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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.
Rate of Gold in Varanasi
The rate of gold, not just in Varanasi, but across all parts of the world varies with respect to the purity of the metal. As we know gold comes in different variants that signify the purity of the yellow metal. These are 14 karat gold, 18 karat, and 22 karat and so on. The higher the karat, the purer is the metal. Let us look at the rates of the metal based on its karat value.
- 24 karat gold
24 karat gold is the purest form of gold and is used mostly in the electronic industry and the pharmaceutical industry. This form of gold is also the costliest since the metal is in its purest form. Also, 24k gold is ideal for investments since the metal is traded at the actual price of gold. The rate of 24k gold as of 11th March, 2016 is Rs.2969 per gram which comes to around Rs.29690 per 10 grams.
- 22 karat gold
22 Karat is the most consumed form of gold since this is what is used for making jewelry. Since, Indian is one of the biggest importers and consumers of gold, especially in the form of jewelry, the rate of 22k gold is the most relevant rate for people of Varanasi. As of 11th March, 2016, the rate of 22k gold in Varanasi is Rs.2775 per gram which translates to Rs.27750 per 10 grams. Gold prices have again picked up after witnessing a steep fall the last few months.
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)
|1st day||Rs.2,992 per gram||Rs.2,960 per gram||Rs.3,024 per gram|
|Last day||Rs.2,950 per gram||Rs.2,999 per gram||Rs.3,063 per gram|
|Highest price||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|
|Lowest price||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)
|1st day||Rs.2,991 per gram||Rs.3,011 per gram||Rs.3,012 per gram|
|Last day||Rs.3,011 per gram||Rs.2,992 per gram||Rs.2,992 per gram|
|Highest price||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|
|Lowest price||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)
|1st day||Rs.2,844 per gram||Rs.2,978 per gram||Rs.3,009 per gram|
|Last day||Rs.2,958 per gram||Rs.3,020 per gram||Rs.2,991 per gram|
|Highest price||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|
|Lowest price||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.
|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 Varanasi in October 2016
- The demand for gold was quite strong in the beginning of October due to demand both in India and overseas. On the 1st day of the month, gold traded at Rs.3,205 per gram on 1st October.
- Due to fluctuations in demand despite the ongoing wedding season, gold rates took a hit and reduced. Although international demands were relatively stable, domestic demands fluctuated quite a bit.
- The U.S. election and uncertainty over the results kept markets unstable, though prices didn’t show signs of improvement as local demand was still lower than expected.
- Price of gold slightly increased towards the end of the month to trade at Rs.3,099 per gram, although a decline of 3.30% was noted in the rate of gold during the month.
Gold Rate Trend for Varanasi in November 2016
- Gold prices were stable as the month began, trading at Rs.3,099 per gram on 1st November as demand was consistent.
- The U.S. presidential election results surprised the entire world with Donald Trump becoming the President resulting in market fluctuations.
- Cash notes worth Rs.500 and Rs.1,000 were banned on the 8th of November by Prime Minister Narendra Modi in order to curb corruption. This move came to be known as demonetization and resulted in sending the markets into a tizzy.
- As the currency shortage became acute, demand for gold dropped, leading to prices stagnating, as international demand was also muted due to a strong U.S. Dollar.
- Gold prices fell by a significant percentage, trading at Rs.2,941 per gram on 30th November due to highly volatile markets.
Gold Rate Trend for Varanasi in December 2016
- The price of gold failed to recover in the last month of the year as the effects of demonetisation kept domestic demand muted.
- Gold traded at Rs.2,893 per gram on 1st December as investors moved away from bullion due to strong markets and stable currencies.
- Local demand also followed international trends, with demand for gold low as the U.S. Dollar gained over other global currencies.
- Gold fell to its lowest rate for the quarter during Christmas, as demand dropped to a historic low.
- A slight recovery was seen as the month ended due to an increase in local demand.
