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  • Gold Rate In Shimoga

    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    19 Jan 2017 ₹ 2,765 ₹ 22,120 ₹ 2,965 ₹ 23,720
    18 Jan 2017 ₹ 2,755 ₹ 22,040 ₹ 2,955 ₹ 23,640
    17 Jan 2017 ₹ 2,745 ₹ 21,960 ₹ 2,945 ₹ 23,560
    16 Jan 2017 ₹ 2,725 ₹ 21,800 ₹ 2,920 ₹ 23,360
    15 Jan 2017 ₹ 2,725 ₹ 21,800 ₹ 2,920 ₹ 23,360
    13 Jan 2017 ₹ 2,725 ₹ 21,800 ₹ 2,920 ₹ 23,360
    12 Jan 2017 ₹ 2,715 ₹ 21,720 ₹ 2,910 ₹ 23,280
    11 Jan 2017 ₹ 2,700 ₹ 21,600 ₹ 2,890 ₹ 23,120
    10 Jan 2017 ₹ 2,700 ₹ 21,600 ₹ 2,890 ₹ 23,120
    09 Jan 2017 ₹ 2,680 ₹ 21,440 ₹ 2,870 ₹ 22,960

    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    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 July 2016 to September 2016 (per gram of 24 karat gold)

    Factor July August September
    1st day Rs.3,130 per gram Rs.3,190 per gram Rs.3,125 per gram
    Last day Rs.3,170 per gram Rs.3,140 per gram Rs.3,160 per gram
    Highest price Rs.3,205 per gram on 7th July Rs.3,225 per gram on 3rd August Rs.3,190 from 25th September to 29th September
    Lowest price Rs.3,130 per gram on 1st July Rs.3,140 per gram on 31st August Rs.3,115 on 2nd September
    Trend Incline Decline Incline
    Change +1.28% -1.57% +1.12%

    Gold Rate Trend of Shimoga in July 2016

    • Gold was seen trading at Rs.3,130 per gram on 1st July.
    • Demand for the yellow metal increased this month as the global market had a bullish outlook.
    • Investors lie in wait as the chaos from the Brexit vote settles down.
    • With rising expectations of monetary stimulus from central banks, gold prices started to climb as demand picked up.
    • The highest price of gold was seen on 7th July at Rs.3,205 per gram.
    • Gold traded at Rs.3,170 per gram indicating an increase of 1.28% this month.

    Gold Rate Trend of Shimoga in August 2016

    • Gold prices declined this month on account of high expectations of the U.S. Federal Reserve interest rate hike.
    • On 1st August, gold traded at Rs.3,190 per gram.
    • On 3rd August, gold prices climbed to Rs.3,225 per gram which was the highest price for August.
    • With strong economic data and a rising dollar, demand for gold decreased.
    • Prices of gold dropped by 1.57% marking a declining trend this month.

    Gold Rate Trend of Shimoga in September 2016

    • At the start of the month, trends for gold rate were gloomy as the market was bearish.
    • On 1st September, gold traded at Rs.3,125 per gram.
    • The U.S. Federal Reserve put off the interest rate hike till December in light of the U.S. presidential elections.
    • Gold prices started to rise as demand picked up in the global market.
    • On the domestic front, festive demand gave gold rates support to climb up.
    • There was an increase of 1.12% in gold prices this month.

    Gold Rate Trend in Shimoga for April 2016 to June 2016 (per gram of 24 karat gold)

    Factor April May June
    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)

    Factor January February March
    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.

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