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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 October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,304 per gram||Rs.3,199 per gram||Rs.2,963 per gram|
|Last day||Rs.3,199 per gram||Rs.3,012 per gram||Rs.2,893 per gram|
|Highest price||Rs.3,304 per gram on 1st October||Rs.3,252 per gram from 3rd-6th November||Rs.2,963 per gram on 1st & 2nd December|
|Lowest price||Rs.3,157 per gram from 7th-13th October||Rs.3,003 per gram on 27th November||Rs.2,800 per gram from 23rd-28th December|
Gold Rate Trend for Udaipur in October 2016
- The rate of gold in Udaipur started off quite strongly but as the month progressed, fell due to a reduction in demand.
- Gold opened at Rs.3,304 per gram on 1st of October but prices reduced to Rs.3,273 per gram on 2nd October due to variations in market demand.
- Due to a decline in industrial demand, there was an overall decline in the demand for this precious metal, thereby decreasing gold rate.
- Towards the mid of the month, the rate of gold was steady at Rs.3,162 per gram until the 26th of October.
- Gold ended the month trading at Rs.3,199 per gram recording an overall decline of 3.17% in the rate of gold.
Gold Rate Trend for Udaipur in November 2016
- Continuing from the previous month’s trend, the rate of gold was quite high during the beginning but fell towards the end due to insufficient demand although the wedding season was going on.
- Gold traded at Rs.3,199 per gram on 1st November, increasing to Rs.3,252 per gram on the 3rd of November as markets were unsteady as U.S. elections drew nearer.
- On the 8th of November, the Prime Minister of India, Narendra Modi announced the ban of cash notes worth Rs.500 and Rs.1,000 in order to curb the spread of black money and corruption. This came to be known as demonetization and was responsible for sending the markets into a tizzy.
- As news of Donald Trump’s victory emerged, markets crashed and gold demand rose sharply, as the demonetisation policy led to a market crash in India.
- Towards the end of the month, the price of gold varied between Rs.3,074 per gram to Rs.3,021 per gram.
- Gold prices fell and traded at Rs.3,012 per gram on 30th November and registering an overall decline of 5.81%.
Gold Rate Trend for Udaipur in December 2016
- Due to markets falling and a reduction in demand throughout the world, the price of gold fell during the month of December.
- On the 1st of December the price of gold was Rs.2,963 per gram, which was quite low as compared to the price at the beginning of October and November.
- This was also the highest at which gold traded at during the month of December. However, prices steadily declined as the month progressed.
- Prices reached a quarterly low of Rs.2,800 per gram on 23rd December due to weak demand for this precious metal.
- Gold prices increased slightly towards the end of the month, trading at Rs.2,893 per gram on 31st December with a decline of 2.36% in gold rates.
Gold Rate Trend in Udaipur for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,224 per gram||Rs.3,247 per gram||Rs.3,245 per gram|
|Last day||Rs.3,244 per gram||Rs.3,245 per gram||Rs.3,304 per gram|
|Highest price||Rs.3,287 per gram on 7th and 8th July||Rs.3,290 per gram on 23rd-26th August||Rs.3,304 per gram from 27th-30th September|
|Lowest price||Rs.3,207 per gram on 15th July||Rs.3,236 per gram from 8th-14th August||Rs.3,245 per gram on 1st and 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Udaipur for July 2016
- Gold traded at Rs.3,224 per gram at the start of the month as domestic demand was high.
- Prices continued to rise, with gold trading at its monthly high of Rs.3,287 per gram on 8th July on increased domestic demand.
- Prices fell as markets stabilised and demand lowered, with gold trading at Rs.3,207 per gram on 15th July.
- Prices rose marginally as domestic demand increased towards the end of the month, with gold trading at Rs.3,244 per gram on 31st July.
Gold Rate Trend inn Udaipur for August 2016
- Gold began the month at a stable Rs.3,247 per gram before increasing to Rs.3,257 per gram on 7th August as international demand spiked.
- Prices dipped marginally due to fluctuations in demand, selling at Rs.3,236 per gram on 8th August.
- A slump in currency markets led to demand for gold to increase, with prices rising to Rs.3,254 per gram on 15th August and reaching Rs.3,284 per gram on 19th August.
- Demand fell as markets stabilised, with gold trading at Rs.3,245 per gram on 31st August.
Gold Rate Trend in Udaipur for September 2016
- The price of gold was Rs.3,245 per gram on 1st September, with the price rising as the week progressed to Rs.3,291 per gram on 8th September on sustained overseas demand.
- Prices stayed constant at Rs.3,291 per gram till 17th September as domestic demand also rose due to the upcoming festive season.
- A dip in price due to international markets strengthening led to gold trading at Rs.3,274 per gram on 19th September.
- Prices picked up as the month ended and gold traded at Rs.3,304 per gram on 30th September.
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.
|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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