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Udaipur was the capital of the former kingdom of Mewar. It was founded by Maharana Udai Singh of the Sisodia clan in 1553. Now it is a major city in Rajasthan, a popular tourist spot lined with restaurants, heritage hotels and museums. The city is centered around Lake Pichola, and is famed for its Rajputana charm and a lively arts market. The primary tourist attractions are the City Palace, the attached museum, the handicrafts village Shilpgram, Durbar Hall, Lake Pichola and Jagmandir Island.
The urban population of Udaipur was about 608,426 as per the 2011 Census. It average literacy rate is 90.43%. The main industries in Udaipur are the handicraft and cottage industry, tourism and agriculture. Udaipur is one of the first 20 cities shortlisted by the Union Government under the Smart Cities project.
Gold prices in Udaipur
Gold rates follow the basic principles of supply and demand. Since much of gold in India is imported, prices in the international market impact the prices of the precious metal in Udaipur. The prices shoot up in the wedding season because of the large-scale purchasing of gold jewellery and gift items.
Gold is mainly purchased in 24-karat (99.9% purity) for gold bars and coins, and in 22-karat (91.6% purity) for gold jewellery. The 22-karat gold is mixed with metals such as copper, silver and nickel to make it more suitable for jewellery-making. Ornaments are also made of 20-karat, 18-karat and 14-karat versions of gold. These, however, are not very popular as their resale value is lower.
24-karat gold prices: To buy 24-karat gold in Udaipur, you have to pay Rs. 29,690 as on March 11, 2016, up by just 0.6% from Rs. 29,510 a week ago. This price is only 2.25% lower than the price of gold in New Delhi, which was Rs. 30,374 on March 11.
22-karat gold prices: those who wish to purchase gold jewellery in Udaipur will have to fork out Rs. 27,730 for 22-karat gold (as on March 11). The precious metal was priced at Rs. 27,550 on March 2 – registering a rise of Rs. 180 (0.65%). The price rise of 22-karat gold and 24-karat has followed similar price rise patterns. Gold rate in New Delhi on March 11 was Rs. 28,400, around Rs. 670 higher than the rate in Udaipur.
Gold Rate Trend in Udaipur for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,243 per gram||Rs.5,465 per gram||Rs.5,250 per gram|
|Last Day||Rs.5,455 per gram||Rs.5,240 per gram||Rs.5,145 per gram|
|Highest Price||Rs.5,455 per gram on 31 July||Rs.5,712 per gram on 8 August||Rs.5,311 per gram on 17 September|
|Lowest Price||Rs.4,919 per gram on 7 July||Rs.5,221 per gram on 29 August||Rs.5,072 per gram on 29 September|
Quarterly Gold Rate in Udaipur from July 2020 to September 2020:
- Gold rate in Udaipur on 1 July was Rs.4,243 per gram and rose over the course of the month to 28.56% riding on the wave of the coronavirus pandemic that resulted in volatile economic conditions that made gold a safe-haven investment. The lowest gold price in Udaipur was on 7 July at Rs.4,919 per gram while the highest gold rate in Udaipur was on 31 July at Rs.5,455 per gram.
- The month of August saw an overall decline in gold prices in Udaipur of 4.11%. Gold rates in Udaipur started at Rs.5,465 per gram and ended the month at Rs.5,240 per gram. The highest price of gold in Udaipur was on 8 August at Rs.5,712 per gram while the lowest gold rate in Udaipur was Rs.5,221 per gram on 29 August.
- There was an overall decline of 2% in gold prices in Udaipur in September with an opening price of Rs.5,250 per gram and a closing price of Rs.5,145 per gram. Gold rates in Udaipur were at the highest of Rs.5,311 per gram on 17 September and hit the lowest point of Rs.5,072 per gram on 29 September.
