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Gold Rate in Surat
Surat is a port city situated on the banks of the Tapti river, and was a major seaport in the West India until the East India Company shifted the presidency to Bombay (now Mumbai). Surat is popularly known for its diamond cutting and polishing, textiles, and for diamond-studded gold jewellery manufacturing. Surat itself accounts for 90% of the world’s diamond cutting and polishing, 99.9% of the country’s total rough diamond cutting and polishing, and 90% of the country’s total diamond exports. The demand for gold in the city is boomed with the falling gold prices with a 5 year low mark. Like all cities in India, Surat’s demand is keeping up with the exports and manufacturing jewellery, and keeping up with the upcoming festivities like Teej, Diwali and the big Indian wedding season. Jewellers are expecting to have a good season this year despite the fall in price of the precious metal worldwide.
Trend of Gold Rate in Surat for October 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st October 2017||Rs.3,109 per gram|
|Gold Rate on 31st October 2017||Rs.3,087 per gram|
|Highest Rate in October||Rs.3,133 per gram from 12 to 16 October|
|Lowest Rate in October||Rs.3,073 per gram on 27 to 28 October|
|Overall Monthly Performance||Decline|
October 2017-Week 1 (1st to 8th)
- Bullion trading in Surat, where the demand for the precious metal is always overwhelming, opened at Rs.3,109 per gram.
- The gold price in Surat tumbled as the weak progressed due to the weak trend in US and reduced the appeal of the metal as a safe haven.
- The strong US manufacturing data strengthened the dollar rate helping the gold to touch seven week low.
- On 3 October gold traded at Rs.3,097 per gram and then remained steady for next two days at Rs.3,102 per gram. The drop in the price increased enthusiasm among the pre-festive buyers.
- The sovereign bond scheme implemented by the finance minister dropped the gold rates further to trade the yellow metal at Rs.3,087 per gram.
- The week ended with the same price owing to the strong equity markets.
October 2017-Week 2 (9th to 15th)
- On the first day of week 2, gold jumped Rs.31 per gram and traded at Rs.3,118 per gram as the demand from buyers as well as retailers was high.
- The pre-diwali season turned to be the double bonanza for the gold buyers when the government revived its mandatory KYC norms and eased it for the season.
- As the demand was high, gold traded at Rs.3,118 per gram until 11 October and further touched the month’s highest that is Rs.3,133 per gram.
- The gold price in Surat remained stable till the end of the week. Moreover, the blooming geopolitical tension also attributed the gold to be on the higher side.
October 2017-Week 3 (16th to 22nd)
- The unpredictable bullion market due to the North Korea’s nuclear power raised the gold’s price.
- The week began with gold traded at highest price, however as the week moved ahead, the prices fluctuated and dropped to Rs.3,123 per gram and remained stable for two days.
- Due to the negative global cues, gold price in Surat deteriorated on the dhanteras day and further dropped to Rs.3,103 per gram.
- The drop in price amid the diwali season was the inching US dollar, which turned useful for the buyers.
- The price remained stable for four days and the week ended with gold priced Rs. 3,103 Per gram.
October 2017-Week 4 & Week 5 (23rd to 31st)
- Gold rates in Surat dropped as the week 4 started.
- On 27 October and 28 October, gold was traded at Rs.3,073 per gram, the month's lowest due to the stability in US economy.
- The aftermaths of Hurricane IRMA and Harvey increased the gold price in Surat to Rs.3,083 per gram on 29 October and closed the week with gold traded at Rs.3,087 per gram.
- Strengthening of US dollar resulted the yellow metal’s price to be stable at the end of the month in Surat.
Trend of Gold Rate in Surat for September 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st September 2017||Rs.3,079 per gram|
|Gold rate on 30th September 017||Rs.3,109 per gram|
|Highest Rate in September||Rs.3,194 per gram on 8, 9 and 10 September|
|Lowest Rate in September||Rs.3,068 per gram on 5, 6 and 7 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st-10th)
- The week began with gold trading at Rs.3,079 per gram on the 1st.
- Prices remained the same the next day due to steady demand from investors and retail customers.
