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Siliguri is a fast growing town in the state of West Bengal, with a population of close to 7.5 lakh people. Often referred as the gateway to Northeast India, it forms a key link in the North eastern territory. The residents of this beautiful town are known for their penchant for gold, with gold being a popular investment cum family heirloom here. Gold prices in Siliguri are primarily determined after taking international gold rates into consideration, with rates changing on a regular basis. Gold sales in this hill town pick up during the festival season, with Diwali and Durga Puja being popular times for people to buy gold.
Gold price in Siliguri
The price an individual pays for gold in Siliguri depends largely on international trends, with global markets and the performance of the dollar playing a key role in calculating the final rate. Local demand and supply and taxes also impact the rates, with different gold products available for multiple budgetary needs, thanks to varying purity levels. Addition of impurities makes gold cheaper, with 14 or 18 karat gold costing lower than 22 or 24 karat gold.
24 karat gold – At 99.9% pure, 24 karat gold is perhaps the most natural form of gold one can buy in Siliguri, which also makes it the most expensive. Typically, the cost is determined by weight, with 1 gram costing Rs 2,979 (as of March 14, 2016). Gold rates in Siliguri have reflected trends seen across the country, with prices dropping in 2015, making gold affordable to the masses. Prices fell to a low of Rs 2,500 in August 2015, on account of an impending US Federal Rate change, with rates staying around the Rs 2,600 mark for most of the year. Since January 2016, prices have gone up, with an upward trend witnessed.
22 karat gold – 22 karat gold is a popular option when it comes to gold purchases in Siliguri, thanks to a mix of affordability and purity. At 92% pure, it is around Rs 200 cheaper per gram, with 1 gram costing Rs 2,782 in Siliguri (as of March 14, 2016). A trend similar to 24 karat rates was witnessed in the town, with prices dipping in July-August before picking up from January 2016.
Gold Rate Trend in Siliguri for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,244 per gram||Rs.3,130 per gram||Rs.2,884 per gram|
|Last day||Rs.3,130 per gram||Rs.2,926 per gram||Rs.2,843 per gram|
|Highest price||Rs.3,244 per gram from 1st October to 11th October||Rs.3,190 per gram on 3rd November and 4th November||Rs.2,909 per gram on 5th and 6th December|
|Lowest price||Rs.3,103 per gram on 14th of October||Rs.2,919 per gram on 27th of November||Rs.2,749 per gram from 24th December to 28th December.|
Gold Rate Trend for Siliguri in October 2016
- Gold rate was at Rs.3,244 per gram on 1st October in Siliguri, with prices remaining constant due to sustained demand. The rate of gold was the same until the 11th of October. This trend was seen throughout the month wherein rate of gold was largely steady for days at a time before varying slightly. This was also the highest at which gold traded for the month of October in Siliguri.
- On the 14th of October, rate of gold reduced to a low of Rs.2,103 per gram due to market fluctuations and a decrease in demand for this precious metal.
- However, gold rate improved marginally after this.
- However, despite the stability in prices, there was a decline of 3.51% noted in the price of gold at the end of October.
Gold Rate Trend for Siliguri in November 2016
- During the beginning of November, price of gold in Siliguri was quite high at Rs.3,190 per gram. This rate was sustained until the next day as well after which prices increased steeply to Rs.3,190 on the 3rd November and 4th November. This was also the highest rate at which gold was priced during the month.
- A high demand was noted in domestic and international markets which contributed to an increase in the rate of gold. However, this demand declined as the month progressed due to market fluctuations and other factors.
- On the 5th of November, the rate of gold was Rs.3,102 per gram and stayed steady at this the next day as well.
- On November 8th, Prime Minister Narendra Modi announced the ban of cash notes worth Rs.500 and Rs.1,000 in order to curb corruption and the rise of black money. This was termed as demonetization. There was a severe cash crunch after this but the price of gold remained high with a few minor fluctuations.
