Trend of Gold Rate in India for June 2018 (rates per gram of 24 karat gold)
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.3,100 per gram|
|June 30 Rate||Rs.3,059 per gram|
|Highest Rate in June||Rs.3,127 per gram on 15 June|
|Lowest Rate in June||Rs.3,054 per gram on 24 June|
|Overall Monthly Performance||Decline|
June 2018 - Week 1 (1st - 10th)
- When trading for the month of June began, gold price in india had dipped by Rs.22 to Rs.3,100 per gram after the US payrolls data was stronger than initial expectations.
- The fall happened because the data boosted expectations of a possible rate hike in a Fed meeting later in the month.
- As the dollar remained strong and precious metal demand weakened, gold prices went down to Rs.3,089 per gram on the 2nd.
- There was very little change in demand dynamic and the dollar was further strengthened by a stable market, causing gold prices to drop to Rs.3,081 per gram.
- Gold rate India went up to Rs.3,084 per gram on the 5th as demand improved ahead of steady cues from the global market.
- On the 6th, prices went up to Rs.3,088 per gram as US dollar declined ahead of concerns over global trade before continuing at the same rate the next day.
- The 8th saw gold trade at a much improved rate of Rs.3,103 per gram as demand from the local market was quite high.
- Over the final two days of this week, the yellow metal was seen trading at Rs.3,119 per gram.
June 2018- Week 2 (11th-17th)
- The precious metal opened the second week of June trading at Rs.3,119 per gram on 11 June as the metal did not see a change in price ahead of the Trump-Kim summit in Singapore.
- Gold was priced at a steady Rs.3,119 per gram in early trading, with local prices not affected by the rise in the dollar rate.
- Local demand dropped as the dollar soared on positive investor sentiment after the summit, as equity markets also traded in positive territory.
- Poor demand led to gold rate in Inida falling to Rs.3,101 per gram on 13 June as retail demand fell sharply, though prices rebounded to trade at Rs.3,110 per gram on 14 June.
- Fears of renewed trade tensions between the U.S. and China led to an increase in demand for gold, which rose gold price in India to Rs.3,127 per gram on 15 June.
- A slight drop in price was recorded as the week came to an end, as gold traded at Rs.3,095 per gram on 17 June.
June 2018 - Week 3 (18th - 24th)
- The third week of trading opened with gold rates in India holding at Rs.3,087 per gram on the 18th after the metal dropped to near five-and-a-half-month lows at the international level.
- With the US dollar losing against a basket of other emerging currencies coupled with a decline in Asian stocks, gold prices rose to Rs.3,098 per gram on the 19th.
- However, with the bullion dropping to near six-month lows amid the strengthened US greenback, rates plunged to Rs.3,081 per gram the following day.
- Gold prices dropped further to Rs.3,066 per gram on the 21st with global demand overwhelmed by the steady dollar as market participants interpreted higher US interest rates during the quarter.
- With the US dollar closing in on its highest level in eleven-months, investor demand for the metal dropped significantly. This led to gold being priced at Rs.3,060 per gram on the 22nd
- Rates rose to Rs.3,069 per gram on the 23rd on account of an increased domestic demand from local jewellers, retailers and industries.
- Trading concluded for the week with the yellow metal prices holding at Rs.3,069 per gram on the 24th with steady local demand coupled with firm overseas trends.
June 2018 - Week 4 (25th - 30th)
- Gold was priced at Rs.3,070 per gram when the fourth and final week of June opened for trading on the 25th. This followed the weak trend set in the global market where a rising US dollar caused bullion demand to go down.
- On the 26th, gold rates in India dropped to Rs.3,068 per gram as the price of gold hit near 6-month lows amid US Fed rate hike prospects loomed.
- The 27th saw gold rates fall further to Rs.3,061 per gram as investors moved on to other safe haven assets apart from gold.
- Gold rates in India went up to Rs.3,073 per gram on the 28th amid poor global demand despite a weak US dollar, while local demand surges.
- The precious metal’s prices dropped on the 29th to Rs.3,054 per gram as gold demand dropped considerably after investors were looking for further falls before making purchases.
- On the final day of the week, gold rates went up to Rs.3,059 per gram after local demand surged ahead as the metal’s trajectory was on the red and investors capitalised.
Trend of Gold Rate in India for May 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|May 1 Rate||Rs.3,114 per gram|
|May 31 Rate||Rs.3,122 per gram|
|Highest Rate in May||Rs.3,213 per gram on 15 May|
|Lowest Rate in May||Rs.3,103 per gram on 3 May|
|Overall Monthly Performance||Incline|
May 2018 - Week 1 (1st - 6th)
- Trading began for the month in India with the yellow metal priced relatively lower at Rs.3,114 per gram on the 1st of May with the US dollar closing on its near three-and-half-month peak.
- The next couple of days witnessed gold rates plunging to its near four-month low as the dollar strengthened ahead of US Federal Reserve monetary policy meeting.
- On the 3rd, the precious metal was recorded trading as low as Rs.3,103 per gram amid weak global cues compounded with reduced domestic demand for the metal.
- However, dovish remarks by the US Federal Reserve after leaving the interest rates untouched led to dollar losing significantly in the international market. This led to bullion prices recovering towards the end of the week.
- The week came to an end with gold rate in India holding at Rs.3,136 per gram on the 6th with steady demand coupled with firm overseas trends.
May 2018 - Week 2 (7th - 13th)
- When trading for the second week of May, gold was priced at Rs.3,136 per gram.
- Although, gold rates rose in the global market, a Rs.3 decline was recorded on the 8th - the second day of this week.
- After trading at Rs.3,134 per gram, the yellow metal’s prices went up to Rs.3,034 per gram on the 9th there was a marginal change in local sales. The US dollar, meanwhile, seemed to improve against other currencies, signalling a possible decline over the coming days.
- On the 10th, gold rates went up to Rs.3,142 per gram as a weaker US inflation data, pushed the US dollar and the treasury yields down.
- The yellow metal’s prices went further up to Rs.3,145 per gram on the 11th of this week.
- The 12th saw gold rates rise to Rs.3,166 per gram as retail inflation helped the metal gain against the US dollar.
- Gold traded at Rs.3,166 per gram on the final day of the as demand held steady while little changes were recorded in the market.
May 2018 - Week 3 (14th - 20th)
- When trading commenced in India, the precious metal was recorded trading at Rs.3,147 per gram on the 14th with market participants anticipating fewer US interest rate hikes in the US.
- The next day saw gold prices surging to Rs.3,213 per gram with the bullion capitalising on the weakened US dollar and equity markets.
- However, with the US dollar recovering from near one-week lows, prices dropped to Rs.3,120 per gram on the 16th.
- Gold rates in India dropped further to Rs.3,105 per gram on the 17th as the dollar hovered close to its highest level in the year.
- Steady domestic demand from local jewellers and retailers despite the poor trend overseas led to gold prices remaining untouched at Rs.3,105 per gram on the 18th.
- The week concluded with gold prices in India rebounding to Rs.3,124 per gram on the 20th with the US-Italian political tensions pushing demand higher for safe haven assets such as the bullion.
May 2018 - Week 4 (21st - 27th)
- Gold was priced at Rs.3,113 per gram when trading began for the fourth week of May.
- While prices dropped in the international market ahead of a buoyant US dollar and stock market, gold rates remained at Rs.3,113 per gram in India due to steady demand.
- Domestic demand was on the rise on the 23th and the metal traded at Rs.3,125 per gram on the day. This happened despite a fall in gold prices in the global market, where rates took a hit ahead of the latest Fed minutes.
- As the Fed minutes set the tune for a more leniency in rate hikes, the US dollar dropped. This led to gold rates going up to Rs.3,137 per gram on the 24th.
- Gold rates in India surged further to Rs.3,146 per gram as local demand held strong despite weak global cues.
- However, the strength of the rising dollar weighed down on gold, and prices dropped to Rs.3,133 per gram on the 26th of May.
- The week ended with no changes being recorded on the 27th and hence, the metal traded at Rs.3,133 per gram till the time of closing.
May 2018 - Week 5 (28th - 31st)
- The final week of trading began with gold rates in India holding at Rs.3,106 per gram on the 28th as the dollar rose after the US President revived hopes of his meeting with Kim Jong-un, the North Korean head.
- Gold prices remained unaltered at Rs.3,106 per gram the next day with the US greenback weighing on markets.
- The 30th saw gold rates surging to Rs.3,122 per gram as the bullion gained on the lower-than-expected US growth data for the first quarter.
- Trading concluded for the month with gold priced at Rs.3,122 per gram on the 31st with steady demand from local jewellers, retailers and industries amid firm overseas trends.
- Gold prices in India rose by 0.25% due to strong geopolitical cues that pushed demand higher for the precious metal during the course of the month.
Trend of Gold Rate in India for April 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|April 1 Rate||Rs.3,072 per gram|
|April 30 Rate||Rs.3,123 per gram|
|Highest Rate in April||Rs.3,153 per gram on 19 April|
|Lowest Rate in April||Rs.3,064 per gram on 6 April|
|Overall Monthly Performance||Incline|
April 2018- Week 1 (1st-7th)
- Gold was on the rise in the first week of April, as turbulent markets and fluctuating demand led to sharp rises in the price.
- The precious metal opened the month at Rs.3,072 per gram on consistent demand from both local as well as international industrial units.
- Gold price in India rose sharply to trade at Rs.3,091 per gram on 3 April as fears of a trade war with China led to an equity sell-off and higher investment in bullion.
- As U.S. markets stabilised, demand for gold began to decline, with the metal trading at Rs.3,077 per gram on 4 April.
- Local demand followed international trends, with a drop in demand as the week progressed, leading to gold rate in India falling to Rs.3,066 per gram on 5 April.
- A late rally by the metal led to gold trading at Rs.3,075 per gram as the week ended on 7 April, as the dollar dipped on low investor confidence.
April 2018- Week 2 ( 8th -15th)
- When the second week of April opened for trading, gold was priced at Rs.3,075 per gram. Rates remained the same on the 9th as well as gold remained steady in Asia but signalled possible changes as US-China trade spat loomed large.
- The US dollar improved on the 10th despite concerns over a trade war between the world’s top 2 economies looking tense. The metal traded at Rs.3,073 per gram as investors remained cautious while anticipating the next course of action by China.
- On the 11th, gold price in India rose to Rs.3,099 per gram as domestic demand shot up amid improved interest from jewellers and other investors.
- With demand continuing amid global tensions and market volatility, gold rates in India surged further to Rs.3,129 per gram on the 12th of April.
- The 13th saw gold rates drop to Rs.3,106 per gram as the Federal Reserve was expected to introduce interest rate hikes.
- Local demand continued to rise after the previous day’s fall and gold was seen selling at Rs.3,119 per gram on the 14th of the month.
- This then surged further to Rs.3,142 per gram on the 15th of April as a joint US-EU air strikes on Syria pushed markets into a meltdown.
April 2018 - Week 3 (16th - 22nd)
- The week opened in India with the bullion priced at Rs.3,124 per gram on the 16th as gold held its ground against the dollar with equity markets recovering after missile strikes on Syria by the US, Britain and France during the weekend.