- Gold rate in Surat rose marginally to Rs.3,084 per gram on the 3rd, but dipped to Rs.3,071 per gram on the 4th.
- The 5th, 6th and 7th of September witnessed gold trading at Rs.3,068 per gram, the lowest monthly figure.
- However, North Korea’s tests on nuclear weapons proved to be favourable for gold trade.
- Gold price in Surat surged to trade at Rs.3,194 per gram on the 8th. Prices remained steady until the 10th due to steady global as well as domestic demand for the precious metal.
September 2017 - Week 2 (11th-17th)
- Gold opened low at Rs.3,160 per gram on the 11th as local demand for the metal declined.
- The recovery of the US dollar led to gold rates decline as the week progressed.
- Gold rate in Surat declined to Rs.3,140 per gram on 12th, and dropped further to Rs.3,139 per gram on the 13th.
- The yellow metal’s prices in Surat rose to Rs.3,149 per gram on the 15th, but slipped to Rs.3,139 per gram on the 16th.
- Steady demand for the metal resulted in prices remain untouched the next day.
September 2017 - Week 3 (18th-24th)
- The third week opened with gold trading at Rs.3,128 per gram on the 18th.
- The 19th saw gold rate in Surat fall to Rs.3,112 per gram as the US dollar and stock markets improved.
- Gold traded at Rs.3,133 per gram on the 20th, which slid further to Rs.3,131 per gram the next day.
- Prices remained untouched at Rs.3,131 per gram for the rest of the week due to steady demand for the metal.
September 2017 - Week 4 (25th-30th)
- The last week of September began with gold trading at Rs.3,117 per gram on the 25th.
- The yellow metal prices surged to touch the highest monthly figure of Rs.3,165 per gram on the 26th as domestic demand for the metal increased due to the festive season.
- The 27th saw gold rates in Surat fall to Rs.3,145 as the US dollar value marginally increased subsequently leading to reduced domestic demands.
- Gold prices in Surat declined to Rs.3,118 per gram on the 29th, which dropped further to Rs.3,109 per gram on the 30th as the US economy began to recover, leading to investors and retail customers delaying purchases.
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.3,003 per gram|
|August 31 Rate||Rs.3,056 per gram|
|Highest Rate in August||Rs.3,056 per gram on 30 & 31 August|
|Lowest Rate in August||Rs.2,979 per gram on 7 August|
|Overall Monthly Performance||Incline|
August ‘17- Week 1 (1st to 6th)
- Gold opened the month trading at Rs.3,003 per gram on 1 August as demand was steady overseas.
- Local demand was poor as jewellers and industry alike lowered demand after the imposition of GST.
- Gold price in Surat remained the same till the middle of the week after which gold fell to Rs.2,998 per gram on 4 August due to minor fluctuations in demand.
- There was no change in the gold rate in Surat as the week ended on 6 August, with demand muted as the U.S. dollar gained ground.
August ‘17- Week 2 (7th to 13th)
- The week opened with gold falling to its lowest rate for the month, trading at Rs.2,979 per gram on 7 August due to a late rally by the dollar.
- Anticipation over U.S. jobs data also led to demand from overseas being poor, as gold rose marginally to trade at Rs.2,982 per gram on 8 August.
- Gold price in Surat rose as the week progressed as demand from industrial units began to rise following lower than expected employment growth rates.
- Gold traded at Rs.3,002 per gram on 9 & 10 August before surging to Rs.3,032 per gram on 11 August.
- Fear of a North Korean attack on U.S. soil led and continued war rhetoric led to markets plunging as investors rushed to gold.
- The week ended with gold priced in Suarat at Rs.3,032 per gram on 13 August.
August ‘17- Week 3 (14th to 20th)
- Gold rate in Surat remained constant as the week opened with gold priced at Rs.3,032 per gram on 14 August.
- Demand continued to rise as the yellow metal surged on the commodity exchanges, trading at Rs.3,046 per gram on 15 August.
- Volatile markets led to fluctuations in demand as gold fell to Rs.3,022 per gram on 17 & 18 August before rising to Rs.3,053 per gram on 19 August.
