Jul 20

Gold Price Trend In Mumbai

Parameters	Gold price (24 karat)
Gold Rate on 1st December 2017	Rs.3,074 per gram
Gold Rate on 31st December 2017	Rs.3,093 per gram
Highest Rate in December	Rs.3,094 per gram from 2 to 4 December
Lowest Rate in December	Rs.2,988 per gram on 12 and 13 December
Overall Monthly Performance	Incline
Percentage Change	0.61%

December 2017 – Week 1 (1st – 10th)

Trading commenced in Mumbai with the precious metal was priced at Rs.3,078 per gram on the 1st of December.
Thanks to a firm trend overseas, demand picked up with an increase in local buying by jewellers, industries and retailers. This led to gold price in Mumbai rising to Rs.3,094 per gram on the 2nd.
Strong domestic demand despite the poor global trends and the strengthening dollar led to the yellow metal trading steady at Rs.3,094 per gram until the 4th.
The 5th, however, witnessed gold rate in Mumbai declining to Rs.3,061 per gram after the dollar gained on the positive sentiments boosted by the US Senate’s decision to pass a landmark bill to overhaul the US tax system.
With investors awaiting the US non-farm payrolls report during the week and the US central bank’s monetary policy meeting next week, the dollar regained its sheen and resulted in subdued demand for the precious metal. This led to gold rates plunging to Rs.3,048 per gram and Rs.3,045 per gram on the 6th and the 7th.
The 8th witnessed the bullion prices hit their lowest in four months at Rs.3,014 per gram after the dollar rose amid positive sentiments on the Republican tax reform bill to overhaul the US tax system.
Poor global trends coupled with subdued domestic demand resulted in the precious metal trading at Rs.3,014 per gram for the remainder of the week.

December 2017 – Week 2 (11th – 17th)

Gold was seen trading at Rs.3,014 per gram on the 11th of December.
The 12th saw gold rate in Mumbai drop considerably to Rs.2,988 per gram due to low demand, and continued at the same rate on the 13th of the month.
But, after Fed rate hike news hit the market, the US dollar lost its sheen. This led to the yellow metal’s rates rising to Rs.3,010 per gram on the 14th.
A steady and consistent local demand held gold price in Mumbai at Rs.3,010 per gram for the remainder of the week.

December 2017 – Week 3 (18th – 24th)

The week began in Mumbai with the yellow metal trading at Rs.3,000 per gram on the 18th as the US tax bill edged a step closer to the country’s tax system overhaul.
With investors and stockists speculating over the ultimate outcome of the tax overhaul, equities market began to decline. This led to gold being priced at Rs.3,012 per gram on the 19th and the 20th.
The 21st, however, saw gold rate in Mumbai dipping to Rs.3,010 per gram with the dollar gaining against other apex currencies.
Thanks to strong global cues coupled with increased demand for the metal, prices rebounded to Rs.3,013 per gram on the 22nd.
With the Asian equity markets on the low after the US tax cuts, gold price in Mumbai remained untouched at Rs.3,013 per gram for the rest of the week.

December 2017 – Week 4 (25th – 31st)

In Mumbai, gold was priced at Rs.3,013 per gram on the 25th of the month before increasing to Rs.3,035 per gram on the 26th of the month.
The US dollar was going through a rough patch, which investors decided to take advantage of. This led to gold prices in Mumbai rising to Rs.3,048 per gram on the 27th of the month.
On the 28th, gold rates surged again to Rs.3,068 per gram. Reports said that “today’s gold rate” went up because of positive global cues, where gold was trading at three-week high rates.
The 29th saw gold rates increase slightly for the metal to sell at Rs.3,070 per gram.
During the final two days of this week, gold rates increased to Rs.3,093 per gram as positive cues brought about by a weak US dollar, pushed gold rates to its highest levels since 2010.

Parameters	Gold price (24 karat)
Gold Rate on 1st October 2017	Rs.3,127 per gram
Gold Rate on 31st October 2017	Rs.3,088 per gram
Highest Rate in October 2017	Rs.3,135 per gram from 12 to 17 Due October
Lowest Rate in October 2017	Rs.3,002 per gram from 23 to 26 October
Overall Monthly Performance	Decline
Percentage Change	-1.24%

October 2017 – Week 1 (1st -7th)

Gold prices in Mumbai were more or less stable as domestic demand was consistent.
The precious metal traded at Rs.3,127 per gram on 1 October, with the price remaining the same for the next two days.
In spite of fluctuating demand across the globe, gold rate in Mumbai remained stable due to stable local demand.
The release of U.S. non-farm employment data was expected later in the week, which led to a reduction in demand from overseas markets, especially Asia.
Positive equity trading also contributed to a reduction in demand for gold as prices fell to Rs.3,094 per gram on 5 October.
Demand continued to drop as local demand also fell, with gold prices falling to Rs.3,084 per gram on 6 & 7 October.

October 2017 – Week 2 (8th -14th)

In Mumbai, gold prices rose consistently over the course of the week.
When the week started, gold was priced at Rs.3,084 per gram and then rose to Rs.3,119 per gram on the 9th due to global uncertainties.
A slowdown in the international bullion market led to a slowdown in growth. Gold traded at Rs.3,119 per gram on the 10th.
On the 11th, gold rates in Mumbai went up to Rs.3,125 per gram as local trading was impacted by positive global cues.
Gold price in Mumbai went up again on the 12th to trade at Rs.3,135 per gram as a high inflation data pushed demand for safe-haven investments.
The greenback stabilised and gold traded at Rs.3,135 per gram over the remaining two days of the week.

October 2017 – Week 3 (15th – 21st)

Gold rate in Mumbai remained mostly on the stable side this week, thanks to steady demand from local circles.
On the 15th of October, gold was priced at Rs.3,135 per gram. Due to demand being constant, rates were the same over the next two days as well.
But, a strong US dollar performance saw gold price in Mumbai dip to Rs.3,011 per gram on the 18th of October.
Pre-Diwali demand saw gold prices increase to Rs.3,012 per gram on the 19th and continue at the same rate till the closing hours of the 21st as investor demand was solid.

October 2017 – Week 4 (22nd -28th)

The week began in Mumbai with the yellow metal trading steady at Rs.3,012 per gram on the 22nd.
However, gold price in Mumbai dropped to Rs.3,002 per gram on the 23rd as demand declined with strengthening of the US dollar against other major currencies.
The next couple of days witnessed gold rates remaining unchanged at Rs.3,002 per gram owing to steady demand from local jewellers, retailers and industries.
Gold rate in Mumbai surged by Rs.95 per gram as the US dollar weakened, pushing prices up to Rs.3,097 per gram on the 26th.
Demand, however, dropped marginally the next day as the dollar gained against the euro with the ECB extending their bond-buying policy. This led to the precious metal trading at Rs.3,084 per gram.
Thanks to steady demand from local jewellers, industries and retailers, prices remained steady at Rs.3,084 per gram on the 28th.

October 2017 – Week 5 (29th- 31st)

In Mumbai, gold rates were stable for the most part thanks to continued business in the city’s MCX.
On the 29th, gold was priced at Rs.3,084 per gram. But, a slight drop in global demand saw the metal’s rates fall to Rs.3,081 per gram on the 30th.
When the week drew to a close, gold rates in Mumbai were recorded at Rs.3,081 per gram as demand remained steady amidst the outcome of Fed Reserve meeting.

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