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One of the highest demands for gold comes from the state of Maharashtra. Thane, popularly known as the ‘City of Lakes’, is a flourishing city in the state. A part of the Mumbai Metropolitan region, Thane is also home to a number of industries. With the city being quite prosperous as the third most industrialized district in the state, most of the residents invest in gold as a safe haven. Gold sales usually tend to go up during the festivals of Dussehra and Diwali, where it is considered auspicious to buy gold.
Gold price in Thane
The price of gold varies in Thane usually depending on purity, with rates decreasing as the amount of the yellow metal reduces. 24 karat gold generally is priced more than 22 karat, 18k or 14k gold. People invest in gold in the form of jewelry or coins. Several other factors such as demand and supply, local cesses, import duties, and international market trends also influence the rate of gold.
24 karat gold
2016 has proven to be a beneficial year for gold, as rates increased post the 5-year-low experienced in the year 2015. For most of 2015, gold was priced at Rs 2,600 per gram. 24 karat gold is considered to be the purest form perhaps the best way to invest in gold, thanks to its purity. Gold having 99.9% is considered the best, however it cannot be made into jewelry owing to its softness. Individuals in Thane who are planning to purchase 24k gold weighing 1 gram would have to pay around Rs 2,970 (as of March 11, 2016). The rates may vary from store to store. With the price of 1 gram gold going up to Rs 400, the prices are expected to rise even further.
22 karat gold
When it comes to purchasing gold, be it jewelry or coins, 22 karat gold is considered to be the most feasible option. Having a purity level of 92% it is priced cheaper and more affordable than 24 karat gold. As of March 11, 2016, the price of 22 karat gold is Rs 2,776 for 1 gram. Gold rates have witnessed an upward trend since the beginning of 2016, increasing from Rs 2,370 to the present rate.
Gold Rate Trend in Thane 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 20||Rs.3,192 per gram on 27th June|
|Lowest Price||Rs. 2,989 per gram on April 5||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 Thane in April 2016
- Gold rates were relatively steady in the month of April with only a few minor fluctuations here and there.
- The highest rate of gold in the month was witnessed on the last day with gold trading at Rs. 3,154 per gram and the lowest was Rs. 2,989 per gram on 5th April.
- A rise of 5.52% was seen in the price of gold towards the end of april.
Gold Rate Trend of Thane in May 2016
- On the first day of the month, gold opened at Rs. 3,154 per gram.
- As the month of May progressed, a decline of 4.31% was seen due to imminent rate hike by U.S. Fed.
- The highest was on the 20th of May at Rs. 3,154 per gram whereas gold rate was lowest on the last day of the month, at Rs. 3,018.
Gold Rate Trend of Thane in June 2016
- The price of gold in Thane showed an incremental increase as demand rose due to higher demand domestically as well as global cues.
- Rates were steady towards the middle of the month as demand was low due to the markets performing well.
- Prices peaked at Rs.3,192 per gram in the last week of June due to markets crashing on news that Britain voted to leave the European Union.
- Prices stabilised towards the end of the month but continued to be high, closing at Rs.3,112 per gram.
Gold Rate Trend in Thane 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 12|
|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 Thane in January 2016
- Gold opened at Rs. 2,601 per gram on the first day of the month.
- Minor fluctuations in the price of gold was noted as the month progressed.
- The lowest price at which gold traded was Rs. 2,601 per gram on the first of the month and as the month progressed, a rise of 6.68% was seen in the rate of gold.
Gold Rate Trend of Thane in February 2016
- At the beginning of the month, gold traded at Rs. 2,775 per gram which was also the lowest for the month.
- Although there were minor fluctuations in the rate of gold, as the month of February progressed, prices steadily increased.
- The highest for the month was Rs. 3,068 per gram on the 29th of February.
Gold Rate Trend of Thane in March 2016
- There was a decline of 2.57% noted in the price of gold as the month progressed. This could be attributed to the default crisis in Greece or expectation of rate hike by U.S. Fed.
- Gold touched its highest price on the 12th of March at Rs.3,093 per gram.
- Gold closed at Rs. 2989 per gram which was also the lowest price for the month.
Gold investment avenues in Thane
Gold has always been a popular mode of investment in Thane. People in the city are quite fascinated with gold jewelry.The sale of the yellow metal usually sees a rise during the wedding season and festivals. Apart from wealth accumulation, gold can also be used to avail loans from banks. The government has also introduced new gold schemes to help residents invest better. A few other investment options are mentioned as under:
Over-the-counter: Thane jewellers offer a number of gold products at different prices, thereby catering to a diverse consumer base. With Thane having a number of popular showrooms that sell BIS hallmarked gold, most of the people in the city throng these stores to purchase gold in the form of jewelry. Some stores also sell gold bars and coins, that come with a purity certificate.
Market trade: Thanks to the Internet, one does not need to wait in long queues, especially during festivals, to purchase gold. The consumer can buy Gold ETFs, futures contracts and E-gold online from certified dealers. The Mumbai Stock Exchange and National Stock Exchange (NSE) also provide a platform for people who wish to trade in gold.
**Disclaimer: The gold rates mentioned above are not constant. They are subject to change as per the market conditions.**
- Also Check: Gold Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Thane
|Gold Rate In Nashik||Gold Rate In Solapur||Gold Rate In Amravati||Gold Rate In Nanded|
|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 Surat||Gold Rate In Sangli|
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