- A rise in local demand boosted gold price in Suarat as the week ended with the precious metal trading at Rs.3,053 per gram on 20 August.
August ‘17- Week 4 (21st to 27th)
- The fourth week saw gold prices trade at a consistent rate, opening at Rs.3,053 per gram on 21 August.
- Demand dipped marginally as gold fell to Rs.3,048 per gram on 23 August but fluctuations in the dollar rate led to increased orders from overseas markets.
- Gold price in Surat stabilised at Rs.3,053 per gram on 24 August and there was no change in the price till the end of the week.
- In spite of the dollar rate fluctuating, there was muted demand for gold from markets like China.
- The week ended with gold price in Surat, fixed at Rs.3,053 per gram due to stagnant demand.
August ‘17- Week 5 (28th to 31st)
- Prices were on the increase in the last week of August as renewed hostilities between North Korea led to markets falling.
- Gold traded at Rs.3,053 per gram on 28 August before falling to Rs.3,021 per gram on 229 August due to a drop in demand from both overseas as well as local markets.
- The drop in the U.S. dollar rate and the lack of clarity on an interest rate hike by the Federal Reserve led to an increase in the demand for gold.
- Gold rate in Surat rose to a monthly high of Rs.3,056 per gram on 30 August and remained the same as the month ended.
- In spite of prices stagnating towards the end of the month, gold price in Surat rose by 1.76% over the course of the month.
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.3,063 per gram|
|July 31 Rate||Rs.3,003 per gram|
|Highest Rate in July||Rs.3,079 per gram on 2 July|
|Lowest Rate in July||Rs.2,917 per gram on 11 July|
|Overall Monthly Performance||Decline|
July ‘17- Week 1 (1st - 9th)
- Gold price in Surat was on the decline in the first week of July in spite of a relatively weak U.S. dollar.
- The precious metal traded at Rs.3,063 per gram on 1 July and rose to Rs.3,079 per gram on 2 July as demand increased as the markets reacted negatively to continued allegations against the Trump administration.
- Gold price in Surat dipped to Rs.3,016 per gram on 3 July as local demand was poor following the imposition of the new GST tax regime.
- International demand was also poor, with the yellow metal seeing a decline in overseas demand.
- Prices did not change as the week drew to a close, resulting in gold trading at Rs.3,016 per gram on 9 July.
July ‘17- Week 2 (10th - 16th)
- Gold price in Surat fell further as the week began, with the metal trading at Rs.2,993 per gram on 10 July before plunging to Rs.2,917 per gram on 11 July.
- The U.S. dollar was boosted by higher growth figures as evidenced from U.S. jobs data, which led to the markets rallying.
- Gold traded at Rs.2,919 per gram from 12-15 July as the stable market and recovering dollar rate led to decreasing demand from international consumers.
- Gold prices rose as the week ended as oil prices impacted the U.S. dollar negatively, resulting in gold trading to Rs.2,932 per gram on 16 June.
June ‘17- Week 3 (17th - 23rd)
- Gold price in Surat on the ascent in the third week as there was an increase in demand from the jewellery sector as well as industry due to low import rates.
- The precious metal was priced at Rs.2,937 per gram on 17 July on stable demand from China and Europe, as local demand remained muted.
- Prices rose to Rs.2,965 per gram on 20 July as markets were jittery following the escalation of threats with North Korea.
- Gold continued to rise as markets and investors looked to safe haven assets like gold due to uncertainty, with gold priced at Rs.2,977 per gram on 21 & 22 July.
- Gold rate in Surat jumped to Rs.3,024 per gram as the week ended on 23 July.
July ‘17- Week 4 (24th - 31st)
- Demand stabilised after a sudden increase over the previous week, opening the trading week at Rs.2,999 per gram on 24 July.
- Gold price in Surat rose to Rs.3,003 per gram on 25 July as demand from local markets picked up following initial teething troubles with the new tax regime.
- In spite of fluctuating markets and a relatively weak U.S. dollar, there was no change in the price of gold.
- The month ended with gold rate in Surat at Rs.3,003 per gram on 31 July, recording a loss of 1.95% over the course of the month.