- Gold traded at Rs.2,844 per gram on 31st December, marking a decrease of a little over 1% for the month.
|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 on from 7th-9th July||Rs.3,248 per gram on 4th and 10th August||Rs.3,228 per gram from 7th-12th September|
|Lowest price||Rs.3,163 per gram on 22nd July||Rs.3,205 per gram from 26th-31st August||Rs.3,184 per gram on 1st and 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Varanasi for July 2016
- Gold traded at Rs.3,167 per gram on 1st July as demand rose due to continuing uncertainty arising out of the Brexit vote.
- Prices rose to a monthly high of Rs.3,227 per gram on 7th July as trends from the international market bolstered the domestic market.
- Prices fell slightly as currency markets recovered, leading to demand for gold stagnating.
- Prices remained at Rs.3,199 per gram from 13th-21st July due to muted demand.
- Prices fell further as stocks had a bull run, closing at Rs.3,219 per gram on 31st July.
Gold Rate Trend in Varanasi for August 2016
- The price of gold was Rs.3,219 per gram on 1st August but fell as the week ended due to fluctuating demand.
- Gold traded at Rs.3,206 per gram on 9th August but rose as demand for gold increased, following international trends.
- Prices rose marginally as the global stocks fell, leading to increased demand for gold.
- Gold was sold at Rs.3,238 per gram on 22nd August but prices fell to Rs.3,205 per gram on 31st August due to decreasing demand from jewellers.
Gold Rate Trend in Varanasi for September 2016
- Gold traded at Rs.3,184 per gram on 1st September as international demand led to a boost in sales.
- The price rose to Rs.3,228 per gram on 7th September as demand from jewellers rose due to the festive season, coupled with positive international cues.
- Prices dipped as demand fluctuated, trading at Rs.3,205 per gram on 16th September and falling further as the week ended.
- Flagging markets renewed interest in gold, leading to a slight rise in price to Rs.3,227 per gram on 22nd September before prices settled at Rs.3,217 per gram on 30th September.
|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|
|Highest price||Rs.3,119 per gram on 1st of April||Rs. 3,120 per gram on 9th of May||Rs.3,182 per gram on 28th and 29th June|
|Lowest price||Rs. 2,933 per gram on the 5th of May||Rs. 2,960 per gram on the 30th of May||Rs.2,950 per gram from 2nd-5th June|
|Trend||Rising||Decline||Increase in price|
Gold Rate Trend of Varanasi in April 2016
- Gold continued to trade at Rs. 2,943 per gram for the first three days of April
- Gold witnessed a lot of fluctuation in the month of April with changes in rate every week.
Gold Rate Trend of Varanasi in May 2016
- There were no major changes in demand and the rate remained unchanged at Rs. 3,119 per gram for the first three days of May.
- Gold witnessed a decline at Rs. 3,048 per gram on 24th of May owing to low demand.
- The price further declined to Rs. 2,960 per gram on 30th of May.
Gold Rate Trend of Varanasi in June 2016
- Gold prices were stable at the start of the month, with prices rising during the month.
- The unstable markets contributed to increased demand for gold, in spite of the Dollar being relatively stable.
- The upcoming referendum in Great Britain on staying in the European Union led to some turbulence, pushing gold prices higher.
- Gold prices rose as the month ended as Britain voted to exit the EU resulting in markets falling and demand for gold shooting up.
|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. 2,767 per gram on January 27th||Rs. 3,049 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 1st of February||Rs. 2,948 per gram on 31st of March|
Gold Rate Trend of Varanasi in January 2016
- Gold traded at Rs. 2,585 per gram on the 1st of January without many changes over the next four days
- Gold rose by Rs. 100 at Rs. 2,681 per gram on 7th of January.
- Gold hit the highest rate for January on 27th at Rs. 2,767 per gram.
Gold Rate Trend of Varanasi in February 2016
- Gold remained unchanged at Rs. 2,756 per gram on 1st of February.
- Gold traded at Rs. 3,008 per gram during the better half of the second week of the month.
- February witnessed a steady rise in Gold prices as it shot up to Rs. 3,049 per gram on 26th of February.
Gold Rate Trend of Varanasi in March 2016
- Gold remained unchanged at Rs. 3,030 per gram for the first two weeks 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.
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.
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
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