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Rate of Gold in Varanasi
Varanasi is considered to be one of the most ancient cities of the world. The city boasts of one of the most ancient civilizations too. It is the most revered city in the Hindu culture and as such a lot of festivals and weddings are part of the daily routine of this vibrant city. Since the civilization is old, the city has been an important center of trade especially for textiles. Textile industry of Varanasi is famous all around the world and is a major exporter of cloth outside India.
The traditional culture of the city places huge importance on the yellow metal, gold. The Indian culture itself places gold at the center of all festive and wedding activities and Varanasi too has not been untouched by this. Let us look at some of the most popular trends in the gold market of Varanasi.
Gold Rate Trend in Varanasi for October 2018 to December 2018 (per gram of 24 karat gold)
||Rs.3,140 per gram
||Rs.3,255 per gram
||Rs.3,108 per gram
||Rs.3,260 per gram
||Rs.3,124 per gram
||Rs.3,239 per gram
||Rs.3,271 per gram on 25 October
||Rs.3,266 per gram on 7 November
||Rs.3,260 per gram on 12 and 13 December
||Rs.3,140 per gram on 1 October
||Rs.3,124 per gram on 30 November
||Rs.3,108 per gram from 1 to 3 December
Gold Rate Trend in Varanasi for October 2018:
- Gold was priced at Rs.3,140 per gram when trading began for the month of October. This month recorded high demand for gold as the China – US trade war intensified which caused volatility in the market.
- On the 9th, gold was at its lowest of Rs.3,228 per gram as demand was at its lowest owing to a brief surge in the dollar.
- However, as the dollar declined and local demand was also high, gold rates continued to rise over the next few days.
- When the month ended, gold was priced at Rs.3,302 per gram – the month’s highest rates, thanks to a robust demand. Gold prices went up by 5.15% this month compared to September due to a few key factors.
Gold Rate Trend in Varanasi for November 2018:
- In November, gold opened at Rs.3,302 per gram but rates fell as demand took a hit owing to a rising dollar.
- As gold became more expensive and the rupee continued to lose ground against the dollar, demand dropped considerably. This caused gold rates to plummet in a shocking reversal of fortunes for the metal.
- Gold rates were on a gradual decline this month and by the end of the month, prices came down to Rs.3,140 per gram.
- Prices took a major hit this month and they fell by 4.90% and wiped off all the gains achieved during the previous month.
Gold Rate Trend in Varanasi for December 2018:
- After the topsy-turvy trend of the previous month, December turned out to a positive period for gold sales.
- On the 1st of November, gold was priced at Rs.3,131 per gram and a crisis in the US pushed demand for safe-haven assets up.
- The 2nd and 3rd recorded the lowest gold rates for the month when the metal traded at Rs.3,127 per gram.
- From the 11th to the 17th, gold was priced at Rs.3,234 per gram – the month’s highest rate as demand was on the rise.
- When the month ended, gold was priced at Rs.3,219 per gram and a 2.81% incline in prices was recorded this month.
Gold Rate Trend in Varanasi for July 2018 to September 2018 (per gram of 24 karat gold)
||Rs.3,124 per gram
||Rs.3,050 per gram
||Rs.3,103 per gram
||Rs.3,056 per gram
||Rs.3,092 per gram
||Rs.3,140 per gram
||Rs.3,140 per gram on 7 July
||Rs.3,092 per gram on 31 August
||Rs.3,155 per gram on 20, 26 and 27 September
||Rs.3,056 per gram on 19 and 31 July
||Rs.3,003 per gram from 17 to 19 August
||Rs.3,082 per gram on 4 September
Gold rate trend In Varanasi for July 2018
- When trading for the metal commenced for gold in Varanasi on 1 July, the price of the metal stood at Rs.3,124 per gram.
- On 7 July, as the US dollar weakened, the price of the precious metal in Varanasi inclined and traded at Rs.3,140 per gram. This was the highest gold rate recorded for the month of July in Varanasi.
- However, in the course of the next few days, the value of the US dollar dropped ahead of the Federal Reserve's policy meeting scheduled to be held in July. This caused gold rates to decline in the city.
