price on 3rd July amidst the uncertain climate of the global markets.
July'16 - Week 2 (4th to 10th)
- The gold rates were at Rs.3,203 per gram on 4th July.
- The Brexit vote and expectations of financial stimulus from the central banks coupled with a rising dollar led to a number of fluctuations for gold rates.
- By the end of the week, gold prices stabilized and traded at Rs.3,227 per gram.
July'16 - Week 3 (11th to 17th)
- Gold prices stagnated through Week 3 due to the dollar recouping some of its previous losses.
- Gold traded at Rs.3,226 per gram on 11th July but soon slipped to Rs.3,199 per gram.
- Gold stayed constant through most of the week owing to domestic demand.
July ‘16 - Week 4 (18th to 24th)
- Gold traded at Rs.3,199 till 21st July continuing the constant pace from week 3.
- The global gold market was hit with strong U.S. economic data that shocked everyone.
- Expectations of a U.S. fed rate hike grew as the dollar gained momentum.
- Gold dipped again and traded at Rs.3,178 per gram by the end of the week.
July ‘16 - Week 5 (25th to 31st)
- Going into the last week of July, gold picked up the same pace as the previous week. Gold traded at Rs.3,178 per gram on 25th and 26th.
- Demand grew amongst domestic jewellers and gold prices rose to Rs.3,219 per gram.
- The domestic gold market was more positive at the end of July.
|1st June rate||Rs.2,960|
|30th June rate||Rs.3,167|
|Highest rate in June||Rs.3,182 per gram on 28th June|
|Lowest rate in June||Rs.2,950 per gram on 2nd June|
Jun'16 - Week 1 (1st to 4th)
- Gold traded at Rs.2,960 per gram on the first day of the month.
- Price of gold declined by Rs.10 the next day and stayed steady at Rs.2,950 per gram for the rest of the week.
Jun'16 - Week 2 (5th to 11th)
- Continuing from the previous day, the rate of gold was Rs.2,950 on the 5th of June and significantly increased after that.
- Rate of gold was steady at Rs.3,003 per gram on the 6th and 7th of June and declined slightly after that.
- Gold rate was steady at Rs.3,006 per gram on the 10th and 11th of June.
Jun'16 - Week 3 (12th to 18th)
- Price of gold was Rs.3,006 on the first day of the week and increased by Rs.50 the next day.
- Gold was steady at Rs.3,066 per gram from the 14th to 16th of June.
- Price of gold rose to Rs.3,109 per gram on the 17th and remained the same on the 18th as well.
Jun'16 - Week 4 (19th to 25th)
- There were many fluctuations in the rate of gold over the course of the week.
- Gold opened at Rs.3,109 per gram on the 19th and stayed the same even on 20th june.
- Prices increased after that until the 22nd after which gold rate declined to Rs.3,098 per gram and stayed the same until 25th June.
Jun'16 - Week 5 (26th to 30th)
- Price of gold was steady at Rs.3,098 per gram until the 27th and rose to Rs.3,182 per gram on 28th and 29th which was also the highest for the month.
- Gold closed at Rs.3167 per gram on 30th June.
|1st May rate||Rs.3,119|
|31st May rate||Rs.2,960|
|Highest rate in May||Rs.3,120 from the 7th to the 9th of May|
|Lowest rate in May||Rs.2,960 from the 28th to the 31st of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Gold rates remained constant at Rs.3,119 for the first three days of the week after which a decline by Rs.41 saw prices drop to Rs.3,078 on the fourth day of trading.
- Prices increased by Rs.20 to Rs.3,098 on the 5th and remained unchanged on the 6th as well.
- The last day of the week saw gold rates rise by Rs.42 and finish strong at Rs.3,120.
- In comparison with the first day of the week, prices increased by Re.1 during the first seven days of May 2016.
May ‘16 - Week 2 (8th to 14th)
- Gold rates remained unchanged on the first and second day of the second week and prices were recorded at Rs.3,120 on the 8th and 9th of May.
- A decline by Rs.40 on the third day of the week saw prices fall to Rs.3,080 and they remained stable until the end of the week.
- The overall decline in rates from the start of the week to the end of the week was Rs.40.
May ‘16 - Week 3 (15th to 21st)
- Gold rates remained stable at Rs.3,080 on the 15th and 16th of May after which an increase of Rs.18 on the 17th of the month saw prices climb to Rs.3,098.
