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Gold Rate in Srinagar
Srinagar is among the most beautiful capital cities in India. The city is steeped in scenic beauty and is among the top tourist destinations in the country. The residents of Srinagar have an affinity towards gold and this is evident in the demand for gold and gold products in the city. Gold rates in Srinagar provide a good benchmark for gauging gold rates in this northernmost state of India.
The primary demand for gold in Srinagar is in the form of jewelleries and ornaments. The city has branches of some of the largest gold traders in the country, providing the residents with ample options to buy gold from. The demand is both from the urban populace as well as the rural folks.
Gold Rate Trend in Srinagar for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,930 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st-4th October||Rs.3,213 per gram on 5th November and 6th November||Rs.2,893 per gram on 1st December|
|Lowest price||Rs.3,088 per gram from the 6th of October to the 25th of October||Rs.2,929 per gram from 25th November to 27th November||Rs.2,800 per gram from 23rd December to 28th December.|
Gold Rate Trend for Srinagar in October 2016
- Gold was priced at Rs.3,205 per gram on 1st October in Srinagar, with prices remaining the same over the next three days due to high demand until the 4th of October as well.
- There were very few variations in demand due to a resurgent U.S. Dollar and recovering stock markets. However, despite external factors, the largely stable demand for gold was reflected in the relatively stable prices. Upcoming wedding season was also a factor that contributed to stable gold rates.
- The price of gold was completely stable at Rs.3,088 per gram for 24 carat gold from the 6th of October to the 25th of October. This is quite unusual but due to stable demand in both domestic and international markets could have contributed to this stability in prices.
- Despite varying markets as the final phase of polling in the U.S. elections was underway, the U.S. Dollar was stable a result of positive economic policies and reflected in stable gold prices.
- Towards the end of the month, from the 26th of October, the price of gold was steady at Rs.3,099 per gram and continued till the last day of October.
- However, despite the stability in rates, there was a decline of 3.16% noted in the price of gold at the end of October as compared to the beginning of the month.
Gold Rate Trend for Srinagar in November 2016
- The beginning of November saw gold trade at a high price of Rs.3,099 per gram. However, right from the second day of November, a rise was noted in the price of gold due to uncertainty in the international markets.
- Price of gold was steady at Rs.3,150 per gram on the second and third day of November and rose even further the next day to trade at Rs.3,192 per gram.
- Gold traded at an unprecedented high of Rs.3,213 per gram on the 5th and 6th November making this the highest rate at which gold traded at for the month of November.
- The unexpected victory of Donald Trump in the U.S. Presidential elections led to markets declining.
- This month was also the time when Prime Minister Narendra Modi unexpectedly put forth the rule banning notes worth Rs.1,000 and Rs.500 as means to curb corruption. This announcement led to severe cash crunch.
- Gold reached Rs.3,211 per gram in the aftermath of the demonetisation announcement and stayed there for a couple of days before plunging again.
- From the 11th of November to the 16th of November, price of gold was steady at Rs.3,071 per gram before marginally reducing. International markets steadied, leading to decreasing demand for gold and costlier imports.
- However this rise in price could not be sustained and price of gold plunged again to Rs.2,971 and then Rs.2,929 per gram on the 25th of November which was the lowest rate at which gold traded at for the month of November.
- As the month drew to a close the price of gold fluctuated slightly before closing at Rs.2,941 per gram which was again quite low as compared to the previous months. A number of factors contributed to a decline of 5.45% in the price of gold as compared to the beginning of the month.
Gold Rate Trend for Srinagar in December 2016
- Demonetization had a negative impact on the demand for gold and was a reflection of the international trend as well, resulting in a decline the price of gold as compared to the month of November.
- Gold opened at Rs.2,893 per gram on the 1st of December and was steady until the next day.
- Price of gold declined slightly the next day to trade at Rs.2,887 per gram and continued at this rate until the 7th after which a slight rise was noted in the price of gold.
- The rate of gold was steady at Rs.2,864 per gram until the 14th of December after which the price of this precious metal declined again to trade at Rs.2,822 per gram until the 22nd of December.
- The price of gold was steady at Rs.2,800 per gram during the last week of December which was also the lowest rate at which gold traded at for the entire month of December.
