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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 July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,946 per gram||Rs.5,481 per gram||Rs.5,287 per gram|
|Last Day||Rs.5,439 per gram||Rs.5,250 per gram||Rs.5,135 per gram|
|Highest Price||Rs.5,439 per gram on 31 July||Rs.5,749 per gram on 8 August||Rs.5,297 per gram on 16 September|
|Lowest Price||Rs.4,925 per gram from 7 July||Rs.5,234 per gram on 27 and 28 August||Rs.5,077 per gram on 29 September|
Quarterly Gold Rate in Varanasi from July 2020 to September 2020:
- Gold prices in Varanasi for the month of July were very unusual. On the first day of the month, the price of gold was at Rs.4,253 for a gram. On the last day of the month, the price of gold reduced and was at Rs.4,761 per gram. The improvement in the appetite for riskier assets ensured that the prices of gold decreased. Overall, the prices of gold in Lucknow saw an incline of 11.94% in its prices.
- The price of gold for the month of August opened at Rs.4,699 for a gram. Over the course of the first week, the prices of gold fluctuated in the city. On the last day of the month, gold prices increased slightly and were at Rs.4,799 per gram, seeing a 2.12% increase in its prices.
- The price of the metal opened the month of September at Rs.4,799 per gram and showed an overall declining trend with risk appetite amongst investors increasing. The metal closed the month at Rs.4,961 per gram on 30 September with an overall percentage decline of 3.21%.
Gold Rate Trend in Varanasi for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,253 per gram||Rs.4,699 per gram||Rs.4,799 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,799 per gram||Rs.4,961 per gram|
|Highest Price||Rs.4,846 per gram on 29 April 2020||Rs.4,883 per gram on 18 and 19 May||Rs.4,961 per gram on 30 June|
|Lowest Price||Rs.4,253 per gram from 1 April to 20 April||Rs.4,646 per gram from 2 May||Rs.4,725 per gram on 8 June|
Quarterly Gold Rate in Varanasi from April to June:
- Gold prices for the month of April in Varanasi were very unusual. On the first day of the month, the price of gold was at Rs.4,253 for a gram. On the last day of the month, the price of gold reduced and was at Rs.4,761 per gram. The improvement in the appetite for riskier assets ensured that the prices of gold decreased. Overall, the prices of gold in Lucknow saw an incline of 11.94% in its prices.
- The price of gold for the month of May opened at Rs.4,699 for a gram. Over the course of the first week, the prices of gold fluctuated in the city. On the last day of the month, gold prices increased slightly and were at Rs.4,799 per gram, seeing a 2.12% increase in its prices.
- The price of the metal opened the month of June at Rs.4,799 per gram and showed an overall declining trend with risk appetite amongst investors increasing. The metal closed the month at Rs.4,961 per gram on 30 June with an overall percentage decline of 3.21%.
Gold Rate Trend in Varanasi for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,995 per gram||Rs.4,169 per gram||Rs.4,274 per gram|
|Last Day||Rs.4,169 per gram||Rs.4,368 per gram||Rs.4,253 per gram|
|Highest Price||Rs.4,211 per gram on 9 January||Rs.4,394 per gram on 25 and 26 November||Rs.4,536 per gram on 7 March|
|Lowest Price||Rs.3,995 per gram on 1 January||Rs.4,116 per gram on 7 February||Rs.4,111 per gram on 20 March|
Quarterly Gold Rate in Varanasi from January 2020 to March 2020:
- Gold prices in Varanasi for the month of January opened and closed at Rs.3,995 per gram and Rs.4,169 per gram, respectively. Factors such as the trade deal between the US and China and the tensions between the US and the Middle East affected the prices of gold. Gold hit its lowest rate for the month on 1 January and was at Rs.3,995 per gram. The yellow metal hit its highest rate for the month on 9 January and was at Rs.4,211 per gram. Over the course of the month, the prices of gold increased by 4.35%.
- In February, the prices of gold increased by 4.77%. The coronavirus outbreak and investors shifting towards the bullion market affected the prices of gold. Gold opened the month at Rs.4,160 for a gram and closed the month at Rs.4,368 per gram. On 7 February 2020, gold hit its lowest rate for the month and was at Rs.4,116 per gram. Towards the end of the month, gold hit its highest rate was at Rs.4,394 for a gram.
- The prices of gold in March declined by 0.49%. In the first week, gold prices increased as investors were expecting rate cuts. Gold hit its highest rate for the month on 7 March 2020 and was at Rs.4,536. In the second and third weeks of the month, the prices of gold reduced due to the coronavirus outbreak. Gold hit its lowest rate during this period and was at Rs.4,111 on 20 March. Gold prices slightly increased over the last week as the US Federal Reserve introduced several measures to help the economy.
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.
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.
Also Check Gold Price in NearBy Cities of 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|
|Gold Rate In Meerut||Gold Rate In Ghaziabad||Gold Rate In Kanpur|
- Also Check: Gold Rate in Uttar Pradesh
Read more on Gold
- Tips For Buying Gold Jewellery
- Use Gold Jewellery To Get Yourself A Loan
- Hallmark Kdm 916 Varieties Of Gold
- How Gold Rate Fluctuation Affects Indian Economy