- The gold rate hit a monthly low of Rs.3,056 per gram on 19 July and again on 31 July due to poor trend overseas.
- Gold rates could not recover throughout the month and recorded a decline of 2.17%.
Gold rate trend In Varanasi for August 2018
- On 1 August, gold was priced at Rs.3,050 per gram in Varanasi. The demand during the beginning of the month was steady amid unfavorable trends overseas.
- Throughout the month the demand for the metal and the value of the US dollar played a crucial role in determining gold rates in Varanasi.
- From 17 to 19 August, as the demand for the metal took a fall due to the strengthening US dollar, the precious metal hit a monthly low of Rs.3,003 per gram.
- However, gold prices quickly recovered as investors gravitated towards safe-haven assets.
- On 31 August, the last day of the month, the highest gold rate for the month of August was recorded in Varanasi. On this day, gold closed at Rs.3,092 per gram.
- High demand for the metal and favorable international trends helped the trend of gold rates in the city incline by 1.37% for the month of August.
Gold Rate Trend in Varanasi for September 2018
- Demand for gold was on the rise, with jewellers and retail buyers increasing orders ahead of the wedding season.
- The precious metal traded at Rs.3,103 per gram on 1 December and rose steadily during the month as positive overseas cues also boosted prices.
- Prices jumped to Rs.3,155 per gram on 20 September as the fluctuating dollar increased safe-haven demand for the metal.
- The end of the month saw gold rates in Varanasi settle at Rs.3,140 per gram, recording a price rise of 1.19% during the month on positive cues and increased demand.
Gold Rate Trend in Varanasi for April 2018 to June 2018 (per gram of 24 karat gold)
||Rs.3,159 per gram
||Rs.3,231 per gram
||Rs.3,216 per gram
||Rs.3,231 per gram
||Rs.3,217 per gram
||Rs.3,146 per gram
||Rs.3,243 per gram from 20 to 23 April
||Rs.3,254 per gram on 14 May
||Rs.3,216 per gram on 1 June
||Rs.3,159 per gram from 1 and 2 April
||Rs.3,197 per gram on 18 May
||Rs.3,146 per gram on 30 June
|Overall Monthly Performance
Gold Rate Trend in Varanasi for April 2018:
- Gold was priced at Rs.3,159 per gram when April’s trading began in Varanasi.
- Demand this month was on the rise as the US dollar went through some poor times, and the markets crashed after the US and NATO decided to attack Syria over its wrongdoings.
- On the 1st and 2nd, the metal was trading at its lowest, while the highest came during the 20th to the 23rd when the metal traded at Rs.3,243 per gram.
- The month ended with gold prices holding at Rs.3,231 per gram while also recording a 2.27% incline in price trends.
Gold Rate Trend in Varanasi for May 2018:
- When May’s trading began, gold was priced at Rs.3,231 per gram. This month was a comparatively weaker period for gold sales as the US dollar recovered from its fall seen over the previous month.
- The metal traded at Rs.3,254 per gram on the 14th - the month’s highest rate as demand was on the higher side. On the flip side, the lowest gold rate was recorded on the 18th when the metal traded at Rs.3,197 per gram just four days later, on the 18th.
- Demand improved over the next few days but wasn’t enough bring the trend back to the positive side.
- When the month ended, the precious metal was priced at Rs.3,217 per gram - which was a 0.43% fall compared to the previous month’s rates.
Gold Rate Trend in Varanasi for June 2018:
- When trading started for the final month of Q2 2018, gold was priced at Rs.3,216 per gram.
- Demand this month again was weak as the US dollar recorded significant growth ahead of a strong payrolls data and a positive Fed meeting.
- The metal was at its highest point when it traded at Rs.3,216 per gram on the 1st and rates fell significantly over the rest of the month.
- The lowest gold rate in Varanasi for this month was recorded on the 30th of the month when it traded at Rs.3,146 per gram.
- Price trends tumbled by 2.17% in Varanasi this month, owing to a strong dollar and a strong equity market.
