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Solapur is south eastern city of Maharashtra. It is the 43rd largest agglomeration and the 4th largest district in Maharashtra. It is also the 43rd largest populated district of India. The gold consumption is also high due to the high population. The demand for gold increases during the festivals and wedding season. The gold rate depends on the international gold rate.
Gold Rate in Solapur
Gold rate in Solapur is determined by the purity of gold. Buyers can buy either 24 karat, 22 karat, 18 karat or 14 karat gold. 14 karat is cheap and 24 karat gold is expensive. Gold rate in Solapur changes according to the international gold market. The gold rate in Solapur had fallen considerable in 2015 and the rates picked up in January, 2016.
24 karat gold:
24 karat gold is the purest form of gold. It includes 99.95% gold mass which makes it a very soft metal therefore it cannot be used to make jewellery or other ornaments. The gold rate for 24 karat gold in Solapur is Rs.29,760 per 10 grams as on 11th March, 2016.
22 karat gold:
22 karat gold on the other hand includes 91.6% gold mass making it a highest quality gold. This is used to make jewellery and ornaments because it has a shiny yellow coat. The 22 karat gold brightness depends on the metal that it is alloyed with. Mostly 22 karat gold is alloyed with silver or copper. You will get a reddish tint when 22 karat gold is mixed with copper. When zinc is added to copper it neutralises the rose color making it look yellow.
Jewellers believe that the best quality is when the 22 karat gold is alloyed with silver. It is the common form of retail gold jewellery. But, it is worn off easily so you must take special care of the ornament. The gold rate for 22 karat gold in Solapur is Rs.27,820 per 10 grams as on 11th March, 2016.
18 karat gold:
18 karat gold includes only 75% of the gold mass and this makes it the popular karat for jewellery. It provides sufficient strength to hold the gemstones, diamonds and emeralds in place. Pink and rose gold are 18 karat gold.
14 karat gold:
14 karat gold comprises of 58.3% gold mass and it is the cheapest type of gold jewellery. You get a dull bronze color when 14 karat gold is alloyed with copper. You will get white gold when you alloy 14 karat gold with silver or nickel.
Gold Rate Trend in Solapur for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,112 per gram||Rs.3,249 per gram||Rs.3,212 per gram|
|Last day||Rs.3,249 per gram||Rs.3,225 per gram||Rs.3,279 per gram|
|Highest price||Rs.3,249 per gram on 31st July||Rs.3,283 per gram on 18th August||Rs.3,285 from 23rd September to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 on 1st September|
Gold Rate Trend of Solapur in July 2016
- Gold traded at Rs.3,112 per gram on July 1st.
- Demand was high this month as the market was ruled by positive trends.
- Talk about the Fed rate hike was dull but expectations of monetary stimulus from central banks grew strong in the market.
- By the end of the month, gold prices reached their highest rate seen in July which was Rs.3,249 per gram.
- There was an increase of 4.40% in gold rates this month.
Gold Rate Trend of Solapur in August 2016
- Bullish sentiments continued into the month of August with gold trading at Rs.3,249 per gram on 1st August.
- By 18th August, gold rates had reached their highest for the month at Rs.3,283 per gram.
- The U.S. Federal Reserve raised expectations of the rate hike in light of strong economic data.
- Gold prices started to fall as demand for the metal dropped.
- The lowest price for this month was Rs.3,225 per gram on 31st July.
- Gold rates fell by 0.74% this month.
Gold Rate Trend of Solapur in September 2016
- Gold traded at Rs.3,212 per gram on 1st September.
- In light of the upcoming presidential elections, the U.S. Federal Reserve decided to put the interest rate hike on hold for now.
- Demand for gold picked up as the market turned bullish.
- Gold traded at Rs.3,285 per gram on 23rd to 26th September which was the highest rate for this month.
- By the end of the month, gold prices had climbed up by 2.08%.
