Today’s Gold Rate in Kanpur

Although gold is conventionally used in preparing ornaments and jewellery, it is also widely used as an investment option. It is appropriate to say that people of Kanpur also show high amount of interest in buying gold for investment purpose only. There are many ways by which they invest their money in gold. Some of those ways are explained below:

• Physical Gold: People of Kanpur buy physical gold mostly in the form of jewellery and ornaments. There are a lot of sellers in the city and there is no dearth of options in front of customers. However, one should always keep in mind that they should only purchase BIS certified gold from genuine sellers. This type of gold can be easily identified by looking at the hallmark symbol on gold designs.
• Gold from the Bank: People also have an option to buy different varieties of gold from banks. Banks offer gold bullion in both, 22 carat and 24 carat variants. This investment can be initiated in most of the major banks in Kanpur. Buying from banks is a safe option and the customer can be assured of the quality and purity of gold purchased from these banks.
• Gold Trading: People in Kanpur also look for trading as an option to invest in Gold. Trading of gold can be directly conducted either through gold exchanges or through mutual funds that deal with gold. These are offered by many asset management companies. Many of these companies also have an option to help customers identify the best mutual funds option to invest in Gold.

The price of gold in Kanpur may see a lot of fluctuations due to the local as well as global market conditions. Gold prices in Kanpur are affected by a number of factors such as an overall demand for gold in India and abroad, seasonal factors such as wedding and festivals, global policies such as the dollar rupee conversion rate. At times, fluctuations are so rapid and significant that the price of gold changes in a matter of few hours.

Apart from above mentioned factors, gold rate also depends on one important parameter generally called the carat of gold. The carat of gold is a measure of the purity of gold and is an important factor in all purchases. In general, the purest form of gold is always rated as 24 carat gold which has around 99.99% of gold in the alloy. The other popular purity measures of gold are 22 carat, 21 carat and 18 carat of gold. Needless to say, the purity of gold is highest for 24 carat and it reduces as we move down the scale.

The city of Kanpur is an industrial hub in the northern part of the country. Kanpur is a host to various types of industries such as leather production, plastics, food processing and detergent. Kanpur is also known for production of various types of gold. Gold is available in all typical styles and in all major designs of ornaments in the city of Kanpur.

Gold can be bought in different forms such as jewellery, ornaments, gold coins, bars, etc. Whatever the form is, it is important to know the gold rate in Kanpur before actually buying it.  The recent trend in gold rate has been upward as is clearly visible from the below table.

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Overall, the quarter that began in October and ended in December 2016 continuously showed negative overall monthly trend in the gold price. In each of these months, the Gold rate opened on a higher side and finally went down during the course of the month.

It is important to note that this particular period of three months witnessed some of the major events in India and abroad. Demonetization may be believed to have caused some fluctuations in gold rate, changes in policies in both India and abroad also have caused significant changes in the economy. The direct result of all these factors were the fluctuating gold prices in Kanpur.

The changing gold rates in Kanpur kept the people on their toes as the demand for gold also saw a dip during this period. People were little sceptical about the gold rates due to which they exercised their buying options with utmost care.