Gold Rate Trend in Varanasi for January 2018 to March 2018 (per gram of 24 karat gold)
||Rs.3,010 per gram
||Rs.3,077 per gram
||Rs.3,113 per gram
||Rs.3,066 per gram
||Rs.3,129 per gram
||Rs.3,134 per gram
||Rs.3,120 per gram on 24 and 25 January
||Rs.3,161 per gram on 18 and 19 February
||Rs.3,171 per gram on 25 and 26 March
||Rs.3,010 per gram from 1 to 3 January
||Rs.3,035 per gram on 9 February
||Rs.3,098 per gram on 19 and 20 March
Gold Rate Trend in Varanasi for January 2018:
- Gold was priced at Rs.3,010 per gram when trading began in the Holy city of Varanasi. This month’s trading in the city recorded a significant positive change in prices.
- Demand was on the rise as the US dollar was on the fall due to poor equity markets, which pushed safe-haven purchases up.
- In fact, cues were on the increase from the first week, and rates were at their lowest from the 1st to the 3rd when it traded at Rs.3,010 per gram.
- With the dollar falling, and demand rising in major Asian markets, gold rates went up to Rs.3,120 per gram on the 24th of the month, before continuing at this rate till the closing hours of the 25th.
- As the dollar mounted a comeback, and grew against other currencies, gold rates in Varanasi took a hit, towards the final few days of January.
- The month ended with gold trading at Rs.3,066 per gram and a 1.86% change in price trends were recorded.
Gold Rate Trend in Varanasi for February 2018:
- When February’s trading began, gold was priced at Rs.3,077 per gram - a Rs.11 rise from the previous day as stock markets were weak.
- Gold rates in Varanasi were on the incline this month as well, thanks to a steady rise in demand brought about by local jewellers.
- The dollar also continued to fall with the rift between the US and North Korea showing no signs of abating.
- Rates dropped to Rs.3,035 per gram on the 9th as demand took a hit while the dollar was holding stable.
- On the 18th and 19th of the month, gold was priced at Rs.3,161 per gram - the month’s highest rates as demand was on the rise, with the conflict reaching a tipping point.
- The month ended with gold trading at Rs,3,129 per gram as prices consolidated, while the dollar rose against other currencies.
- A 1.68% change in price trends were recorded this month, thanks to a solid rise in demand seen during the third week.
Gold Rate Trend in Varanasi for March 2018:
- March’s trading began with gold priced at Rs.3,113 per gram. Prices were largely stable for the initial few weeks due to little change in stimulus.
- However, rates dropped to Rs.3,098 per gram on the 19th before continuing at this rate on the 20th due to a drop in demand ahead of a strong dollar.
- Prices rose the next week to monthly high figure of Rs.3,171 per gram and traded at this rate on the 25th and the 26th.
- This happened due to the trade war that was nearly initiated by US President Donald Trump, which caused a furore in the market and the dollar plummeted.
- The month ended with gold trading at Rs.3,134 per gram as local demand subsided and the dollar rose slowly.
- A 0.67% incline in prices were recorded this month, thanks to the late surge in demand recorded during the final week.
Gold Rate Trend in Varanasi for October 2017 to December 2017 (per gram of 24 karat gold)
Gold Rate Trend in Varanasi for October 2017:
- When trading for October 2017 began in Varanasi, gold was priced at Rs.3,063 per gram. The US dollar remained strong for much of this month, which caused gold prices to drop considerably.
- After some fluctuations during the initial ten days, gold rates went up to Rs.3,072 per gram on the 12th, which continued on till the 16th of the month.
- Gold prices in Varanasi, however, fell from the monthly high figure as demand began to drop amid a resurgent dollar.
- Even the onset of major festivals failed to spur local demand and gold prices dropped significantly during the final few days of October.
- On the 27th, the yellow metal traded at Rs.3,026 per gram - the month’s lowest rate and continued on till the closing hours of the month.
- Poor local trading caused by weak demand contributed to a 1.20% decline in gold rates.