- Gold reached Rs.3,154 per gram in the aftermath of the demonetisation announcement and stayed there for a couple of days until the 13th of November before reducing again.
- Rate of gold continued to decline as the weeks progressed before trading at a low of Rs.2,919 per gram on the 27th of November after which a marginal increase was witnessed in gold rate.
- As the month drew to a close the price of gold varied before closing at Rs.2,926 per gram which was quite low as compared to the previous months. A number of factors contributed to a decline of 6.51% in the price of gold.
Gold Rate Trend for Siliguri in December 2016
- The price of gold on the 1st of December was Rs.2,884 per gram and this rate was steady until the next day.
- However, this rate could not be sustained any further and reduced to Rs.2,877 per gram. This rate was the sustained until the next day after which there was an increase of Rs.32 in the rate of gold
- However, as the weeks progressed, the price of gold declined with a few minor variations here and there.
- From 15th December to 20th of December, the rate of gold was steady at Rs.2,808 per gram which could be attributed to sustained demand both in India and abroad.
- During the last week of December, gold rate was steady at Rs.2,800 per gram which was the lowest price at which gold traded for the month of December.
- Prices declined after the 20th to hover between Rs.2,767 per gram to Rs.2,848 per gram. The lowest rate at which gold traded for the month of december was noted on the 24th of December until the 26th of December wherein gold was priced at Rs.2,749 per gram.
- On the last day of the month, the price of gold was Rs.2,843 per gram. A decline of 1.42% was recorded over with respect to gold rate.
Gold Rate Trend in Siliguri for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,252 per gram||Rs.3,271 per gram||Rs.3,218 per gram|
|Last day||Rs.3,292 per gram||Rs.3,237 per gram||Rs.3,244 per gram|
|Highest price||Rs.3,305 per gram on 7th July||Rs.3,287 per gram on 5th to 7th August||Rs.3,244 per gram from 7th September to 29th September|
|Lowest price||Rs.3,218 per gram on 27th and 29th July||Rs.3,232 per gram on 9th August||Rs.3,200 on 5th and 6th September|
Gold Rate Trend of Siliguri in July 2016
- Gold traded at Rs.3,252 per gram on 1st July.
- Gold prices climbed in the first week with the highest price for this month recorded on 7th July at Rs.3,305.
- Demand for gold was stable in the domestic market as well as the global market.
- Expectations of the Fed rate hike were present but did not affect gold rates drastically.
- Gold traded at Rs.3,292 per gram on the last day of July which marked an increase of 1.23% in gold rates this month.
Gold Rate Trend of Siliguri in August 2016
- The price of gold was Rs.3,271 per gram on 1st August.
- Demand was high at the start of the month, but strong anticipation of the interest rate hike by the U.S. Federal Reserve flooded the market.
- Bearish sentiments sent gold prices down.
- On 5th to 7th August, gold traded at Rs.3,287 per gram the highest price of the month.
- Gold rates fell to Rs.3,237 per gram by the end of the month.
- There was a drop in gold rates by 1.04% this month.
Gold rate trend of Siliguri in September 2016
- Initially, trends in the global market had its negative effects on gold rates.
- Bearish sentiments soon turned bullish as the U.S. Federal Reserve put the interest rate hike on hold.
- Gold traded at Rs.3,218 per gram at the start of the month, and by 7th September, prices climbed to Rs.3,244 per gram.
- A constant trend swept over prices in Siliguri as demand was stable.
- Gold traded at Rs.3,244 per gram till the end of the month.
Gold Rate Trend in Siliguri for April 2016 to June 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,989 per gram||Rs. 3,154 per gram||Rs.3,015 per gram|
|Last Day||Rs. 3,154 per gram||Rs. 3,018 per gram||Rs.3,221 per gram|
|Highest Price||Rs. 3,154 per gram on April 30||Rs. 3,154 per gram on May 20||Rs.3,266 per gram on 27th June|
|Lowest Price||Rs. 2,989 per gram on April 5||Rs. 3,018 per gram on May 31||Rs.2,988 per gram on 3rd June|
|Trend||Rise||Decline||Increase in price|
Gold Rate Trend of Siliguri in April 2016
- Gold opened the month at Rs. 2,989 per gram.
