Gold Rate In Shimoga

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Shimoga or Shivamogga as it is known today, is an emerging city in India with a deep rooted love for gold. As a district headquarters, Shimoga attracts people from across the state, with a number of industries located here. These industries have led to the city becoming moderately prosperous, providing an opportunity to residents to invest in gold. Gold rates in the city are primarily determined by international trends, after accounting for local taxes. The sale of gold in Shimoga picks up during festivals, with Diwali and Dussera considered as good times to buy gold.

Gold price in Shimoga

Gold prices vary in Shimoga based on purity, with 24 karat gold costing more than 22 karat. Similarly, 22k gold costs more than 18k or 14k gold, with the price decreasing as the amount of gold reduces. Other factors like demand and supply, international market trends, import duties, local cesses, etc. also play a key role in determining the price of gold in the city.

24 karat gold – 24 karat gold is perhaps the best way to invest in gold, thanks to its purity. The 99.9% purity ensures that one gets the best value for it, with the only drawback being that it cannot be moulded or crafted into jewellery on account of this purity. Individuals who are looking to purchase 1 gram of 24 karat gold in Shimoga would need to pay around Rs 2,968 (as of March 10, 2016). This price may fluctuate a bit from shop to shop, owing to different reasons. The year 2016 has been good for gold, with prices increasing after they fell to a 5 year low in 2015. The cost of 1 gram gold has gone up by close to Rs 400 since January 2016, with prices expected to climb further. Gold rates in the city stayed close to Rs 2,600 per gram for most of 2015, with a low of Rs 2,510 witnessed in August.

22 karat gold – 22 karat gold is perhaps the most feasible option for thousands when it comes to buying gold. Its 92% purity level makes it cheaper than 24 karat gold, making it more affordable. The cost of 1 gram 22 karat gold in Shimoga is currently Rs 2,760 (as of March 10, 2016). A trend similar to 24 karat gold was witnessed as far as prices went during the last year, with a low of Rs 2,350 seen during August 2015. Prices have been on an upward trend since January 2016, going up from Rs 2,374 to stand at their current level.

Gold Rate Trend in Shimoga for January 2018 to March 2018 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.3,002 per gram	Rs.2,998 per gram	Rs.2,987 per gram
Last day	Rs.3,045 per gram	Rs.3,014 per gram	Rs.3,109 per gram
Highest price	Rs.3,084 per gram on 20 and 21 January	Rs.3,031 per gram on 19 February	Rs.3,045 per gram from the 25th to the 29th
Lowest price	Rs.3,001 per gram on 4 January	Rs.2,951 per gram on 8 January	Rs.2,977 per gram on the 19th
Trend	Incline	Incline	Incline
Change	1.43%	0.53%	1.07%

Gold Rate Trend in Shimoga for January 2018 to March 2018 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.3,002 per gram	Rs.2,998 per gram	Rs.2,987 per gram
Last day	Rs.3,045 per gram	Rs.3,014 per gram	Rs.3,109 per gram
Highest price	Rs.3,084 per gram on 20 and 21 January	Rs.3,031 per gram on 19 February	Rs.3,045 per gram from the 25th to the 29th
Lowest price	Rs.3,001 per gram on 4 January	Rs.2,951 per gram on 8 January	Rs.2,977 per gram on the 19th
Trend	Incline	Incline	Incline
Change	1.43%	0.53%	1.07%

Gold Rate Trend in Shimoga for October 2017 to December 2017 (per gram of 24 karat gold)

Factor	October	November	December
1st day	Rs.2,985 per gram	Rs.2,942 per gram	Rs.2,932 per gram
Last day	Rs.2,942 per gram	Rs.2,947 per gram	Rs.2,941 per gram
Highest price	Rs.2,995 per gram on 16 October	Rs.2,981 per gram on 20 November	Rs.2,942 per gram from 2 to 4 December and 29 December
Lowest price	Rs.2,932 per gram on 27 October	Rs.2,907 per gram on 6 November	Rs.2,859 per gram on 13 December
Trend	Decline	Incline	Incline
Change	-1.90%	0.16%	0.30%

Gold Rate Trend in Shimoga for October 2017:

• When trading opened for the final quarter of 2017, gold in Shimoga was priced at Rs.2,985 per gram.
• Gold rate in Shimoga this month were on a decline owing to poor domestic demand in spite of major festivals.
• The metal’s rates fluctuated considerably over the first two weeks before hitting the month’s highest rate of Rs.2,995 per gram on the 16th of October.
• However, prices began to fall from the 17th as demand was poor due to the US dollar remaining strong.
• Gold hit its lowest rate for the month on the 27th of the month when it traded at Rs.2,932 per gram.
• The final two days of this month saw gold price in Shimoga increase slightly to end at Rs.2,942 per gram on the 31st of October.
• A strong US dollar performance and the subsequent low demand for gold led to rates falling by 1.90% this month.

