Apr 19
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Gold Rate in India
India is the largest consumer of gold in the world, accounting for almost a quarter of the world’s total consumption. It has, since long, maintained this position and, unlike countries like China, India uses gold primarily in the form of jewelry and investments. It is viewed as a solid instrument for investments and even traders who are into commodities trading, invest in gold bullion. These investments are usually dictated by the gold rates prevailing in the economy at that time.
Trend of Gold Rate in India for April 2018 (rates per gram for 24 karat gold)
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.
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 |
| Percentage Change | 0.95% |
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 |
| Percentage Change | 0.19% |
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 |
| Percentage Change | 1.43% |