- Gold rate in India rose to Rs.3,129 per gram on the 17th before surging further to Rs.3,142 per gram on the 18th as the bullion advanced on technical buying amid firm safe-haven demand.
- The 19th saw gold prices in India rising to Rs.3,153 per gram after the rallying base metals led to renewed inflation concerns in the United States and fears over the US-China trade war fuelling the yellow metal.
- However, with global tensions on the Korean Peninsula and Syria wearing off and markets expecting further US interest rate hikes, the US dollar surged. This led to gold rates dropping to Rs.3,146 per gram on the 20th.
- Prices remained unaltered at Rs.3,146 per gram the next day which rose to Rs.3,151 per gram on the 22nd due to increased buying by local jewellers and retailers to meet the domestic wedding season demand.
April 2018 - Week 4 (23rd - 30th):
- Gold was priced at Rs.3,140 per gram when the final week of April opened for trading.
- Local demand was rather weak despite gold rates witnessing a rise in the global market after a three day fall.
- The yellow metal continued to trade at Rs.3,140 per gram on the 24th as well as demand was steady.
- On the 25th, gold prices surged to Rs.3,146 per gram as domestic demand rose to bring rates up.
- Rates in India dipped to Rs.3,144 per gram on the 26th and then to Rs.3,129 per gram on the 27th as demand took a hit in the Asian circles.
- The 28th saw gold rates rise to Rs.3,140 per gram before dropping to Rs.3,123 per gram the next day.
- On the final day of the month, gold rates had dropped to Rs.3,114 per gram as local demand was on the low, despite a rise being recorded in the global market.
Trend of Gold Rate in India for March 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st March 2018||Rs.3,043 per gram|
|Gold Rate on 31st March 2018||Rs.3,072 per gram|
|Highest Rate in March||Rs.3,105 per gram on 24 and 25 March|
|Lowest Rate in March||Rs.3,030 per gram on 19 March|
|Overall Monthly Performance||Incline|
March 2018 - Week 1 (1 - 5):
- Gold opened the month trading at Rs.3,043 per gram on 1 March, 2018 as demand was unchanged from the previous month.
- Gold price in India rose marginally to trade at Rs.3,049 per gram on 3 March following a slight dip in equity markets.
- Gold rate in India rose sharply to trade at Rs.3,068 per gram on 4 March after the U.S. announcement of the implementation of import tariffs on steel and aluminium sent markets plunging.
- Local demand was steady but international prices kept gold trading at Rs.3,068 per gram as the week ended on 5 March.
March 2018 - Week 2 (5-11):
- Gold opened at Rs.3,064 per gram when trading opened for the week on 5th March as the possibility of a trade war between the US and other major countries loomed large.
- However, a stronger dollar outweighed the uncertainties brought about by the Italian election and the prospect of a trade war. Gold traded at Rs.3,054 per gram on the 6th of March as a result of this.
- As the trade war scenario seemed to intensify, the US dollar lost its edge while stock markets also tumbled. This led to gold trading at Rs.3,074 per gram on the 7th.
- While gold remained stable globally, a weak trend in India pushed gold prices down to Rs.3,061 per gram the next day.
- With investor appetite remaining low, gold rates further down to Rs.3,047 per gram when markets opened for business on 9th March.
- Gold bounced back from the previous day’s lows the US dollar slipped amid poor wage gains. On the 10th, the yellow metal traded at Rs.3,067 per gram.
- The final day of this week saw gold trading at Rs.3,067 per gram as concerns eased and demand remained steady.
March 2018 - Week 3 (12 - 18):
- When trading commenced for the third week, gold rates in India were recorded holding at Rs.3,057 per gram on the 12th as the US dollar remained steady after the US jobs report showed a larger number of jobs added to the US economy in February.
- Gold price in India dropped to Rs.3,047 per gram on the 13th after the US dollar strengthened as investors and traders awaited the US consumer price data for clues on the Federal Reserve’s interest rate hikes and inflation concerns.
- The 14th, however, saw rates rebounding to Rs.3,062 per gram as the dollar weakened after the sudden dismissal of the US Secretary of State Rex Tillerson.
- Despite tensions rising between Russia and the United Kingdom, gold prices dipped to Rs.3,056 per gram on the 15th after the US dollar gained against a basket of other apex currencies as investors remained cautious ahead of the Federal Reserve meeting next week.
- The 16th saw further to Rs.3,037 per gram after the US dollar strengthened amid a possible interest rate hike by the Federal Reserve next week.
- Prices rose marginally to Rs.3,040 per gram the following day after the bullion market tracked a firm trend overseas.
- The week concluded with the yellow metal prices holding steady at Rs.3,040 per gram on 18th. Reports stated, ‘today, the gold rate in India continued unabate
March 2018 - Week 4 (19 - 25):
- Gold opened the week on a strong note and carried this momentum for the rest of the week in spite of some minor fluctuations in demand.
- The metal was priced at Rs.3,030 per gram on 19 March after a minor dip from the closing rate the previous week.
- A resurgent dollar ahead of the Federal Reserve meeting on the timbre of monetary policy for the year led to gold prices dipping slightly internationally.
- A steady demand from local jewellers led to gold price in India rising to Rs.3,046 per gram on 20 March.
- International demand for gold rose as industrial offtake was high, which led to gold trading at Rs.3,067 per gram on 22 March.
- The surprise announcement of fewer than expected rate hikes led to gold prices rising across the board, with the local price rising to Rs.3,081 per gram on 23 March.
- The week ended with gold rate in India continuing to rise, trading at Rs.3,105 per gram on 25 March on strong global cues.
March 2018 - Week 5 (26 - 31):
- When trading commenced for the final week in India, the precious metal prices were recorded holding at Rs.3,095 per gram on the 26th as fears of a possible trade war between the US and China eased down after negotiations between the two nations.
- The 27th, however, saw gold rate in Inida rising to Rs.3,098 per gram with investors banking on safe-haven assets amid rising tensions between the US and Russia.
- With the trade war concerns put aside, the US dollar index rose against a basket of other emerging currencies. This led to gold prices in India dropping to Rs.3,084 per gram on the 28th which plummeted further to Rs.3,067 per gram on the 29th amid the poor overseas trends.
- Gold was priced at Rs.3,066 per gram the next day with the dollar holding its position from the previous session.
- The month concluded with gold rates in India closing slightly higher at Rs.3,072 per gram on the 31st amid firm overseas trends.
- India recorded an incline of 0.95% in bullion trade owing to positive global cues that pushed demand higher during the course of the month.
Trend of Gold Rate in India for February 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st February 2018||Rs.3,040 per gram|
|Gold rate on 28th February 2018||Rs.3,046 per gram|
|Highest Rate in February||Rs.3,103 per gram on 14 February|
|Lowest Rate in February||Rs.3,003 per gram on 8 February|
|Overall Monthly Performance||Incline|
February 2018 - Week 1 (1st - 4th)
- When trading commenced in India, the bullion was priced at Rs.3,040 per gram on the 1st after the US Federal Reserve decided to leave its interest rates unaltered in the two-day monetary policy meeting.
- Gold rate in India surged to Rs.3,071 per gram on the 2nd as the US dollar remained flat ahead of the release of the US jobs data. This also led to an incline in buying by local jewellers, retailers and industries.
- The 3rd saw gold price in India plunging to Rs.3,050 per gram after the US dollar rose against other apex currencies following the release of the highly anticipated US jobs and payrolls data.
- The US jobs data, however, proved to be stronger than expected with the data implying a rise in employment and salaries. This led to gold rates in India remaining untouched at Rs.3,050 per gram on the 4th.
February 2018 - Week 2 (5th -11th)
- The second week of February began with gold opening at Rs.3,035 per gram.
- Gold price in India rose by a huge margin on the 6th as a massive equity sell off from around the world gave rise to safe-haven demand. As a result of this, gold traded at Rs.3,071 per gram on this day and closed at Rs.3,057 per gram.
- Even though, gold demand internationally was on the rise, prices seemed to fall in the Indian shores. The 7th saw gold trade at Rs.3,033 per gram at the time of opening.
- With the expectations of a possible Fed rate hike hung around and with the US dollar firming up against other currencies, gold rates in India dropped quite a lot to trade at Rs.3,003 per gram on the 8th of February.
- Gold rate in India dipped on the 9th as concerns over liquidity rose and the US dollar strengthened further. In the domestic market, however, gold prices inclined to Rs.3,018 per gram.
- Thanks to sustained demand from jewellers, gold rates went up on the 10th of February for the metal to trade at Rs.3,023 per gram.
- The final day of the week saw gold rates in India remain at Rs.3,023 per gram as demand continued to hold steady.
February 2018 - Week 3 (12th - 18th)
- When trading commenced for the week, gold was priced relatively higher at Rs.3,025 per gram on the 12th with the US dollar weakening and investors cautious ahead of the US inflation data release later during the week.
- The 13th saw gold rate in India rising slightly to Rs.3,030 per gram with markets expecting to obtain clues on the US interest rate hikes from the inflation data.
- With the US dollar losing ground ahead of the US inflation data, gold prices rose for the third straight session hitting a one-week high of Rs.3,103 per gram on the 14th.
- However, with the dollar registering considerable gains on par with the equities, gold price in India plunged to Rs.3,071 per gram on the 15th.
- The bullion trade in India witnessed rates surging to Rs.3,074 per gram on the 16th before rising further to Rs.3,096 per gram on the 17th with the US dollar index hitting three-year lows after the inflation data resulted in higher demand for the metal to hedge against inflation concerns.
- The week concluded with the precious metal holding steady at Rs.3,096 per gram on the 18th amid the positive trends overseas.
February 2018 - Week 4 (19th - 25th)
- Gold opened at a relatively strong Rs.3,083 per gram price on the 19th, while the US dollar tried to claw back and regain some of its lost footing.
- The dollar succeeded in its attempt to improve, which pushed gold rate in India down to Rs.3,068 per gram on the 20th of February and steadied as the day progressed.
- Gold price in India fell on the 21st again - to Rs.3,057 per gram - as the USD improved while the market awaited the release of the Fed minutes.
- Due to the dollar showing consistent surges - pushing above the December 2014 low figures - gold prices declined. Gold ended the day at Rs.3,054 per gram on the 22nd as a result of this, dropping Rs.4 from the day’s starting price.
- A surge in local demand pushed gold rates up to Rs.3,060 per gram on the 23rd of February. This happened despite the bleak trend seen overseas.
- Gold rates went up to Rs.3,067 per gram on the 24th and continued at the same rate on the final day of the week as domestic demand helped gold remain strong.
February 2018 - Week 5 (26th - 28th)
- The final week commenced in India with the bullion priced at Rs.3,069 per gram on the 26th with gold rebounding from its worst week in two and half months.
- Gold rate in India remained unchanged at Rs.3,069 per gram the next day with investors awaiting the US Federal Reserve Chairman Jerome Powell’s testimony for the face of future interest rate hikes.
- Fold price in India declined to Rs.3,046 per gram on the 28th with the US dollar gaining after the Federal Reserve Chairman promised to save the country from any further economic crisis while continuing to increase the Fed rates as planned.
- Gold rates in India registered an incline of 0.19% in prices owing to firm overseas trends during the month.
