Today’s Gold Rate in Varanasi

• More than 51% populace in Varanasi is involved directly or indirectly in the textile industry. The city is known for its weaving and handloom industry especially the Banarasi silk saree. The Banarasi silk saree not only depicts the rich & influential status but is also considered as a rich possession. In Banarasi weaving style, the brocades with gold and silver thread work and the other types gold embroidery is a heavily used. Thus, the internal consumption of gold is quite high. This always creates never- diminishing demand of gold in Varanasi.
• The city is a home to another legendary tradition of Metal Repousse craft. This world-renowned form of craftsmanship is now confined to limited places in the world and Varanasi is the most prominent of those places. Gold Repousse is an ancient technique in which the malleable gold is ornamented by hammering from the reverse side. It is an art of chasing or embossing on the reverse side of the metal to bring a make the design look better.  Some of the finest examples of this craftsmanship could be seen at the famous Kashi Vishwanath temple in Varanasi, Golden Temple of Amritsar, Shani Shingnapur in Maharashtra and the famous Jagannath temple in Puri.
• Varanasi is one of the most sought destinations by both local & foreign tourists in India. This is mainly because of its rich and legendary cultural heritage. In last 5 years, more than 30 lakhs domestic and 2 lakhs foreign tourists visited Varanasi annually. The peak tourist season is normally between October and March and includes tourist from all parts of the world. Since, the tourist here spends considerable money on purchasing the local items, especially the traditional gold ornaments, utensils & decorative items, the demand for gold is always high in the local market.
• Varanasi being the cultural capital of India is also one of the most populated cities in the country. The city has an inheritance of the royal lifestyle and a natural attraction towards gold. Gold here is largely purchased by the local residents as gold jewelry and other gold-related products. The major sales chunk of gold is in the festivals & wedding needs. However, Varanasi also has a segment of business class which never refrains from investing in the gold commodity market.

mostly the tourists who are visiting the city and want to carry some kind of souvenir of this place. The various avenues of gold investment in Varanasi are as follows:

• Gold Jewellery & Gold coins: The gold jewelry & gold coins are mostly purchased over the counter at various retail outlets in the city. The city has a diversified population and the demand of gold ornaments is high always during the festivities & wedding season. Gold is not only a precious family asset but also extremely sentimental component of every Indian family. Passing gold ornaments from one generation to next helps people to save money and hence avoid the rise in the price of gold in India. The buying behavior of people of Varanasi is no different from those in the rest part of the country. Gold jewelry & coins or bars can be purchased from a number of retail outlets. The prominent shopping destination for gold in Varanasi is JHV Mall, IP Mall, IP Vijaya market and PDR in Luxa area.
• Gold Trading – Varanasi has a significant population of business class who have an appetite to invest in the gold commodity market. With the increase in demand, many financial institutions offer various types of gold specific schemes which can offer smart returns on the investments done. Some of the most popular types of Gold investment options are gold ETFs and Gold Monetization Scheme. The Gold ETFs can be traded easily at any listed stock exchange either online or offline.

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