Gold prices vary in Shimoga based on purity, with 24 karat gold costing more than 22 karat. Similarly, 22k gold costs more than 18k or 14k gold, with the price decreasing as the amount of gold reduces. Other factors like demand and supply, international market trends, import duties, local cesses, etc. also play a key role in determining the price of gold in the city.
24 karat gold – 24 karat gold is perhaps the best way to invest in gold, thanks to its purity. The 99.9% purity ensures that one gets the best value for it, with the only drawback being that it cannot be moulded or crafted into jewelry on account of this purity. Individuals who are looking to purchase 1 gram of 24 karat gold in Shimoga would need to pay around Rs 2,968 (as of March 10, 2016). This price may fluctuate a bit from shop to shop, owing to different reasons. The year 2016 has been good for gold, with prices increasing after they fell to a 5 year low in 2015. The cost of 1 gram gold has gone up by close to Rs 400 since January 2016, with prices expected to climb further. Gold rates in the city stayed close to Rs 2,600 per gram for most of 2015, with a low of Rs 2,510 witnessed in August.
22 karat gold – 22 karat gold is perhaps the most feasible option for thousands when it comes to buying gold. Its 92% purity level makes it cheaper than 24 karat gold, making it more affordable. The cost of 1 gram 22 karat gold in Shimoga is currently Rs 2,760 (as of March 10, 2016). A trend similar to 24 karat gold was witnessed as far as prices went during the last year, with a low of Rs 2,350 seen during August 2015. Prices have been on an upward trend since January 2016, going up from Rs 2,374 to stand at their current level.
Gold Rate Trend in Shimoga for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,002 per gram | Rs.2,998 per gram | Rs.2,987 per gram |
| Last day | Rs.3,045 per gram | Rs.3,014 per gram | Rs.3,109 per gram |
| Highest price | Rs.3,084 per gram on 20 and 21 January | Rs.3,031 per gram on 19 February | Rs.3,045 per gram from the 25th to the 29th |
| Lowest price | Rs.3,001 per gram on 4 January | Rs.2,951 per gram on 8 January | Rs.2,977 per gram on the 19th |
| Trend | Incline | Incline | Incline |
| Change | 1.43% | 0.53% | 1.07% |
Gold Rate Trend in Shimoga for January 2018 to March 2018 (per gram of 24 karat gold)
| Factor | January | February | March |
| 1st day | Rs.3,002 per gram | Rs.2,998 per gram | Rs.2,987 per gram |
| Last day | Rs.3,045 per gram | Rs.3,014 per gram | Rs.3,109 per gram |
| Highest price | Rs.3,084 per gram on 20 and 21 January | Rs.3,031 per gram on 19 February | Rs.3,045 per gram from the 25th to the 29th |
| Lowest price | Rs.3,001 per gram on 4 January | Rs.2,951 per gram on 8 January | Rs.2,977 per gram on the 19th |
| Trend | Incline | Incline | Incline |
| Change | 1.43% | 0.53% | 1.07% |
Gold Rate Trend in Shimoga 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 Shimoga for October 2017:
- When trading opened for the final quarter of 2017, gold in Shimoga was priced at Rs.2,985 per gram.
- Gold rate in Shimoga 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 Shimoga 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 Shimoga 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 rate in Shimoga 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 Shimoga for December 2017:
- For the month of December, gold opened at Rs.2,932 per gram.
- 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 Shimoga 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 rates 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.