Gold Rate In West Bengal

  • Today's Gold Rate in West Bengal ( 18 Sep 2019 )
    ₹ 3,720
    Today's Gold Rate (22K) per gram
    Compare Gold Rate In West Bengal (Today & Yesterday)
    Today
    (18 Sep 2019)
    Yesterday
    (17 Sep 2019)
    Rate Change
    Standard Gold (22 K) ( 1 gram ) ₹ 3,720 ₹ 3,747 ₹ -27 ↓
    Standard Gold (22 K) ( 8 grams ) ₹ 29,760 ₹ 29,976 ₹ -216 ↓
    Pure Gold (24 K) ( 1 gram ) ₹ 3,906 ₹ 3,934 ₹ -28 ↓
    Pure Gold (24 K) ( 8 grams ) ₹ 31,248 ₹ 31,472 ₹ -224 ↓
    Daily Gold Rates
    Date Standard Gold (22 K) Pure Gold (24 K)
    1 gram 8 grams 1 gram 8 grams
    18 Sep 2019 ₹ 3,720 ₹ 29,760 ₹ 3,906 ₹ 31,248
    17 Sep 2019 ₹ 3,747 ₹ 29,976 ₹ 3,934 ₹ 31,472
    16 Sep 2019 ₹ 3,705 ₹ 29,640 ₹ 3,890 ₹ 31,120
    15 Sep 2019 ₹ 3,705 ₹ 29,640 ₹ 3,890 ₹ 31,120
    14 Sep 2019 ₹ 3,715 ₹ 29,720 ₹ 3,901 ₹ 31,208
    13 Sep 2019 ₹ 3,717 ₹ 29,736 ₹ 3,903 ₹ 31,224
    12 Sep 2019 ₹ 3,758 ₹ 30,064 ₹ 3,946 ₹ 31,568
    11 Sep 2019 ₹ 3,756 ₹ 30,048 ₹ 3,944 ₹ 31,552
    10 Sep 2019 ₹ 3,768 ₹ 30,144 ₹ 3,956 ₹ 31,648
    09 Sep 2019 ₹ 3,778 ₹ 30,224 ₹ 3,967 ₹ 31,736

    Weekly & Monthly Graph of Gold Rate in West Bengal

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    *Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.

    Gold Rate in West Bengal

    West Bengal is the fourth-most populous state in India, with more than 91 million people. It is an ethno-linguistic state with a proud history of kingdoms and empires that have contributed significantly to the country’s glorious past. As such, the demand for gold in the state is constantly increasing as people make purchases on a consistent basis when there are festivals. Since gold is considered a part of the cultural and traditional heritage of West Bengal, dealers in the state are never short of supply to meet the never-ending demand.

    Gold Rate Trend in West Bengal for April 2019 to June 2019 (per gram of 24 karat gold)

    Factor April May June
    1st day Rs.3,294 per gram Rs.3,293 per gram Rs.3,314 per gram
    Last day Rs.3,301 per gram Rs.3,314 per gram Rs.3,512 per gram
    Highest price Rs.3,306 per gram from 10-12 April Rs.3,337 per gram on 17 May Rs.3,529 per gram from 25-27 June
    Lowest price Rs.3,246 per gram on 19 April Rs.3,258 per gram on 24 May Rs.3,314 per gram on 1 June
    Trend Incline Incline Incline
    Change 0.21% 0.63% 5.97%
    • The quarter that began in April started off with the gold rate in West Bengal trading at Rs.3,294 per gram. This may have been influenced by the demand for gold in the state declining, despite the overseas trend remaining positive.
    • The price of the metal then declined to its lowest point in the quarter on 24th May. Gold traded at Rs.3,258 per gram. The demand for the metal remained suppressed at this point while the US dollar rose in value in comparison to other currencies.
    • The price of gold in West Bengal rose noticeably in the month of June. Gold rate in West Bengal stood at its highest for three months on from 26 - 27 June. It was recorded at Rs.3,529 per gram. This may have been the effect of favorable global overseas trends clubbed with the surged local and industrial demand for gold.
    • The last week of the quarter saw a marginal decline in the gold price in West Bengal as the US and China decided to reignite trade talks. As on 30th June, the price of gold was recorded Rs.3,512 per gram.