Trend of Gold Rate in India for January 2018 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st January 2018||Rs.3,002 per gram|
|Gold Rate on 31st January 2018||Rs.3,045 per gram|
|Highest Rate in January||Rs.3,084 per gram on 20 and 21 January|
|Lowest Rate in January||Rs.3,001 per gram on 4 January|
|Overall Monthly Performance||Incline|
January 2018 - Week 1 (1st - 7th)
- When trading began for 2018, gold was priced at Rs.3,002 per gram.
- On the 2nd of January, gold rate in India went up to Rs.3,011 per gram - while in the international market, prices hit the highest figures since the September of 2017.
- Due to a fall in the dollar rates, gold price in India went up to Rs.3,014 per gram on the 3rd of the month.
- But, as some positive US jobs data changes were anticipated, the greenback bounced back. This led to gold prices falling to Rs.3,001 per gram on the 4th of January.
- Although, prices in the global market declined, a steady demand pushed gold rates up to Rs.3,013 per gram on the 5th day of the new year.
- With demand continuing to remain high amid increased demand, gold rates surged again to Rs.3,021 per gram on the 6th of the month.
- When the week came to an end, the yellow metal’s rates was still holding at Rs.3,021 per gram.
January 2018 - Week 2 (8th - 14th)
- When trading commenced for the second week, the precious metal was priced relatively lower at Rs.3,009 per gram on the 8th as demand for gold declined with more possible US interest rate hikes during the year.
- Strong local demand despite the weak trend overseas led to gold rate in India rising to Rs.3,017 per gram on the 9th before surging further to Rs.3,022 per gram on the 10th.
- The bullion trade inched higher on the 11th after the dollar lost against other major emerging currencies amid declining purchases of US Treasuries. Gold was recorded trading at Rs.3,030 per gram.
- On the 12th, gold price in India surged further to Rs.3,048 per gram after demand for the yellow metal inclined after the dollar weakened amid poor equity performances.
- Strong global trends coupled with improved demand led to gold price in India surging to Rs.3,068 per gram - a seven-week high - on the 13th.
- When the week concluded the yellow metal was holding still at Rs.3,068 per gram on the 14th, thanks to steady global demand amid the positive trends overseas.
January 2018 - Week 3 (15th - 21st)
- Gold trading in India began with the metal priced at Rs.3,073 per gram, a marginal decline from the four-month high prices hit internationally.
- Gold rate in India increased on the 16th again to Rs.3,082 per gram as a weak dollar spurred sales locally.
- On the 17th, gold price in india dropped to Rs.3,079 per gram as the US dollar seemed to bounce back. Prices fell again on the 18th to Rs.3,060 per gram as the greenback continued on its march back to recovery.
- However, news about a possible US government shutdown pushed gold rates up to Rs.3,076 per gram on the 19th of December.
- The shut US government led to a falling US dollar, which in turn caused gold rates to go up. The metal traded at Rs.3,084 per gram on the 20th of the month.
- When the week drew to a close, gold was priced at Rs.3,084 per gram.
January 2018 - Week 4 (22nd - 28th)
- Gold rate in India were on the incline for most of the week as demand for the metal remained high in the overseas market.
- Gold opened at Rs.3,022 per gram when the fourth week of January began. As demand remained flat through the day’s trading session, gold ended at Rs.3,022 per gram at the time of closing.
- On the 23rd, gold started off on a strong note, trading at Rs.3,030 per gram, as demand from jewellers increased but gold price in India fell to Rs.3,026 per gram as the day progressed.
- Trading started on a high on the 24th as well as the US dollar remained weak and local investors rushed to take advantage of this. Gold price opened at Rs.3,031 per gram when the day started and closed at Rs.3,040 per gram.
- The metal was seen trading at Rs.3,072 per gram when exchanges commenced business on the 25th. A major reason for this significant rise was the weakening of the US dollar, which was further helped by a poor equity market.
- Prices of gold saw little changes on the 26th as demand slowed down. In the global market, however, rates hit the highest levels since August 2016.
- There was a brief rise in prices on the 27th when the metal traded at Rs.3,073 per gram, but a saturated market gave little impetus for growth.
- When the week ended, the yellow metal was priced at Rs.3,068 per gram.
January 2018 - Week 5 (29th - 31st)
- When trading commenced for the last week, the yellow metal was priced relatively lower at Rs.3,043 per gram on the 29th with the US dollar gaining against a basket of other emerging currencies amid strong equity gains.
- The 30th saw gold rate in India plunging further to Rs.3,030 per gram due to the strengthening US dollar and rising US bond yields which pushed demand lower for the metal.
- The bullion trade concluded for the month with the precious metal rebounding to Rs.3,045 per gram on the 31st with investors and traders refraining themselves from making purchases ahead of the two-day US Federal Reserve monetary policy meeting.
- Gold price in India inclined by 1.43% owing to strong global trends that pushed demand higher for the metal during the course of the month.
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st December 2017||Rs.2,982 per gram|
|Gold Rate on 31st December 2017||Rs.3,015 per gram|
|Highest Rate in December||Rs.3,015 per gram on 30 and 31 December|
|Lowest Rate in December||Rs.2,903 per gram on 13 December|
|Overall Monthly Performance||Incline|
December 2017 - Week 1 (1st - 10th)
- When trading commenced in India, the precious metal was trading relatively lower at Rs.2,982 per gram as the stronger dollar and firmer equities market compounded by the positive US economic data diminished appeal for the safe-haven asset.
- The 2nd witnessed gold rate in India rising to Rs.3,002 per gram with the dollar losing its ground with the US tax reform stalling in the US Senate.
- Steady global demand coupled with a positive trend overseas led to the yellow metal being priced at Rs.3,002 per gram on the 3rd as well.
- However, the US Senate’s decision to clear a landmark bill to overhaul the US tax system pushed the dollar higher. This led to prices plunging to Rs.2,971 per gram on the 4th.
- Though gold price in India improved slightly to Rs.2,972 per gram the next day, the 6th saw prices plummeting to Rs.2,962 per gram as the dollar edged higher amid the possibility of an interest rate hike by the Federal Reserve during the week.
- Rates plunged further to Rs.2,942 per gram on the 7th as the dollar stood firm with investors awaiting decisions from the US tax reform legislation.
- The 8th registered the precious metal trading at Rs.2,917 - the lowest recorded figure in nearly four months - as the dollar strengthened amid the optimistic tax reform plans.
- The bullion rates rebounded to Rs.2,927 per gram on the 9th owing to an increase in demand despite the firm dollar rates in the Asian market.
- An increase in local buying by jewellers and retailers ahead of the wedding season led to prices remaining unchanged at Rs.2,927 per gram on the 10th as well.
December 2017 - Week 2 (11th - 17th)
- Gold was priced at Rs.2,911 per gram when the second week of December began.
- Though, gold rates were on the higher side in the global market, amid the latest Federal Reserve meeting. Performance in the Indian shores showed little growth.
- On the 12th, the yellow metal traded at Rs.2,908 per gram and fell again to Rs.2,903 per gram the next day owing to poor sales.
- As the much anticipated US Fed Rate hike happened, the dollar tanked. This led to gold price in India rising to Rs.2,924 per gram on the 14th of December.
- Speaking on the sudden rise on the 14th, analysts said that “today’s gold rate” surged as treasury yields and the dollar took a tumble.
- With demand dropping on the 15th, gold rate in India fell to Rs.2,918 per gram and decreased slightly to hit Rs.2,917 per gram on the 16th.
- The last day of this week saw gold rates rise to Rs.2,927 per gram as demand from precious metals surged while dollar remained weak.
December 2017 - Week 3 (18th - 24th)
- Gold rate in India were recorded relatively lower at Rs.2,923 per gram on the 18th when the week began as the landmark bill to overhaul the country’s tax system moved a step closer to being approved amid the firm and strong US dollar.
- However, gold price in India recovered to Rs.2,928 per gram on the 19th after the dollar weakened with investors speculating the effect of the tax bill on the US economic growth.
- The 20th witnessed the yellow metal prices rising marginally to Rs.2,931 per gram as the dollar remained steady with US government expected to approve the proposed US tax overhaul.
- The approval of the new tax reform led to the Asian stocks failing and gold trade rebounding to a two-week high. This led to bullion rates surging to Rs.2,933 per gram and Rs.2,935 per gram on the 21st and the 22nd respectively.
- Strong global trends coupled with a weakened dollar led to rates rising to Rs.2,956 per gram on the 23rd.
- Steady global demand from industries and jewellers amid the positive trends overseas led to gold price remaining untouched at Rs.2,956 per gram on the 24th.
December 2017 - Week 4 (25th - 31st)
- Gold rates in India opened on a relatively weak note with the metal trading at Rs.2,947 per gram on the 25th of December.
- As there were signs of a weakening US dollar, gold rates increased to Rs.2,956 per gram on the 26th of the month.
- On the 27th, the metal’s prices surged to Rs.2,974 per gram - a Rs.18 incline - and hovered close to three-week high figures internationally.
- The 28th saw gold hit one-month high figures as dollar began to lose its sheen. The yellow metal traded at Rs.2,985 per gram for the next two days.
- During the 30th, gold rate went up to Rs.3,015 per gram to mark the largest yearly gain since 2010. This rise occurred due to rising geopolitical concerns, a declining US dollar, and concerns over inflation in the US.
|Parameters||Gold price (24 karat)|
|Gold rate on 1st November 2017||Rs.2,988 per gram|
|Gold rate on 30th November 2017||Rs.2,992 per gram|
|Highest Rate in November 2017||Rs.3,030 per gram on 18 and 19 November|
|Lowest Rate in November 2017||Rs.2,974 per gram on 6 November|
|Overall Monthly Performance||Incline|
November 2017 - Week 1 (1st - 5th)
- Gold rate in India opened on a weak note as the US dollar firmed up amid Federal Reserve’s soon-to-be-released statement.
- The yellow metal opened at Rs.2,988 per gram - a Rs.9 drop from the previous day - as markets eagerly awaited the official statement from recently concluded two-day Fed meeting.
- Gold price in India fell to Rs.2,985 per gram on the 3rd in India despite the same hitting a 1-week high figure in the global market.
- The 4th saw gold rates fall again to Rs.2,979 per gram as the US dollar strengthened as investors exercised caution amid US job data announcement.
- As the local market provided little impetus to push sales, gold rates remained at Rs.2,977 per gram when the week ended on the 5th of November.
November 2017 - Week 2 (6th-12th)
- A deteriorating dollar coupled with strong global cues led to gold rate in India inclining during the course of the week.
- When trading commenced for the week, the precious metal was trading lower at Rs.2,974 per gram, with the optimistic US economic data reconfirming the possibility of new Fed rate hike by the Federal Reserve in December.
- Gold price in India rose to Rs.2,995 per gram on the 7th, with the Middle-East political crises and the US-North Korean conflicts pushing demand higher for the safe-haven asset.
- The US dollar dropped further with the Senate Republican leaders considering to delay the implementation of a major corporate tax cut. This led to gold rates rising to Rs.3,002 per gram on the 8th.
- The 9th witnessed prices inched higher with the dollar losing against a basket of major emerging currencies, and the precious metal was recorded trading at Rs.3,008 per gram.
- Gold rates in India marked a three-week high at Rs.3,015 per gram on the 10th, with uncertainties over the US tax reforms pushing the dollar to the lower side.