- Gold traded at Rs.2,844 per gram on 31st December, recording a decline of 1.72% due to low demand.
Gold Rate Trend in Srinagar for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram from 7th to 9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th to 12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th to 31st August||Rs.3,184 per gram on 1st and 2nd September|
Gold Rate Trend of Srinagar in July 2016
- Gold traded at Rs.3,167 per gram on 1st July.
- Gold prices increased as demand was high in domestic and global markets.
- On 7th July, gold prices reached their highest for this month, trading at Rs.3,227 per gram till 9th July.
- Positive economic data strengthened the markets and gold prices started to fall.
- Towards the end of the month, the dollar weakened leading to a rise in gold prices again.
- Gold traded at Rs.3,219 per gram on 31st July.
- There was an increase of 1.64% in gold rates this month.
Gold Rate Trend of Srinagar in August 2016
- As demand for gold stabilised, prices remained relatively stable at the start of the month.
- Gold traded at Rs.3,219 per gram on 1st August and remained unchanged till 9th August.
- With the festive season soon approaching, jewellers increased their buying which led to a spike in gold prices.
- Towards the latter half of the month, a chorus of the Fed rate hike grew louder in the global market resulting in demand for gold sliding down.
- Gold traded at Rs.3,205 per gram on the last day of the month. There was a drop in gold prices by 0.43% this month.
Gold Rate Trend of Srinagar in September 2016
- Gold recovered this month on the back of positive trends in the global market.
- The lowest rate for this month was Rs.3,184 per gram on 1st and 2nd September after which demand picked up.
- The interest rate hike by the U.S. Federal Reserve was put off till December since the U.S. presidential elections were drawing near.
- The market turned bullish and gold gained its safe-haven appeal.
- Gold rates climbed to Rs.3,217 per gram by the end of the month leading to an increase of 1.04%.
Gold Rate Trend in Srinagar for April 2016 to June 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,943 per gram||Rs. 3,119 per gram||Rs. 2,960|
|Last Day||Rs. 3,119 per gram||Rs. 2,960 per gram||Rs. 3,167|
|Highest Price||Rs. 3,119 per gram on April 30||Rs. 3,120 per gram on May 7||Rs. 3,182 per gram on 28th June|
|Lowest Price||Rs. 2,933 per gram on April 5||Rs. 2,960 per gram on May 31||Rs. 2,950 per gram on 2nd June|
Gold Rate Trend of Srinagar in April 2016
- There were fluctuations seen in the rate of gold on the first and third week of April mainly.
- The highest rate of gold in the month was on the last day with gold trading at Rs. 3,119 per gram.
- The lowest rate of gold was on the 5th of April wherein gold was priced at Rs. 2,933 per gram.
Gold Rate Trend of Srinagar in May 2016
- On the first day of the month, gold traded at Rs. 3,119 per gram.
- 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 highest rate of gold in the entire month was on the 7th of May, at Rs. 3,120.
Gold Rate Trend of Srinagar in June 2016
- Gold traded at Rs.2,960 per gram on the first day of the month.
- Price of gold declined by Rs.10 the next day and stayed steady at Rs.2,950 per gram for the rest of the week.
- Continuing from the previous day, the rate of gold was Rs.2,950 on the 5th of June and significantly increased after that.
- Rate of gold was steady at Rs.3,003 per gram on the 6th and 7th of June and declined slightly after that.
- Gold rate was steady at Rs.3,006 per gram on the 10th and 11th of June.
- Price of gold was Rs.3,006 on the first day of the week and increased by Rs.50 the next day.
- Gold was steady at Rs.3,066 per gram from the 14th to 16th of June.
- Price of gold rose to Rs.3,109 per gram on the 17th and remained the same on the 18th as well.
- There were many fluctuations in the rate of gold over the course of the week.
- Gold opened at Rs.3,109 per gram on the 19th and stayed the same even on 20th june.
- Prices increased after that until the 22nd after which gold rate declined to Rs.3,098 per gram and stayed the same until 25th June.
- Price of gold was steady at Rs.3,098 per gram until the 27th and rose to Rs.3,182 per gram on 28th and 29th which was also the highest for the month.
