The ancient city of Uttar Pradesh, Allahabad has housed many prominent personalities. From Amitabh Bachchan to Jawaharlal Nehru, Allahabad has been a hub of activity famous for its world-renowned university. As like all parts of eastern UP, Allahabad too shares its culture with cities like Kanpur, Lucknow and Varanasi.
Rate of Gold in Allahabad
Rate of gold is a huge factor in determining the demand for the precious metal in the city of Allahabad. The demand for the metal peaks irrespective of rate during the season of Diwali as well as during the wedding season. Let us look into the rate of gold for different variants.
- 24 karat gold24 karat gold, as of 15th March, 2016 traded at Rs.3030 per gram which translates to Rs.30300 per 10 grams. 24 Karat gold is the purest form of gold and as such it is used as an investment tool since the appreciation in its value offers substantial returns. Gold, in its purest forms is also used extensively in the electronic industry where it is used in various components like those of the computer or laptop.
- 22 karat goldGold jewelry comes mostly in the form of either 22 karat or 18 karat gold. This is a mixed form of gold so as to make it more malleable and strong to be shaped into different designs. The price of 22 karat gold in Allahabad, as of 15th march 2016 is Rs.2810 per gram which means that 10 gram of 22 karat gold will cost Rs.28100. This is higher than the previous price of the yellow metal.
Gold Rate Trend in Allahabad for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,010 per gram | Rs.3,077 per gram | Rs.3,113 per gram |
| Last day | Rs.3,066 per gram | Rs.3,129 per gram | Rs.3,134 per gram |
| Highest price | Rs.3,120 per gram on 24 and 25 January | Rs.3,161 per gram on 18 and 19 February | Rs.3,171 per gram on 25 and 26 March |
| Lowest price | Rs.3,010 per gram from 1 – 3 January | Rs.3,035 per gram on 9 February | Rs.3,098 per gram on 19 & 20 March |
| Trend | Incline | Incline | Incline |
| Change | 1.19% | 1.68% | 0.67% |
Gold Rate Trend in Allahabad for October 2017 to December 2017 (per gram of 24 karat gold)
| Factor | October | November | December |
| 1st day | Rs.3,063 per gram | Rs.3,006 per gram | Rs.3,016 per gram |
| Last day | Rs.3,026 per gram | Rs.3,026 per gram | Rs.3,020 per gram |
| Highest price | Rs.3,072 per gram on 12, 13, and 14 October | Rs.3,060 per gram on 18, 19 and 20 November | Rs.3,036 on 2, 3 and 4 December |
| Lowest price | Rs.3,028 per gram on 6 October | Rs.3,005 per gram on 6 November | Rs.2,940 per gram on 11,12 and 13 December |
| Trend | Decline | Incline | Incline |
| Change | 1.20% | 0.66% | 0.13% |
Gold Rate Trend in Allahabad for October 2017:
- When trading commenced for the month of October, gold was priced at Rs.3,063 per gram. This dropped to Rs.3,043 per gram by the 3rd as a possible interest rate by the Fed Reserve kept gold demand on the low.
- Gold prices in Allahabad dropped considerably by the 6th for the metal to trade at Rs.3,028 per gram as US dollar seemed to flourish.
- However, prices seemed to increase during the second week because of an increased trend in the overseas market. This led to an increase in the local market as well and the metal traded at a monthly high figure of Rs.3,072 per gram from the 12th to 17th of the month.
- As the month continued, gold prices weakened amid poor local sales spurred a weak overseas trend.
- Gold recorded its lowest rate on the 27th, 28th and the 31st of the month – Rs.3,026 per gram – when the week came to an end.
- Gold price in Allahabad declined by 1.20% this month due to lower-than-expected festive season demand.
Gold Rate Trend in Allahabad for November 2017:
- Gold price in Allahabad had dropped further when trading began for November and the metal was priced at Rs.3,006 per gram.
- As demand weakened amid poor cues, gold rates dropped to a monthly low figure of Rs.3,005 per gram on the 6th of November.
- With investors speculating over the fate of the US monetary policy, gold price in Allahabad seemed to increase. The 18th saw gold trade at its highest rate of Rs.3,060 per gram, which continued on till the 20th of the month.
- On the final day of the month, gold was seen trading at Rs.3,026 per gram – a 0.66% incline from the month’s first day’s rates.
Gold Rate Trend in Allahabad for December 2017:
- Gold rates in Allahabad were recorded at Rs.3,016 per gram when trade exchanges opened for business on the first day of December.
- Tensions in the US amid Donald Trump’s latest tax laws caused upheaval in the market and gold prices rose consequently.
- From the 2nd to the 4th, gold traded at a monthly high figure of Rs.3,036 per gram as domestic investors took advantage of the increased demand.
- However, the market came to terms with the inevitability of the new tax structure – and with the corporate world responding better – the US dollar mounted a comeback.
- The rising dollar pushed gold on the backburner and the metal traded at Rs.2,940 per gram – the month’s lowest – from the 11th to the 13rd of December.
- The remaining days of the month saw gold rates improve as other concerns in the US seemed to weaken the dollar.
- On the final day of Q4 and 2017, gold was seen trading at Rs.3,020 per gram – a marginal Rs.4 incline from the months beginning price.