- Gold prices fluctuated quite a bit in the month of April owing to lukewarm response from Jewellers and traders.
- Gold closed the month at Rs. 3,154 per gram.
Gold Rate Trend of Siliguri in May 2016
- There were no major changes in demand and the rate remained unchanged at Rs. 3,154 per gram on the first day of May.
- Gold price reduced as the month progressed in the expectation of a federal reserve rate hike.
- The price declined to Rs. 3,018 per gram on the 31st of May.
Gold Rate Trend of Siliguri in June 2016
- Gold prices increased steadily as the demand for gold rose due to increased demand and the British referendum.
- Prices stabilised around the middle of the month as domestic demand was steady in spite of global demand being stagnant.
- The referendum led to market fluctuations and gold prices rising, with the Dollar weakening.
- The referendum result prompted investors to invest in gold, pushing prices up.
- Gold closed at Rs.3,221 per gram.
|1st Day||Rs. 2,601 per gram||Rs. 2,775 per gram||Rs. 3,068 per gram|
|Last Day||Rs. 2,775 per gram||Rs. 3,068 per gram||Rs. 2,989 per gram|
|Highest Price||Rs. 2,789 per gram on January 27th||Rs. 3,068 per gram on February 29th||Rs. 3,093 per gram on March 12th|
|Lowest Price||Rs. 2,601 per gram on January 1st||Rs. 2,775 per gram on February 1st||Rs. 2,989 per gram on March 31st|
Gold Rate Trend of Siliguri in January 2016
- Gold traded at Rs. 2,601 per gram on the 1st of January without many changes over the few days
- Gold rose steadily in the month of January owing to good demand.
- Gold hit the highest rate for January on 31st at Rs. 2,775 per gram.
Gold Rate Trend of Siliguri in February 2016
- Gold traded at the same rate as on the last day of January on the first day of February too at Rs. 2,775 per gram.
- February witnessed a steady rise in Gold prices as it shot up to Rs. 3,068 per gram on 26th of February.
- Gold gained by 10.55% in the month of February.
Gold Rate Trend of Siliguri in March 2016
- Gold managed to hold steady at Rs. 3,068 on the 1st of March.
- Gold hit its highest for the month at Rs. 3,093 per gram on the 12th of March
- But gold witnessed a steady downfall in the last two weeks of March and stood at Rs. 2,989 per gram at the end of March.
Gold investment avenues in Siliguri
Investing in gold is extremely popular in India, and people strive to own gold regardless of the place they stay in. Residents of Siliguri are no different, and purchase gold both as an investment and as family heirlooms. Most weddings and celebrations require gold purchase, with people passing it down from generation to generation. Two of the popular modes to invest in gold in Siliguri are mentioned below.
Over-the-counter – Most residents of Siliguri prefer to buy gold from jewellery stores, with the town having a number of such stores offering different products. Gold bars, coins, jewellery (bangles, bracelets, chains, etc.) are the popular modes of owning gold. One can buy gold coins from banks as well, though the cost of gold purchased from banks can be costlier on account of purity certificates provided by them. One can buy gold of different purity levels from jewellers, while banks typically offer either 22 or 24 karat gold only.
Market trade – Market trade of gold is not very popular in Siliguri, with people preferring over-the-counter purchases. Individuals who are keen on investing in gold through the markets, can however do so through the Mumbai Stock Exchange or the National Stock Exchange, with an option to invest in gold ETFs, gold futures or E-gold.
Also Check Gold Price in NearBy Cities of Siliguri
|Gold Rate In Kolkata||Gold Rate In Ranchi||Gold Rate In Jamshedpur|
|Gold Rate In Guwahati||Gold Rate In Patna|
- Also Check: Gold Rate in West Bengal
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