Gold Rate in Srinagar

Gold Rate Trend in Srinagar for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Srinagar for January 2018:

• The month began in Srinagar with the precious metal trading at Rs.3,010 per gram on the 1st of January.
• With the dollar holding on to its gains during the initial few days, the bullion was priced on the weaker side of the month.
• Prices remained untouched at Rs.3,010 per gram until the 3rd with subdued but steady demand from local jewellers, retailers and industries at the domestic level. This was also the lowest recorded monthly figure in the city.
• However, with the dollar losing against other currencies following the weaker-than-expected US employment reports, investor demand rose globally.
• Gold rates in Srinagar rose to Rs.3,120 per gram – the highest recorded monthly figure – on the 24th with the bullion capitalising on the poor US inflation data.
• Strong safe haven demand coupled with positive overseas trends led to gold rates remaining untouched at Rs.3,120 per gram the next day.
• Trading concluded for the month with the yellow metal prices holing at Rs.3,066 per gram on the 31st after the recovering greenback resulted in declining investor demand for the metal.
• Srinagar registered a profit of 1.19% in bullion trade due to the strong global cues that pushed demand higher during the month.

Gold Rate Trend in Srinagar for February 2018:

• Trading commenced for the month with the precious metal priced relatively higher at Rs.3,077 per gram on the 1st after a drop in the dollar value led to gold prices surging in the global bullion market.
• The second week saw gold rates in Srinagar plunging to its lowest monthly level at Rs.3,035 per gram on the 9th after a positive US employment report indicated a rise in the number of jobs contributing to the US economy.
• However, the next few days saw gold prices gradually picking up with investors banking on the safe-haven metal to hedge against inflation concerns.
• The 18th witnessed gold prices hitting their highest recorded monthly figure of Rs.3,161 per gram, thanks to strong investor demand coupled with positive global cues.
• Prices remained untouched at Rs.3,161 per gram on the 19th with steady demand from local jewellers, retailers and industries amid the strong trend overseas.
• As the month progressed, gold rates dropped to Rs.3,100 per gram range with the US dollar regaining lost ground in the international market.
• The month came to an end with gold prices holding at Rs.3,129 per gram on the 28th with subdued but steady demand from industries at the domestic level.
• Srinagar recorded an incline of 1.68% in gold rates during the course of the month.

Gold Rate Trend in Srinagar for March 2018:

• The final month of the quarter began with gold trading at Rs.3,113 per gram on the 1st with the US dollar continuing to rise against other apex currencies in the world markets.
• However, demand for the metal picked up in the domestic level as the dollar lost sheen over the next few days.
• Prices remained mostly stable during the initial three weeks before plummeting to a monthly low figure of Rs.3,098 per gram on the 19th after the US dollar index rose against a basket of other emerging currencies, strengthening the US greenback.
• Gold rates remained unaltered at Rs.3,098 per gram the next day before a steep decline in the dollar value resulted in an increased demand for the metal.
• Strong domestic demand coupled with positive global trends led to gold prices surging to Rs.3,171 per gram – the highest recorded monthly figure – on the 25th.
• The month concluded with the precious metal prices holding firm at Rs.3,134 per gram on the 31st and gold rates in Srinagar recorded an incline of 0.67% during the course of the month.

Gold Rate Trend in Srinagar for October 2017 to December 2017 (per gram of 24 karat gold)

Gold Rate Trend in Srinagar for October 2017:

• October’s trading started with gold trading at Rs.3,063 per gram in Srinagar – Jammu and Kashmir’s capital city.
• The metal’s prices fluctuated for the first two weeks due to uneven demand from local circles brought about by a fluctuating dollar.
• By the 12th, the gold rate in Srinagar hit Rs.3,072 per gram – the month’s highest rate – and continued till the 15th of the month.
• However, the US dollar continued to mount its comeback and gold rates seemed to fall as the month wore off.
• Gold rate in Srinagar hit their lowest for the month on the 30th and the 31st of October when the metal traded at RS.3,026 per gram.
• There was a 0.26% decline in gold price trends which was caused by poor demand in the domestic market.

Gold Rate Trend in Srinagar for November 2017:

• When trading began in Srinagar for the month of November, gold was priced at Rs.3,006 per gram, which was a Rs.20 decline from the previous day’s rates.
• As demand for the yellow metal continued to remain low, gold rates in Srinagar dropped to Rs.3,005 per gram on the 6th of the month.
• However, a falling trend with regards to the US dollar brought about a gradual surge in gold prices. After much fluctuations, gold rate in Srinagar reached their highest monthly figures towards the 18th of the month when it traded at Rs.3,060 per gram.
• Gold continued to trade at Rs.3,060 per gram till the 20th as jewelers continued to increase purchases to meet festive demand.
• With the dollar clawing back as the month progressed, gold rates went down to Rs.3,026 per gram on the final day of November.
• Gold price trends inclined by as much as 0.66% this month due to a rise in festive demand and a slightly weakened dollar.

Gold Rate Trend in Srinagar for December 2017:

• December commenced with gold trading at Rs.3,016 per gram. This rose to Rs.3,036 per gram on the 2nd – and continued till the 4th – as volatility in the US market pushed safe-haven demand to new heights.
• Prices seen between the 2nd to the 4th were the highest gold rates for this month, which was brought about by US President Donald Trump’s introduction of new tax laws.
• The backlash the new tax structure brought had a considerable bearing on the way gold prices changed.
• By the 11th gold prices dropped considerably to Rs.2,940 per gram as the US markets bounced back after some poor showing towards the beginning of the month.
• Gold rates improved over the course of the next two weeks and gold close at Rs.3,020 per gram on the 31st of December.
• Price trends had witnessed a 0.13% incline as demand picked up after falling significantly towards during the second week.