- Local demand remained steady despite the weak trend overseas. This led to gold prices remaining untouched at Rs.3,015 per gram for the rest of the week.
November 2017 - Week 3 (13th - 19th)
- Gold opened at Rs.3,014 per gram on the 13th of November as the US dollar remained firm amid talks about multiple interest rates hikes.
- On the 14th, gold price in India dropped to Rs.3,007 per gram as US treasury yields hit a new high. But, any further fall was halted by an uncertain economic climate in the North American country.
- A rapid rise in demand saw gold rate in India jump to Rs.3,018 per gram before falling to Rs.3,004 per gram on the 16th as a possible rate hike loomed large.
- The 17th as well saw demand remain low, with the metal selling at Rs.3,007 per gram.
- After news about Donald Trump’s tax cuts hit the Indian shores, gold rates surged to Rs.3,031 per gram on the 18th of November.
- This demand carried off till the 19th and the metal traded at Rs.3,025 per gram - a small decline from the previous day’s high.
November 2017 - Week 4 (20th - 26th)
- Gold opened at a relative high of Rs.3,025 per gram on the 20th of November.
- However, gold rate in India was in the red on the 21st as investors were cautious about the release of the latest Fed Reserve minutes’ details.
- Gold prices went down on the 22nd for the metal to trade at Rs.3,005 per gram as details of Fed Reserve’s monetary policy for the upcoming year was released.
- Concerns related to inflation pushed the US dollar down which subsequently led to an increase in gold rates. Due to this, gold traded at Rs.3,013 per gram on the 23rd of the month.
- Gold price in India surged in the global market owing to a weak dollar but a weak local demand saw the precious metal trade at Rs.3,012 per gram on 24th November.
- A sluggish global demand took a toll on local trading and the metal traded at Rs.3,014 per gram on the penultimate day of this week.
- Gold purchases remained on the lower side in Asian markets as investors were wary of high prices. This led to the yellow metal trading at Rs.3,014 per gram on the final day of this week.
November 2017 - Week 5 (27th - 30th)
- Gold traded at Rs.3,011 per gram on the 27th in India as a weaker US dollar pushed gold prices up to near six-week high in the international market.
- The Fed chair speech expected for the day saw gold rate in India fall to Rs.3,008 per gram on the 28th of the month.
- A strong gain in US stocks values saw the dollar strengthen, which in turn pushed gold rates down in the global market. However, gold price in India remained at Rs.3,008 per gram on the 29th of November.
- The final day of this week saw gold rates fall to Rs.2,992 per gram as local demand was hit significantly after US recorded some positive growth numbers
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st October 2017||Rs.3,040 per gram|
|Gold Rate on 31st October 2017||Rs.2,997 per gram|
|Highest Rate in October 2017||Rs.3,059 per gram on 14 and 15 October|
|Lowest Rate in October 2017||Rs.2,997 per gram on 6, 27, 30, and 31 October|
|Overall Monthly Performance||Decline|
October 2017 - Week 1 (1st -7th)
- The price of gold in India was steady as the month began, with the metal trading at Rs.3,063 per gram on 1 October as markers were unstable after a prolonged period of volatility.
- Demand from jewellers and industry increased in the run-up to the festival season, with a low U.S. dollar rate also helping keep prices high.
- Gold price in India dropped by Rs.20 per gram to trade at Rs.3,043 per gram on 3 October as there was some level of volatility in orders ahead of the release of U.S. employment data.
- The dollar continued to capitalise on its gains in the previous sessions as gold prices suffered, falling to Rs.3,033 per gram on 5 October.
- Demand continued to fall as the release of jobs data pushed the dollar higher, leading to a reduction in demand from local jewellers due to high import costs.
- Gold traded at Rs.3,028 per gram on 6 October as markets also rebounded on strong dollar rates, before a sudden surge led to gold closing the week at Rs.3,046 per gram on 7 October.
October 2017 - Week 2 (8th -14th)
- Gold price in India were recorded at Rs.3,017 per gram when trading commenced on the 8th of October.
- Demand for gold rose on the 9th after fears concerning North Korea’s nuclear ambitions resurfaced. In local news, gold saw renewed buying from industries, jewellers and retailers who ramped up purchases cope with festive season demand.
- Prices saw a Rs.10 increase on the 9th and the metal traded at Rs.3,027 per gram.
- Gold rates in India surged again to reach Rs.3,036 per gram, but the upcoming Fed Reserve meeting curbed any further gains.
- As the market awaited updates from the Fed rate meeting, gold rates tailed off to reach Rs.3,033 per gram on the 11th.
- Amidst concerns over high inflation data in the US, gold prices rose to Rs.3,041 per gram on the 12th of October.
- However, a significantly weak demand led to gold rated dropping to Rs.3,031 per gram on the 13th.
- The final day of the week saw gold prices rise to Rs.3,059 per gram, thanks to positive global cues and increased local demand.
October 2017 - Week 3 (15th - 21st)
- Gold opened strongly at Rs.3,059 per gram when trading started on the 15th of October.
- But, a strong US dollar and a stronger Asian equities market weighed down on the metal, which led to prices falling to Rs.3,048 per gram the next day.
- Gold rate in India took a hit on the 17th as well as US dollar remained steady because of positive treasury yields. The yellow metal traded at Rs.3,027 per gram on this day.
- With the Diwali season approaching, gold rates saw marginal decreases. On the 18th, gold traded at Rs.3,023 per gram and then at Rs.3,021 per gram on the 19th.
- Despite weak trend overseas, gold price in India went up to Rs.3,026 per gram on the eve of Diwali due to increased buying from jewellers and retailers.
- The Diwali day i.e., the 21st saw gold trading at Rs.3,027 per gram as there was a slight increase in demand.
October 2017 - Week 4 (22nd -28th)
- When trading commenced in India, gold was trading at Rs.3,027 per gram on the 22nd.
- Gold prices in India came under pressure during the week from the rising US dollar, and a decline in safe-haven investments after Prime Minister Shinzo Abe emerged victorious in the Japanese elections.
- The 23rd witnessed prices declining to Rs.3,006 per gram as demand for the precious metal dropped with the dollar being placed well to push higher with the US-North Korea relations calming down.
- However, gold rate in India rose marginally to Rs.3,009 per gram the next day as investors increased purchases with a sell-off in the US dollar.
- Demand for gold plunged with the release of positive economic data, and stronger equity markets pushing the dollar value higher. This led to gold prices declining to Rs.3,001 per gram on the 25th.
- Gold was recorded trading at Rs.3,000 per gram on the 26th with a marginal decline in global demand, which further dropped on the 27th to Rs.2,997 per gram as the dollar gained with the European Central Bank extending its bond-buying scheme.
- The fall in equity markets resulted in investors gravitating towards safe-haven investments like gold, subsequently pushing the dollar down. This improved demand for the metal, and gold was trading at Rs.3,006 per gram, when the week ended on the 28th.
October 2017 - Week 5 (29th- 31st)
- When this week began, gold was priced at Rs.3,006 per gram.
- Prices of the metal dropped to Rs.2,997 per gram on the 30th as investors remained cautious ahead of the latest Federal Reserve meeting.
- Gold rates in India saw no change on the 31st as the metal still traded at Rs.2,997 per gram due to the ongoing two-day Fed Reserve meeting, where a new chairperson was expected to be named.
|Parameters||Gold price (24 karat)|
|September 1 Rate||Rs.2,995 per gram|
|September 30 Rate||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,102 per gram on 8 September|
|Lowest Rate in September||Rs.2,995 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st to 10th)
- Gold prices in India started on a flat note as a result of subdued demand from jewellers and investors in the country.
- On the 1st of September, the yellow metal was trading at Rs.2,995 per gram.
- Prices increased marginally on the 2nd as they reached Rs.2,997 per gram and traded at the same rate on the 3rd of the month.
- As North Korea related concerns rose, global markets tanked. This led to gold trading at a 11-month high rate of Rs.3,081 per gram on the 4th.
- Gold rate in India went down slightly to Rs.3,067 per gram on the 5th, but the impact Kim Jong Un regime’s latest nuclear testing pushed prices up significantly.
- The 6th saw gold trade at Rs.3,087 per gram, which then went down to Rs.3,079 per gram due to lessened purchases.
- During the 8th, gold was trading at Rs.3,102 per gram - the highest rate for the the week - as safe haven investments saw a rise.
- The last two days of the week saw gold selling at Rs.3,095 per gram as demand subsided slightly after the increased trading situations.
September 2017 - Week 2 (11th to 17th)
- Gold opened the second week lower due to a drop in demand for the yellow metal, in spite of fluctuating dollar rates.
- The metal opened at Rs.3,105 per gram on 11 September, with local demand picking up marginally.
- As tensions between North Korea escalated, stock markets fell but the high price of gold resulted in lowered demand from jewellers and retail customers.
- Gold price in India fell to Rs.3,085 per gram on 12 September before rising marginally to Rs.3,094 per gram on 13 September.
- Demand was flat as the week progressed, as the gold rate in India dropped to Rs.3,085 per gram on 14 September and remained the same for the remainder of the week.
- The week ended on 17 September with gold flat after poor demand resulted in prices staying static.
September 2017 - Week 3 (18th-24th)
- Gold opened at a relative low price of Rs.3,035 per gram due to a strong US dollar and rallying equity markets.
- The metal traded at Rs.3,030 per gram on the 19th, near two-week lows, and held steady in the wake of the latest Federal Reserve meeting.
- Gold Price in India surged to Rs.3,045 per gram on the 20th, thanks to the imminent arrival of the festive season.
- On the 21st, gold rate in India fell to three-week low figures of Rs.3,026 per gram as a strong US dollar curbed bullion demand.
- However, demand bounced back on the 22nd for the metal to trade at Rs.3,030 per gram as tensions between the US and North Korea encouraged safe-haven purchases.
- The 23rd and the 24th saw bullion demand remain steady, leading to the metal’s prices remaining at Rs.3,030 per gram.
September 2017 - Week 4 (25th-30th)
- Gold price in India for this week started on a relative low of Rs.3,030 per gram as the US dollar firmed up and conflict in the Korean peninsula seemed to subside.
- But, prices surged to Rs.3,072 per gram on the 26th as tension between the US and North Korea returned to wreak havoc on the US economy.
- As dollar performed, gold prices traded at a much lower rate of Rs.3,051 per gram on the 27th.
- Gold rate in India fell further to Rs.3,030 per gram the next day as most people refrained from buying the precious metal to avoid government scrutiny.
- Gold prices went down to Rs.3,028 per gram on the 28th as demand remained weak for yet another day.
- The last day of September saw gold trading at Rs.3,040 per gram as festive season demand surged.
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,960 per gram|
|August 31 Rate||Rs.2,999 per gram|
|Highest Rate in August||Rs.3,017 per gram on 28 August|
|Lowest Rate in August||Rs.2,930 per gram on 3, and from 5-7 August|
|Overall Monthly Performance||Incline|
August ‘17 – Week 1 (1st to 6th)
- Gold prices in India fluctuated in the first week of August as investors waited for the Fed Reserve’s meeting on interest rates.
- Gold was priced at Rs.2,960 per gram on 1 August before falling to Rs.2,955 per gram on 2 August due to a minor dip in demand.
