Gold rates follow the basic principles of supply and demand. Since much of gold in India is imported, prices in the international market impact the prices of the precious metal in Udaipur. The prices shoot up in the wedding season because of the large-scale purchasing of gold jewelry and gift items.
Gold is mainly purchased in 24-karat (99.9% purity) for gold bars and coins, and in 22-karat (91.6% purity) for gold jewelry. The 22-karat gold is mixed with metals such as copper, silver and nickel to make it more suitable for jewelry-making. Ornaments are also made of 20-karat, 18-karat and 14-karat versions of gold. These, however, are not very popular as their resale value is lower.
24-karat gold prices: To buy 24-karat gold in Udaipur, you have to pay Rs. 29,690 as on March 11, 2016, up by just 0.6% from Rs. 29,510 a week ago. This price is only 2.25% lower than the price of gold in New Delhi, which was Rs. 30,374 on March 11.
22-karat gold prices: those who wish to purchase gold jewelry in Udaipur will have to fork out Rs. 27,730 for 22-karat gold (as on March 11). The precious metal was priced at Rs. 27,550 on March 2 – registering a rise of Rs. 180 (0.65%). The price rise of 22-karat gold and 24-karat has followed similar price rise patterns. Gold rate in New Delhi on March 11 was Rs. 28,400, around Rs. 670 higher than the rate in Udaipur.
Gold Rate Trend in Udaipur for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,086 per gram | Rs.3,138 per gram | Rs.3,159 per gram |
| Last day | Rs.3,120 per gram | Rs.3,159 per gram | Rs.3,149 per gram |
| Highest price | Rs.3,171 per gram on 25 January | Rs.3,175 per gram on 20 February | Rs.3,182 per gram from 27 to 30 March |
| Lowest price | Rs.3,082 per gram on 5 January | Rs.3,092 per gram on 9 and 10 February | Rs.3,109 per gram on 20 March |
| Trend | Incline | Incline | Decline |
| Change | 1.10% | 0.66% | -0.31% |
Gold Rate Trend in Udaipur for October 2017 to December 2017 (per gram of 24 karat gold)
| Factor | October | November | December |
| 1st day | Rs.3,109 per gram | Rs.3,087 per gram | Rs.3,068 per gram |
| Last day | Rs.3,087 per gram | Rs.3,078 per gram | Rs.3,086 per gram |
| Highest price | Rs.3,133 per gram from 12 to 16 October | Rs.3,113 per gram on 20 and 21 November | Rs.3,086 per gram on 30 and 21 December |
| Lowest price | Rs.3,073 per gram on 27 and 28 October | Rs.3,057 per gram from 4 to 6 November | Rs.2,990 per gram on 14 December |
| Trend | Decline | Decline | Incline |
| Change | -0.70% | -0.29% | 0.58% |
Gold Rate Trend in Udaipur for October 2017
- Gold was priced at Rs.3,109 per gram as trading opened in Udaipur in October.
- Prices were more or less steady during the first week as local demand was consistent in spite of fluctuations in international demand.
- Gold price in Udaipur rose to their monthly high of Rs.3,133 per gram from 12-16 October as festive shopping led to an increase in orders for the yellow metal.
- The weak U.S. Dollar also contributed to a rise in the price of gold, though this was a short-lived rally.
- The resurgent dollar led to gold prices stagnating for a while before prices rose on sharp investor uptake.
- Demand for gold declined steadily after Diwali as European industry reduced offtake due to a stable dollar.
- Local demand also fell in the wake of plunging demand for gold overseas, resulting in the metal trading at Rs.3,073 per gram on 23 & 24 October.
- Minor gains were recorded as the month drew to a close, with gold priced at Rs.3,087 per gram on 31 October.
Gold Rate Trend In Udaipur For November 2017:
- Gold was priced at Rs.3,087 per gram on 1 November as prices remained unchanged from the previous month due to steady demand.
- There was a steep drop in price as the week progressed due to a bull run by equity markets in the United States, as news of the new tax policy was released.
- Prices fell to a monthly low of Rs.3,057 per gram from 4-6 November due to the continued positive trading on the bourses, leading to a sharp decline in orders from overseas.
- Local demand was also on the decline in spite of it being the wedding season, putting more pressure on the precious metal’s price.
- Prices continued to fluctuate for the remainder of the month, with gold reaching its monthly high of Rs.3,113 per gram on 20 & 21 November.
- In spite of the late recovery, gold prices slid as the month drew to a close, trading at Rs.3,078 per gram on 30 November to register a loss of 0.29% in value over the course of the month.
Gold Rate Trend In Udaipur For December 2017:
- December began with gold trading at Rs.3,068 per gram, with the price falling due to a lowering of demand across sectors.
- The markets swung wildly over the first week due to the escalation of tensions between the United States and North Korea, though the dollar rate remained quite stable.
- Demand from Asian markets was muted due to the fluctuations, while local demand was also quite poor due to international trends.
- Prices dipped to a monthly low of Rs.2,990 per gram on 14 December as investors shied away from gold due to a market bull run.
- The holiday shopping season also boosted market performance and reduced reliance on bullion.
- Gold prices rose towards the end of the month as fears of monetary tightening due to rising inflation led to jittery markets.
- The yellow metal touched monthly highs of Rs.3,086 per gram on 30 & 31 December to register a rise in value of 0.58%.