Gold Rate Trend in Varanasi for November 2017:
- Gold price in Varanasi had dropped to Rs.3,006 per gram when trading began for the month of November, which was the lowest rate recorded the entire month.
- But, with positive global cues gold rates in Varanasi seemed to increase over the subsequent days hitting the Rs.3,045 per gram mark by the 10th of the month.
- As the US dollar remained weak and as local demand surged, gold rates reached the Rs.3,060 per gram margin on 18th November.
- This also happened to be the highest rate for the month, made possible by a failing US dollar and an increased festive season demand.
- However, the greenback recuperated to push gold rates down over the remaining days of the month.
- When the month ended, the yellow metal was priced at Rs.3,026 per gram.
- A 0.66% incline in price trends was recorded in Varanasi over the course of the November 2017.
Gold Rate Trend in Varanasi for December 2017:
- When December began, gold was priced at Rs.3,016 per gram. This increased rose to Rs.3,036 per gram on the 2nd - the month’s highest rate.
- Prices remained unchanged till the 4th as demand was steady but some changes to the US tax law and the subsequent rallying of the markets caused gold prices to drop.
- Gold hit its lowest price point for the month on the 11th when it traded at Rs.2,910 per gram. This rate continued on till the 13th of the month as the US markets remained strong.a
- Gold price in Varanasi underwent a lot of fluctuations over the course of the month before consolidating to end at Rs.3,020 per gram.
- Gold price trend inclined by 0.13% this month, thanks to a slightly improved demand seen during the initial few days.
Gold Rate Trend in Varanasi for July 2017 to September 2017 (per gram of 24 karat gold)
||Rs.2,992 per gram
||Rs.2,960 per gram
||Rs.3,024 per gram
||Rs.2,950 per gram
||Rs.2,999 per gram
||Rs.3,063 per gram
||Rs.2,992 per gram on 1 & 2 July
||Rs.3,017 per gram on 28 August
||Rs.3,130 per gram on 8 September
||Rs.2,843 per gram on 12 & 13 July
||Rs.2,930 per gram on 3 & 6 August
||Rs.3,024 per gram on 1 September
Gold rate trend in Varanasi for July 2017
- Gold rates in Varanasi were greatly affected by the implementation of GST during the month.
- When trading commenced, the yellow metal was priced at Rs.2,992 per gram. This was also the highest figure recorded during the month.
- However, local demand significantly plunged with the introduction of the Goods and Services Tax in India. This led to gold price in Varanasi dropping to Rs.2,843 per gram - the lowest recorded monthly figure - on the 12th.
- The rest of the month witnessed gold rates picking up with the tensions rising between the US and North Korea pushing demand higher for the safe-haven metal. This led to gold rates rising to Rs.2,955 per gram on the 29th.
- When the month concluded, the precious metal was recorded trading at Rs.2,950 per gram, registering a decline of 1.40% in prices during the course of the month.
Gold rate trend in Varanasi for August 2017
- The month of August witnessed gold rates rising considerably owing to an improved global demand amid positive overseas trends.
- The precious metal was recording traded at Rs.2,950 per gram, when the month began.
- Gold rate in Varanasi hit their lowest on the 3rd with investors refraining from making purchases amid possibilities of a new Fed rate hike. This led to prices dropping to Rs.2,930 per gram.
- However, the bullion trade improved with the US-North Korean conflicts intensifying for the rest of the month.
- On the 28th, the yellow metal was priced at Rs.3,017 per gram - the highest recorded monthly figure - as the US economy tanked with rising geopolitical tensions in the Korean peninsula.
- The month ended with the precious metal trading at Rs.2,999 per gram. Varanasi registered a profit of 1.30% during the month owing to global, as well as, domestic factors.
Gold rate trend in Varanasi for September 2017
- Gold trade in Varanasi waswere greatly influenced by the rising geopolitical concerns in the Korean peninsula and the United States, and also with the arrival of the festive season during the month.
- The news about North Korea’s successful thermonuclear weapon test sent world markets crashing. This led to an increase in safe-haven investments around the world, pushing demand higher for the precious metal. Gold was priced at Rs.3,130 per gram on the 8th.
