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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 October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,160 per gram||Rs.3,060 per gram||Rs.2,905 per gram|
|Last day||Rs.3,060 per gram||Rs.2,930 per gram||Rs.2,820 per gram|
|Highest price||Rs.3,160 per gram on 1st October||Rs.3,180 per gram on 9th November||Rs.2,905 per gram on 1st December|
|Lowest price||Rs.3,023 per gram on 17th October||Rs.2,931 per gram on 24th November||Rs.2,765 per gram on 16th December, 22nd December and 23rd December|
Gold Rate Trend for Shimoga in October 2016
- The rate of gold varies based on demand and market conditions, both in India and abroad. Fluctuations in market will have a significant impact on this precious metal. In Shimoga, on the 1st of the month, gold traded at a healthy Rs.3,160 per gram due to the ongoing wedding season, due to which demand for this precious metal was quite high.
- The price of gold was the same as that of the first day until the 3rd of October.
- However, from the 4th, a slight decline was noted in the rate of gold.
- Fluctuations were noted in the price of gold throughout the month. Gold rate varied between Rs.3,020 per gram and Rs.3,030 per gram until November 13th.
- On 17th of October, the price was Rs.3,016 per gram which was the lowest at which gold traded for the month. Rates slightly improved after the 17th, however.
- On the last day of the month, gold was priced at Rs. 3,060 per gram and an overall decline of 3.16% was noted in the price of gold as the month progressed.
Gold Rate Trend for Shimoga in November 2016
- Continuing from October, gold traded at Rs.3,060 per gram on the 1st of November.
- Gold traded at Rs.3,095 per gram which was a marginal increase as compared to the previous day’s rates. Gold rate increased to Rs.3,115 per gram on the 3rd of November which was one of the highest for the week. However, as the month progressed, the price of gold rose up to Rs.3,120 per gram on the 5th of November and stayed steady the next day as well.
- This price however, was not sustained and started declining from the next day itself.
- On the 9th of November the rate of gold was a whopping Rs.3,180 per gram. This was also the highest at which gold was priced for the month of November.
- However, this price could not be sustained and started decreasing from the next day itself and continued reducing thereafter.
- On November 8th, Prime Minister Narendra Modi announced the ban of notes worth Rs.500 and Rs.1,000 to curb corruption. Prime Minister Narendra Modi’s demonetization policy resulted in a fluctuations in gold rate.
- In the third week of November, gold rate varied between Rs.3,010 per gram and Rs.2,985 per gram.
- On November 24th, gold price plunged to Rs.2,931 per gram which was the lowest rate of gold for the entire month of November.
- As the month progressed, there were a few variations noted in the rate of gold.
- It was observed that a decline of 4.24% was noted in gold rates during November with respect to the rate of gold.
Gold Rate Trend for Shimoga in December 2016
- Gold traded at a high price of Rs.2,905 per gram for 24 karat gold on the 1st of December. This was also the highest rate at which gold traded for the month.
- Price of gold was relatively low as compared to the previous month. Demonetisation and President Trump’s nomination in the United States caused cash crunch and fluctuation of markets.
- This rate however, could not be sustained and price of gold declined slightly the next day before rising again, although not as high as seen on the 1st of December.
- As the month progressed, there were a number of fluctuations noted in gold rates.
- During the second week of the month, the price of gold was steady at Rs.2,825 per gram until the 14th of December after which price of gold decreased again.
- Towards the end of the month price of gold fluctuated between Rs.2,780 per gram to Rs.2,820 per gram noted on the final day of the month.
- An overall decline of 2.92% was noted in the rate of gold in the month of December.
Gold Rate Trend in Shimoga for July 2016 to September 2016 (per gram of 24 karat gold)
|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|
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)
|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.
|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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