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,065 per gram|
|June 30 Rate||Rs.3,063 per gram|
|Highest Rate in June||Rs.3,099 per gram from 7-10 June|
|Lowest Rate in June||Rs.3,047 per gram from 2-6 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1st to 4th)
- The price of gold in Surat declined in the first week of June due to a reduction in demand from jewellers.
- Gold was priced at Rs.3,065 per gram on 1 June but fell to Rs.3,047 per gram on 2 June as a spike in the U.S. dollar rate led to a drop in orders.
- Prices remained constant as the week ended on 4 June as demand was stagnant.
June ‘17- Week 2 (5th to 11th)
- An increase in demand due to flagging markets led to gold prices rising in the second week.
- Gold traded at Rs.3,047 per gram on 5 June, with the price remaining unchanged from the previous week due to a drop in local demand.
- Prices jumped to Rs.3,099 per gram on 7 June on 7 June as investors renewed interest in the yellow metal following the sharp drop in stock values due to political crises in the United States.
- Gold prices in Surat remained constant as local demand also rose on positive cues from the international bullion market.
- Prices dipped on the last day of the week as demand slipped, resulting in gold trading at Rs.3,064 per gram on 11 June.
June ‘17- Week 3 (12th to 18th)
- As markets recovered from the turmoil of the previous week, demand for gold began to slide.
- Gold traded at Rs.3,064 per gram on 12 June and was constant for a few days as local demand kept prices from dipping.
- Inconsistent demand led to gold prices falling to Rs.3,050 per gram on 16 June as global markets had a bullish run, which led to reduced interest in bullion.
- Prices did not change in spite of fluctuations in demand, ending the week at Rs.3,050 per gram on 18 June.
June ‘17- Week 4 (19th to 25th)
- Gold opened the week at Rs.3,050 per gram on 19 June, with no change in price from the previous week due to inconsistent demand from jewellers.
- Prices failed to reflect any change in demand as the precious metal continued to trade at Rs.3,050 per gram for the remainder of the week.
- U.S. dollar rates were on the upswing but industrial demand as well as an increase in local retail demand kept prices from fluctuating.
June ‘17- Week 5 (26th to 30th)
- The final week of June also failed to see much in the way of movement in the price of gold.
- Prices remained stagnant at Rs.3,050 per gram on 26 June as domestic demand was on the increase, jewellers increasing orders so as to capitalise on the lower rate before the advent of the GST regime.
- Prices rose as the week ended due to a sudden drop in market value, trading at Rs.3,063 per gram on 30 June.
- Gold price in Surat were constant towards the end of the month but the metal saw its value fall by 0.06% over the course of the month.
|May 1st Rate||Rs.3,058 per gram|
|May 31st Rate||Rs.3,065 per gram|
|Highest Rate in May||Rs.3,065 per gram on 31st May|
|Lowest Rate in May||Rs.2,976 per gram from 11th-16th May|
May ’17 – Week 1 (1st – 7th)
- The price of gold in Surat in the first week of May was more or less stable, though prices fell due to demand fluctuations.
- Gold was priced at Rs.3,058 per gram on 1st May, with the price rising marginally to trade at Rs.3,061 per gram from 2nd-4th May.
- The French presidential election led to instability across most European markets, as exit polls suggested a close race.
- Industrial demand rose, though the increase was marginal as the U.S. Dollar was relatively unaffected.
- Prices dropped sharply, with gold trading at Rs.3,000 per gram on 6th May as news of Emmanuel Macron’s victory led to a massive market rally, which led to gold prices plunging.
May ’17 – Week 2 (8th – 14th)
- The price of gold continued to fall in the second week as markets were buoyed by the recent French election results, with currencies rising across the continent.
- Gold was priced at Rs.3,000 per gram on 8th May, with prices remaining constant for the next two days.
- The U.S. Dollar also rose on positive cues from the European markets as well as favourable data from the U.S. Federal Reserve that indicated a more robust monetary policy.
- Gold dropped to a monthly low of Rs.2,976 per gram on 11th May, with the price remaining constant till the week ended on 14th May.
