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The study of the supply of gold with change in price.

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Objective: The objective of this study was to study the effect on supply of Gold with change in the price.

Introduction: Gold has long been considered one of the most precious metals. The price of gold is very dynamic. It is changed every day. There is much consumption of gold in India. Thought its price is increasing day by day there is no reduction in consumption of gold. So it was proposed to evaluate the change in the supply of gold with the change in the price

Procedure: For this study the first thing required was to select a dealer of gold where the sale of gold would be enough to analyse. For that i choose a jewellery shop named HiraMotiin Valsad district. The owner of the jewellery shop agreed to share the data of gold consumption but only verbally so that it would be help me to find out the demand of gold by the consumers and the price of gold. As the price of the gold is changed hour so i have taken the average of the price of the gold of each month i.e of August , September, October And November. The data was collected and analysed for the concept of the economics.

Observation: The observations of the study are as shown in the given table.

Sr. No. 1. 2. 3. 4.

Month

Price of a 10 gm of gold (INR)

Supply of Gold(in kg)

August September October November

30865 31328 31124 32344

11 13 19 27

From the above table we can clearly see that the average price of the gold in the month of August is lowest as compared to other months i.e Rs. 30865. While in the month of November the average price of the gold is highest as compared to the other months i.e Rs. 32344. So here we can say that as the price of gold is increasing the demand for the gold is also increasing.

Prices of Gold
32500

32000

31500

31000

30500

30000 August September October November

The above chart says that the price of gold is highest in the month of November while the price of gold in the month of August is lowest of the all.

Supply of Gold
30 25 20 15 10 5 0 August September October November

The above chat states that the supply of the gold is highest for the month of November i.e. 27 kg. while the supply for the gold is lowest in the month of August i.e. 11 kg.

Supply Curve
32500 32000 31500 Price 31000 30500 30000 11 13 Supplied Quantity 19 27

Conclusion: As the price of the gold is increasing the of supply the gold is also increasing.