Gold Rate Trend in Shimoga for November 2017:

• As cues remained weak, gold opened at Rs.2,942 per gram for the month of November.
• During the first week, gold rate in Shimoga took a hit due to a strong dollar which pushed investors to exercise caution. This led to gold dropping to a monthly low rate of Rs.2,907 per gram on the 6th of the month.
• It was relatively smooth sailing of gold from the 7th onwards as prices seemed to incline consistently before trading at Rs.2,981 per gram on the 20th. This was the metal’s highest rate for this month.
• However, as demand seemed to remain flat over the final few days, gold rates began to consolidate. This led to the metal trading at Rs.2,947 per gram on the last day of this month.
• A strong demand mid-month contributed strongly to the upswing in gold prices. Price trends saw a marginal 0.16% incline over the course of the month.

Gold Rate Trend in Shimoga for December 2017:

• For the month of December, gold opened at Rs.2,932 per gram.
• The 2nd and 3rd recorded the highest gold rates - with the metal trading at Rs.2,942 per gram - as demand was steady.
• However, demand was strongly swung by the tax reform introduced by US president Donald Trump, which caused the dollar to strengthen subsequently pushing gold rates down.
• Gold rates in Shimoga went down to as low as Rs.2,896 per gram as the rallying of the US dollar continued, which caused gold demand to plummet.
• On the 13th, gold rates were at their lowest for the month. The metal traded at Rs.2,859 per gram as markets remained strong, which gave little incentive for bullion investors.
• Prices rallied as other concerns regarding Trump’s US presidency resurfaced. This, combined with a declining dollar led to consistent increase in gold prices.
• Gold traded at Rs.2941 per gram on the last day of 2017 and December recorded a 0.30% increase in price trends.

Gold Rate Trend in Shimoga for July 2017 to September 2017 (per gram of 24 karat gold)

Factor	July	August	September
1st day	Rs.2,950 per gram	Rs.2,878 per gram	Rs.2,956 per gram
Last day	Rs.2,874 per gram	Rs.2,956 per gram	Rs.2,985 per gram
Highest price	Rs.2,950 per gram on 1 & 2 July	Rs.2,976 per gram on 29 August	Rs.3,056 per gram on 8 September
Lowest price	Rs.2,796 per gram on 14 July	Rs.2,845 on per gram 5 August	Rs.2,956 per gram on 1 September
Trend	Decline	Incline	Incline
Change	-2.57%	2.71%	0.97%

Gold Rate Trend in Shimoga for July 2017:

• When trade exchanges opened for this month, gold was priced at Rs.2,950 per gram.
• But, rates began to fall over the first couple weeks as demand was hit because GST was introduced by the central government.
• The 3% GST on gold purchases imposed by the government didn’t sit well with investors, who cut down on further investments.
• By the 14th of this month, gold rates in Shimoga hit a monthly low price of Rs.2,796 per gram.
• As the market conditions improved, gold price in Shimoga also moved up considerably over the second half of the month.
• On the final day of July, gold was seen trading at Rs.2,876 per gram, which was 2.57% less than the month’s starting rates.

Gold Rate Trend in Shimoga for August 2017:

• Gold prices had improved slightly when trading began for the month of August.
• On the 1st of August, the yellow metal was priced at Rs.2,878 per gram - a Rs.4 hike from the previous day’s rates.
• A strong US dollar and a weak local market saw gold rates in Shimoga plummet to Rs.2,845 per gram on the 5th of August.
• Thanks to positive investor sentiments and a weakening US dollar, gold prices in Shimoga began to improve gradually.
• Over the final few days of this month, gold prices in Shimoga hit monthly high rates of Rs.2,976 per gram.
• This was because of the festive demand as well as the weak US economy which was hit by Hurricane Harry and the nation’s standoff with North Korea.
• Gold rates surged by 2.71% this month, due to the aforementioned reasons.

