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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 April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,988 per gram||Rs. 3,147 per gram||Rs.2,934 per gram|
|Last day||Rs. 3,147 per gram||Rs. 2,991 per gram||Rs.3,209 per gram|
|Highest price||Rs. 3,147 per gram on 29th and 30th of April||Rs. 3,169 per gram on 2nd and 3rd of May||Rs.3,212 per gram on 25th June|
|Lowest price||Rs. 2,957 per gram on 4th April||Rs. 2,991 per gram on the 30th and 31st of May||Rs.2,991 per gram on 1st June|
Gold Rate Trend of Udaipur in April 2016
- Gold traded at Rs. 2,988 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,147 per gram by the end of the month.
Gold Rate Trend of Udaipur in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 2,991 in the third week of May.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,991 on the 31st of May.
Gold Rate Trend of Udaipur in June 2016
- Demand for gold was quite high despite conflicting trend overseas.
- Investors rushed to purchase this precious metal due to a possible exit of Britain from the European Union.
- There was a rise noted in the price of gold with few fluctuations seen throughout the month.
- The highest rate at which gold traded at was Rs. 3,209 per gram on the 25th of June.
- The lowest price of gold was noted on the 1st of June at Rs.2,991 per gram.
Gold Rate Trend in Udaipur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,605 per gram||Rs. 2,781 per gram||Rs. 3,067 per gram|
|Last day||Rs. 2,781 per gram||Rs. 3,067 per gram||Rs. 2,988 per gram|
|Highest price||Rs. 2,788 per gram on January 28th||Rs. 3,067 per gram on February 27th to 29th||Rs. 3,090 per gram on March 2nd to 19th|
|Lowest price||Rs. 2,605 per gram from January 1st to 3rd||Rs. 2,781 per gram on February 1st||Rs. 2,991 per gram on March 20th to 22nd|
|Change||+ 6.75%||+ 10.28%||- 2.57%|
Gold Rate Trend of Udaipur in January 2016
- Gold traded at Rs.2,605 per gram on the 1st of January.
- Gold price rose by Rs.95 on the 7th of January at Rs.2,700 per gram owing to a weak dollar.
- Gold prices rose steadily over the month and hit the highest for the month at Rs. 2,788 per gram on January 28th.
Gold Rate Trend of Udaipur in February 2016
- Gold price did not witness much of a change from the last day of January and traded at Rs. 2,781 on the 1st of February.
- Bullion hit the highest for the month at Rs. 3,067 between February 27th and 29th.
- Gold closed the month at Rs. 3,067 per gram
Gold Rate Trend of Udaipur in March 2016
- Gold stood at Rs. 3,067 per gram on the first day of March.
- Gold held steady at Rs. 3,090 per gram between March 2nd and 19th. It was the highest for the month.
- Gold witnessed a decline as the month progressed and traded at Rs.2,988 per gram on the last day of March
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
|Gold Rate In Jaipur||Gold Rate In Jodhpur||Gold Rate In Kota|
- Also Check: Gold Rate in Rajasthan
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