    Gold Rate Trend in West Bengal for January 2019 to March 2019 (per gram of 24 karat gold)

    Factor January February March
    1st day Rs.3,282 per gram Rs.3,431 per gram Rs.3,435 per gram
    Last day Rs.3,428 per gram Rs.3,460 per gram Rs.3,294 per gram
    Highest price Rs.3,428 per gram on 31 January Rs.3,497 per gram on 21 February Rs.3,435 per gram on 1 March
    Lowest price Rs.3,282 per gram on 1 and 2 January Rs.3,399 per gram on 15 February Rs.3,313 per gram on 29 March
    Trend Incline Incline Decline
    Change 4.44% 0.84% -4.10%

    Gold Rate Trend in West Bengal for January 2019:

    • With the value of the dollar constantly fluctuating, the gold rate in West Bengal increased steadily throughout the month after opening at Rs.3,282 per gram on 1 January. This was also the lowest price point of the metal for the month.
    • The ongoing trade tensions between the China and U.S. reduced industrial imports of gold from Asia. However, strong local demand kept the value from declining.
    • The dollar weakened while the equity market rose in value. As on 18 January, the price of gold stood at Rs.3,338 per gram. During this time, local and industrial demand for the metal too rose.
    • The price of gold stood still for a few days while the dollar recovered in value after the government shutdown ended. However, at the end of the month on 31st January, the yellow metal stood at its highest point as it was trading at Rs.3,428 per gram. The overall percentage increment for the month was recorded at 4.44%.

    Gold Rate Trend in West Bengal for February 2019:

    • Demand for the yellow metal rose spontaneously as conflicting overseas cues and a volatile U.S. dollar rate impacted local and industrial demand. The gold rate in West Bengal on 1 February was Rs.3,431 per gram.
    • Gold prices in West Bengal rose briefly to Rs.3,455 per gram on 6 February as the dollar dropped on global economic slowdown fears but it bounced back as the yellow metal’s value fell to Rs.3,404 per gram on 14 February.
    • Sluggish demand from Asia and rising insecurity over Brexit increased gold’s safe-haven appeal among investors as the metal rose to Rs.3,462 per gram on 19 February, as local demand remained static.
    • Prices surged to Rs.3,497 per gram on 21 February on news of a resolution to the Sino-U.S. trade dispute but a more aggressive tone by the Federal Reserve boosted the dollar as gold fell to Rs.3,460 per gram on 28 February.

    Gold rate trend in West Bengal for March 2019:

    • Gold rate in West Bengal dipped in value at the beginning of the month as the value of the US dollar rose substantially. Uncharacteristically, stocks and equities too dipped in value at the same time. The price of gold on 1 March stood at Rs.3,435 per gram. This was also the highest value of the yellow metal for the month.
    • The dollar then declined in value on the 7th in comparison to the Euro as the ECB pushed its decision to hike interest rates. This stunted the growth of the metal due to weak economic conditions.
    • On 29 March, gold stood at one of its lowest points of the month when it was trading at Rs.3,313 per gram. This was influenced with the dollar increasing in value and weak economic conditions prevailed.
    • A percentage decline of 4.10 was recorded for the month of March while it was trading at Rs.3,294 per gram. This was also the lowest price the metal stood at for the month.

    Gold Rate Trend in West Bengal for October 2018 to December 2018 (per gram of 24 karat gold) 

    Factor  October November December
    1st day  Rs.3,167 per gram  Rs.3,292 per gram  Rs.3,166 per gram 
    Last day  Rs.3,292 per gram  Rs.3,166 per gram  Rs.3,284 per gram 
    Highest price  Rs.3,303 per gram on 25 October  Rs.3,292 per gram on 1 November  Rs.3,284 per gram on 30 and 31 December 
    Lowest price  Rs.3,167 per gram on 1 October  Rs.3,166 per gram on 30 November  Rs.3,166 per gram on 1 December 
    Trend  Incline  Decline  Incline 
    Change  3.94%  -3.82%  3.72% 

    Gold rate trend in West Bengal in October 2018

    • Gold trade began in the month of October at Rs.3,167 per gram in West Bengal. The price of the metal increased throughout the month due to the increase in the value of the rupee against the dollar as the markets fell.
    • Geopolitical tensions such as the crisis in the Middle-East, budgetary crisis in Italy as well as the ongoing Brexit negotiations played a major role in the upward trend of the metal. This led an increased inclination from investors towards bullion as a safe-haven asset.
    • In the second half of the month, demand from local jewellers increased since Diwali and Dhanteras are primary festivals associated with the buying of gold. As the rupee fared better against the dollar, the import business benefited.
    • At the end of October, gold prices hit the highest price of the month at Rs.3,303 per gram and closed at Rs.3,292 per gram with an incline percentage of 3.94.