May ‘17- Week 3 (15th to 21st)
- Gold prices continued to trade below expected levels at the start of the week, though the price picked up as the week progressed.
- Gold was priced at Rs.2,976 per gram on 15th May, though the price rose to Rs.2,997 per gram on 17th May as demand from jewellers picked up as markets began to stabilise.
- Gold jumped to Rs.3,029 per gram on 18th May as U.S. Treasury bonds fell as the repercussions of geo-political strife in the U.S. led to a drop in the dollar rate, which spurred demand in the yellow metal.
- Prices remained unchanged as the week drew to a close, with gold trading at Rs.3,029 per gram on 21st May due to favourable market conditions brought about by instability in the U.S. leading to a drop in market share.
May ’17 – Week 4 (22nd – 28th)
- The fourth week saw regional demand help stabilised prices as markets fluctuated, which in turn led to price volatility across the bullion markets.
- Gold was priced at Rs.3,043 per gram on 22nd May as the metal consolidated its gains from the previous week.
- Prices fluctuated on the commodity exchanges, though gold continued to trade at a stable rate due to an increase in regional demand as jewellers sought to replenish stocks before the implementation of GST.
- Gold prices fell to trade at Rs.3,035 per gram on 24th May due to market fluctuations but rose to Rs.3,050 per gram on 26th May.
- Prices remained steady as the week ended, with gold trading at Rs.3,050 per gram on 28th May.
May ’17 – Week 5 (29th -31st)
- The last week of May saw the price of gold rise marginally due to an increase in demand from both international as well as domestic markets.
- Gold was priced at Rs.3,050 per gram on 29th May as prices continued to remain stable, in spite of fluctuations in the U.S. Dollar value.
- Prices rose to Rs.3,060 per gram as gold neared a 3-month high as investors continued to trade in gold due to flagging U.S. Dollar rates.
- Prices rose as the month ended, with gold trading at Rs.3,065 per gram on 31st May to record an increase of 0.22% over the course of the month.
|April 1st Rate||Rs.3,043 per gram|
|April 30th Rate||Rs.3,058 per gram|
|Highest Rate in April||Rs.3,118 per gram from 14th April to 16th April|
|Lowest Rate in April||Rs.3,038 per gram on 10th and 11th April|
April 2017 - Week 1 (1st - 9th):
- Gold trading was sluggish when April began as US dollar value seemed to strengthen owing to Fed rate hike.
- When trading began on 1st April, gold was priced at Rs.3,043 per gram - and as there was a sustained demand - didn’t change till the 4th.
- Although there was a price drop in the global market, local demand enabled gold rates to hit Rs.3,064 per gram on 5th.
- Rates didn’t change on 6th as demand remained unchanged despite some geopolitical tensions involving North Korea.
- On 7th, gold prices hit Rs.3,060 per gram as domestic demand fell even though dollar value fell.
- Gold prices didn’t change on the 8th and the 9th of April as traders were reluctant to buy amidst a unpredictable dollar trend.
April 2017 - Week 2 (10th - 16th):
- When trading opened on 10th, gold prices had further gone down to Rs.3,038 per gram - a Rs.22 per gram drop from the previous day’s prices.
- The US dollar seemed to stabilise for a day after some rough periods involving Syria and North Korea, which led gold prices to remain the same on the 11th.
- However, on 12th, rates went up by Rs.12 to reach Rs.3,050 per gram as investors grew nervous over the entire middle-east situation.
- As uncertainty in the market grew, dollar rates plummeted, spurring a massive increase of Rs.42 per gram in gold prices.
- The 13th saw gold prices go up to Rs.3,092 per gram and as market grew volatile over major concerns in the US, prices went up to Rs.3,118 per gram on 14th.
- As the issue showed no signs of letting off, gold maintained a sustained demand and was seen trading at Rs.3,118 per gram on the 15th and the 16th.
- It was during this week that gold rates reach their highest owing to some global tensions involving the US, particularly in regions like North Korea, Russia, and the middle east.
