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 from April, 2017 to June, 2017 (per gram of 24 karat gold)

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)

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.