    Gold rate trend in West Bengal in November 2018

    • The gold trend in November declined substantially as the markets improved globally. The dollar improved against other currencies which made investors shift from the bullion to the market.
    • On 1 November, the price of the metal was Rs.3,292 per gram and held forth in the country due to the festivals of Dhanteras and Diwali.
    • However, in the second half of the month, gold trade dipped considerably following the decrease in demand by local jewellers.
    • By the month end, gold trade closed at Rs.3,166 per gram resulting in a percentage decline of 3.82.

    Gold rate trend in West Bengal in December 2018

    • In December, gold trade made up for the downward trend in the previous month. The markets fell early in the month, leading to the fall of the dollar against other currencies.
    • Gold opened the month at Rs.3,166 per gram and increased to Rs.3,264 per gram by the mid-month. As the US-China trade truce was underway, the rupee strengthened resulting in a rise in local demand of the metal.
    • Apart from global factors, demand was high among local jewellers as the month marked the wedding season in the country.
    • On 31 December, gold trade closed at Rs.3,284 per gram which was the highest price of the metal in the month, resulting in a percentage incline of 3.72.

    Gold Rate Trend in West Bengal for July 2018 to September 2018 (per gram of 24 karat gold)

    Factor July August September
    1st day Rs.3,146 per gram Rs.3,079 per gram Rs.3,129 per gram
    Last day Rs.3,082 per gram Rs.3,116 per gram Rs.3,167 per gram
    Highest price Rs.3,165 per gram on 7 July Rs.3,116 per gram on 31 August Rs.3,186 per gram on 26 September
    Lowest price Rs.3,082 per gram on 31 July Rs.3,032 per gram on 17 August Rs.3,114 per gram on 4 September
    Trend Decline Incline Incline
    Change -2.03% 1.20% 1.21%

    Gold Rate Trend in West Bengal for July 2018

    • Gold opened trading at Rs.3,146 per gram as local demand kept prices steady when the month began, but rising import costs and flagging retail sales led to prices dropping.
    • Fluctuating markets and an unsteady dollar resulted in higher demand for bullion, as gold prices rose to a monthly high of Rs.3,165 per gram on 7 July.
    • Geopolitical tensions and Brexit negotiations had a bearing on equity markets but investors were wary of bullion buys, resulting in demand falling steadily.
    • Prices continued to fall as local demand for gold fell as a result of the depreciating rupee, as gold rates in West Bengal closed the month at Rs.3,082 per gram to record a loss of 2.03% during the month.

    Gold Rate Trend in West Bengal for August 2018

    • There was a slight drop in gold prices as the month began as a rising dollar and bullish stock markets reduced interest in the yellow metal.
    • The precious metal traded at Rs.3,079 per gram on 1 August as prevalent overseas trends and a depreciating dollar negatively impacted gold demand.
    • Brexit negotiations and geopolitical tensions in the U.S. led to volatile stock markets, which boosted demand for safe-haven assets like gold.
    • Prices slowly rose towards the middle of the month and climbed steadily as industrial demand for gold rose in spite of the higher cost.
    • The end of the month saw gold prices rise to Rs.3,116 per gram as the metal’s value increased by 1.20%.

    Gold Rate Trend in West Bengal for April 2018 to June 2018 (per gram of 24 karat gold)

    Factor April May June
    1st day Rs.3,159 per gram Rs.3,231 per gram Rs.3,216 per gram
    Last day Rs.3,231 per gram Rs.3,217 per gram Rs.3,146 per gram
    Highest price 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
    Lowest price 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
    Trend Incline Decline Decline
    Change 2.27% -0.43% -2.17%

    Gold Rate Trend in West Bengal for April 2018:

    • Gold was priced at Rs.3,159 per gram when West Bengal opened for trading on April 1st. This was the lowest rate for the month.
    • Demand for gold this month was on the high side as the US dollar was on a weaker foot and cues from the global market was positive.
    • The reason for high demand was the ongoing Syrian civil war and the latest US-NATO interference against the Bashar Al Assad government.
    • Almost all major cities and states in India saw increased demand this month, which was also reflected in the trends seen in West Bengal.
    • Gold rates in West Bengal seemed to increase week on week and hit the highest for the month from the 20th to the 23rd when the metal traded at Rs.3,243 per gram.
    • When the month ended, gold was priced at Rs.3,231 per gram. Due to high demand, gold price trends recorded a 2.27% incline this month.