- Price of gold in India fell to Rs.2,930 per gram on 3 August as demand was muted following the U.S. Fed Reserve meeting, which led to a rise in the dollar rate.
- Gold price in India fluctuated as the week progressed as local demand also fell on poor global cues.
- Gold traded at Rs.2,940 per gram on 4 August but fell to Rs.2,930 per gram on 5 August due to lowered demand from Asian markets.
- The week ended with gold trading at Rs.2,930 per gram on 6 August.
August ‘17 – Week 2 (7th to 13th)
- Gold prices in India reached some magnificent numbers during the second week of August.
- On the 7th, when the week began, gold was priced at Rs.2,901 per gram before increasing slightly to trade at Rs.2,906 per gram on the 8th of August.
- The 9th saw gold rates in India increase by Rs.11 to trade at Rs.2,917 per gram due to some positive trading cues in the Multi-Commodity Exchange (MCX).
- Thanks to some positive demand from global as well as domestic markets, gold prices went up to Rs.2,947 per gram - a significant Rs.30 increase from the previous day.
- As tensions between the US and North Korea lingered on, bullion industry went into overdrive and the metal traded at Rs.2,977 per gram in the national market.
- Due to demand slowing down domestically and investors backing out slowly, gold price in India remained at Rs.2,977 per gram on the 12th and the 13th of August.
August ‘17 – Week 3 (14th to 20th)
- The price of gold in India was on the decline in the third week of August in India due to a combination of factors.
- Gold opened the week trading at Rs.2,994 per gram on 14 August as demand for the metal was high due to continued tensions between North Korea and the United States.
- Prices remained constant on 15 August as markets did not see much movement, with gold priced at Rs.2,994 per gram.
- A sharp decline was seen the following day, with gold rate in India at Rs.2,979 per gram on 16 August due to a decrease in local demand.
- Gold Price in India rose again to trade at Rs.2,994 per gram on 17 August as industrial demand rose due to a fluctuating dollar rate and renewed interest from China led to higher trade volumes.
- Gold rose to a weekly high of Rs.2,999 per gram on 18 August as demand continued to be high before falling to Rs.2,982 per gram on 19 August.
- The week ended with gold trading at Rs.2,982 per gram on 20 August due to a minor dip in demand.
August 2017 – Week 4 (21st - 27th)
- Gold price in India fell below nine-month high globally on the 21st as the US dollar strengthened.
- The yellow metal was trading at Rs.2,950 per gram in India when the week began.
- As issues relating to North Korea and the US came back to the market, gold prices went up to Rs.2,965 per gram on the 22nd of August.
- Gold demand went down to Rs.2,963 per gram on the 23rd despite market fluctuations as investors were wary of investing in the metal.
- Due to uncertainty over US economic agenda, gold prices in India went up slightly to Rs.2,965 per gram on the 24th.
- The 25th saw gold rate in India improve slightly to trade at Rs.2,967 per gram before continuing at the same rate till the end of the week.
August 2017 – Week 5 (28th - 31st)
- Demand for gold rose in the final week of August due to persistent tensions between the United States and the United States of America, with gold trading at Rs.3,017 per gram on 28 August.
- Higher demand from industrial units from the Asian peninsula boosted demand as markets reacted strongly to the renewed threat of aggression by North Korea.
- A slackening of local demand led to gold rate in India falling to Rs.3,009 per gram on 29 August in spite of international demand being strong.
- U.S. markets began to recover which led to a reduction in demand for the yellow metal whose price fell to Rs.3,004 per gram on 30 August.
- The decline in the price of gold in India continued as the Fed Reserve meeting offered some sops to industry, resulting in gold falling to Rs.2,999 per gram on 31 August.
Gold prices saw a lot of volatility and price changes during the year. The metal started the year well and barring a few minor fluctuations, performed well in the first quarter of the year, rising to some of the highest rates in 2016. Gold’s lowest prices for the year were recorded in January, when it traded at Rs.2,550 per gram on the 5th of January. Prices improved as the month progressed. Weak markets and increasing demand for gold from industry contributed to pushing prices higher. The strike by jewellers also led to prices stagnating during April. Prices continued to rise in the second quarter, as market imbalances and rising retail demand kept prices steady.
Fluctuations kept prices low, though gold still continued to be in demand.
Higher demand from the domestic sector contributed to prices rising to their highest rates for the year in August. Gold reached Rs.3,248 per gram on 10th August as demand peaked due to markets fluctuating wildly amidst uncertainty due to the U.S. presidential election.
Demand dropped towards the end of the year, as industrial demand was sluggish and currency markets were boosted by better than expected economic data.
The sudden move to demonetise large currency notes in India led to markets collapsing, but greater scrutiny of bullion purchases meant gold rate in India were more or less stagnant during this period.
Prices recovered as the year ended, but could not reach the highs achieved earlier in the year.
Overall Gold Price Trend in India in 2016:
|1st January||Rs.2,585 per gram|
|31st December||Rs.2,844 per gram|
|Highest rate in 2016||Rs.3,248 per gram 10th August|
|Lowest rate in 2016||Rs.2,550 per gram on 5th January|
Quaterly Gold Rate Trend in India in 2016:
Gold Price Trend (January 2016- March 2016)
|Prices||Rs.2,585 (1st January), Rs.2,948 (31st March)|
|Highest/lowest||Rs.3,049 (26th February), Rs.2,550 (5th January)|
|Major influencers/events||High seasonal demand, jewellers’ strike|
Gold prices at the start of 2016 were close to Rs.2,600 per gram, with the prices increasing as demand increased. The wedding season and festive season led to higher demand from the retail sector and jewellers. Slight fluctuations in European markets due to geopolitical tensions led to investors putting their money into bullion. Prices rose to around 2,770 per gram as January drew to a close, as prices were on a prolonged ascent.
Gold prices in February rose significantly as demand spiked due to high demand from both the domestic as well as international sectors. Domestic demand rose due to increased buying by consumers and greater demand from industry. Gold began February trading at Rs.2,712 per gram and the price increased for most of the month. International demand continued to be high due to stock markets vacillating as a result of the refugee crisis and European governments’ efforts to deal with the influx.
Prices crossed Rs.3,000 for the first time in the year, as gold reached a high of Rs.3,049 per gram, continuing its ascent.
Prices in March also rose on strong demand, though growth was slow. Gold traded above Rs.3,000 for the whole month as uncertainty over the budget kept Indian stock markets jittery. The strike by jewellery associations against the levying of 1% excise duty on gold jewellery sale soon became a nationwide one, which affected demand, tough prices were more or less constant.
The government’s order mandating disclosure of PAN details for purchase of non-silver jewellery over Rs.1 lakh resulted in fresh protests, which crippled the jewellery industry, though demand by industry continued unabated.
Gold prices were quite stable in spite of the upheaval surrounding the strike, with the yellow metal trading at Rs.3,030 per gram at its highest rate for the quarter. Positive cues from international markets kept prices high, since domestic demand was lower than expected.
Prices fluctuated slightly as the U.S. markets performed well, which offset demand from Europe and Asian countries, though the dip in price was minimal.
Check the Trend of Gold Rate in India for January 2016 to March 2016 in detail
|4th January rate||Rs.2,594|
|31st January rate||Rs.2,759|
|Highest rate in January||Rs.2,759 on 30th and 31st|
|Lowest rate in January||Rs.2,594 on 4th|
Jan'16 - Week 1(4th to 10th)
- Gold gained value in the 1st full week of trading in 2016 as domestic demand picked up while global cues also affected the upward rise in rates.
- Prices were Rs.2,594 on 4th and Rs.2,631 on 10th.
- Gold dropped to Rs.2,594 by 7th before rising on 8th and 9th by an overall margin of Rs.37 to touch Rs.2,634 by 9th.
- Prices were stable at Rs.2,634 on 10th on account of the weekend.
Jan '16 - Week 2 (11th to 17th)
- Gold prices were down in the second week, falling from 2 month high rates achieved in the 1st week of the month as domestic demand was somewhat muted and global cues were also weak.
- Prices were Rs.2,679 on 11th and Rs.2,663 on 17th.
- Gold rates fluctuated around Rs.2,660 for the most part of the week.
- Prices went down during the last 3 days, falling to as low as RS.2,642 on 16th.
Jan '16 - Week 3 (18th to 24th)
- Gold prices appreciated during the 3rd week on the back of increased domestic demand from jewellers to meet the wedding season sales, while global cues also pushed gold rates up.
- Prices were Rs.2,663 on 18th and Rs.2,717 on 24th.
- Gold appreciated to Rs.2,701 by 20th before dropping slightly to Rs.2,695 by 23rd.
- Prices appreciated on 24th to close the week at Rs.2,717.
Jan '16 - Week 4 (24th to 31st)
- Gold prices appreciated in the 4th week.
- Rates were Rs.2,717 on 25th and Rs.2,759 on 31st.
- Gold prices were stable at Rs.2,717 till 28th before appreciating on the last three days by an overall margin of Rs.42 to end the week and month at Rs.2,759.
1st February rate
29th February rate
Highest rate in February
Rs.3,049 on 26th
Lowest rate in February
Rs.2,712 on 1st
*Rates as per New Delhi rates.
Feb'16 - Week 1 (1st to 7th)
- Gold prices in India rose in the first week of February on the back of positive global cues and strong internal demand from jewellers to meet the wedding season sales.
- Prices were Rs.2,712 on 1st and Rs.2,868 on 7th.
- Gold appreciated on back-to-back days till 6th and was stable on 7th on account of weekend holidays.
- Gold traded above Rs.2,800 from 4th to 7th.
- Gold profited by an overall margin of Rs.156 through the week and touched a high of Rs.2,868 on 6th and 7th to close the week at 9-month high figures.
Feb '16 - Week 2 (8th to 14th)
- Gold rates appreciated in the 2nd week of February on the back of seasonal demand in the domestic sector, a weaker rupee which led to higher import costs as well as strong global cues.
- Prices were Rs.2,863 on 8th and Rs.2,946 on 14th.
- Gold dropped to Rs.2,835 by 11th before rallying to Rs.3,008 on 12th, breaching 19-month highs.
- Gold settled at a healthy Rs.2,946 to end the week on a high note.
Feb '16 - Week 3 (15th to 21st)
- Gold lost marginal value in the third week as weaker global trends and tepid buying in the domestic sector pushed prices down before recovering towards the end of the week.
- Prices were Rs.3,008 on 15th and Rs.2,993 on 21st.
- Gold dropped by Rs.91 on 16th to fall to Rs.2,917 before rallying till 19th to recover the lost value and post a slight gain at a trading value of Rs.3,018.
- Gold prices dipped to Rs.2,993 on 20th and remained stable at that level on 21st.
Feb '16 - Week 4 (22nd to 29th)
- Gold prices appreciated toward the close of February, ending an especially gainful month that saw net monthly gains at 4-year high levels.
- Rates were Rs.2,993 on 22nd and Rs.3,037 on 29th.
- Prices were spurred by strong global trends while they dipped a bit towards the end of the month on weak domestic demand.
- Gold rose to a high of Rs.3,049 by 26th before settling at a healthy Rs.3,037 for the rest of the month.
