Gold Rate in Goa
Gold plays a vital role in the state’s history,too. In the early twelfth century Kadambas ruled Goa for over 400 years, when they issues gold coins. The first Portuguese mint that was started in the East, by Alburquerque was in Goa which issued gold coins along with silver and bronze in the sixteenth century. Even today, gold has a significance in trade and retail market. Read on to more about gold rates in Goa and what affects it.
Details of Gold Price in Goa (22 Karat & 24 Karat) – Till August 2015
Just as it is found in other states, gold trade and the rates in the state vary depending on the purity. 22 karat and 24 karat gold rates in Goa are generally the two most important rates to be noted:
22 Karat Gold:The rate of 22karat gold per gram in July 2015 was around Rs.2282. The highest gold rate in Goa in early August 2015 has been around Rs. 2450 per gram. Also, in the month of August and in the earlier days the average rate of gold was approximately Rs. 2346 of one gram 22 karat gold in Goa. the rates have fallen approximately by 6.93% from mid July 2015 to mid August 2015. This in respect of the time mentioned, is directly related to the falling prices of gold worldwide. India is one of the largest gold importers after China, in the world. This drastic dip also took a toll on the gold rates in Goa.
24 Karat Gold: The rate of 24 karat gold as of August, 2015 is Rs. 2519 per gram. However the gold rate in Goa, in the month of July was around Rs.2489. the rate of the yellow metal have not shot up drastically, but shown little movement. The highest gold rates in goa between July and August 2015 was approximately Rs. 2673 per gram of 24 karat gold. the average price of gold around this period was around Rs. 2559 for 24 karat gold per gram. Hence, 24 karat gold prices saw a similar trend to 22 karat gold affected by the dropping rates worldwide.
Gold Investment Avenues in Goa
Over The Counter: Gold is sold in coins, bullions and jewelery. The cosmopolitan and Indian fusion has created a base for jewelry buyers and designers alike. Investors can buy gold from the various bullion dealers such as Pentagon, Pushpak and Muthoot etc. The usual brands such as Tanishq and Malabar Gold are jewellers well known in Goa. due to Goa’s adequate location, there is a demand for gold from tourism industry as well.
Trade: Spot contracts, futures contracts and exchange-traded funds (ETF) are the most common ways of gold trade in international gold rates. The gold ETFs are traded through the Mumbai sTock Exchange.
Gold Rate Trend in Goa for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.2,953 per gram | Rs.2,998 per gram | Rs.3,014 per gram |
| Last day | Rs.2,998 per gram | Rs.3,014 per gram | Rs.3,019 per gram |
| Highest price | Rs.3,032 per gram on 25 January | Rs.3,031 per gram on 20 February | Rs.3,045 per gram on 25, 26, 28 and 29 March |
| Lowest price | Rs.2,947 per gram on 4 and 5 January | Rs.2,951 per gram on 8 February | Rs.2,977 per gram on 19 March |
| Trend | Incline | Incline | Incline |
| Change | 1.52% | 0.53% | 0.16% |
Gold Rate Trend in Goa for October 2017 to December 2017 (per gram of 24 karat gold)
| Factor | October | November | December |
| 1st day | Rs.2,985 per gram | Rs.2,942 per gram | Rs.2,932 per gram |
| Last day | Rs.2,942 per gram | Rs.2,947 per gram | Rs.2,941 per gram |
| Highest price | Rs.2,995 per gram on 16 October | Rs.2,981 per gram on 20 November | Rs.2,942 per gram from 2 to 4 December and 29 December |
| Lowest price | Rs.2,932 per gram on 27 October | Rs.2,907 per gram on 6 November | Rs.2,859 per gram on 13 December |
| Trend | Decline | Incline | Incline |
| Change | -1.90% | 0.16% | 0.30% |
Gold Rate Trend in Goa for October 2017:
- When trading opened for the final quarter of 2017, gold in Goa was priced at Rs.2,985 per gram.
- Gold rates this month were on a decline owing to poor domestic demand in spite of major festivals.
- The metal’s rates fluctuated considerably over the first two weeks before hitting the month’s highest rate of Rs.2,995 per gram on the 16th of October.
- However, prices began to fall from the 17th as demand was poor due to the US dollar remaining strong.
- Gold hit its lowest rate for the month on the 27th of the month when it traded at Rs.2,932 per gram.
- The final two days of this month saw gold price in Goa increase slightly to end at Rs.2,942 per gram on the 31st of October.
- A strong US dollar performance and the subsequent low demand for gold led to rates falling by 1.90% this month.
Gold Rate Trend in Goa for November 2017:
- As cues remained weak, gold opened at Rs.2,942 per gram for the month of November.
- During the first week, gold rates in Goa took a hit due to a strong dollar which pushed investors to exercise caution. This led to gold dropping to a monthly low rate of Rs.2,907 per gram on the 6th of the month.
- It was relatively smooth sailing of gold from the 7th onwards as prices seemed to incline consistently before trading at Rs.2,981 per gram on the 20th. This was the metal’s highest rate for this month.
- However, as demand seemed to remain flat over the final few days, gold rates began to consolidate. This led to the metal trading at Rs.2,947 per gram on the last day of this month.
- A strong demand mid-month contributed strongly to the upswing in gold prices. Price trends saw a marginal 0.16% incline over the course of the month.
Gold Rate Trend in Goa for December 2017:
- Gold opened at Rs.2,932 per gram in the coastal state of Goa for this month.
- The 2nd and 3rd recorded the highest gold rates – with the metal trading at Rs.2,942 per gram – as demand was steady.
- However, demand was strongly swung by the tax reform introduced by US president Donald Trump, which caused the dollar to strengthen subsequently pushing gold rates down.
- Gold rates in Goa went down to as low as Rs.2,896 per gram as the rallying of the US dollar continued, which caused gold demand to plummet.
- On the 13th, gold rate in Goa were at their lowest for the month. The metal traded at Rs.2,859 per gram as markets remained strong, which gave little incentive for bullion investors.
- Prices rallied as other concerns regarding Trump’s US presidency resurfaced. This, combined with a declining dollar led to consistent increase in gold prices.
- Gold traded at Rs.2941 per gram on the last day of 2017 and December recorded a 0.30% increase in price trends.