April 2017 - Week 3 (17th - 23rd):
- Due to a slight drop in demand, gold was seen trading at Rs.3,117 per gram on the 17th and the 18th.
- As gold sales no longer seemed to go up after hitting a 2-month high, gold rates were corrected as they hit Rs.3,113 per gram on 19th.
- The next four day from 20th to 23rd again didn’t witness any change in demand, which meant gold prices wouldn’t change by much.
- The third week signalled the imminent price drop which was expected to arrive over the next few days as several conflicts simmered down, thereby leading to a strengthening dollar.
April 2017 - Week 4 (24th - 30th):
- Gold traders had to brace themselves for a tardy end to April as bullion prices were largely on the decline owing to reduced demand.
- When the fourth week began on the 24th, gold prices had reached Rs.3,097 per gram - clocking a decline of Rs.16 per gram.
- As demand wasn’t holding up, prices corrected themselves to reach Rs.3,087 per gram on the 25th and the 26th.
- Due to the US dollar recovering from a seven-week low, gold prices took a massive hit, which led to bullion rates going down to Rs.3,058 per gram.
- After the Rs.29 fall on the 26th, gold rates didn’t witness any major catalytic events.
- From the 17th to the end of the month, gold rates remained at Rs.3,058 per gram as prices stabilised marginally.
- Despite the rapid fall during the latter half of April, gold rates were at an incline of 0.69%.
- The rise in price trends was due to major conflicts the US was part of, which led to its currency weakening significantly.
|March 1st Rate||Rs.3,080 per gram|
|March 31st Rate||Rs.3,029 per gram|
|Highest Rate in March||Rs.3,080 per gram on 1st and 2nd March|
|Lowest Rate in March||Rs.2,974 per gram from 15th to 17th of March|
March ‘17 - Week 1 (1st to 5th)
- Gold traded at Rs.3,080 per gram on the 1st of March in Surat due to increased demand for this precious metal.
- This rate was sustained the next day as well on account of stable demand. This was also the highest at which gold traded for the month.
- However, the gold rate in Surat fell slightly the next day due to slight recovery in the rate of the U.S. Dollar to trade at Rs.3,056 per gram.
- This rate was sustained until the end of the first week of March due to steady demand.
March ‘17 - Week 2 (6th to 12th)
- Price of gold in Surat was steady at Rs.3,056 per gram on the 6th and 7th of March before increasing to Rs.3,062 per gram on the 8th of March.
- However, this price could not be maintained due to a reduction in demand and hence the rate of gold fell to Rs.3,044 per gram on the 9th of March. Price of gold was steady at Rs.3,044 per gram on the 10th as well.
- As the week continued, price of gold in Surat continued to fall to trade at Rs.3,023 per gram on the 11th of March.
- There were absolutely no fluctuations noted in gold rate in Surat for the rest of the week as gold rate continued to trade steadily at Rs.3,023 per gram until the end of the week.
March ’17- Week 3 (13th to 19th)
- Gold rate in Suart was Rs.3,023 per gram which was a continuation of the price seen during the end of the second week of March.
- On the 15th of March, demand for gold fell to an all-time low resulting in the reduction of gold rate. This metal traded at Rs.2,974 per gram on the 15th and was steady at this rate until the 17th of March.
- On the 18th, price of gold increased to trade again at Rs.3,023 per gram and stayed stable at this rate until the end of the week.
March ’17- Weeks 4 (20th to 26th)
- On the 20th of March, price of gold was Rs.3,028 per gram which was a marginal recovery from that of the previous week’s prices.
- This price, however could not be sustained and the rate of gold fell by Rs.10 the next day to trade at Rs.3,018 per gram.
- A recovery in demand for this precious metal and positive cues from markets abroad resulted in the rate of gold shooting up to Rs.3,060 per gram.
- There were a few variations noted in the rate of gold during the fourth week of March.
- Price of gold in Surat fell by Rs.10 the next day to trade at Rs.3,050 per gram and stayed steady at this price until the end of the week.
March ’17- Weeks 5 (27th to 31st)
- There was a slight recovery noted in the rate of gold on the 27th of March wherein this precious metal traded at Rs.3,065 per gram before falling to Rs.3,060 per gram on the 28th of March.