Gold Rate Trend in Shimoga for September 2017:

• Gold opened at Rs.2,956 per gram on the 1st of September.
• Gold rate in Shimoga surged significantly and hit a monthly high rate of Rs.3,056 per gram on the 8th of September as North Korea’s latest unprompted aggression led to a crashing US market.
• The North Korean government led by Kim Jong Un conducted its most powerful nuclear test in one of its underground labs, which triggered safe-haven purchases.
• However, a positive data from the US markets saw gold rates decline over the course of the month.
• A falling gold rate trend was rescued by the festive season, which pushed gold price in Shimoga up to as high as Rs.2,985 per gram on the final day of this month.
• Price trend surged by 0.97% this month, thanks to positive local demand and a weak dollar.

Gold Rate Trend in Shimoga from April 2017 to June 2017 (per gram of 24 karat gold)

Parameters	April	May	June
1st day	Rs.2,910 per gram	Rs.2,945 per gram	Rs.2,933 per gram
Last day	Rs.2,945 per gram	Rs.2,918 per gram	Rs.2,920 per gram
Highest price	Rs.2,990 per gram on 15 April, 16 April, 22 April and 23 April, 2017	Rs.2,938 per gram on 30 May, 2017	Rs.2,960 per gram on 28 June, 2017
Lowest price	Rs.2,905 per gram on 10 April, 2017	Rs.2,840 per gram from 11 May to 14 May, 2017	Rs.2,895 per gram on 20 June, 2017
Overall Monthly Performance	Incline	Decline	Decline
Percentage Change	1.20%	-0.91%	-0.44%

Gold Rate Trend in Shimoga for April 2017

• In Karnataka’s unofficial rain capital Shimoga, gold prices began at Rs.2,910 per gram when Q2 of 2017 started.
• Prices fluctuated significantly during the first ten days hitting a high of Rs.2,935 per gram on the 5th, while maintaining a low of Rs.2,910 per gram from the 1st to the 3rd.
• As demand changed constantly, gold price in Shimoga went up to as much as Rs.2,960 per gram on the 12th- a Rs.45 increase from 13th April’s closing rates.
• Due to gold price increasing on a national level, gold rates reached Rs.2,990 per gram on the 15th - which as it turned out - was the highest gold rate for the month.
• Concerns over US President Donald Trump’s administration seemed to have some implications in the local market as well.
• When the 19th came to an end, gold prices in Shimoga were recorded at Rs.2,985 per gram.
• Over the last ten days of April, however, gold prices fell considerably - reaching a 14-day city low of Rs.2,920 per gram on the 26th as investors backed out of any purchases.
• The last three days saw demand rise slightly, thereby helping gold rates rally to reach Rs.2,930 per gram on the 28th.
• During the last two days of April, i.e., gold was seen trading at Rs.2,945 per gram, meanwhile recording a Rs.35 increase from the first day’s prices.
• Overall, gold rate trend in Shimoga increased at a rate of 1.20% in Shimoga.

Gold Rate Trend in Shimoga for May 2017

• The month of May saw gold demand take a fall in Shimoga - a firm reflection of a nationwide trend.
• When trading started on the 1st of May, gold was priced at Rs.2,945 per gram.
• On 2nd, prices dropped to Rs.2,905 per gram and dropped again to Rs.2,875 per gram on the 5th as dollar value rallied in the US.
• The next day gold rate in Shimoga fell by Rs.25 per gram to reach Rs.2,850 per gram as demand reached saturation levels given the market performance.
• By the 11th, gold prices had gone down to Rs.2,840 per gram - the lowest for the month - and remained unchanged till the 14th of May.
• Prices increased marginally to Rs.2,845 per gram on the 17th before increase by a massive Rs.60 per gram the next day as domestic investors flocked outlets to make purchases.
• Rates fluctuated during the next 10 days before ending the month at Rs.2,918 per gram as demand dipped after Asian stock prices rose.
• The month saw gold rate trend in Shimoga change by -0.91% for the month.

Gold Rate Trend in Shimoga for June 2017

• The month of June started with gold in Shimoga trading at Rs.2,933 per gram.
• Trading this month was mostly affected by the performance of the US dollar which had a knock-on effect in India and most of its cities.
• Prices prices fell mostly over the first few days of the month as the US dollar’s strong performance led to a decrease in domestic demand.
• Gold rate in Shimoga were recorded at Rs.2,940 per gram on the 9th but gradually dropped down to Rs.2,905 per gram on the 19th.
• The 20th saw gold rate in Shimoga reach their lowest for the month of Rs.2,895 per gram as demand didn’t pick up.
• When the month came to an end, gold was trading at Rs.2,920 per gram - a Rs.13 less compared to the rates on the 1st of June.
• Despite some late flourishes, gold rates fell by 0.44% for the month of June.

