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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 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 9th 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 9th of March, 2016, the price of one gram of 22 karat gold in Bhilai stood at Rs.2,817.
Gold Rate Trend in Bhilai for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,152 per gram||Rs.3,065 per gram||Rs.2,893 per gram|
|Last day||Rs.3,067 per gram||Rs.2,942 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st October and 2nd October||Rs.3,166 per gram on 9th November||Rs.2,893 per gram on 5th and 6th December|
|Lowest price||Rs.3,021 per gram on 15th October and 16th October||Rs.2,914 per gram on 25th November||Rs.2,767 per gram on 26th December|
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 Trend in Bhilai for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,127.50 per gram||Rs.3,215 per gram||Rs.3,132 per gram|
|Last day||Rs.3,214 per gram||Rs.3,148 per gram||Rs.3,169 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,224 per gram on 3rd August||Rs.3,195 on 8th September|
|Lowest price||Rs.3,127.50 per gram on 1st July||Rs.3,148 per gram on 31st August||Rs.3,132 on 1st September|
Gold Rate Trend of Bhilai in July 2016
- Positive trends took over the global market leading to high demand for the yellow metal.
- Gold traded at Rs.3,127.5 per gram at the start of the month.
- Prices of gold climbed as there were high expectations of monetary stimulus from central banks to settle the dust of the Brexit vote.
- By the end of the month, gold was trading at Rs.3,214 per gram, the highest price for July.
- Overall, prices increased by 2.77% this month.
Gold Rate Trend of Bhilai in August 2016
- Gold traded at Rs.3,215 per gram as demand at the start of the month continued to be high.
- Gold climbed to Rs.3,249 per gram on 3rd August which was the highest for this month.
- The market’s bullish sentiments continued to rule the market till the U.S. Federal Reserve raised expectations of an interest rate hike again.
- Gold prices declined to Rs.3,148 per gram on 31st August which was the lowest price for this month.
- There was a decline of 2.08% in gold prices this month.
Gold Rate Trend of Bhilai in September 2016
- The global market continued to have a bearish outlook at the start of the month but this turned around very quickly.
- Gold traded at Rs.3,132 per gram on 1st September and climbed to Rs.3,195 on 8th September, the highest price for this month.
- The U.S. Federal Reserve postponed the rate hike to December as the U.S. presidential elections were soon approaching.
- Demand for gold soared as investors were drawn to the yellow metal for its safe-haven appeal.
- Gold traded at Rs.3,169 per gram on 30th September marking an increase of 1.18% in gold prices this month.
Gold Rate Trend in Bhilai for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,894 per gram||Rs. 3,069 per gram||Rs.2,918|
|Last day||Rs. 3,069 per gram||Rs. 2,916 per gram on 31st of May||Rs.3,103|
|Highest price||Rs.3,069 per gram on the 30th of April||Rs. 3,073 per gram on 7th and 8th of May||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,876 per gram on 4th of April||Rs. 2,900 per gram on the 30th of May||Rs.2,911 per gram on 3rd June|
Gold Rate Trend of Bhilai in April 2016
- Gold traded at Rs. 2,894 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,069 per gram by the end of the month.
Gold Rate Trend of Bhilai in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,051 in the second week of May.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,916 on the 31st of May.
Gold Rate Trend of Bhilai in June 2016
- Owing to dips in the global market, gold traded at very low rates at the start of June with the lowest being Rs.2,911 per gram on 3rd June.
- Prices soon picked up as the markets recovered and domestic demand lent stability.
- The overall trend indicated a rise of 6.34% with gold trading at high rates of Rs.3,180 per gram on 27th June.
|1st day||Rs. 2,541 per gram||Rs. 2,714 per gram||Rs. 2,994 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,964 per gram||Rs. 2,883 per gram|
|Highest price||Rs. 2,727 per gram on January 27th||Rs. 2,987 per gram on 26th of February||Rs. 2,994 per gram on 1st and 2nd of March|
|Lowest price||Rs. 2,538 per gram on 2nd and 3rd of January||Rs. 2,714 per gram on 1st of February||Rs. 2,871 per gram on March 31st|
Gold Rate Trend of Bhilai in January 2016
- Gold held steady at Rs. 2,541 on 1st of January.
- Gold witnessed a steady rise from the 6th of January owing to global demand.
- Gold hit its highest for the month on 27th January at Rs. 2,727 per gram.
Gold Rate Trend of Bhilai in February 2016
- Gold stood at Rs. 2,714 per gram on the 1st of February.
- There was a steady rise in gold rate in February and gold hits its peak for the month on 26th of February at Rs. 2,987 per gram.
Gold Rate Trend of Bhilai in March 2016
- There was a rise in gold rate from 29th of February as gold held steady at Rs. 2,994 per gram on 1st of March.
- Low demand led to a further decline as gold was at its lowest for the month at Rs. 2,871 on 28th of March.
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 Rate in Chhattisgarh
Also Check Gold Price in NearBy Cities of Bhilai
|Gold Rate in Ranchi||Gold Rate in Bhopal||Gold Rate In Raipur|
|Gold Rate in Indore||Gold Rate in Nagpur||Gold Rate In Ratlam|
|Gold Rate In Jabalpur||Gold Rate In Jamshedpur|
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