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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 April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 905 per gram||Rs. 3,070 per gram||Rs.2,915 per gram|
|Last day||Rs. 3, 070 per gram||Rs. 2, 895 per gram||Rs.3,130 per gram|
|Highest price||Rs. 3, 070 per gram on 30th April, 2016.||Rs. 3, 080 per gram on 5th and 6th May, 2016||Rs.3,200 per gram on 24th June|
|Lowest price||Rs. 2, 880 per gram on 4th April, 2016||Rs. 2, 895 per gram on 30th-31st May, 2016||Rs.2,915 per gram on 1st June|
|Trend||The price has risen over the course of the month||The price has fallen over the course of the month||Rise|
|change||+ 5.67% increase||-5.70% decrease||+7.37%|
Gold Rate Trend of Shimoga in April 2016
- Gold traded at Rs. 2,905 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,070 per gram by the end of the month.
Gold Rate Trend of Shimoga in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,070 per gram on May1st.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,895 per gram on the 31st of May.
Gold Rate Trend of Shimoga in June 2016
- There were minor variations noted in the price of gold throughout the month of June with prices increasing towards the end of the month.
- Uncertainty in global markets resulted in demand for gold increasing which in turn resulted in a rise in the price of gold.
- The highest rate of the month was Rs.3,200 per gram on June 24th and the lowest was Rs.2,915 seen on 1st June.
- An increase of 7.37% was witnessed in the rate of gold at the end of the month as compared to the beginning of the month.
Gold Rate Trend in Shimoga for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2, 540 per gram||Rs. 2, 708 per gram||Rs. 2, 975 per gram|
|Last day||Rs. 2, 710 per gram||Rs. 2, 960 per gram||Rs. 2,900 per gram|
|Highest price||Rs. 2, 715 per gram from 27th-28th Jan, 2016||Rs. 2, 975 per gram on 26th Feb, 2016||Rs. 2, 975 per gram from 1st-6th March, 2016|
|Lowest price||Rs. 2, 540 per gram on 1st Jan, 2016||Rs. 2, 708 per gram on 1st Feb, 2016||Rs. 2, 870 per gram on 28th March, 2016|
|Trend||The gold rate increased during the course of the month||The gold rate rose steadily during the course of the month||The price dropped towards the middle of the month but recouped some of its gains towards the end of the month|
|Change||6.69% increase||9.30% increase||2.52% decrease|
Gold Rate Trend of Shimoga in January 2016
- Gold opened at Rs. 2,540 per gram on 1st of January.
- Gold witnessed a steady rise in January owing to global demand and the wedding season.
- By the end of January gold price had increased. Gold traded at Rs. 2,710 per gram on 30th of January.
Gold Rate Trend of Shimoga in February 2016
- Gold stood at Rs. 2,708 per gram on the 1st of February.
- There was a steady rise in gold rate in February and gold hits its peak for the month on 26th of February at Rs. 2,975 per gram.
Gold Rate Trend of Shimoga in March 2016
- There was a no change in gold rate from 29th of February as gold opened at Rs. 2,975 per gram on 1st of March.
- Low demand led to a further decline as gold was at its lowest for the month at Rs. 2,870 per gram on 28th of March.
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.
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Shimoga
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|Gold Rate In Mangalore||Gold Rate In Mysore||Gold Rate In Belgaum|
|Gold Rate In Bellary||Gold Rate In Panaji||Gold Rate In Kannur|
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