Gold Rate Trend in Shimoga for January 2017 to March 2017 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.2,820 per gram	Rs.2,945 per gram	Rs.3,005 per gram
Last day	Rs.2,930 per gram	Rs.3,005 per gram	Rs.2,900 per gram
Highest price	Rs.2,970 per gram on the 23rd and 24th of January	Rs.3,005 per gram on the 27th and 28th of February	Rs.3,005 per gram on the 1st of March
Lowest price	Rs.2,820 per gram on the 1st and 2nd of January	Rs.2,940 per gram on the 10th of February	Rs.2,855 per gram on the 15th of March
Trend	Incline	Incline	Decline
Change	3.90%	2.03%	-3.49%

Gold Rate Trend for Shimoga in January 2017

• On the 1st of January in Shimoga, gold was priced slightly low on account of reduced demand. The rate of gold was Rs.2,820 per gram. This rate was noted the next day as well and was also the lowest at which gold traded for the month in the city.
• A slight increase in the rate was seen from the 3rd of the month due to heightened demand for this precious metal from jewellers. As a result, gold traded at Rs.2,890 per gram on the 10th of January.
• From the 12th of the month, gold was priced at Rs.2,920 per gram. This rate continued until the 15th and can be attributed to the harvest festival of Sankranti. The rate of gold continued to increase as the week progressed.
• This precious metal traded at Rs.2,970 per gram on the 23rd and the 24th of January and this was the highest at which gold traded at for the entire month. However, this high rate was not sustained and gold rate reduced marginally on account of low demand.
• On the last day of the month, gold was priced at Rs.2,930 per gram and recorded an incline of 3.90% in the price of gold.

Gold Rate Trend for Shimoga in February 2017

• Gold opened the month of February by trading at Rs.2,945 per gram and was also one of the lower rates of gold noted. This was due to reduced demand from investors and jewellers.
• The rate of gold was steady at Rs.2,945 per gram until the 5th of the month post which the price of this metal increased by Rs.10.
• Throughout the month of February, a number variations were noted in the rate of gold due to fluctuations in the demand for this metal along with other geopolitical factors.
• On the 16th, gold traded at Rs.2,970 per gram and increased the next day to trade at Rs.2,980 per gram.
• As the value of the U.S.Dollar fell, the rate of gold rose to Rs.2,995 per gram. Gold traded at this price from the 24th of February to 26th of February.
• On the last two days of the month, the rate of gold increased to trade at Rs.3,005 per gram. This was also the highest at which gold traded for the month. A rise of 2.03% was noted in the price of gold in Shimoga.

Gold Rate Trend for Shimoga in March 2017

• The trend observed in Shimoga during the month of March was in opposition to the trend witnessed in January and February.
• This precious metal traded at Rs.3,005 per gram on the 1st, which was a continuation of the rate noted during the end of February. This was also the highest rate at which gold traded at for the month.
• However, demand from international and domestic markets fell, resulting in a decline in the rate of gold to Rs.2,990 per gram. The rate of gold continued to decline as the month progressed.
• A number of variations were noted in the rate of gold in Shimoga in March.
• On the 15th of March, gold traded at its lowest for the month due to U.S. Fed Reserve’s decision regarding the interest rates. The price of gold on this day was Rs.2,855 per gram. However, a marginal recovery was noted over the next few days.
• On the last day of the month, gold traded at Rs.2,990 per gram recording a decline of 3.49% in the price of this metal in Shimoga.

Gold investment avenues in Shimoga

Gold has been a popular investment option in Shimoga, with it being passed on from one generation to another. Gold sales peak during festivals and the wedding season, thanks to it being viewed as auspicious. With the government issuing a new gold scheme, one could expect gold to be more accessible to residents. The other options when it comes to investing in gold in Shimoga are mentioned below.

Over-the-counter – Purchasing gold from jewellers remains the most popular mode of owning gold in the city, with people choosing to purchase it primarily in the form of jewellery. Gold coins and bars are other options available to people. Jewellers cater to a diverse consumer base, offering a number of products at different rates. Typically, gold purchased from well-known jewellers or banks can be costlier, primarily due to the fact that a purity certificate is provided with each purchase.

Market trade – With access to the internet, one can purchase gold without being physically present there. Gold ETFs, futures contracts and E-gold are some of the options available to one in India, with the Mumbai Stock Exchange and National Stock Exchange providing a platform through which people can trade in gold.