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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 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 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.
Gold Rate Trend in Varanasi 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 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.
Gold Rate Trend in Varanasi 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|
|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
Read more on Gold
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- Use Gold Jewellery To Get Yourself A Loan
- Hallmark Kdm 916 Varieties Of Gold
- How Gold Rate Fluctuation Affects Indian Economy