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Gold Rate in Uttar Pradesh
Gold rates in Uttar Pradesh depend on various factors, including but not limited to, gold imports, oil prices, US Fed interest rate hikes and strength of the dollar among others. The price of the yellow metal touched a 4-year low in India and over five-year low globally this year. Almost 60% of the demand for gold originates from rural India. Copr failures and bad monsoon may, therefore, have an adverse impact sales of gold jewellery.
Most consumers in Uttar Pradesh buy gold jewellery for auspicious occasions, festivals and weddings. Dhanteras and Akshaya Tritiya attract long queues in front of jewellery stores. In addition to its obvious ornamental uses, gold is used as a safe hedge against inflation.
Gold Rate Trend in Uttar Pradesh for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,205 per gram||Rs.3,099 per gram||Rs.2,893 per gram|
|Last day||Rs.3,099 per gram||Rs.2,941 per gram||Rs.2,844 per gram|
|Highest price||Rs.3,205 per gram from 1st-4th October||Rs.3,213 per gram on 5th & 6th November||Rs.2,893 per gram on 1st & 2nd December|
|Lowest price||Rs.3,088 per gram from 6th-25th October||Rs.2,929 per gram from 25th-27th November||Rs.2,800 per gram from 23rd-28th December|
Gold Rate Trend for Uttar Pradesh in October 2016
- October began with gold trading at Rs.3,205 per gram on 1st October and demand seemed to increase on the subsequent days.
- The ongoing U.S. election brought about a level of uncertainty in global markets which increased prices slightly.
- By the end of 9th, gold prices were down significantly to hit Rs.3,088 per gram and continued at the same rate till the 25th.
- The last few days of October saw prices fluctuate to end the month with a gold trading prices of Rs.3,099 per gram.
Gold Rate Trend for Uttar Pradesh in November 2016
- November began extremely well as Donald Trump was elected the US President but other factors played havoc on gold prices.
- The month began with gold trading at Rs.3,099 per gram and went up to Rs.3,211 per gram by the 8th - a massive increase of Rs.212 per gram in less than 7 days.
- Prices remained at Rs.3,211 per gram till the 10th but began to fall from the 11th as demonetisation began to take effect.
- On 11th, price decreased by Rs.140 per gram to hit Rs.3,071 per gram and further went down to Rs.3,056 per gram as domestic demand kept going down.
- By the end of November, gold prices had went down again to reach Rs.2,941 per gram.
- In Uttar Pradesh, gold prices changed by -5.09% due to a number of combining factors.
Gold Rate Trend for Uttar Pradesh in December 2016
- Demonetisation of Rs.500 and Rs.1,000 notes were still impacting gold sales around the country.
- When December began gold was seen trading at Rs.2,893 per gram.
- Local demand followed the international rates, as gold rates fell due to strong world market.
- Gold rates fell to its lowest for the quarter during Christmas, as demand dropped to a historic low.
- By the 23rd, gold prices had dipped down to Rs.2,800 per gram and continued at the same rate till the 28th
- The last three days of the month saw prices pick up slightly to end Q4’s gold rates at rs.2,844 per gram.
- Overall, Uttar Pradesh saw gold prices change by -1.69% for the month of December.
Gold Rate Trend in Uttar Pradesh for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,167 per gram||Rs.3,219 per gram||Rs.3,184 per gram|
|Last day||Rs.3,219 per gram||Rs.3,205 per gram||Rs.3,217 per gram|
|Highest price||Rs.3,227 per gram from 7th to 9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th to 12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th to 31st August||Rs.3,184 per gram on 1st and 2nd September|
Gold Rate Trend of Uttar Pradesh in July 2016
- Gold traded at Rs.3,167 per gram on 1st July.
- There were fluctuations in the gold rate through the month, but overall, the trend indicated an incline in gold prices by 1.64%.
- By 7th July, gold was trading at its highest price for this month at Rs.3,227 per gram.
- Demand for gold was high as market sentiments were positive because investors had high expectations of monetary stimulus being injected into the markets by the central banks.
- By 31st July, gold was trading at Rs.3,219 per gram marking an incline of 1.61% in gold prices this month.
Gold Rate Trend of Uttar Pradesh in August 2016
- Gold traded at Rs.3,219 per gram at the start of the month and climbed to Rs.3,248 per gram by 4th August.
- Demand was high and prices were able to remain constant till 10th August.