Gold Rate Trend in Udaipur for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,229 per gram||Rs.4,699 per gram||Rs.4,727 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,727 per gram||Rs.4,959 per gram|
|Highest Price||Rs.4,846 per gram on 29 April||Rs.4,883 per gram on 18 and 19 May||Rs.4,959 per gram on 30 June|
|Lowest Price||Rs.4,229 per gram from 1 April to 20 April||Rs.4,883 per gram on 18 and 19 May||Rs.4,706 per gram from 8 June to 10 June|
Quarterly Gold Rate in Udaipur from April to June:
- Opening the month at Rs.4,229 per gram, the price of the metal remained the same in the first week of the month with no change in its prices. With investors having a higher risk appetite amidst various world leaders announcing an ease of lockdown restrictions, the demand for the metal dipped and gold closed the month on 30 April at Rs.4,761 per gram with an overall percentage incline of 12.5%.
- Opening the month at Rs.4,699 per gram on 1 May, gold prices in Udaipur showed a marginal overall incline for the month. The price of the precious metal, on 2 May, had dipped to Rs.4,646 per gram, with positive Japanese equities data prompted investors to shift to the stock market with higher risk appetite. The metal recorded an overall monthly incline in prices by 0.59%.
- In Udaipur, the price of the metal opened the month of June at Rs.4,727 per gram and showed an overall declining trend with risk appetite amongst investors increasing. The metal closed the month at Rs.4,959 per gram on 30 June with an overall percentage incline of 4.9%.
Gold Rate Trend in Udaipur for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,023 per gram||Rs.4,194 per gram||Rs.4,291 per gram|
|Last Day||Rs.4,194 per gram||Rs.4,379 per gram||Rs.4,229 per gram|
|Highest Price||Rs.4,256 per gram on 9 January||Rs.4,425 per gram on 25 February||Rs.4,497 per kg on 7, 8 and 9 March|
|Lowest Price||Rs.4,023 per gram on 1 January||Rs.4,163 per gram on 6 and 7 February||Rs.4,153 per gram on 18 and 19 March|
Quarterly Gold Rate in Udaipur from January 2020 to March 2020:
- In January, gold rates in Udaipur opened at Rs.4,023 per gram and closed at Rs.4,194 per gram. Gold hit its lowest in January on the first day of the month. However, the tensions between the Middle East and the US ensured that the prices of gold increased over the following days. On 9 January 2020, gold hit its highest rate and was at Rs.4,256 for a gram. The trade deal between China and the US ensured that the prices of gold fluctuated for the remainder of January. Overall, gold saw a 4.25% incline in its rates for the month.
- Gold prices increased in the month of February. After opening the month at Rs.4,194 per gram, the price of gold reduced and hit its lowest rate on 6 and 7 February and was at Rs.4,163 per gram. Following this, the prices of gold increased as investors shifted towards the bullion markets. Gold hit its highest rate on 25 February and was at Rs.4,425 per gram. Gold rates closed the month at Rs.4,379 per gram, seeing a 4.41% incline.
- The prices of gold in March saw a 1.44% decline. The main reason for the reduction in prices was the coronavirus outbreak. Gold opened the month at Rs.4,291 per gram and closed the month at Rs.4,229 per gram. The highest and lowest gold rates for the month were Rs.4,497 for a gram and Rs.4,153 per gram, respectively.
Gold investment in Udaipur
Gold is as much an investment as an adornment and auspicious metal in India. Indians buy gold ornaments and articles for weddings, birthdays, anniversaries and any festival or religious occasions. Gold is part of the investment in almost every Indian household. Gold ornaments are a store of money for Indians – and we do not hesitate to pawn our jewellery or sell it off when urgently required.
Udaipur has its share of jewellery shops, and ethnic Rajput jewellery is popular both among the locals and tourists. Investment in gold is made in two major forms in Udaipur, as in most other cities in the country:
Physical gold: Jewellery and gift articles are the most popular gold investment options in Udaipur. People generally buy gold at lower prices and sell them or pawn them when the prices are high. But during the wedding season, people buy gold irrespective of its price. Gold coins and bullions are also bought as an investment. The best quality gold coins/bars can be obtained from banks and other authorised financial firms, but jewellers also sell the same products for less commission.
Market trade: Trading in paper gold is no longer a new concept in India. Several trading options such as gold exchange traded funds (ETFs), e-gold, futures trading and sovereign gold bonds are open to investors and speculators. Though these are not very popular in Udaipur currently, individuals interested in experimenting are making the most of the benefits of these investment options.
Also Check Gold Price in NearBy Cities of Udaipur
- Also Check: Gold Rate in Rajasthan
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