    Gold Rate Trend in West Bengal for May 2018:

    • Compared to April, May’s trading was on the weaker side as demand weakened considerably this month. The fall in gold demand was brought about by a rising dollar which recovered from the previous month’s decline.
    • The metal was priced at Rs.3,231 per gram when the month began. Demand was more or less steady for the first two week, with the highest price recorded on the 14th when the metal traded at Rs.3,254 per gram.
    • Less than a week later, i.e., on the 18th, gold prices dropped to a monthly low of Rs.3,197 per gram as demand dropped.
    • The month came to a halt on the 31st with gold prices holding at Rs.3,217 per gram - a Rs.14 drop from the initial day’s rates.
    • Price trends this month dropped by 0.43% as there was a much weaker demand for the metal, owing to a strong US market.

    Gold Rate Trend in West Bengal for June 2018:

    • When June’s trading began, gold was priced at Rs.3,216 per gram. This was the highest rate for the month because demand fell from this point on.
    • The US payrolls data was released for the month, which showed positive growth. This then caused market sentiments to rise and the hopes of a Fed rate hike also took shape, causing gold rates to plummet on a regular basis.
    • Gold rates fluctuated constantly this month and saw a lot of crests and troughs, ultimately ending on a low note as demand was at its lowest for months.
    • The lowest gold rate for the month was recorded on the 30th when the metal traded at Rs.3,146 per gram.
    • Price trends recorded a 2.17% decline this month as demand was at an unprecedented low which caused market demand to drop considerably.

    Gold Rate Trend in West Bengal for January 2018 to March 2018 (per gram of 24 karat gold)

    Factor January February March
    1st day Rs.3,090 per gram Rs.3,146 per gram Rs.3,143 per gram
    Last day Rs.3,127 per gram Rs.3,163 per gram Rs.3,169 per gram
    Highest price Rs.3,172 per gram on 25 January Rs.3,191 per gram on 18 and 19 February Rs.3,198 per gram on 25 and 26 March
    Lowest price Rs.3,088 per gram on 5 January Rs.3,105 per gram from 11 and 13 February Rs.3,132 per gram on 18 and 19 March
    Trend Incline Incline Incline
    Change 1.19% 0.54% 0.82%

    Gold Rate Trend in West Bengal for January 2018:

    • Trading began for the month with the yellow metal priced at Rs.3,090 per gram on the 1st amid the strengthening US greenback.
    • The 5th witnessed gold rate in West Bengal plummeting to their lowest monthly figure of Rs.3,088 per gram as the US dollar index rose against a basket of other emerging currencies.
    • The release of poor employment data coupled with the weaker-than-expected US inflation data led to gold rates in West Bengal rising considerably over the next couple of weeks.
    • With investors gravitating towards safe-haven assets such as the bullion to hedge against the US inflation concerns, gold prices surged to Rs.3,172 per gram on the 25th.
    • The month came to an end with rates stabilising at Rs.3,3127 per gram on the 31st as demand was suppressed by the recovering dollar.
    • West Bengal recorded an incline of 1.19% in gold price in West Bengal during the month.

    Gold Rate Trend in West Bengal for February 2018:

    • Gold trading opened in West Bengal with the metal trading at Rs.3,146 per gram on the 1st with domestic demand held in check by the strong dollar index.
    • Poor demand from local jewellers, retailers and industries coupled with weak global cues led to prices plunging to Rs.3,105 per gram on the 11th.
    • Thanks to an increase in local purchases made on account of Valentine’s Day eve, gold rate in West Bengal rebounded to Rs.3,191 per gram on the 18th.
    • However, with the US dollar regaining lost ground over the next couple of weeks, demand for the precious metal dropped significantly.
    • Trading concluded for the month with the yellow metal trading at Rs.3,163 per gram on the 28th and West Bengal recorded a profit of 0.54% in bullion trade during the month.

    Gold Rate Trend in West Bengal for March 2018:

    • The final month of the first quarter began with the bullion priced at Rs.3,143 per gram on the 1st.
    • Uneven performances by the US greenback coupled with inconsistent global demand resulted in gold rate in West Bengal fluctuating during the month.
    • With the US dollar rising against other apex currencies following the dismissal of the US Secretary of State, gold prices dropped to Rs.3,132 per gram - the lowest recorded monthly figure - on the 18th.
    • However, with market participants speculating over a possible trade war between the US and China, demand for the metal surged over the next few days.
    • On the 25th, the bullion was recorded trading at Rs.3,198 per gram with strong safe-haven demand from investors around the world. This was also the highest recorded monthly figure in the state.
    • The month ended with the precious metal priced at Rs.3,169 per gram on the 31st, registering an incline of 0.82% in gold price in West Bengal during the month.