1st March rate
31st March rate
Highest rate in March
Rs 3,030 from 1st to 14th
Lowest rate in March
Rs 2,940 on 15th, 16th and 17th
Mar'16 - Week 1 (1st to 6th)
- Gold markets were closed in the many parts of the country as jewellers and traders went on a strike to protest against the budgetary announcement of 1% excise duty on jewellery sales.
- Prices were constant at Rs.3,030 over the course of the first week.
Mar'16 - Week 2 (7th to 13th)
- Gold markets remained closed over the 2nd week also as jewellers continued their protest against 1% excise duty on non-silver jewellery and mandatory quoting of Pan card for transactions above Rs.2 lakhs.
- Prices were constant at Rs.3,030 throughout the second week also.
Mar ‘16 - Week 3 (14th to 20th)
- Markets experienced closure in the third week also, with little changes in rates.
- Prices were constant at Rs.2,998 all through the week.
Mar ‘16 - Week 4 (21st to 27th)
- Gold prices were stable at Rs.2,998 till 23rd and Rs.2,948 till 27th
- Traders continued with their protest against proposed taxation measures however most jewellers were open for business in the national capital
Mar ‘16 - Week 5 (28th to 31st)
- A poor performance by the US Dollar helped gold rates remain constant, with Indian markets performing well.
- Gold rates were steady at Rs 2,948 throughout the week.
Gold Price Trend (April 2016- June 2016)
|Prices||Rs.2,943 (1st April), Rs.3,105 (31st June)|
|Highest/lowest||Rs.3,180 (27th June), Rs.2,916 (3rd June)|
|Major influencers/events||Fed hike speculation, jewellers’ strike|
Gold prices in April showed signs of improving, though the jewellers’ strike continued to affect domestic demand and production. Gold was priced around Rs.2,900-Rs.3,000 per gram during the month, with prices usually above the Rs.3,000 mark.
Prices were high as international demand was strong due to shaky markets and a plummeting U.S. Dollar, which led to increased investment in gold.
As the strike was called off, retail demand began to pick up, which boosted prices and led to gold rising. Markets were unstable after the budget, which led consumers to safe haven assets like gold and silver.
Prices in May were also on the upswing, though prices dropped due to fluctuations in demand and market conditions. Gold prices for May averaged around Rs.2,960-Rs.3,120 per gram. Initial demand was high as the U.S Dollar fell following poor economic data and the possibility of a U.S. Fed rate hike seemed distant.
On the domestic front, demand began to ease as markets slowly limped back and investor sentiment turned to stock markets.
Demand from Asian markets propped up gold prices after a period of declining interest from other global economies due to recovering markets and currencies.
Gold prices slid as the month drew to an end, trading at below Rs.3,000 on poor demand and declining interest.
Prices in June started off weak, as demand continued to be sluggish. Prices averaged Rs.2,940-Rs.3,180 per gram for the month. Projections of a delayed monsoon and the resultant economic implications led to markets falling, which boosted demand for gold. Prices also improved as international demand rose courtesy renewed interest from European and Asian markets, though American markets continued to perform well.
Prices picked up towards the end of the month, reaching Rs.3,180 per gram as the month ended as U.S. markets fell sharply, which led to a surge for demand in gold.
Prices rose by 9% for the month, with gold prices also rising over the whole quarter on consistent demand.
Check the Trend of Gold Rate in India for April 2016 to June 2016 in detail
|1st April rate||Rs 2,943|
|30th April rate||Rs 3,119|
|Highest rate in April||Rs 3,119 on 30th|
|Lowest rate in April||Rs 2,933 on 5th|
|% Change||+ 5.98%|
Apr'16 - Weeks 1 & 2 (1st to 10th)
- Gold prices in India rose in the first few days of April as cautious statements from the US Fed regarding rate hikes, weak economic data from central banks and weak Dollar all contributed in making gold attractive as a safe haven.
- Prices were Rs.2,943 on 1st and Rs.2,988 on 10th.
- Prices were stable for the most part as bullion dealers in the capital continued their protests against excise duty on gold jewellery.
- Gold gained Rs.45 over the course of the first week.
Apr ‘16 - Week 3 (11th to 17th)
- Gold prices were slightly lower in the third week.
- Prices were Rs.2,988 on 11th and Rs.2,981 on 17th.
- Prices were mostly stable as global cues and domestic demand kept rates in a constant place.
Apr ‘16 - Week 4 (18th to 24th)
- Gold prices were marginally up in the fourth week.
- Prices were Rs.3,002 on 18th and Rs.3,007 on 24th.
- Prices didn’t see much variations as global and domestic cues checked rates.
Apr ‘16 - Week 5 (25th to 30th)
- The week started with gold trading at Rs 3,007.
- Gold rates increased over the week, witnessing a surge of over Rs 100.
- Gold traded at Rs 3,119 on 30th, to close the month on a high.
|1st May rate||Rs. 3,119 per gram|
|31st May rate||Rs. 2,960 per gram|
|Highest rate in May||Rs. 3,120 per gram on May 7|
|Lowest rate in May||Rs. 2,960 per gram on May 31|
May'16 - Week 1 (1st to 7th)
- There was no significant change in gold prices in comparison with the previous week.
- Prices were Rs.3,119 on the 1st of May and Rs.3,120 on the 7th of May.
- Prices were mostly stable owing to global cues and consistent domestic demand.
May ‘16 - Week 2 (8th to 14th)
- There was no significant change in gold prices in comparison with the previous week.
- Prices were Rs.3,120 on the 8th of May and Rs.3,080 on the 14th of May.
- Despite a marginal decline on the 9th of May, prices were stable for the remainder of the week owing to global cues and consistent domestic demand.
May ‘16 - Week 3 (15th to 21st)
- Prices remained stable from the previous week as we head into the third week of May.
- Prices were recorded at Rs.3,080 on the 15th of May and Rs.3,048 on the 21st of May.
- Prices remained stable for the first two days of trading after which they declined marginally for three days in succession before gaining stability for the rest of the week.
May ‘16 - Week 4 (22nd to 28th)
- Gold rate dropped significantly this week following the footsteps of the global gold markets.
- Gold prices were Rs. 3,058 on the 22nd of May and Rs. 2,994 on the 28th of May .
- Gold prices have been fluctuating but a pattern of steady decline has emerged owing to rising expectations of a rate hike soon after the Fed minutes were released. There has also been a decline in the intake of coin makers and industrial units.
May ‘16 - Week 5 (29th to 31st)
- Compared to the previous week, there were no major changes in the price of gold during the last week of May.
- From 29th of May to the 31st, the price of gold was Rs. 2,960 per gram.
- Price of gold marginally dropped as compared to the previous week.
- Gold traded at Rs. 3,120 on the 7th of May which was the highest for the month.
|1st June rate||Rs.2,934|
|30th June rate||Rs.3,105|
|Highest rate in June||Rs.3,180 on 27th of June|
|Lowest rate in June||Rs.2,916 on 3rd of June|
Jun'16 - Week 1 (1st to 5th)
- Gold rates are seeing brighter days in the month of June after its massive fall in May.
- Owing to the U.S. dollar easing up, gold rates have been able to ascend.
- There was a 2-day brief overnight fall in gold rates in the domestic bullion market, but fresh offtake from jewellery retailers and traders helped stabilize the rates.
- The hype of an interest rate hike by the U.S. Federal Reserve has died down, leading to investors showing more interest in gold again.
- The increase in demand has brought the prices back up.
- Gold rates are also on an inclined path owing to the dampening U.S. data report on job creation.
Jun'16 - Week 2 (6th to 12th)
- Gold traded at Rs. 3,003 per gram on the 6th of June, the second week of the month.
- Gold price declined two days later by Rs.20 on the 8th of June at Rs. 2,983 per gram.
- Gold price witnessed some improvement as gold price hit its highest for the week at Rs. 3,045 per gram on the 9th of June.
- Gold closed the week at Rs.3,006 per gram.
Jun'16 - Week 3 (13th to 19th)
- Gold traded at Rs. 3,056 per gram on the 13th of June.
- Prices shot up by Rs.10 on the 14th of June and remained unchanged till 16th of June.
- Gold witnessed a rise in the price in the third week of June as gold closed the week at Rs. 3,109 per gram on the 19th of June.
Jun'16 - Week 4 (20th to 26th)
- As the week progressed, there was a reduction in the price of gold, albeit slightly.
- This could be attributed to the easing up of U.S. dollar as well as impact of a potential ‘Brexit’.
- The highest rate of the week was on the 20th of june where gold traded at Rs. 3,120 per gram.
- Gold rate closed at Rs. 2,950 per gram which was also one of the lower rates for the entire month.
- Although there was an increase in the demand for gold, due to other factors, as mentioned previously, there was a dip in the prices.
Jun'16 - Week 5 (27th to 30th)
- Prices were recorded at Rs.2,950 on the 27th of June and Rs.3,167 on the 30th of June.
- Prices fluctuated during the week and marginal losses were written off by subsequent gains.
- The overall decline in prices between the four days was Rs.217.
Gold Price Trend (July 2016- September 2016)
|Prices||Rs.2,167 (1st July), Rs.3,207 (30th September)|
|Highest/lowest||Rs.3,248 (10th August), Rs.3,163 (22nd July)|
|Major influencers/events||Fed rate hike, U.S. election season|
Gold prices registered a rise in July, though prices fluctuated due to differences in demand. Gold prices ranged between Rs.3,170 to Rs.3,220 per gram during the month, with prices falling towards the end of the month on poor demand. A drop in domestic demand due to a resurgent market led to prices stagnating. Overseas markets also registered slight declines in demand as a result of falling interest from industry, coupled with relative stability on the stock markets.
Gold peaked at Rs.3,219 per gram as the month was ending after plateauing the previous week as demand rose following a drop in the U.S. Dollar.
The month of August saw demand for gold remain stable for most of the month on consistent demand and slight increases in retail demand. Gold reached its highest rate for the year during August as markets plummeted due to poor economic data, though the month saw an overall decline in price. Gold traded at Rs.3,248 per gram on 10th August as the U.S Dollar fell steeply against global currencies and global markets also performed poorly. Domestic demand saw a surge towards the middle of the month due as local markets also performed poorly. A reversal in fortunes occurred as the month ended, though, with gold prices dipping on reduced demand from the industrial sector.
The price of gold in September was steady as the month began, though dips in price were observed as demand rose and fell. Gold prices averaged between Rs.3,185 to Rs.3,230 per gram, with overall prices seeing a minor incline. Third quarter results from industry were lower than expected, which resulted in markets falling and demand for gold rising. The possibility of a U.S. Fed rate hike propped up the U.S. Dollar, though economic data appeared to suggest the contrary. Global demand was low, which influenced domestic markets. U.S election season began in full swing, which kept markets on their toes as initial forecasts were made. The Rupee fell against the Dollar amid speculation of poor economic data from India. Gold prices recovered marginally as the month and quarter ended, though the increase was minimal.
Check the Trend of Gold Rate in India for July 2016 to September 2016 in detail
|1st July rate||Rs. 3,167 per gram|
|31st July rate||Rs. 3,219 per gram|
|Highest rate in July||Rs. 3,219 per gram on July 30 and 31|
|Lowest rate in July||Rs. 3,163 per gram on July 22|
July'16 - Week 1 and 2 (1st to 10th)
- After the Brexit vote, some equities and bond yields hit record low rates which contributed to the appeal of gold as a safe haven.