- The second and third week witnessed gold rates mostly on the low with the US economy recovering from the initial shock, and gold was recorded trading at Rs.3,051 per gram on the 25th.
- However, the 26th witnessed local gold trade flourish with the arrival of Dussehra pushing demand higher for the precious metal. This led to prices surging to Rs.3,110 per gram.
- When the month concluded, gold prices had dropped to Rs.3,063 per gram amid possibilities of a new Fed rate hike, and a strengthening dollar.
- Gold rates in Varanasi increased by 1.27% during the month, owing to a strong global demand amid positive overseas trends.
Gold Rate Trend in Varanasi for April 2017 to June 2017 (per gram of 24 karat gold)
||Rs.2,991 per gram
||Rs.3,011 per gram
||Rs.3,012 per gram
||Rs.3,011 per gram
||Rs.2,992 per gram
||Rs.2,992 per gram
||Rs.3,068 per gram on 15 and 16 April
||Rs.3,011 per gram on 1 and 2 May
||Rs.3,057 on 7 June
||Rs.2,983 per gram from 8 - 10 April
||Rs.2,918 per gram from 11 to 15 May
||Rs.2,972 on 27 June
Gold rate trend in Varanasi for April 2017
- The gold rates fluctuated in the month of April in Varanasi and resulted in an overall incline in the prices.
- Gold started trading at Rs.2,991 per gram on 1 April and rose to Rs.3,003 per gram subsequently due to an increase in demand from the international markets.
- The rates fluctuated resulting in gold being priced at Rs.2,983 on 8 to 10 April which was the recorded to be the monthly low in April.
- Due to uncertainty in the global market, gold prices went up to Rs.3,036 per gram when trading began on the 12th.
- The fluctuating stock markets and the weak U.S. dollar rate contributed to the monthly high gold rate of Rs.3,068 per gram on 15 and 16 April.
- Though the U.S. dollar rates recovered to an extent, it did not have any significant impact on the gold prices, instead, gold was priced at Rs.3,062 per gram on 23 April.
- Gold rates dipped to Rs.3,011 per gram on 26 April as investors turned towards the stock markets.
- Gold was priced at Rs.3,011 per gram on the 30th of April and recorded an incline of 0.66% in the prices.
Gold rate trend for Varanasi in May 2017
- In the beginning of April, gold rates were on an incline and it started trading at Rs.3,011 per gram on 1 April in Varanasi.
- The demand for gold subdued as the French Presidential Election 2017 boosted the stock markets. Gold was priced at Rs.2,983 per gram on the 3rd and continued to dip.
- A strong U.S. dollar rates contributed to the decline in demand and resulted in gold being traded at Rs.2,918 per gram from 11 to 15 May.
- The slight increase in demand from the local markets rose the gold rates to Rs.2,939 on 17 May.
- Though the prices increased to Rs.2,992 per gram on 31 May, an overall decline in the demand reduced the gold rates by 0.49%.
Gold rate trend in Varanasi for June 2017
- Gold traded at Rs.3,012 per gram on 1 June in Varanasi and recorded an overall decline in the value.
- The fluctuating stock markets and a strong U.S. dollar rate contributed to the increase in gold prices Rs.3,022 per gram on the 3 June.
- An incline in demand for gold resulted in a high domestic demand leading to gold being priced at Rs.3,037 per gram on the 5 June and the monthly high of Rs.3,057 per gram on the 7 June.
- A recovering U.S. dollar rate reduced the demand for gold which led to a dip in the price. Gold was priced at Rs.3,042 per gram on the 8 June and further reduced to Rs.3,017 per gram on 9 June.
- The fluctuating gold rates reached the monthly low of Rs.2,972 on 27 June due to muted demand for gold from the local and international market.
- Though the gold rates reached Rs.3,005 per gram on 26 June, it closed at Rs.2,992 per gram on the last day of the month.
- The gold rates fell at an overall rate of 0.66% for the month of June in Varanasi.