    Gold Investment Avenues in West Bengal

    West Bengal has multiple options for investors who wish to purchase gold. Following are the most common forms that buyers can choose from based on their unique investment requirements.

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    Market trade: E-Gold, future contracts and ETFs (Exchange Trade Funds) are the most popular opportunities so far as gold trading is concerned. Most investors choose ETFs as they not only provide good returns, but can also be traded on the Mumbai Stock Exchange. Future contracts are also attractive offers for investors to consider as they provide protection against market fluctuations and buyers have the option of taking possession of their purchase on a predetermined date. E-Gold is mainly purchased by investors who don’t really want to take possession of the metal, but rather sell it at a later date for a profit. E-Gold may be bought and sold via the National Spot Exchange Limited and investors are afforded the option of physically owing the metal should they prefer to do so.

    Over-the-counter: A large number of gold investors in West Bengal prefer to buy gold in the form of jewellery, coins and bullions. Gold coins and bullions can be purchased from major dealers and banks across the state, but local prices are often dictated by international rates. Majority of the investors generally choose to purchase from local dealers instead of banks because the prices charged by dealers are significantly less. Banks charge slightly more than dealers because of quality assurance.

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    News About Gold Rate in West Bengal

    • Prices of spot gold touch Rs.40,000 for every 10 grams

      On Monday, the prices of spot gold touched the Rs.40,000 mark. The precious metal touched the mark on the back of the sliding rupee and improved buying in international markets by central banks and investors. With gold prices touching the 40,000 mark, the yellow metal became more expensive than ever. On the MCX, gold prices traded at Rs.38,920.

      It needs to be mentioned here that spot gold prices have rose by around 25% in the last three months. Excluding the month of April and May, gold prices have been on the rise in this fiscal year. When it comes to highest spot gold prices, Kolkata lead the way with Rs.39,793. Delhi, Mumbai, and Chennai are next on the list with every 10 grams costing Rs.39,510, Rs.39,509, and Rs.38,681 respectively.

      27 August 2019

    • Gold Prices Drop on Softening Retail Demand

      Gold prices edged lower after posting record gains, as declining retail demand dented the metal’s value. Gold futures for October fell by 0.53% to Rs.37,146 peer 10 grams.

      This was following a record spurt which saw gold futures surge to Rs.37,437 on the back of a weak rupee and firm global gold rates.

      Despite this, there was a marginal rise in global spot gold prices, with the metal trading 0.2% higher at $1,467.07 per ounce.

      There was a decline in the spot gold market as well, with the yellow metal falling Rs.163 to trade at Rs.36,807 for 10 grams in Delhi. Pure gold (99.9% purity) fell by Rs.165 to trade at Rs.36,635 for 10 grams.

      Despite these drops, jewellers are confident that prices will rebound given the current economic and political climate. Demand might continue to remain weak, with more scrap gold entering the market as many people have begun selling old gold ornaments.

      6 August 2019

    • Gold Prices Surge On Firming Global Trend

      Gold prices rose on a firming overseas trend, reaching all-time highs on the Multi Commodity Exchange (MCX). The precious metal rose 0.65% to Rs.35,409 for 10 grams for the month of August.

      Contracts for October also reflected a rise in price, trading 0.7% higher at Rs.36,000 for 10 grams. September delivery saw the biggest surge, trading at Rs.41,218 for 10 grams to record a whopping 1% rise.

      Spot gold prices gained as well, with pure gold trading Rs.280 higher at Rs.35,950 for 10 grams. Standard gold of 99.5% purity also rose by Rs.280 to trade at Rs.35,780 for 10 grams.

      Global spot gold rates continued to climb on positive trends, reaching $1,450 per ounce.

      19 July 2019

    • Gold Drops As Demand Eases

      There was a drop in gold rates as jewellers reduced demand, despite positive overseas trends. The yellow metal saw a drop of Rs.100 in overall trade as spot market demand weakened, despite strong cues to the contrary from international markets.

      Pure gold (99.9% purity) traded at Rs.34,270 for 10 grams in early trading, while 99.5% purity gold was priced at Rs.34,100 per 10 grams with both recording a drop of Rs.100. Sovereign gold remained unchanged, holding steady at Rs.26,800 for 8 grams.

