Surat is a port city situated on the banks of the Tapti river, and was a major seaport in the West India until the East India Company shifted the presidency to Bombay (now Mumbai). Surat is popularly known for its diamond cutting and polishing, textiles, and for diamond-studded gold jewelry manufacturing. Surat itself accounts for 90% of the world’s diamond cutting and polishing, 99.9% of the country’s total rough diamond cutting and polishing, and 90% of the country’s total diamond exports.
Trend of Gold Rate in Surat for March 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st March | Rs.3,159 per gram |
| Gold Rate on 31st March | Rs.3,149 per gram |
| Highest Rate in March | Rs.3,182 per gram from 27 to 30 March |
| Lowest Rate in March | Rs.3,109 per gram on 20 March |
| Overall Monthly Performance | Decline |
| Percentage Change | -0.31% |
March 2018- Week 1 (1-4)
- March began with gold price in Surat falling due to declining demand from industrial units as well as local jewellers.
- Gold traded at Rs.3,159 per gram on 1 March but prices fell to Rs.3,138 per gram on 2 March as retail demand dropped due to unfavourable market cues.
- International demand was also on the decline as the dollar surged on positive economic data, which influenced local demand as well.
- Gold rate in Surat rose as the week drew to a close, with gold rising to Rs.3,149 per gram on 4 March following a slight increase in industrial offtake.
March 2018- Week 2 (5-11)
- The second week saw fluctuations in gold rate in Surat as equity market uncertainty and a shaky dollar led investors to bullion.
- Gold was priced at Rs.3,149 per gram on 5 March and rose marginally on steady demand from the retail sector.
- Gold price in Surat briefly fell to Rs.3,144 per gram on 7 March due to demand vagaries as investors responded to dips in local equity markets.
- Overseas demand increased as the dollar traded low, which led to a sharp upsurge in industrial demand across the board.
- Gold rose to Rs.3,161 per gram on 8 March as orders increased, but prices dipped for the rest of the week as the dollar recouped its earlier losses.
- The week ended with gold priced at Rs.3,138 per gram on 11 March.
March 2018- Week 3 (12-18)
- Turbulent markets and political uncertainty led to sharp ebbs and flows in the price of gold, with the precious metal trading at Rs.3,138 per gram on 12 March.
- Gold price in Surat fell to Rs.3,129 per gram on 14 March as local equity markets and the dollar were stable.
- The surprise sacking of the U.S. Secretary of State led to U.S. markets and the dollar falling sharply, leading to higher demand for gold.
- Gold rate in Surat rose to Rs.3,149 per gram on 15 March in response to market chaos, but prices regularised over the rest of the week.
- A significant decline was recorded as the week ended, with gold trading at Rs.3,119 per gram on 18 March.
March 2018- Week 4 (19-25)
- The continued fallout from the dismissal of Rex Tillerson as Secretary of State and sliding equity markets led to a sharp rise in gold rates.
- The yellow metal traded at Rs.3,119 per gram on 19 March and rose to Rs.3,134 per gram on 21 March as international and local demand was high.
- Industrial demand from Asia rose due to the low dollar, as local industry also increased orders.
- Gold price in Surat reached Rs.3,149 per gram as the week ended on 25 March as consistent demand and a sluggish U.S. Dollar contributed to a rise in overall demand for the precious metal.
March 2018- Week 5 (26-31)
- Gold price in Surat traded firmly on positive market trends and a low dollar index, opening at Rs.3,175 per gram on 26 March.
- Demand from Europe was also strong as the dollar index fell heavily against other global currencies, making imports of gold cheaper.
- Steady demand saw gold rise to a monthly high of Rs.3,182 per gram from 27-30 March as retail demand also rose.
- The appointment of a new Secretary of State viewed as hostile to the peace process was greeted with trepidation on the bourses, which led to gold prices skyrocketing.
- A sharp drop in price saw gold end the month at Rs.3,149 per gram on 31 March to record an overall loss of 0.31%.
Trend of Gold Rate in Surat for February 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st February 2018 | Rs.3,138 per gram |
| Gold Rate on 28th February 2018 | Rs.3,159 per gram |
| Highest Rate in February | Rs.3,175 per gram on 20 February |
| Lowest Rate in February | Rs.3,092 per gram on 9 & 10 February |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.66% |
February 2018- Week 1 (1st – 4th):
- When February’s trading began in Surat, gold was priced at Rs.3,138 per gram.
- As records showed, the yellow metal’s prices were largely on the rise, thanks to a stable demand and favourable marketing conditions.
- The 2nd saw gold price in Surat remain unchanged but rose to Rs.3,165 per gram on the 3rd as there was a significant rise in demand from jewellers in the city.
- Gold rate in Surat slumped just as they rose and the metal’s prices dropped back to RS.3,138 per gram as a Fed interest rate hike put the entire bullion industry on the back foot.
February 2018 – Week 2 (5th – 11th):
- The second week began with gold still trading at Rs.3,138 per gram. The US economy was undergoing some major shifts and markets fell by as much as 10% over this week.
- There was a knock-on effect to be witnessed over this week, which brought gold demand to the fore.
- On the 6th, gold rates surged to Rs.3,154 per gram as bullion investors capitalised on the downfall of the US dollar.
- However, gold rate in Surat fall to Rs.3,092 per gram by the 9th of February as stock markets recovered from the slump, pushing demand for gold down.
- The next day didn’t see any change in gold price in Surat as it still traded at Rs.3,092 per gram – the lowest rate for this month.
- When the week ended on 11th February, gold had rebounded to trade at Rs.3,103 per gram.
February 2018 – Week 3 (12th – 18th):
- During the third week of February, gold prices were on the rise due to strong as markets fluctuated considerably.
- Gold traded at Rs.3,103 per gram on the 12th of February which surged to Rs.3,129 per gram on the 14th as demand from the Asian markets surged.
- Gold price in Surat went up to Rs.3,154 per gram on the 16th as domestic demand witnessed a considerable spurt.
- The US dollar was rather weak this week, which pushed gold rate in Surat up to Rs.3,171 per gram on the 18th of this month.
February 2018 – Week 4 (19th – 25th):
- The fourth week of February began with gold continuing at Rs.3,171 per gram. The 20th saw gold price in Surat go up to Rs.3,175 per gram – the month’s highest rates – as local demand was supported by favourable market conditions.
- Gold rate in Surat dipped over the remaining days of the week as demand subsided. On the 21st, rates went down to Rs.3,150 per gram.
- The week came to an end with the metal’s prices holding at Rs.3,149 per gram.
February 2018 – Week 5 (26th – 28th):
- Over the course of February week 5, gold price in Surat recorded a marginal improvement.
- On the 26th, the yellow metal traded at Rs.3,149 per gram, but as days progressed rates surged.
- The last day of February 2018 saw gold trading at Rs.3,159 per gram.
- All in all, gold rate in Surat trends witnessed a 0.66% over the course of this month, thanks to a consistent rise in local demand.