Last updated on: 3rd Oct 2023
Allahabad is one of the largest cities in Uttar Pradesh and the administrative headquarters of Allahabad District. Also known as Prayagraj, the place is believed to be the site of the Ashvamedha Yajna - a Vedic ritual. It is also home to the iconic Kumbh Mela. A Hindu festival is held every twelve years.
Allahabad, a traditional centre of culture and trade, is known for its vibrant gold market. It has been a vital part of the city's economy for centuries. Most of the gold shops are located in the Civil Lines, Teliyarganj, and Chowk areas of the city.
Multiple factors influence gold prices in Allahabad, like volatile equity markets, global recession, economic slowdown, central bank policies, and geopolitical atmosphere.
The government of India has notified Allahabad as a mandatory hallmarking district. The gold jewellery sold in Allahabad must be hallmarked per Bureau of Indian Standards (BIS) regulations.
BIS is a government-backed agency that hallmarks gold in India, thus certifying its fineness and purity. BIS-licensed labs in Allahabad measure the purity of gold and hallmark it accordingly.
Given its widespread appeal as a commodity and store of value, Allahabad is stocked with a wide range of gold in all its guises. Gold may be acquired in one of two ways: as an indirect financial instrument or as physical gold in jewellery, bullion, or coins.
Economic Exchange
People in Allahabad tend to favour financial plans centred on gold. Gold exchange-traded funds (ETFs) are a novel approach to capitalising on gold's attractive return potential. The present administration has also introduced a gold monetisation programme via which citizens can receive income from gold stored at home.
Over the counter
Most gold is transacted at both independent and high-end jewellery stores. Customers go to these establishments to purchase gold jewellery, coins, and bullion for speculative motives. Gold vendors see an increase in business during weddings and festival times. Regardless of the exchange rate, demand for the metal rises around Diwali and weddings.
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹5,752.00 +19 (0.33%) | ₹5,690.00 -62 (1.09%) |
8 grams | ₹46,016.00 +152 (0.33%) | ₹45,520.00 -496 (1.09%) |
10 grams | ₹57,520.00 +190 (0.33%) | ₹56,900.00 -620 (1.09%) |
100 grams | ₹5,75,200.00 +1900 (0.33%) | ₹5,69,000.00 -6200 (1.09%) |
Gram | Yesterday | Today |
---|---|---|
1 gram | ₹5,752.00 +19 (0.33%) | ₹5,690.00 -62 (1.09%) |
8 grams | ₹46,016.00 +152 (0.33%) | ₹45,520.00 -496 (1.09%) |
10 grams | ₹57,520.00 +190 (0.33%) | ₹56,900.00 -620 (1.09%) |
100 grams | ₹5,75,200.00 +1900 (0.33%) | ₹5,69,000.00 -6200 (1.09%) |
Here are the key points to compare between 22-karat and 24-karat gold in Allahabad:
Day | 24K Gold | 22K Gold |
---|---|---|
03 Oct 2023 | ₹56,900.00 -620 (1.09%) | ₹52,160.23 -568.35 (0.92%) |
02 Oct 2023 | ₹57,520.00 +190 (0.33%) | ₹52,728.58 +174.17 (0.28%) |
29 Sep 2023 | ₹57,330.00 -70 (0.12%) | ₹52,554.41 -64.17 (0.10%) |
28 Sep 2023 | ₹57,400.00 -540 (0.94%) | ₹52,618.58 -495.02 (0.79%) |
27 Sep 2023 | ₹57,940.00 -680 (1.17%) | ₹53,113.60 -623.36 (0.99%) |
26 Sep 2023 | ₹58,620.00 -350 (0.60%) | ₹53,736.95 -320.85 (0.50%) |
25 Sep 2023 | ₹58,970.00 -120 (0.20%) | ₹54,057.80 -110 (0.17%) |
22 Sep 2023 | ₹59,090.00 +130 (0.22%) | ₹54,167.80 +119.17 (0.18%) |
21 Sep 2023 | ₹58,960.00 -630 (1.07%) | ₹54,048.63 -577.52 (0.90%) |
20 Sep 2023 | ₹59,590.00 +190 (0.32%) | ₹54,626.15 +174.17 (0.27%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Oct 2023 | ₹56,900.00 -620 (1.09%) | ₹52,160.23 -568.35 (0.92%) |
02 Oct 2023 | ₹57,520.00 +190 (0.33%) | ₹52,728.58 +174.17 (0.28%) |
29 Sep 2023 | ₹57,330.00 -70 (0.12%) | ₹52,554.41 -64.17 (0.10%) |