- Gold closed at Rs.3167 per gram on 30th June.
|1st Day||Rs. 2,585 per gram||Rs. 2,756 per gram||Rs. 3,030 per gram|
|Last Day||Rs. 2,756 per gram||Rs. 3,037 per gram||Rs. 2,948 per gram|
|Highest Price||Rs. 2,772 per gram on January 28||Rs. 3,049 per gram on February 26||Rs. 3,030 per gram on March 1|
|Lowest Price||Rs. 2,580 per gram on January 2||Rs. 2,756 per gram on February 1||Rs. 2,948 per gram on March 31|
Gold Rate Trend of Srinagar in January 2016
- Gold opened at Rs. 2,585 per gram on the 1st of the month.
- There were a few minor fluctuations noted on the first and the fourth week but was relatively stable on other days.
- A rise of 6.61% was noted in the price of gold as the month progressed.
- The highest price was seen on the 28th of January at Rs. 2,772 per gram.
Gold Rate Trend of Srinagar in February 2016
- A rise of 10.19% was seen in the price of gold as the month progressed.
- Gold traded at Rs. 3,049 per gram on the 26th of the month which was also the highest for February.
- Increase in demand and wedding season could be attributed to the rise in gold prices.
Gold Rate Trend of Srinagar in March 2016
- As the month of March progressed, there was a decrease of 2.70% 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. 2,948 per gram.
- The highest price at which gold traded at during the month of March was on the 1st at Rs. 3,030 per gram.
Details of Gold Price in Srinagar (22 Karat & 24 Karat) - Till September 2015
Gold rate in Srinagar for the year 2015 (1st April till 30th September) for 22 karat and 24 karat varieties are discussed below:
22 karat gold (price per gram): Gold rate on 1st April was Rs.2,435. Prices stayed at the same levels for the most part of April before peaking on 19th May at Rs.2,566. Rates started depreciating from then on and slid to Rs.2,501 by 31st May. June saw a general downward trend of rates with a localized peak of Rs.2,506 on 19th of the month. Prices fell steeply in July and touched Rs.2,289 on 31st July. August saw a recovery in rates which touched a high of Rs.2,550 on 25th of the month. Prices in September were volatile though they stayed in a stable limit and ended the month at Rs.2,432.
24 karat gold (price per gram): Gold rate on 1st April was Rs.2,649, which gradually increased over the month and for the first part of May to touch Rs.2,792 on 19th May. Rates then fell to Rs.2,721 by 31st May, before declining further to Rs.2,697 by 10th June. There was a slight appreciation in the next few days, however July saw the most sustained fall in gold rates in the last 5 years. Prices bottomed out at Rs.2,492 on 25th July and fell further in the first few days of August before gaining some value around mid-August. September gold rates started at Rs.2,687 and ended at Rs.2,648, a slight decline overall.
Gold buying patterns in Srinagar
Gold is popularly sold as jewelleries in Srinagar, with coins and bullions also being sold in the city.
Physical gold: Gold ornaments and jewelleries are available throughout the city and residents prefer shopping in the stores located there. Coins and bullions are available from gold dealers and traders based in the city, with bullions being the pure block of metal sold at close to market rates and in larger quantities. Coins are a little expensive and are mainly purchased for gifting or religious purposes.
Traded gold: Residents of Srinagar can purchase gold from spot and futures contracts which gives them the option to purchase gold at cheaper rates. The physical gold is delivered on a date as per the terms of the contract.
Also Check Gold Price in NearBy Cities of Srinagar
|Gold Rate In Chandigarh||Gold Rate In Jammu||Gold Rate In Ludhiana|
|Gold Rate In Shimla||Gold Rate In Delhi|
- Also Check:Gold Rate in Jammu and Kashmir
|Also Know: Silver Rate in Srinagar|
Read more on Gold
- All that you need to know about the Gold Monetization Scheme
- Everything you need to know about Sovereign Gold Bond Scheme
- Lack of Credibility in India’s Hallmarked Jewelleries
- Why Investing In Gold Is A Golden Opportunity
- How To Buy Gold Coins/Bars (Bullion) Online