Varanasi is considered to be one of the most ancient cities of the world. The city boasts of one of the most ancient civilizations too. It is the most revered city in the Hindu culture and as such a lot of festivals and weddings are part of the daily routine of this vibrant city.
Gold Rate in Varanasi
The gold rate, not just in Varanasi, but across all parts of the world varies with respect to the purity of the metal. As we know gold comes in different variants that signify the purity of the yellow metal. These are 14 karat gold, 18 karat, and 22 karat and so on. The higher the karat, the purer is the metal. Let us look at the rates of the metal based on its karat value.
- 24 karat gold24 karat gold is the purest form of gold and is used mostly in the electronic industry and the pharmaceutical industry. This form of gold is also the costliest since the metal is in its purest form. Also, 24k gold is ideal for investments since the metal is traded at the actual price of gold. The rate of 24k gold as of 11th March, 2016 is Rs.2969 per gram which comes to around Rs.29690 per 10 grams.
- 22 karat gold22 Karat is the most consumed form of gold since this is what is used for making jewelry. Since, Indian is one of the biggest importers and consumers of gold, especially in the form of jewelry, the rate of 22k gold is the most relevant rate for people of Varanasi. As of 11th March, 2016, the rate of 22k gold in Varanasi is Rs.2775 per gram which translates to Rs.27750 per 10 grams. Gold prices have again picked up after witnessing a steep fall the last few months.
Gold Rate in Varanasi for October 2017:
- When trading for October 2017 began in Varanasi, gold was priced at Rs.3,063 per gram. The US dollar remained strong for much of this month, which caused gold prices to drop considerably.
- After some fluctuations during the initial ten days, gold rates went up to Rs.3,072 per gram on the 12th, which continued on till the 16th of the month.
- Gold prices in Varanasi, however, fell from the monthly high figure as demand began to drop amid a resurgent dollar.
- Even the onset of major festivals failed to spur local demand and gold prices dropped significantly during the final few days of October.
- On the 27th, the yellow metal traded at Rs.3,026 per gram – the month’s lowest rate and continued on till the closing hours of the month.
- Poor local trading caused by weak demand contributed to a 1.20% decline in gold rates.
Gold Rate in Varanasi for November 2017:
- Gold price in Varanasi had dropped to Rs.3,006 per gram when trading began for the month of November, which was the lowest rate recorded the entire month.
- But, with positive global cues gold rates in Varanasi seemed to increase over the subsequent days hitting the Rs.3,045 per gram mark by the 10th of the month.
- As the US dollar remained weak and as local demand surged, gold rates reached the Rs.3,060 per gram margin on 18th November.
- This also happened to be the highest rate for the month, made possible by a failing US dollar and an increased festive season demand.
- However, the greenback recuperated to push gold rates down over the remaining days of the month.
- When the month ended, the yellow metal was priced at Rs.3,026 per gram.
- A 0.66% incline in price trends was recorded in Varanasi over the course of the November 2017.
Gold Rate in Varanasi for December 2017:
- When December began, gold was priced at Rs.3,016 per gram. This increased rose to Rs.3,036 per gram on the 2nd – the month’s highest rate.
- Prices remained unchanged till the 4th as demand was steady but some changes to the US tax law and the subsequent rallying of the markets caused gold prices to drop.
- Gold hit its lowest price point for the month on the 11th when it traded at Rs.2,910 per gram. This rate continued on till the 13th of the month as the US markets remained strong.a
- Gold price in Varanasi underwent a lot of fluctuations over the course of the month before consolidating to end at Rs.3,020 per gram.
- Gold price trend inclined by 0.13% this month, thanks to a slightly improved demand seen during the initial few days.