- Investors were reluctant to buy gold towards the latter half of the month as expectations of an interest rate hike by the U.S. Federal Reserve grew strong.
- Gold prices dipped by 0.43% this month on account of low demand in the domestic and global markets.
Gold Rate Trend of Uttar Pradesh in September 2016
- The markets were dampened with trends that did not play in favour of gold.
- Gold was seen trading at low rates of Rs.3,184 per gram on 1st and 2nd September.
- The U.S. Federal Reserve announced that the interest rate hike would be put of till December as the presidential elections were too close.
- The atmosphere in the global markets turned bullish and demand for gold soared.
- By the end of the month, there was an incline in gold rates by 1.04%.
Gold Rate Trend in Uttar Pradesh for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,943 per gram||Rs.3,119 per gram||Rs.2,960 per gram|
|Last day||Rs.3,119 per gram||Rs.2,960 per gram on 30th of May||Rs.3,167 per gram on the 30th of June|
|Highest price||Rs.3,119 per gram on 31st of April||Rs.3,120 per gram on 9th of May||Rs.3,182 per gram on the 28th and 29th of June|
|Lowest price||Rs.2,933 per gram on 5th of April||Rs.2,960 per gram on the 30th of May||Rs.2,950 per gram on 2nd of June|
Gold Rate Trend in Uttar Pradesh in April 2016
- Gold opened the month by trading at Rs.2,943 per gram on the 1st of April.
- Gold continued to trade at Rs.2,943 per gram for the first three days of April.
- Gold hit the highest for the month on the 31st of April.
Gold Rate Trend in Uttar Pradesh in May 2016
- The price of gold remained constant at Rs.3,119 for the first three days of May as there were no major changes in demand.
- Gold dropped down to Rs.3,048 per gram on 24th of May owing to low demand.
- Rising dollar and expectations of a rate hike by the Federal Reserve further led to the decline of gold price to Rs.2,960 per gram on 30th of May.
Gold Rate Trend in Uttar Pradesh in June 2016
- Gold traded at Rs.2,960 per gram on the 1st of June.
- Gold hit the highest for the month at Rs.3,182 on the 28th and 29th of June.
- Gold closed the month at Rs.3,167 per gram on the 30th of June with a steady increase in the prices.
|1st day||Rs.2,585 per gram||Rs.2,756 per gram||Rs.3,030 per gram|
|Last day||Rs.2,756 per gram||Rs.3,037 per gram||Rs.2.948 per gram|
|Highest price||Rs.2,772 per gram on January 28th||Rs.3049 per gram on 26th of February||Rs.3,030 per gram from March 1st to 14th|
|Lowest price||Rs.2,580 per gram from January 2nd to 4th||Rs.2,756 per gram on February 1st||Rs.2,948 per gram on March 31st|
Gold Rate Trend in Uttar Pradesh in January 2016
- Gold traded at Rs.2,585 per gram on the 1st of January and remained constant for the next four days
- Gold hit the highest rate for January on 27th at Rs.2,767 per gram.
- Gold prices witnessed a decline as the month progressed and it stood at Rs.2,756 per gram at the end of the month.
Gold Rate Trend in Uttar Pradesh in February 2016
- Gold traded at Rs.2,756 per gram on 1st of February with no change in demand.
- Gold climbed up by Rs.22 per gram to Rs.2,788 per gram on the 3rd of February.
- Gold price increased to Rs.3,008 per gram on the 12th of February.
- The price of gold in Uttar Pradesh went down by Rs.97 at Rs.2,917 per gram on 16th of February.
- Gold prices further climbed higher as it hit Rs.3,049 per gram on 26th of February.
Gold Rate Trend in Uttar Pradesh in March 2016
- Gold traded at Rs.3,030 per gram for the first two weeks of March.
- Gold prices came down to Rs.2,940 per gram on 15th of March owing to luke warm demand.
- Gold rose again at Rs.2,998 per gram on 18th of March.
- Gold witnessed a steady downfall in the last two weeks of March and stood at Rs.2,948 per gram at the end of March.