- Gold rates touched a two-year high, reaching prices not seen since July 2014.
- Gold prices rose on the back of expectations of more monetary stimulus from central banks in the near future in order to counteract the negative impact of the Brexit vote.
- This was followed by the U.S. releasing positive job data reports which supported the U.S. dollar that led to the end of gold’s six-day rally.
- By the end of the week, gold rates had either stabilized or decreased across the country.
- Going into the future, the U.S. Federal Reserve is expected to put a hold on increasing interest rates for 2016.
July'16 - Week 3 (11th to 17th)
- Gold prices remained stable, with minor fluctuations from the previous week.
- The fallout from the Brexit vote could still be felt across markets, leading to gold still being the favoured choice for investment.
- Domestic demand was also consistent, leading to rates being stable apart from some minor fluctuations.
- As the week ended, the Dollar recouped some of its previous losses, leading to gold prices stagnating or falling marginally.
July '16 - Week 4 (18th to 24th)
- The global gold market took a hit when the U.S. released strong economic data much to everyone’s surprise.
- The dollar has gained momentum leading to investors expecting a Fed rate hike this year.
- Gold rates have declined over the course of the week due to muted domestic demand as well as weakened global trends.
July‘16 - Week 5 (25th to 31st)
- Gold prices were recorded at Rs.3,178 on the 25th and they remained constant on the 26th as well.
- An increase by Rs.11 pushed prices to Rs.3,189 on the 27th, and prices were stable for another day.
- Consecutive increases on the 29th and 30th saw prices rise and close the month at Rs.3,219 per gram.
|1st July rate||Rs.3,219 per gram|
|31st July rate||Rs.3,205 per gram|
|Highest rate in July||Rs.3,248 per gram on 10th August|
|Lowest rate in July||Rs.3,206 per gram on 6th to 9th August|
August '16 - Week 1 (1st to 7th)
- Gold prices were on the upswing as the markets fell on poorer than expected U.S. economic growth data.
- Prices were stable with minor fluctuations as the week progressed.
- The positive market outcome after the NFP market release led to gold rates falling as the week ended.
August '16 - Week 2 (8th-14th)
- Week 2 of August was bright for gold as the dollar dropped owing to a sluggish U.S. economy.
- Prospects of an interest rate hike by the U.S. Federal Reserve have significantly dropped.
- Jewellers in the domestic market faced a spike in retail demand as the festive season approaches.
- Gold prices climbed oblivious to overseas trends and the U.S. economy.
August '16 - Week 3 (15th-21st)
- The main focus this week was on the domestic market as the appetite of jewellers and stockists increased in light of the upcoming festive season.
- The U.S. economy has indicated that it’s strong enough to introduce a Federal Reserve interest rate hike this year and that further delays may result in higher inflation and asset bubbles. There was a drop in gold prices in the global market.
- Experts say that the demand for gold will pick up in the second half of 2016 in India with the festivals approaching.
August '16 - Week 4 (22nd-28th)
- Demand from jewellers in the domestic market continued and has helped gold rates stay stable.
- In the global market, the dollar has become stronger. Gold rates dropped drastically amid the anticipation of an interest rate hike from the U.S. Federal Reserve.
- Experts predict better demand for gold in the domestic market in the second half of 2016 as the festive season approaches.
August '16 - Week 5 (29th-31st)
- Gold rates continued to drop as demand for the safe haven metal eroded under the pressure of an interest rate hike by the U.S. Federal Reserve.
- Gold touched 2-month lows amid a gloomy global market as the dollar gained.
- In the domestic market, demand from jewellers and retailers seemed sluggish and muted on account of global trends.
|1st September rate||Rs.3,184 per gram|
|30th September rate||Rs.3,217 per gram|
|Highest rate in September||Rs.3,228 per gram on 7th to 12th September|
|Lowest rate in September||Rs.3,184 per gram on 1st and 2nd September|
September '16 - Week 1 and 2 (1st to 10th)
- Slow U.S. economic data indicated that a interest rate hike by the U.S. Federal Reserve would not be possible this month.
- On account of the Fed rate hike expectations being put to rest for now, buyers swarmed towards the safe haven investment.
- On the domestic front, demand was stable as the festive season is near.
- Overall, the trend for the week was a considerable increase in prices.
September '16 - Week 3 (11th to 17th)
- Gold rates dropped continually this week and is expected to be even more volatile in the coming months.
- The U.S. Federal Reserve is gearing up to introduce an hike in interest rate this month despite weak economic data.
- The safe haven appeal of gold was dampened in the global and domestic markets.
- On the domestic front, demand from consumers, jewellers, stockist and retailers was sluggish.
September '16 - Week 4 (18th to 24th)
- The U.S. Federal Reserve has put a hold on the interest rate hike as the presidential elections are too close. The nearest window for a hike falls in December.
- The mood in the global market was lighter and bullish tendencies were on the rise.
- Gold rates climbed through the week based on positive global trends coupled with a rise in domestic demand.
- Demand in the domestic market is expected to be stable in the coming months as the festive season approaches.
September '16 - Week 5 (25th to 30th)
- Gold rates took a hit this week as the sentiments in the global market turned bearish.
- The dollar gained on the back of the U.S. presidential elections.
- The U.S. Federal Reserve has put off the rate hike for now but the topic is up for discussion in November.
- Demand in the domestic market seemed mute amid the festival season as jewellers and stockist took a step back.
Gold Price Trend (October 2016- December 2016)
|Prices||Rs.3,205 (1st October), Rs.2,844 (31st December)|
|Highest/lowest||Rs.3,205 (1st-4th October), Rs.2,800 (23rd-28th December)|
|Major influencers/events||Festive season, demonetisation, U.S. presidential election|
The price of gold in October was characterised by fluctuations in price due to various factors. Speculation of a U.S Fed rate hike led to the U.S. Dollar strengthening as demand for gold fell. A rate cut by the RBI reduced spending on bullion as consumer sentiment was low. The introduction of new taxation laws and stricter scrutiny of bullion purchases also reduced consumer appetite for gold. Increased demand from jewellers due to the upcoming festive season led to a rise in price, though global prices fell. Gold prices dropped as the month ended, trading at Rs.3,088 per gram from a high of Rs.3,205 per gram.
Prices in November received a boost as markets plunged following the shock victory of Donald Trump in the U.S. presidential election. Gold prices rose as stocks and currencies fell, trading at Rs.3,099 per gram. The announcement of the demonetisation of Rs.1,000 and Rs.500 notes took the nation by surprise and plunged the bourses into chaos, as gold prices surged. The wedding season also led to increased demand from the retail segment and jewellers, which maintained prices for a while. The currency shortfall as a result of demonetisation led to demand dropping as consumers did not have access to cash for purchases. Conflicting reports regarding exchange of demonetised notes and greater scrutiny of bullion purchases dampened consumer interest in gold. Gold prices recorded a drop in value for the month due to declining demand.
Gold prices in December were low as the country was still reeling from the demonetisation policy and the resultant troubles associated with it. Gold traded low as industrial demand was sluggish, in spite of it being the festive season. Prices reached a high of Rs.2,893 at the beginning of the month, falling during the month due to poor demand. Demand for gold declined as markets performed well, bolstered by strong retail demand due to festive season purchases. Prices began to rise towards the end of the month, though gold prices declined overall. Gold prices ended the year at Rs.2,844 per gram.
Check the Trend of Gold Rate in India for October 2016 to December 2016 in detail:
|1st October rate||Rs.3,205 per gram|
|31st October rate||Rs.3,099 per gram|
|Highest rate in October||Rs.3,205 per gram on 1st to 4th October|
|Lowest rate in October||Rs.3,088 per gram on 6th October to 25th October|
October '16 - Week 1 (1st to 7th)
- Though the interest rate hike by the U.S. Federal Reserve has put a hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Appetite for gold was expected to rise this season in the domestic market, however, jewellers and retailers have not seen a rise in the footfall of customers.
- With domestic demand being mute and global trends being negative, gold prices plummeted to very low rates this week.
- With low rates arriving just in time for Diwali, demand is expected to be high during Dhanteras and Navaratri.
October '16 - Week 2 (8th to 14th)
- Gold rates grew stronger this week as prospects of the U.S. Fed rate hike moved at a slow pace.
- Low gold prices have encouraged customers to start their festive shopping early.
- Retailers and jewellers also increased their intake to meet festive demand.
- Gold rates buckled under the pressure of weak global trends towards the end of the week.
- In the domestic spot market, there was a reduction in demand from retailers and jewellers.
- As prices drop, hopes have been placed on demand to pick up during the festive season.
October '16 - Week 3 (15th to 21st)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week. Prices were affected on 17th October as expectations of the hike grew strong.
- On the domestic front, gold recovered well as the wedding season demand blossomed.
- Trends in the overseas market also firmed up.
- The trend for this week was an incline in gold prices.
October '16 - Week 4 (22nd to 28th) & Week 5 (29th to 31st)
- Gold prices rose this week as festive demand picked up in the domestic market.
- A weakening dollar pushed investors towards exchange-traded funds backed by gold.
- There was speculation that the interest rate hike by the U.S. Federal Reserve would be gradual.
- Demand for gold is expected to continue at this pace taking into consideration the wedding season.
|1st November rate||Rs.3,099 per gram|
|30th November rate||Rs.2,941 per gram|
|Highest rate in November||Rs.3,213 per gram on 5th and 6th November|
|Lowest rate in November||Rs.2,929 per gram on 25th to 27th November|
November '16 - Week 1 (1st to 6th)
- Demand for gold had increased in the domestic market on account of the festive season.
- Demand is expected to stay high in light of the upcoming wedding season.
- Gold prices climbed up this week as global trends also worked in favor of the metal.
- The U.S. Federal Reserve was hawkish about the rate hike happening by the end of this year as the U.S. economy gained momentum and inflation picked up.
- Investors watch the U.S. presidential elections closely as the outcome could greatly affect the dollar.
November '16 - Week 2 (7th to 13th)
- This week was a riot for gold prices with heavy fluctuations through the week.
- At the start of the week, gold rates were on the rise on account of the wedding demand in the domestic market.
- Gold rates soon start to drop as the outcome of the U.S. presidential elections was uncertain.
- The U.S. Federal Reserve was certain of a rate hike in December as the economy was strong, the dollar gained strength, the targeted inflation rate of 2% was almost achieved, and job data was positive.
- In the domestic market, there was a spike in gold sales momentarily as people rushed to buy gold after PM Modi announced that Rs.500 and Rs.1,000 notes would not be legal tender.
- Prices soon started to drop as people were unable to purchase gold with cash in the domestic market, but gold prices started to rise in the overseas market as the dollar lost strength post Donald Trump’s election.
November '16 - Week 3 (14th to 20th)
- Gold prices declined drastically this week despite positive global trends.
- Following Donald Trump’s election, investors flocked to buy gold for its safe-haven appeal as uncertainty loomed around the U.S. economic policies.
- In India, Prime Minister Modi’s demonetisation scheme was in full swing and took its toll on the economy.
- With a shortage of cash supply, strict PAN card requirements, and tax evasion fears, people were reluctant to buy gold.