      On the international market however, gold continued its bull run as the U.S. dollar weakened further on news of a possible interest rate but by the U.S. Federal Reserve. Rising tensions in the Middle East and dovish stances by central banks also boosted bullion’s profile as the dollar and equities slid.

      24 June 2019

    • Gold Drops on Low Local Demand and Weak Overseas Cues

      Gold rates fell sharply as weak demand by jewellers echoed declining overseas trends. The precious metal’s appeal was dampened by the Federal Reserve’s decision to hold off on interest rate cuts for the moment, which boosted the dollar’s performance.

      Spot gold fell to $1,271.50 per ounce while silver also trade lower at $14.72 per ounce.

      On the domestic market, 99.9% purity gold lost Rs.250 in value to trade at Rs.32,620 for 10 grams. Gold of 99.5% purity saw a similar margin of decline, falling by Rs.250 to trade at Rs.32,450 for 10 grams.

      There was no change in the price of sovereign gold, which continued to hold steady at Rs.26,400 per 8 grams.

      2 May 2019

    • Gold Prices Rise on Increased Jeweller Offtake

      There was a rise in the price of gold as local jewellers increased orders, with positive overseas trends also contributing to the surge in demand. A rise in crude oil rates due to increasing tensions between Iran and the U.S. fuelled safe-haven bullion demand among investors.

      On the global front, spot gold traded at $1,279.50 per ounce, recording a marginal rise in price. Locally, 99.9% purity gold rose by Rs.200 to trade at Rs.32,870 for 10 grams. Gold of 99.5% purity also rose by Rs.200 to settle at Rs.32,700 for 10 grams.

      There was no change in the price of sovereign gold, which continued to trade at Rs.26,400 per 8-gram piece.

      22 April 2019

    • Gold Rates Steady As Silver Prices Rise on Increased Industrial Interest

      A slight dip in local demand for gold saw the metal trade flat on the domestic market. Gold of 99.9% purity traded at Rs.35,590 for 10 grams as scattered local demand kept prices muted. 99.5% purity gold was priced at Rs.34,440 for 10 grams, recording no change in price.

      Sovereign gold rates also did not see any change, trading at Rs.26,600 per 8-gram piece as jewellers also capped offtake despite positive overseas cues.

      On the global front, gold rates rose marginally as the dollar dropped against the yuan on news of a delay in the imposition of fresh U.S. sanctions on Chinese goods. Spot gold rose by 0.2% to trade at $1,330.48 per ounce but gold futures remained flat at $1,333.

      A possible resolution to the trade talks between the United States and China boosted equity performance but gold maintained its strong position on steady investor demand.

      25 February 2019

    • With the reopening of jewellery shops after the strike, Gold Discounts has reduced considerably.

      At the end of the jewellery retailers’ strike, the demand for gold in India has improved this week. The strike by Indian jewellers, which started in March, was due to the reintroduction of a sales tax on gold jewellery after four years. The protest ended last week and shops have thus started to open.

      Many jewellers are however concerned about the fact that the demand is lower than expected. It was expected that customers would be rushing to make purchases since shops were closed for such a long period. This has not been the case.

      This week, dealers were offering a discount of up to $8 an ounce to the global spot benchmark. Last week the discount was $25. Due to weak demand, in February, the discount had hit a record high of $53 an ounce.

      22 April 2016

    • Gold trades higher amidst weak dollar

      A drop in oil prices and a weak dollar have led to equities increasing. This has led to gold trying to maintain its foothold in the bullion trade. A weaker dollar has led to the yellow metal trading higher in the New York Mercantile Exchange’s Comex Division.

      The price of the precious metal increased by 0.1% or 60 cents to end at $1,235.20 for an ounce. In the trade, the gold rate ranged between $1,231.70 and $1,243.30.

      19 April 2016

    • Gold prices continue to plunge

      Gold prices continued to drop in Dubai for the second day running on the back of strengthening US dollar and global stocks staging a recent rally. 24 carat gold dropped by 0.66 per cent to close at Dh 149.50, while 21 carat and 18 carat gold respectively closed at Dh 134 and Dh 114.75. The Asian market did not fare much better as gold bullion dropped to $1,228.70 per ounce, before recovering a little to close at $1,232.50. However, Asian stocks are on the rise, in parallel with markets across Europe and Wall Street.

      15 April 2016

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