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Gold Rate in Bhopal
Bhopal is the capital of the state of Madhya Pradesh, and is also known as the city of lakes. The city is split by a pair of lakes and both the North and South side have two stark differences in their cityscapes. The north is more predominantly Muslim with a population of over 40% of muslims and is one of India’s highest Muslim concentration. The south of the two lakes is more modern with great roads, shopping complexes, hotels and more. The rate of gold in the city has been on the downward trail after the recent hit to the gold rates worldwide and in India.
The demand for gold in Bhopal like other cities in India, is to keep up with the age old traditional festivities and auspicious occasions like festivals and weddings. The high intrinsic value and significance in the Indian culture is what attracts most customers to this precious yellow metal.
Gold Rate Trend in Bhopal for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,904 per gram||Rs.5,450 per gram||Rs.5,250 per gram|
|Last Day||Rs.5,397 per gram||Rs.5,240 per gram||Rs.5,145 per gram|
|Highest Price||Rs.5,397 per gram on 30 July and 31 July||Rs.5,723 per gram on 8 August||Rs.5,311 per gram on 17 September|
|Lowest Price||Rs.4,883 per gram on 4 July, 5 July, and 6 July||Rs.5,221 per gram on 29 August||Rs.5,072 per gram on 29 September|
Quarterly Gold Rate in Bhopal from July 2020 to September 2020:
- Gold prices in bhopal for the month of July opened at Rs.5,049 per gram and closed at Rs.5,561 per gram. The coronavirus outbreak all over the world ensured that the prices of gold increased. The various stimulus measures introduced by central banks also affected gold prices. Overall, the yellow metal saw its prices increase by 10.14% over the course of the month.
- In August, the prices of gold dipped by 3.99%. Gold hit its highest rate for the month on 8 August and was at Rs.5,914 per gram.
- On 1 September 2020, the price of gold had been Rs.5,221 per gram. Gold prices increased by 2.54% over the course of the month and closed at Rs.5,019 for a gram. The increase in the number of coronavirus cased caused fears of a global recession, ensuring gold prices increased.
Gold Rate Trend in Bhopal for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,158 per gram||Rs.4,699 per gram||Rs.4,799 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,799 per gram||Rs.4,988 per gram|
|Highest Price||Rs.4,757 per gram on 26 April to 28 April||Rs.4,833 per gram on 18 May and 19 May||Rs.4,988 per gram on 30 June|
|Lowest Price||Rs.4,158 per gram from 1 April to 20 April||Rs.4,646 per gram on 2 May||Rs.4,767 per gram from 12 June to 15 June|
Quarterly Gold Rate in Bhopal from April to June:
- In Bhopal, the value of the precious metal opened the month of April at Rs.4,158 per gram on 1 April and ended the month at Rs.4,761 per gram, recording a substantial incline in prices. This was majorly due to the effect of COVID-19 on the economy all over the world. The metal hit its highest price of Rs.4,757 per gram on 26 April and recorded an overall percentage incline of 14.50.
- For May, the value of the metal opened at Rs.4,699 per gram on 1 May and showed an inclining trend in the month. However, the incline percentage was lower than that of the previous month at 2.12. On 31 May, gold closed at Rs.4,799 per gram, but not before hitting the highest price on 18 May at RS.4,833 per gram.
- In June, the precious metal opened the month at Rs.4,799 per gram on 1 June and hit its lowest price at Rs.4,767 per gram on 12 June till 15 June. At the end of the month, gold closed at Rs.4,988 per gram which was also its highest price of the month. The metal closed with an overall incline of 3.93%.
Gold Rate Trend in Bhopal for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,985 per gram||Rs.4,179 per gram||Rs.4,263 per gram|
|Last Day||Rs.4,179 per gram||Rs.4,358 per gram||Rs.4,158 per gram|
|Highest Price||Rs.4,216 per gram on 9 January||Rs.4,410 per gram on 25 February||Rs.4,531 per gram on 7, 8 and 9 March|
|Lowest Price||Rs.4,011 per gram on 2 and 3 January||Rs.4,132 per gram on 7 February||Rs.4,116 per gram on 18 March|
Quarterly Gold Rate in Bhopal from January 2020 to March 2020:
- January was a highly beneficial month for traders who had invested in the bullion market. Opening the month at Rs.3,985 per gram, the price of the metal showed continuous inclines by hitting its highest price of the month in the second week itself, at Rs.4,216 per gram on 9 January. With many geopolitical factors in place which included tensions between the United States of America and the Middle East along with the trade deal between China and the United States of America, traders shifted to the bullion market due to its haven appeal. The price of the metal even though had hit its lowest price of the month in the first week of January at Rs.4,011 per gram, ended the month at Rs.4,179 per gram on 31 January. This led the metal to record an overall percentage incline of 4.86.
- In February, gold prices continued its upward trend. Opening the month at Rs.4,179 per gram, the price of the metal hit its lowest price on the second day of February. On 2 March, the lowest price of the metal was Rs.4,132 per gram. However, in the following days of the month, gold prices showed an inclining trend with investors shifting to the bullion market as COVID-19 started affecting people at a larger scale and in other parts of the world as well. The price of the metal in the middle of the month was priced at Rs.4,174 per gram. However, the major incline of the metal’s priced was seen in the last two weeks of the month. Increasing to Rs.4,211 per gram on 20 February, the price of the metal hit its monthly high on 25 February at Rs.4,410 per gram due to increased safe-haven demand. The metal closed the month at an overall incline of 4.28% on 31 March.
- Opening the month of March at Rs.4,263 per gram, gold prices in the city of Bhopal in March showed a declining trend at the end of the month. The price of the precious metal hit it's monthly high early in the month at Rs.4,531 per gram on 7 March and held steady until 9 March. However, the prices were at a rise due to traders waiting for the interest rate cut by the United States Federal Reserve. In the second week of the month, gold prices showed continuous fluctuations due to mixed trends in the international markets. However, with the novel pandemic, COVID-19 took more lives all over the world and affected much more, investors sold off their assets to hoard cash and survive in the crisis-hit markets affected by lockdowns. The price of the metal hit its lowest price on 18 March at Rs.4,116 per gram. At the end of the month, with trading centres shut due to the lockdown, the price of the metal remained steady and closed at 4,158 per gram with an overall decline percentage of 2.46.
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Gold Investment Avenues in Bhopal
In Bhopal like in India buying gold is the best assets for the common man, and preferably stick to the jewellery options. It saves money, adds as a fashion accessory and is extremely liquid. It’s an easy option to purchase it doesn’t need any paperwork, form filling and more to purchase gold. All one needs to do is walk into a store and purchase the precious metal as much as they’d like to and gives one a sense of ownership. Gold is fairly liquid, in India it can always be pawned or sold to get cash within minutes. It also acts as the perfect gifts to your loved ones. It’s a great physical holding or tangible asset, it can be felt, worn and used. It creates a sense of holding and isn’t like equity or paper financial products. As an investment you can buy gold futures, as well as Exchange Traded Funds or ETFs. Gold futures can be bought early and sold later, saving. you from market instability of gold rates. However, spot contracts ares sold and bought quickly and hold risk to gold market risks.
- Also Check:Gold Rate in Madhya Pradesh
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|Also Know: Silver Rate in Bhopal|
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- What Is Spot Gold?