- Rate of gold in Surat varied between Rs.3,045 per gram to Rs.3,049 per gram between the 29th and 30th of March.
- Demand for gold could not be sustained resulting in gold trading at Rs.3,029 per gram which was a decline of 1.65% as compared to the rate noted at the beginning of the month.
|February 1st Rate||Rs.3,035 per gram|
|February 28th Rate||Rs.3,095 per gram|
|Highest Rate in February||Rs.3,101 per gram from 25th-27th February|
|Lowest Rate in February||Rs.3,034 per gram on 4th & 5th February|
February ‘17 - Week 1 (1st to 5th)
- The price of gold in Surat for February did not see much change in the first week of February, with gold trading at Rs.3,035 per gram on 1st February.
- Prices rose marginally due to a slight rise in demand, trading at Rs.3,038 per gram on 2nd February, with the price remaining constant the next day as well.
- Prices fell to Rs.3,034 per gram on 4th February due to poor industrial demand and relatively steady global markets.
- Gold ended the week trading at Rs.3,034 per gram on 5th February, with prices falling by Re.1 per gram during the week.
February ‘17 - Week 2 (6th to 12th)
- Gold prices in the second week rose due to a steady increase in both local as well as industrial demand.
- Gold traded at Rs.3,044 per gram on 6th February and rose to Rs.3,075 per gram on 7th February as demand increased due to a dip in global markets.
- Prices were steady for a few days before dipping marginally to trade at Rs.3,068 per gram on 10th February.
- Prices remained constant as local demand was muted, keeping prices unchanged.
- A drop in demand due to a rally by U.S. stock markets led to gold prices reducing, resulting in gold ending the week at Rs.3,048 per gram on 12th February to record a weekly increase of Rs.4 per gram.
February ’17- Week 3 (13th to 19th)
- Gold prices in the third week of February were stable as the week began, with prices increasing marginally for the rest of the week.
- Gold was priced at Rs.3,044 per gram on 13th February, with the price remaining unchanged till 15th February due to stagnant demand.
- Prices rose to Rs.3,070 per gram on 17th February, with markets falling as no indication of an interest rate hike was forthcoming.
- Prices continued to trade at the same price as local demand fell, in spite of an increase in international demand.
- Gold ended the week trading at Rs.3,070 per gram on 19th February, recording an increase of Rs.26 per gram.
February ’17- Weeks 4 & 5 (20th to 28th)
- The last two weeks of February saw prices remain more or less constant, in contrast to most other cities in India.
- Gold traded at Rs.3,070 per gram on 20th February, with the price remaining unchanged till 24th February due to a sharp drop in local demand.
- A drop in demand from jewellers due to declining demand as the festive season ended led to prices remaining unchanged.
- Prices rose to trade at Rs.3,101 per gram on 25th February as overseas markets saw a sharp rise in demand, which helped boost prices in Surat as well.
- The month ended with gold trading at Rs.3,095 per gram on 28th February, recording a monthly increase of 1.97%.
|January 1st Rate||Rs.2,893 per gram|
|January 31st Rate||Rs.3,017 per gram|
|Highest Rate in January||Rs.3,060 per gram on 23rd & 24th January|
|Lowest Rate in January||Rs.2,841 per gram on 10th and 11th January|
January 2017 - Week 1 (1st - 7th):
- Surat too followed the positive growth trend that was evident in other major cities in the country.
- The first week began with gold trading at Rs.2,893 per gram - a rate which remained the same on the 2nd.
- On 3rd, prices dipped slightly owing to strong markets to hit Rs.2,888 per gram and continued at the same prices for the next three days till the 5th.
- The 6th saw prices increase by Rs.38 to clock one of the highest surges for the month to trade at Rs.2,926 per gram.
- The last day of week 1 on 7th saw gold prices go up again for the metal to trade at Rs.2,937 per gram.
January 2017 - Week 2 (8th-14th):
- Week 2 began with gold trading at Rs.2,937 per gram and remained the same on the 9th as well.