Details of Gold Price in Uttar Pradesh (22 Karat & 24 Karat) - Till August 2015
24-karat gold (1 gram rates): One gram of 24-karat gold is currently pegged at Rs. 2,514.00. Gold rates in Uttar Pradesh have plummeted since January this year. One gram of gold pegged at Rs. 2,857.00 in January, decreased by 0.7% to Rs. 2,837.00 in February. The prices continued their downward slide in the month of March by 4.2% with the yellow metal pegged at Rs. 2,716.00 in March. Gold rates in Uttar Pradesh fluctuated throughout the month of April around Rs. 2727 while toward the end of May, the precious metal was pegged at Rs. Rs. 2,782.0 in May. The price of gold decreased by 3.6% in June to Rs.2,680. In the month of July, the prices further dropped by 1.7% to Rs. 2,632.
22-karat gold: One gram of 22-karat gold is currently pegged at Rs. 2,309. 22-karat gold in Uttar Pradesh followed a similar trajectory as that of 24-karat gold in terms of plummeting prices since January this year. One gram of gold was pegged at Rs. 2,625 in January this year. However, the price fell by 0.8% to Rs. 2,602. The months of March and April saw gold rates drop to Rs. Rs. 2,506. The trend continued in the following months, with the rate of the precious metal decreasing by 4% to Rs. 2,405.00 in July.
Gold as an investment in Uttar Pradesh
Over-the-counter: Gold is sold in the form of bullions, coins and jewellery in Uttar Pradesh. Gold as a physical asset is, by and large, considered a safe investment. Gold prices differ from city to city in Uttar Pradesh due to several factors such as making charges, transportation costs, local taxes and procurement costs among others. Customers can check the spot gold price on MCX and NCDEX to keep a tab on variations in the rates of the yellow metal. Banks also sell gold coins in various weights - 2 to 100 gram bars with 99.99% purity.
Market trade: Many investors prefer buying gold exchange traded funds (ETFs) to physical gold since the former offers higher liquidity and greater ease of storage. Gold ETFs track the price of the yellow metal.
Gold ETFs have been on a downward slide, posting negative returns and outflows since May 2013 (overall net outflow stood at Rs. 4,000 crore). Gold ETFs assets fell by 8.5% to Rs.5,957 crore in July this year. Fresh gold ETFs sales are slow due to due to plummeting gold prices for the past two years in addition to a negative outlook on the back of a strong stock market. Investors also trade in gold futures by opening a trading account with an initial deposit of Rs. 50,000 to Rs 1 lakh.
Also Check Gold Prices in the Cities of Uttar Pradesh
|Gold Rate In Meerut||Gold Rate In Ghaziabad||Gold Rate In Kanpur||Gold Rate In Varanasi|
|Gold Rate In Allahabad||Gold Rate In Aligarh||Gold Rate In Noida||Gold Rate In Agra|
|Gold Rate In Bareilly||Gold Rate in Lucknow|
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News About Gold Rate in Uttar Pradesh
Gold Prices see a surge as Investors wait for Federal Reserve’s Policy Decision
Weak dollar has previously caused gold to tick higher but as investors held back for the Federal Reserve’s policy decision, gold traded in a tight range. After a 0.4 per cent gain, spot gold witnessed a 0.2 per cent raise to $1,245.50. Also, investors held on to the belief that Fed would be wary of the rising rates as the dollar closed 0.3 per cent lower against all other major currencies. It is also believed that gold prices will fall back after a 13 month high last month due to reduce in demand from major Asian customers.
27th April 2016
Gold Prices see the Best Quarter in over 30 Years
Even though the gold prices fell to $1,200 from $1,250 in early February, this 4% decrease lasted for not more than a week and gold prices went up to a new high of $1,272 in March. Again, the 4.4% decline that brought the gold prices to $1,227 from $1,250 lasted for 3 weeks before the prices bounced back to normalcy again. Now, the gold prices slightly higher following the FED meeting and the fact that FED will be unable to raise rates point at stable gold and silver rates. Experts predict that gold has an upside potential of 120% from prevailing levels and a risk rate of only 30%.
26th April 2016
Gold on track to record 3 week performance low
Gold was down as of Thursday after the dollar held steady following its largest single day rally in over four weeks. Gold prices remained volatile on the back of uncertainty surrounding the U.S monetary policy for the year. Although the precious metal steadied itself following a three decade quarterly high, bullion was on track to record its worst single day loss in over three weeks. Spot gold also fell by 1.2 per cent to close at $1,227.66 per ounce while U.S gold futures for June delivery dropped by $18.80 per ounce to close at $1,229.40
15th April 2016
- For more related news /update on gold price visit: Gold News