Gold is a very popular commodity in India and worldwide. The gold rate in Bangalore is decided by global gold prices. Gold prices are constantly changing because of various factors, such as the strength of the US Dollar and seasonal demand for gold in the country. People purchase gold in Bangalore in the form of jewelry and ornaments. Bangalore is following the trend of gold usage as most of the other countries are following. Gold acts as an investment for people of Bangalore who invest money for stable and long-term returns. Gold can be traded through various means for example gold is traded as a commodity in exchanges such as National Commodity and Derivatives Exchange, National Spot Exchange, and Multi Commodity Exchange.
There are two types of contracts available for gold:
- Spot contracts where gold can be bought and delivered right away.
- Futures contracts wherein gold is bought and sold at a later date.
The trend of Gold Rate in Bangalore for January 2018
(Rates per gram for 24 Karat Gold)
January 2018 – Week 1
- Gold was priced at Rs.2, 941 per gram the day trading began for the New Year.
- This rose to Rs.2, 953 per gram. The gold rate rose because of positive cues from the global market, amidst a weak dollar.
- The gold trade was stable for a day at Rs.2, 953 per gram, before dropping down to Rs.2, 947 per gram.
- Again the gold rate pushed up to Rs.2, 966 per gram when the US dollar started losing its standing in the index.
- When the week ended, the gold was seen trading at Rs.2, 963 per gram.
January 2018 – Week 2
- The gold rate in Bangalore was recorded trading at Rs.2, 963 per gram at the commencement for the second week.
- Gold price raised to Rs.2, 969 per gram on the next day before going down to Rs.2, 958 per gram.
- Soon, the dollar lost its ground against the hub of other emerging currencies, and the precious gold was recorded trading at Rs.2, 976 per gram.
- Gold prices raised further to Rs.2, 988 per gram.
- The gold price was stabilized at Rs.3, 000 per gram which was the highest.
- The gold prices were holding steady at Rs.3, 000 per gram at the end of the week.
Latest Prices of gold in January 2018
The table below shows the gold loan rate in India the month of January 2018
The table below shows Gold Rates in Bangalore in January 2018
|DATE||Standard Gold Rate 22K||Pure Gold Rate 24K|
|1 Gram||8 Gram||1 Gram||8 Gram|
|1 Feb 2018||Rs. 2,895||Rs. 23,160||Rs. 3,040||Rs. 24,320|
|31 Jan 2018||Rs. 2,900||Rs. 23,200||Rs. 3,045||Rs. 24,360|
|30 Jan 2018||Rs. 2,886||Rs. 23,088||Rs. 3,030||Rs. 24,240|
|29 Jan 2018||Rs. 2,898||Rs. 23,184||Rs. 3,043||Rs. 24,344|
People in India tend to invest more in gold rather than keeping the money in Banks. Therefore, gold acts as a safe and secure investment for consumers in Bangalore. Also, people look at gold as a stable and long-term investment that has good returns.