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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 from October to December 2016 (rates per gram for 24 karat gold)
|1st day||Rs.3,249||Rs.3,168 per gram||Rs.2,938 per gram|
|Last day||Rs.3,168||Rs.2,975 per gram||Rs.2,884 per gram|
|Highest price||Rs.3,249 on 1st and 2nd October||Rs.3,247 per gram on 11th November||Rs.2,938 per gram from 1st to 7th|
|Lowest price||Rs.3,123 from 7th October to 9th October||Rs.2,949 per gram on 25th November||Rs.2,810 per gram on the 22nd and 26th|
Gold Rate Trend in Solapur for October 2016
- In the fourth quarter of the year, the price of gold on the 1st of October in Solapur was Rs.3,249. However, there were a number of variations noted in the rate of gold and as the days progressed, due to a dip in demand, price of gold plunged to Rs.3,123 per gram on the 9th.
- On 10th, price of gold increased to Rs.3,135 per gram and continued from there to Rs.3,143 per gram on 13th of October. However, this increase in gold rate could not be sustained and the price of gold reduced to Rs.3,133 per gram on the 14th of the month.
- Due to fluctuations in demand, price of gold varied as well and traded at Rs.3,154 per gram on the 20th.
- The last 10 days of October saw prices stabilise and rise to trade at Rs.3,168 per gram on the 26th and continued at the same rate till the end of the month.
- Overall, there was a decline of -2.49% seen in the price of gold in the month of October in Solapur.
Gold Rate Trend in Solapur for November 2016
- Price of gold was relatively high during the month of November in Solapur. Rate of gold depends on a number of factors including demand in both international and domestic markets as well as political factors.
- On the 1st of November, gold traded at Rs.3,168 per gram which was quite high due to sustained demand. The ongoing wedding season in India contributed to this high rate as well.
- Gold continued trading at a high rate and which then increased to Rs.3,197 by the 9th as demand for this precious metal increased.
- On the 8th of November, notes worth Rs.500 and Rs.1,000 were banned by the government led by Prime Minister Narendra Modi in an effort to curb corruption. This move came to be known as demonetization and during the next few days, a severe cash crunch was witnessed.
- Rate of gold increased on the 11th to Rs.3,247 per gram which could be attributed to sustained demand.
- However, the rate of gold declined from the 13th of November as PAN card was made mandatory for gold purchases of more than Rs.2 lakh leading to a reduction in demand.
- From 13th of November to 18th of November, rate of gold was steady at Rs.3,082 per gram but reduced after to Rs.3,009 per gram on the 19th.
- Rate of gold continued declining as the price hit Rs.2,976 per gram on 24th and then to Rs.2,949 per gram on the 25th.
- As issues regarding cash crunch declined slightly, gold rates picked up to trade at Rs.2,975 per gram at the end of the month.
- The month of November saw an overall decline of -6.09% in Solapur regarding the price of gold.
Gold Trend Rate in Solapur for December 2016
- Demonetization resulted in a severe cash crunch, affecting the economy and the U.S Election results continued to have an impact on the rate of gold even during the month of December.
- This precious metal opened at Rs.2,938 per gram which was a decline of Rs. 37 from the last day of November.
- Although, prices remained steady until the 7th of December, it reduced to Rs.2,907 per gram on the 8th.
- On 10th December, rate of gold declined to hit Rs.2,879 per gram and then to Rs.2,842 per gram on the 16th.
- As the weeks progressed, the price of gold declined to Rs.2,826 per gram on the 17th and continued at the same rate till 21st but reduced again to Rs.2,810 per gram on the 22nd of the month.
- Towards the end of the month, the rate of gold slightly improved to close at at Rs.2,884 per gram.
- Overall, the month of December saw a decline of -1.83% in the price of gold as compared to that at the beginning of the month.
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.
|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|
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