Gold Rate In Bhilai

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Gold price in Bhilai

Located in eastern central India in the state of Chhattisgarh, Bhilai is just 32 kilometres away from Raipur, the capital of the state. Known for the Bhilai Steel Plant, the city is also home to a good number of gold investors. A large number of residents treat gold as an auspicious possession and use it on a daily basis as well as during ceremonies and celebrations. Gold is also considered one of the best gifts that people can give their near and dear ones during festivals and weddings and other ceremonies.

Gold Rate Trend in Bhilai for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Bhilai in January 2017:

• Though the last quarter of 2016 was disappointing, rates seemed to pick up during the first quarter of 2017.
• Gold prices in Bhilai started at Rs.2,844 per gram on 1st January, which went up over the course of the month.
• As the month saw more cash flow into the economy and reduce the influences of demonetisation, gold prices seemed to pick up.
• The month was quite positive as rate seen on the 1st was the lowest for the entire month.
• On 24th, gold prices hit their highest for the month at Rs.2,979 per gram.
• The month saw gold rates incline at a rate of 4%.

Gold Rate Trend for Bhilai in February 2017:

• February, though not as productive for gold rates in Bhilai, saw gold price trends continue on a positive note.
• Gold was priced at Rs.2,978 per gram when the month began - a rate which began to climb as days progressed.
• However, gold prices fluctuated to hit their lowest within the first week when they hit Rs.2,957 per gram.
• Consequently, after that fall, gold prices never seemed to go down again and hit the highest for the month at Rs.3,031 per gram on 25th.
• The month saw gold prices incline at the rate of 1.41% in Bhilai.

Gold Rate Trend for Bhilai in March 2017:

• The last month of Q1 2017 saw gold prices drop as plenty of global factors brought the demand down.
• On 1st of March, gold was selling at Rs.3,009 per gram - which happened to be the highest gold rate for the month.
• Gold prices seemed to fluctuate considerably and hit the lowest rate on 15th when it was trading at Rs.2,950 per gram.
• However, rates picked up slightly to end the month on a high at Rs.2,991 per gram.
• Despite a resurgence toward the end of the month, gold price trends still went down by 0.59% in March.
• On an average, gold price trends inclined at the rate of 1.60% during the first quarter of 2017.

Gold Rate Trend in Bhilai for October 2016 to December 2016 (per gram of 24 karat gold)

Gold Rate Trend for Bhilai in October 2016

• Gold traded at Rs.3,152 per gram in Bhilai, with prices remaining constant until the next day due to sustained demand. This was also the highest rate at which gold traded for the month of October in Bhilai.There was a minor decline noted in the price of gold over the next few days.
• Gold rates were steady at Rs.3,040 per gram for 24 karat gold on the 6th of October and declined steadily as the weeks progressed. On the 15th of October, rate of gold plunged to Rs.3,021 per gram and was the same the next day as well. This was the lowest rate at which gold traded at for the month of October.
• However, despite the stability in prices, there was a decline of 2.69% noted in the price of gold at the end of October.

Gold Rate Trend for Bhilai in November 2016

• Gold rate was quite high during the beginning of the month where the price was Rs.3,065 per gram. However, prices increased from the 2nd of November due to a high demand for gold in both overseas and domestic markets.
• The rate of gold was Rs.3,101 per gram on 2nd November and Rs.3,115 per gram on 3rd November. On the 4th of November, rate of gold fell down to cost Rs.3,109 per gram.
• On the 5th of November, the rate of gold shot up to Rs.3,119 per gram and stayed steady at this the next day as well. This rate however could not be sustained and reduced over the next couple of days before shooting up to Rs.3166 per gram on the 9th of December which was the highest for the month of November.
• On November 8th, Prime Minister Narendra Modi announced the ban of notes worth Rs.500 and Rs.1,000 in order to curb corruption and the rise of black money. This was termed as demonetization. Due to the severe cash crunch that followed in the wake of this announcement, demand for gold reduced thereby reducing the price, although market conditions prevented the decline from becoming too severe.
• The price of gold continued to decline steadily throughout November with a few minor variations here and there.
• From the 20th of November, gold rate Rs.2,986 per gram. Gold traded at Rs.2,914 per gram on the 25th of November which was the lowest rate at which gold traded at for the month of November.
• As the month drew to a close the price of gold varied before closing at Rs.2,942 per gram which was quite low as compared to the previous months. A number of factors contributed to a decline of 4.01% in the price of gold.

Gold Rate Trend for Bhilai in December 2016

• The price of gold on the 1st of December was Rs.2,893 per gram. Gold rate increased by Rs.2 the next day but decreased steadily thereafter over the next few days.
• However, the rate of gold shot up to Rs.2,893 per gram on the 5th of December and 6th of December which was also the highest rate at which gold traded at for the month of December.
• Price of gold declined thereafter and fluctuated between Rs.2,864 to Rs.2,834 and finally declining to Rs.2,803 per gram in the 15th of December.
• As the days passed by, the rate of gold continued declined with a few minor fluctuations. This could be attributed to reduced demand for gold both overseas and in India.
• On the last day of the month, the price of gold was Rs.2,821 per gram. A decline of 2.48% was recorded over with respect to gold rate.

Gold Rate in Bhilai

The rates of gold in Bhilai may differ from jeweller to jeweller depending upon the purity of the precious metal. 24 karat gold is the most expensive form of gold and its level of purity stands at 99.9%.

24 karat gold – Since 24 karat gold is 99.9% pure, it is not only the most expensive form of gold, but is also a great investment option. But the problem with 24 karat gold is that it is produced in a manner such that it is almost impossible to reuse it for the production of ornaments and jewellery, which is why the number of people who invest in it is not as high as it could be. The price of one gram of 24 karat gold in Bhilai is Rs.2,999 as on the 9^th of March, 2016. This price is based on global trends over the past one year, which saw the value of gold reduce during the second half of 2015 and increase steadily in the first few months of 2016.

22 karat gold – 22 karat gold is only 92% pure in comparison with the 99.9% purity of 24 karat gold. However, the number of people who invest in 22 karat gold is significantly higher in comparison with the number of people who invest in 24 karat gold. The reason for this is that 22 karat gold is primarily sold in the form of jewellery and even if it is not, it can be reused to produce ornaments and jewellery, making it a popular choice among the residents of Bhilai. As on the 9^th of March, 2016, the price of one gram of 22 karat gold in Bhilai stood at Rs.2,817.

Gold Investment Avenues in Bhilai

Gold is looked upon as a great investment option as it is not only safe but also because it offers high liquidity. The precious metal has great appeal in the city of Bhilai as people tend to use it during weddings and festivals, thus driving up prices during these times. Gold is also used a great gifting option in the city as people offer the precious metal to their near and dear ones during festive occasions and other sacred ceremonies. Following are the best investment avenues for those who would like to trade gold in Bhilai:

Over-the-counter: Over-the-counter dealings are the best way to purchase gold in Bhilai. The rates and prices offered by jewellers may vary based on the location in the city, but the difference is relatively small and a certificate is awarded upon the purchase of the precious metal. The most common forms of gold purchased by residents of Bhilai are bars, coins and jewellery, and the city is home to a number of jewellers and traders from whom the yellow metal can be purchased.

Market Trade: Thanks to modern technology, gold can now be purchased by investors from the comfort of their homes or offices. E-gold, ETFs and futures contracts are the best options for investment through market trade. While E-gold can be bought and sold through the National Spot Exchange, ETFs can be traded on the Mumbai Stock Exchange.

Also Check Gold Price in NearBy Cities of Bhilai