Gold Rate Trend in Solapur 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.3,038 per gram|
|Last Day||Rs. 3,154 per gram||Rs. 3,018 per gram||Rs.3,112 per gram|
|Highest Price||Rs. 3,154 per gram on April 30||Rs. 3,154 per gram on May 1||Rs.3,192 per gram on 27th June|
|Lowest Price||Rs. 2,989 per gram on April 1||Rs. 3,018 per gram on May 31||Rs.3,015 per gram on 3rd June|
|Trend||Rise||Decline||Increase in price|
Gold Rate Trend of Solapur in April 2016
- There were very minor fluctuations in the rate of gold throughout the month of April.
- The highest rate of gold in the month was on the last day with gold trading at Rs. 3,154 per gram.
- The lowest rate of gold was on the first of the month wherein gold was priced at Rs. 2,989 per gram.
Gold Rate Trend of Solapur in May 2016
- Gold rate traded at Rs. 3,154 per gram on the first day of the month.
- However, as the month progressed, there was a decline seen in the rate of gold due to Greece’s default crisis and expectation of interest rate hike by U.S. Fed..
- The lowest rate of gold in the entire month was on the last day of the month, at Rs. 3,018.
Gold Rate Trend of Solapur in June 2016
- Gold prices in Solapur reached highs as the markets were unsteady due to the British referendum.
- Markets were stable at the beginning of the month but demand for gold was steady in spite of the strong markets.
- Prices stabilised as the month continued, with the Dollar gaining ground on other currencies.
- The result of the referendum led to equities falling and gold prices rose sharply before settling at Rs.3,112 per gram.
Gold Rate Trend in Solapur for January 2016 to March 2016 (per gram of 24 karat gold)
|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 27||Rs. 3,068 per gram on February 29||Rs. 3,093 per gram on March 13|
|Lowest Price||Rs. 2,601 per gram on January 1||Rs. 2,775 per gram on February 1||Rs. 2,989 per gram on March 31|
Gold Rate Trend of Solapur in January 2016
- Gold traded at Rs. 2,601 on the 1st of January.
- Although there were minor fluctuations seen in the rate of gold, the price was relatively stable.
- A rise of 6.68% was noted in the price of gold as the month progressed.
- The highest price was seen on the 27th of January at Rs. 2,789 per gram.
Gold Rate Trend of Solapur in February 2016
- At the beginning of the month, gold traded at Rs. 3,068 per gram.
- As the month progressed, there was a rise seen in the prices of gold due to steady demand and wedding season.
- Gold rates closed at Rs. 2,775 per gram on the 29th of February which was a rise of 10.55% as compared to the beginning of the month.
Gold Rate Trend of Solapur in March 2016
- As the month of March progressed, there was a reduction in the price of gold due to an ongoing jeweller’s strike and expectation of rate hike by the U.S. Fed.
- Gold rate touched its lowest on 31th March at Rs. 2,989 per gram.
- A decline of 2.57% was noted in the rate of gold at the end of the month as compared to the beginning.
Gold investment avenues in Solapur
Indians love buying gold either as a jewellery or to invest. Gold sales are the highest during the festivals and wedding season. As gold is treated as a safe haven asset, investors also buy gold to protect themselves from the fluctuating market. Gold can be brought in Solapur in the following ways:
- Over the counter purchases:
Residents of Solapur prefer to look at the jewellery and try it on before actually buying it. There are a various jewellers in Solapur from where people can buy gold in any form. Gold can also be brought in the form of coins and bars from the bank as well as the jewellers. When you are buying gold from the bank it is costlier, as you get a purity certificate.
- Market trade:
Gold can now be purchased from anywhere as you can have access to E-gold, futures and ETFs. E-gold is traded through National Spot Exchange. Bombay Stock Exchange trades ETFs. Trading in gold is subject to certain risk which you must be aware of before you start trading.
- Also Check: Gold Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Solapur
|Gold Rate In Amravati||Gold Rate In Nanded||Gold Rate In Sangli||Gold Rate In Jalgaon|
|Gold Rate In Kolhapur||Gold Rate In Mumbai||Gold Rate In Nagpur||Gold Rate In Pune|
|Gold Rate In Aurangabad||Gold Rate In Thane||Gold Rate In Nashik||Gold Rate In Hyderabad|
Read more on Gold
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- Gold Rate Outlook for India in 2016
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