- Jewellers and retailers complained of empty showrooms and shops as people were unable to use their black money to make high-value purchases.
- The wedding season demand helped gold prices stabilise.
November '16 - Week 4 and 5 (21st to 30th)
- The dollar gained strength in the global market backed by positive economic data from the U.S.
- The Federal Reserve was confident about an interest rate hike in December which led to investors retreating to the sidelines.
- Gold rates plunged through the week as demand in the domestic and global market was muted.
- In the domestic market, as the demonetisation scheme plays out, the nation faces a cash crunch due to shortage of currency in banks and ATMs.
- Demand for silver picked up in the last week of November as demand increased.
|December 1st Rate||Rs.2,963 per gram|
|December 31st Rate||Rs.2,893 per gram|
|Highest Rate in December||Rs.2,963 per gram on 1st and 2nd December|
|Lowest Rate in December||Rs.2,825 per gram on the 22nd and 23rd December|
December 2016 - Week 1 (1st to 4th)
- Gold rates were holding steady and saw very little fluctuations over the course of the week.
- While the demand was high initially, demonetization seems to have reduced tendency to buy more gold.
- In fact, gold rates saw little to no change over the first four days of december as buying gold became a lot harder.
- Besides, as base metal rates took a downward turn in the global market, the same effect took over in India too.
- Possible forecast suggested that rates would more and less remain unchanged for the coming weeks.
December 2016 - Week 2 (5th-11th)
- Gold rates saw a few surges—both up and down—for most of this week.
- At the beginning of the week on December 5th, gold traded at Rs.2,869 per gram and continued at the same rate for December 6th too.
- On December 7th, gold prices increased marginally and began to trade at Rs.2,972 per gram—a Rs.3 increase from the previous two days.
- December 8th saw a considerable decrease in trading prices as they went down by Rs.9 to hit Rs.2,963 per gram.
- The subsequent day on December 9th again saw a sizeable downsurge in gold trading prices as they went down by Rs.12 to trade at Rs.2,951 per gram
- December 10th and 11th saw the biggest of price fall as gold began trading at Rs.2,936 per gram for much of the two days, till the closing hours of the week.
- Possible forecast suggested that prices would climb further down over the coming weeks as central government’s strike on black money has crippled purchases massively.
December 2016 - Week 3 (12th to 18th)
- Demand for gold seemed to maintain a steady rate for much of the week.
- At the beginning of the week on the 12th, gold traded at Rs.2,836 per gram and continued to remain the same till the end of the 14th.
- On the 15th, prices saw a stark decrease as gold began to trade at Rs.2,800 per gram.
- Prices again fell on the 16th as gold traded at Rs.2,785 per gram.
- Demand for gold slightly increased as prices hit Rs.2,781 per gram on the 17th and remained the same at the end of the week on the 18th.
December 2016 - Week 4 (19th to 25th)
- The 4th week of December saw some minor fluctuations throughout the week.
- Demonetisation still had a firm grip on dwindling gold sales even after a month and a half.
- On the 19th, at the beginning of the week, gold traded at Rs.2,790 per gram.
- The next day, on the 20th, prices decreased by Rs.10 as gold traded at Rs.2,780 per gram.
- On the 21st, gold prices hit Rs.2,782 per gram before decreasing down to Rs.2,767 per gram on the 22nd.
- Prices went up by Re.1 on the 23rd as gold traded at Rs.2,783 per gram.
- At the end of the week, prices of gold held steady at Rs.2,773 per gram which remained so till the closing hours of the 25th.
December 2016 - Week 5 (26th to 31st)
- Gold rates saw minor changes during the week.
- With the monetary markets still recovering from the effects of demonetisation, gold was trading at Rs.2,775 per gram on 26th December.
- Prices rose marginally to Rs.2,780 per gram on 27th December as the deadline for depositing old de-monetised currency loomed.
- Prices continued to rise as market fluctuations resulted in higher interest in gold, with prices reaching Rs.2,815 per gram on 29th December.
- Prices rose to Rs.2,830 per gram on 31st December as gold closed the year on a high.
Also check the Gold Rate in India from September 2015 to December 2015
Gold prices in India in the month of September 2015 have been highly dynamic. Starting at Rs.2,669 on 1st September, prices climbed steeply to Rs.2,699 on 2nd September. Rates then fell to Rs.2,665 by 5th September owing to market dynamics and held steady for the most part of the 1st week and starting of the 2nd week of the month. By 11th rates had gone down to Rs.2,637 and touched rock bottom rates for September on 14th of the month, when gold closed at Rs.2,627.
Gold rates stayed at the Rs.2,630 level till September 17th before rallying over the next two days to Rs,2,666 on 19th. Prices remained more or less the same for the next 3 days before falling to Rs.2,647 on 24th of the month. Gold rates climbed on 25th and 26th, and reached peak rate for the month of September by end of 26th. Prices stayed above the Rs.2,680 mark till 29th September before falling to Rs.2,653 by end of the month.
As an overview, gold rate in India at the start of September was Rs.2,669, and month ending gold rate was clocked at Rs.2,653. Rates were volatile throughout the month, however gold rates at the start and end of the month were more or less the same. Gold rate in India is likely to remain volatile in the coming days however pick up in prices can be expected around the upcoming festival season.
1st October rate
31st October rate
Highest rate in October
Rs.2,728 on 22nd
Oct '15 - Week 1 (1st to 7th)
- Gold gained value in the first week of October.
- It was priced at Rs.2,642 on 1st and Rs.2,662 on 7th.
- Prices increased by a margin of Rs.45 on 4th to touch Rs.2,668 from Rs.2,623.
- Prices stayed around the 2,660-2,670 for the remaining part of the week.
Oct '15 - Week 2 (8th to 14th)
- Gold prices increased on the whole again in the second week of October.
- Rates were Rs.2,670 on 8th and Rs.2,688 on 14th.
- Rates appreciated to Rs.2,674 by 12th before a gainful session on 13th when prices rose to Rs.2,699.
- Gold lost value to rest at Rs.2,686 on 14th.
Oct '15 - Week 3 (15th to 21st)
- Gold rates were stable on the whole in the third week of the month.
- Rates were Rs.2,720 on 15th and Rs.2,718 on 21st.
- Gold rate on 18th at Rs.2,728 was the highest gold rate in India for October.
- Prices increased steadily over the week except on 17th and 20th when there was a drop in rates.
Oct '15 - Week 4 (22nd to 28th)
- Gold lost value in the fourth week of the month.
- Rates were Rs.2,725 on 22nd and Rs.2,708 on 28th.
- Rates declined steadily for the most part of the week.
- There was a slight gain on 27th when gold rose to Rs.2,706 from Rs.2,704, with the same appreciation happening on the next day also.
Oct '15 - Week 5 (29th to 31st)
- Gold rate declined considerably in the last 3 days of the month.
- Prices were Rs.2,708 on 29th, which declined to Rs.2,685 on 30th and further declined to Rs.2,676 on the last day of October.
1st November rate
30th November rate
Highest rate in November
Rs.2,682 on 2nd and 3rd
Lowest rate in November
Rs.2,560 on 30th
Nov '15 - Week 1 (1st to 7th)
Gold rates vary across different cities in India. Key reasons for this are:
- Gold rates in India in the 1st week of November.
- Prices were Rs.2,676 on 1st and Rs.2,632 on 7th.
- Gold gained value on 2nd and 3rd to touch Rs.2,686 at the end of the day on 3rd.
- Prices stayed the same on 4th before declining by Rs.44 on 5th to fall to Rs.2,642.
- Rates declined again on 6th to fall to Rs.2,630.
- There was a slight gain in rates on 7th when gold touched Rs.2,632.
Nov '15 - Week 2 (8th to 14th)
- Gold rate lost marginal value over the 2nd week of November in India.
- Gold was priced at Rs.2,613 on 8th and Rs.2,591 on 14th.
- Gold gained Rs.17 on 10th to touch Rs.2,630 and remained stable around this value till 12th.
- There were drop in rates on 13th and 14th by Rs.29 and Rs.9 respectively, taking gold to Rs.2,591 by end of the week.
Nov '15 - Week 3 (15th to 21st)
- Gold lost marginal value in the 3rd week of November.
- It was priced at Rs.2,591 on 15th and Rs.2,584 on 21st.
- Gold appreciated to Rs.2,596 on 17th before trading in negative over the next two days to rest at Rs.2,564 on 19th.
- Prices went upward in the next two days to come to Rs.2,584 on 21st.
Nov '15 - Week 4 and 5 (22nd to 30th)
- Gold rates declined over the last 9 days of November.
- Prices were Rs.2,580 on 22nd and Rs.2,560 on 30th.
- Gold dropped to Rs.2,573 on 23rd before recovering to Rs.2,582 by 27th.
- Prices fell to Rs.2,579 by 29th before declining by Rs.19 on 30th to rest at Rs.2,560 at month end
1st December rate
31st December rate
Highest rate in December
Rs.2,636 on 17th and 18th
Lowest rate in December
Rs.2,551 on 1st
Dec'15 - Week 1 (1st to 7th)
- Gold rate in India increased in the 1st week of December.
- Prices were Rs.2,551 on 1st and Rs.2,597 on 7th.
- Gold appreciated to Rs.2,568 on 2nd and settled at Rs.2,567 on 3rd, before losing out the gains on 4th to drop to Rs.2,553.
- Gold was stable at Rs.2,555 on 5th before gaining substantially on 6th to touch Rs.2,597, and stayed at that level on 7th.
Dec'15 - Week 2 (8th to 14th)
- Gold prices were volatile in the 2nd week.
- Prices were Rs.2,595 on 8th and Rs.2,599 on 14th.
- Gold prices dropped by Rs.23 on 9th to fall to Rs.2,572 before recovering Rs.9 on the next day to settle at Rs.2,581 on 10th.
- The next two days saw sustained fall in rates of Rs.5 and Rs.8 which brought prices down to Rs.2,568 by 12th.
- Gold made a significant comeback on 13th, appreciating by Rs.31 to rest at Rs.2,599.
- Gold was stable on 14th at Rs.2,599.
Dec '15 - Week 3 (15th to 21st)
- Gold prices appreciated in the 3rd week.
- Rates were Rs.2,577 on 15th and Rs.2,610 on 21st.
- Gold rallied on 16th by Rs.27 on 16th to breach the 2,600 mark for the first time in the month and settled at Rs.2,604.
- Prices rose again on 17th by Rs.32 to settle at Rs.2,636.
- Gold remained stable at Rs.2,636 on 18th before dropping by Rs.26 on 19th to rest at Rs.2,610.
- Prices were stable at Rs.2,610 on 20th and 21st.
Dec'15 - Week 4 (22nd to 28th)
- Gold prices rose in the 4th week.
- Rates were Rs.2,578 on 22nd and Rs.2,615 on 28th.
- Rates were stable at Rs.2,578 till 24th before appreciating sharply to Rs.2,615 on 25th by a margin of Rs.37.
- Gold was stable at Rs.2,615 for the remaining part of the week owing to holidays.
Dec'15 - Week 5 (29th to 31st)
- Gold prices dropped in the 5th week.
- Rates were Rs.2,560 on 29th and Rs.2,534 on 31st.
- Prices fell by Rs.6 on 30th and Rs.20 on 31st to end at Rs.2,534.