28 Sep 2023 | ₹57,400.00 -540 (0.94%) | ₹52,618.58 -495.02 (0.79%) |
27 Sep 2023 | ₹57,940.00 -680 (1.17%) | ₹53,113.60 -623.36 (0.99%) |
26 Sep 2023 | ₹58,620.00 -350 (0.60%) | ₹53,736.95 -320.85 (0.50%) |
25 Sep 2023 | ₹58,970.00 -120 (0.20%) | ₹54,057.80 -110 (0.17%) |
22 Sep 2023 | ₹59,090.00 +130 (0.22%) | ₹54,167.80 +119.17 (0.18%) |
21 Sep 2023 | ₹58,960.00 -630 (1.07%) | ₹54,048.63 -577.52 (0.90%) |
20 Sep 2023 | ₹59,590.00 +190 (0.32%) | ₹54,626.15 +174.17 (0.27%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Oct 2023 | ₹56,900.00 -620 (1.09%) | ₹52,160.23 -568.35 (0.92%) |
02 Oct 2023 | ₹57,520.00 +190 (0.33%) | ₹52,728.58 +174.17 (0.28%) |
29 Sep 2023 | ₹57,330.00 -70 (0.12%) | ₹52,554.41 -64.17 (0.10%) |
28 Sep 2023 | ₹57,400.00 -540 (0.94%) | ₹52,618.58 -495.02 (0.79%) |
27 Sep 2023 | ₹57,940.00 -680 (1.17%) | ₹53,113.60 -623.36 (0.99%) |
26 Sep 2023 | ₹58,620.00 -350 (0.60%) | ₹53,736.95 -320.85 (0.50%) |
25 Sep 2023 | ₹58,970.00 -120 (0.20%) | ₹54,057.80 -110 (0.17%) |
22 Sep 2023 | ₹59,090.00 +130 (0.22%) | ₹54,167.80 +119.17 (0.18%) |
21 Sep 2023 | ₹58,960.00 -630 (1.07%) | ₹54,048.63 -577.52 (0.90%) |
20 Sep 2023 | ₹59,590.00 +190 (0.32%) | ₹54,626.15 +174.17 (0.27%) |
Day | 24K Gold | 22K Gold |
---|---|---|
03 Oct 2023 | ₹56,900.00 -620 (1.09%) | ₹52,160.23 -568.35 (0.92%) |
02 Oct 2023 | ₹57,520.00 +190 (0.33%) | ₹52,728.58 +174.17 (0.28%) |
29 Sep 2023 | ₹57,330.00 -70 (0.12%) | ₹52,554.41 -64.17 (0.10%) |
28 Sep 2023 | ₹57,400.00 -540 (0.94%) | ₹52,618.58 -495.02 (0.79%) |
27 Sep 2023 | ₹57,940.00 -680 (1.17%) | ₹53,113.60 -623.36 (0.99%) |
26 Sep 2023 | ₹58,620.00 -350 (0.60%) | ₹53,736.95 -320.85 (0.50%) |
25 Sep 2023 | ₹58,970.00 -120 (0.20%) | ₹54,057.80 -110 (0.17%) |
22 Sep 2023 | ₹59,090.00 +130 (0.22%) | ₹54,167.80 +119.17 (0.18%) |
21 Sep 2023 | ₹58,960.00 -630 (1.07%) | ₹54,048.63 -577.52 (0.90%) |
20 Sep 2023 | ₹59,590.00 +190 (0.32%) | ₹54,626.15 +174.17 (0.27%) |
Here are some of the most interesting facts about gold that will intrigue you:
Different factors affect gold rates in Allahabad. While some are domestic, others might be international. Before investing, we must analyse these factors in detail. Here is a walkthrough:
Gold prices in Allahabad may spike during festive seasons when the demand for gold is high. Festivals like Dhanteras, Diwali, and Chatt Puja witness gold prices in Allahabad surging. Similarly, prices may go down during the off-season.
Gold prices in the international market directly impact gold prices in Allahabad. India imports gold in large quantities. Thus, any change in the global rice of gold affects the rates in the country, including Allahabad.
Unstable market conditions can strengthen gold prices in Allahabad. This is because investors tend to put their money in gold in the face of market volatility. The rise in demand drives up gold prices.
Rising inflation causes gold rates in Allahabad to soar, as many investors believe gold acts as a hedge against inflation. When the demand for gold increases during inflation, the gold rates also go up.
What are the alternatives to physical gold in Allahabad?
The leading alternatives to physical gold in Allahabad are Digital gold. Gold Exchange Traded Funds (Gold ETF), Gold mutual funds, and Sovereign Gold Bonds.
Can I bring gold jewellery to India from abroad? How to avoid restrictions?
How much import duty do I need to pay the authorities?
What is the least expensive way to purchase physical gold?
What to check while buying gold in Allahabad?
How can I determine if a gold jewellery business in Allahabad has BIS certification?
How can I check if the gold I have purchased in Allahabad is authentic?
What is 916 gold?
Location
₹56,900 / 10gm
Last updated on: 3rd Oct 2023
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