*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
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 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 Thane for October 2016
- In the fourth quarter of the year, the price of gold on October 1st in Thane 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.
- The rate of gold is heavily dependent on market conditions in both domestic as well as international markets along with political factors. Although October is wedding season, demand was not as high as expected contributing to fluctuations in the rate of gold throughout the month.
- On 10th, rate 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 a little 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 Thane.
Gold Rate Trend in Thane for November 2016
- Price of gold was relatively high during the month of November in Thane. 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 Thane regarding the price of gold.
Gold Trend Rate in Thane 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 price 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 Thane 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 Thane in July 2016
- Gold performed well this month as trends in the global market stayed positive.
- Investors had strong expectations of the central banks providing monetary stimulus in the markets post the Brexit vote.
- Demand was high for gold although there was a slump as expectations of the Fed rate hike also grew strong.
- Gold traded at Rs.3,112 per gram and had climbed to Rs.3,249 per gram by the end of the month.
- The trend for this month was an increase of 4.40% in gold prices.
Gold Rate Trend of Thane in August 2016
- Gold traded at Rs.3,249 per gram at the start of the month.
- Demand for gold was high this month in the domestic and global markets.
- On 18th August, gold prices were at their highest for the month at Rs.3,283 per gram.
- The U.S. economic data was positive and resulted in hawkish comments from the Federal Reserve that a rate hike was highly possible.
- Gold prices started to decline and fell to Rs.3,225 per gram on 31st August, the lowest rate for this month.
- There was a decline in gold prices by 0.74%.
Gold Rate Trend of Thane in September 2016
- The market had a bearish outlook but the dip in gold prices was welcomed in the domestic market as prices fell just in time for the festive season.
- Gold traded at Rs.3,212 per gram on 1st September.
- Demand for gold received another boost when the U.S. Federal Reserve announced that the rate hike would be put on hold till December in light of the upcoming presidential elections.
- Gold prices started to climb quickly and had reached their highest for this quarter from 23rd September to 26th September, trading at at Rs.3,285 per gram.
- There was an increase of 2.08% in gold prices.
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.
|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|
Read more on Gold
- Significance Of Gold In Indian Culture
- Why Investing In Gold Is A Golden Opportunity
- Gold Monetization Scheme
- Which One Should You Buy Gold Coins Or Gold Bars
- Top 10 Gold ETFs in India