Gold Rate Trend in Varanasi for January 2017 to March 2017 (per gram of 24 karat gold)
||Rs.2,844 per gram
||Rs.2,978 per gram
||Rs.3,009 per gram
||Rs.2,958 per gram
||Rs.3,020 per gram
||Rs.2,991 per gram
||Rs.2,979 per gram on 24th January
||Rs.3,031 per gram from 25th February to
||Rs.3,009 per gram on the 1st and 2nd of March
||Rs.2,844 per gram from 1st January to 3rd February
||Rs.2,957 per gram from 4th February to 6th February
||Rs.2,950 per gram on 15th March
Gold Rate Trend for Varanasi in January 2017
- On the 1st of January in Varanasi, gold traded at Rs.2,844 per gram and stayed stable at this rate until the 3rd of the month.
- Due to high demand from investors, the rate of gold went up marginally to trade at Rs.2,855 per gram before rising even further to trade at Rs.2,866 per gram from the 5th of January to the 9th.
- Due to a continued rise in the demand for this precious metal, as the third week of January progressed, the rate of gold continued to rise with marginal fluctuations.
- On the 24th of January, gold was priced at Rs.2,979 per gram which was the highest at which gold traded at for the month.
- At the end of January, gold traded at Rs.2,958 per gram, recording an incline of 4% in the rate of gold.
Gold Rate Trend for Varanasi in February 2017
- Gold traded at Rs.2,978 per gram on the 1st of February and was steady at this rate until the 3rd of February.
- However, on the 4th of February, the rate of gold reduced due to a rise in the value of the U.S.Dollar trading at Rs.2,957 per gram.
- This rate was steady until the 6th of February post which the rate of gold increased again.
- Due to positive market cues from jewellers in domestic markets, the price of gold shot up to Rs.3,009 per gram on the 8th of February and stayed stable at this rate until the 10th of February before declining again.
- Gold traded at Rs.2,999 per gram from the 18th of February to the 24th of February due to steady demand.
- On the last day of February in Varanasi, gold traded at Rs.3,020 per gram recording an incline of 1.41% in the rate of gold.
Gold Rate Trend for Varanasi in March 2017
- Gold was priced at Rs.3,009 per gram on the 1st of March and stayed at this rate until the 2nd of March as well
- However, the price of gold reduced the next day to trade at Rs.2,990 per gram and stayed steady at this rate until the 6th before reducing again.
- The U.S. Federal Reserve’s decision regarding the rate of interest has an impact on the price of this precious metal. On the 15th, the rate of gold plunged to a monthly low of Rs.2,950 per gram.
- After the 15th, however, there was a marginal improvement noted in the rate of gold due to higher demand for this metal.
- The rate of gold fluctuated between Rs.3,003 per gram and Rs.2,993 per gram between the 22nd of March and 26th of March, before steadily trading at Rs.3,003 per gram from the 27th of March to the 30th of March.
- As the month of March ended, gold traded at Rs.2,991 per gram recording a decline of 0.59% in the price of gold.
Gold investment options in Varanasi
Gold is popular not just because it is a rare and precious metal but also because it has numerous uses as an investment option as well as a means of accumulating wealth. Despite numerous innovative financial products in the market, gold continues to hold on to its shine since it is a metal that Indians truly rely on as a good investment avenue. Listed below are some of the ways in which gold can be utilized to grow wealth.
- Financial Market
With the importance of gold, many financial institutions have launched gold specific schemes that offer returns on investments made in gold. These include gold ETFs and some schemes like the Gold Monetization Scheme which have been launched by the government to leverage the popularity and abundance of gold in the country. Gold ETFs can be traded on the stock exchange and are a popular replacement for people who want to invest in gold but don’t want to buy it physically.
- Over the counter
Over the counter gold is available as gold coins in banks and as jewelry and coins in various jewelry shops. Varanasi has a huge population and an equally proportional number of jewelry shops in the city. Gold can be bought in the form of various ornaments, coins or even bars. Jewelers too, keep all variants of the metal in different karat qualities so as to cater to the need of all customers.