- On 10th, prices increased slightly due to poor markets for the metal to trade at Rs.2,941 per gram.
- The 12th saw gold prices surge by a whopping Rs.149 as markets began to tumble after Donald Trump’s ban was introduced.
- Prices didn’t change from then and remained the same when the week came to a close.
January 2017 - Week 3 (15th - 21st):
- The third week of January began with gold trading at Rs.2,990 per gram and then jumped to Rs.3,023 per gram on 16th.
- Prices again increased on the 17th as more and more people began investing in gold to bring the rates to Rs.3,034 per gram.
- Rates didn’t change for the next 3 days but decreased on 21st to bring gold prices down to Rs.3,024 per gram.
January 2017 - Week 4 and 5 (22nd - 31st):
- The last few days of January saw prices fluctuate considerably due to massive confusion over Donald Trump’s travel ban.
- On 22nd, gold was trading at Rs.3,024 per gram which went up to Rs.3,060 per gram on the 23rd.
- Price fell on the 25th to go down to Rs.3,032 per gram and fell again on 26th to hit Rs.3,029 per gram.
- There were no changes in trading price from 27th to 29th as no major events took place.
- The last two days of the month didn’t see any change in prices as gold was trading at Rs.3,017 per gram.
- Gold price trends saw an increase of 4.28% for the month of January.
Details of Gold Price in Surat (22 Karat & 24 Karat) - Till August 2015
24 karat gold – The purest form of gold a person can buy is 24 karat gold, the purity of it is 99.99%. Anyone who would like to buy 1 gram of 24 karat gold in Surat should look at spending Rs. 2,522 as on 11th August, 2015. Over the last few months the gold rates have been on the downward trend ranging from Rs. 2,650 in July to Rs. 2,522 in August of this year. The downward decline is owing to the falling international gold rates, with economic policies which have made a big impact on rates across the country. With the current trends, the rates are expected to fall further in the next few months.
22 karat gold – Gold is about 92% pure when it’s 22 karat and is a more preferred choice of jewellers when used to make jewellery. Due to the purity being lesser than 24 karat gold, the price also differs slightly, making 1 gram of 22 karat gold cost Rs. 2,360 for buyers in Surat. Gold rates were at it’s peak in August 2014 and January 2015, and trading at close to Rs 2,700/g in both cases. The falling rates in gold have seen a 5 years low and are expected to drop further.
Gold investment avenues in Surat
In Surat gold is purchased as an investment in forms of coins, bars, jewellery. They are bought for religious, auspicious and wedding related occasions. Since Surat is known for its diamond-studded gold jewellery manufacturing, the demand for gold for purposes is also a crucial investment.
- Jewellery: People in India purchase jewellery for all kinds of occasions, such as festivals, weddings, religious functions and more. The jewellery pieces are purchased with the intention of having a liquid form of investment, and also serves the purpose of selling or mortgaging the jewellery. The rate of the selling at the time, is dependant of the purity and the current gold rate.
- Gold coins: Another very common way of owning gold in India is purchasing gold coins based on it’s weight. They are available in most jewellers in the country and also with certain banks. Gold coins are generally purchased during auspicious occasions in India and serve as a form of blessing as well from elders. Gold coins can again be sold to jewellers if the holder needs liquid cash, but it will not be re-purchased by a bank.
- Gold bars: This is another way of purchasing gold, and one of the many ways of investing in gold. This form of gold can be traded in international markets as well.
- Also Check:Gold Rate in Gujarat
Also Check Gold Price in NearBy Cities of Surat
|Gold Rate In Ahmedabad||Gold Rate In Vadodara||Gold Rate In Rajkot|
|Gold Rate In Jamnagar||Gold Rate In Indore||Gold Rate In Mumbai|
|Also Know: Silver Rate in Surat|
Read more on Gold
- Good Days To Buy Gold In 2017
- Why Investing In Gold Is A Golden Opportunity
- How To Buy Gold Coins/Bars (Bullion) Online
- Where To Buy Gold In India
- Basic Highlights of The Gold Schemes Launched in 2015
- Hallmark, KDM and 916 Varieties of Gold