- A decline by Rs.30 on the 18th pushed prices down to Rs.3,068, and a further decline by Rs.20 on the 19th saw prices fall to Rs.3,048, and they remained unchanged until the end of the week.
- The overall decline in gold prices at the end of the week in comparison with the first day of the week was Rs.32.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices remained stable at Rs.3,048 until the 24th of May, followed by a decline of Rs.30 which sent prices down to Rs.3,018 on the 25th.
- A decline by Rs.10 on the 26th sent rates down to Rs.3,008 and they remained unchanged for another day.
- Prices fell by Rs.48 on the 28th of May, marking the lowest rate of the precious metal during the month, at Rs.2,960, and they remained constant for the rest of the month.
- The overall decline in prices between the first and last day of the month was Rs.159.
|1st April rate||Rs 2,943|
|30th April rate||Rs 3,119|
|Highest rate in April||Rs 3,119 on 30th|
|Lowest rate in April||Rs 2,933 on 5th|
|% Change||+ 5.98%|
Apr ‘16 - Week 1 (1st to 3rd)
- April began on a weak note for gold, as global demand was hit due to speculations about US rate changes.
- Investors in the city also adopted a wait and watch policy, hitting gold trade.
- Gold traded at Rs 2,943 on 1st, with no changes observed over the week.
Apr ‘16 - Week 2 (4th to 10th)
- Gold rates gained over the week, with demand increasing among local investors.
- Gold traded at Rs 2,943 on 4th, gaining momentum with each passing day.
- The week ended with gold trading at Rs 2,988 on 10th, gaining over Rs 40 since the week started.
Apr ‘16 - Week 3 (11th to 17th)
- An overall loss was seen over this week, with global cues impacting local rates.
- Gold traded at Rs 2,988 on 11th and Rs 3,013 on 12th, giving a strong start to the week.
- Prices fell over the next few days, with gold trading at RS 2,981 on 17th, ending the week on a loss of Rs 7.
Apr ‘16 - Week 4 (18th to 24th)
- Fluctuations in gold rates continued, with international markets impacting local trade.
- Gold traded at Rs 3,002 on 18th, gaining momentum over the first few days.
- Rates peaked at Rs 3,017 before falling to Rs 3,007 on 24th.
- The week ended on a strong note, with gold gaining Rs 5.
Apr ‘16 - Week 5 (25th to 30th)
- Increased demand pushed gold rates through the week, giving it a much needed impetus.
- Gold traded at Rs 3,007 on 25th and Rs 3,024 on 27th.
- Prices continued to climb up, with gold ending the month on a high of Rs 3,119.
|1st March rate||Rs 3,030|
|31st March rate||Rs 2,948|
|Highest rate in March||Rs 3,030 on 1st and from 3rd to 14th|
|Lowest rate in March||Rs 2,699 on 2nd|
Mar'16 - Week 1 (1st to 6th)
- Gold rates at the start of the month were over the Rs 3,000 mark, with gold selling at Rs 3,030 on 1st.
- Jewellers across the city joined protests against the excise duty hikes.
- Prices fell on 2nd, dropping to Rs 2,699.
- Prices regained after the fall, stabilising at Rs 3,030 throughout the week.
Mar'16 - Week 2 (7th to 13th)
- Protests continued into the second week, impacting gold trade.
- Prices remained unchanged from the previous week, staying static at Rs 3,030.
Mar'16 - Week 3 (14th to 20th)
- As the intensity of protests reduced, a number of jewellers were back to business.
- Prices fell below the Rs 3,000 mark on 15th, as gold traded at Rs 2,940
- Prices inched towards the Rs 3,000 mark through the week, ending at Rs 2,998.
Mar'16 - Week 4 (21st to 27th)
- There were no major changes in gold rates in the week.
- Prices fell from Rs 2,988 to Rs 2,948 on 25th and stayed at this mark till 27th.
Mar'16 - Week 5 (28th to 31st)
- Prices were constant through the week.
- There was no change from Rs 2,948.
- The month ended with gold having suffered a monthly loss of Rs 82.
Details of Gold Price in Shimla (22 Karat & 24 Karat) - Till December 2015
The price of 1 gram gold 22K as of December 21, 2015, is Rs. 2,382. The price of 24K as of December 21, 2015 is Rs. 2,557 for 1 gram gold. Gold prices have been around the 2,400 mark in this month while 24K gold has shown similar trend.
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 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
- For more related news /update on gold price visit: Gold News