*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
Gold Rate in Bhubaneswar
Buying gold is a fascination for people in Odisha, and Bhubaneswar, the state capital follows a similar trend. The demography of Bhubaneswar comprises people from various parts of the country and Odisha is the one of the most populated states in India. Naturally, the tastes of people pertaining to buying gold also differs by large degrees. Gold rates in Bhubaneswar for varying products like bullion and bars are indicative of the prices of the precious metal over the globe. The gold rate in Bhubaneswar changes depending on the numerous festivities that go on in the culturally diverse state of Odisha.
Gold jewellery is the primary means of investing in gold in Bhubaneswar. It is a mode of gifting as well. Numerous occasions, a multitude of festivities and a plethora of functions are all valid reasons for buying or gifting gold jewellery. In addition to that, Odisha being a state populated by artisans, designs and variants of jewellery are always on the rise. Being the state capital, Bhubaneswar also plays host to many jewellery exhibitions and shows, furthering the cause of gold investment. All levels of the economy are involved in investing in gold jewellery, though the middle class and upper-middle class are more active in the same.
Trend of Gold Rate in Bhubaneswar for July 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,920 per gram|
|Highest Rate in July||Rs.2,950 per gram on 1 and 2 July|
|Lowest Rate in July||Rs.2,800 per gram on 14 July|
|Overall Monthly Performance||Decline|
Trend of Gold Rate in Bhubaneswar for June 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.2,985 per gram|
|June 30 Rate||Rs.2,967 per gram|
|Highest Rate in June||Rs.3,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,940 per gram on 20 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1 to 4)
- Gold prices for Bhubaneshwar fluctuated in the first week of June but ended on a high due to increased demand from the industrial sector.
- Gold traded at Rs.2,985 per gram on 1 June before falling sharply to Rs.2,964 per gram on 2 June.
- Local demand helped boost prices as jewellers and retailers increased orders in anticipation of higher rates after the implementation of GST.
- Gold prices rose to Rs.2,998 per gram on 3 June and the price remained unchanged as the week ended on 4 June.
June ‘17- Week 2 (5 to 11)
- Market fluctuations as well as internal tensions led to a dip in the U.S. dollar rate and a plunge in the stock markets, which led to an increase in gold demand.
- The yellow metal traded at Rs.3,012 per gram on 5 June on the back of strong demand from investors as well as industry as currency markets were unstable.
- Prices rose to their monthly high of Rs.3,030 per gram on 7 June as local demand also rose due to positive cues from overseas.
- As the week progressed, demand dropped slightly as stock markets began to recover from their earlier poor performance, with gold prices falling to Rs.3,017 per gram on 8 June.
- Prices fell further as the week ended, with gold trading at Rs.2,981 per gram on 11 June due to a sharp drop in demand.
June ‘17- Week 3 (12 to 18)
- As markets recovered and currency markets stabilised, demand for gold fell further, with the metal trading at Rs.2,975 per gram on 12 June.
- Prices rose marginally to trade at Rs.2,979 per gram on 14 June but soon fell as positive data from the United States led to a rally by stock markets globally.
- Gold was priced at Rs.2,957 per gram on 16 June amidst a slowdown in industrial demand for the metal.
- Prices rose Rs.2,955 per gram on 18 June but the overall trend was one of a drop in demand.
June ‘17- Week 4 (19 to 25)
- The downward slide in the price of gold continued in the fourth week as the metal traded at Rs.2,949 per gram on 19 June.
- Sharp cuts in orders led to prices falling to their lowest rate of Rs.2,940 per gram on 19 June, though demand from local jewellers led to prices rising as the week progressed.
- Asian demand for gold also helped raise prices, as gold traded at Rs.2,958 per gram on 23 June.
- Stable and consistent demand from jewellers as well as a rise in demand from retailers led to gold ending the week trading at Rss.2,964 per gram on 25 June.
June ‘17- Week 5 (26 to 30)
- WIth the imposition of GST not far off, demand for gold increased as markets were apprehensive of the switch to the new system.
- Gold traded at Rs.2,977 per gram on 26 June but fell to Rs.2,940 per gram on 27 June due to a rally by the U.S. dollar which led to a lowering of demand overseas.
- The unstable Indian stock market led to investors rushing to invest in bullion, which raised gold’s valuation to Rs.2,967 per gram on 28 June.
- Apart from a minor fluctuation, prices were stable as the month ended, with gold trading at Rs.2,967 per gram on 30 June, though prices fell by 0.60% over the course of the month.
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,963 per gram|
|Highest Rate in May||Rs.2,984 per gram on the 1st May|
|Lowest Rate in May||Rs.2,890 per gram on 15th May|
May 2017 - Week 1 (1st-7th):
- As Bhubaneswar Isn't a particularly big gold-consuming city, gold prices saw a decline in May 2017.
- The month began with gold priced at Rs.2,984 per gram - which also happened to be the highest gold rate for the entire month.
- From then on, prices seemed to ride the sine wave as demand was a little too flimsy.
- The 2nd saw gold prices dip by Rs.29 as local demand took a hit way more than expected and fell again on the 3rd to reach Rs.2,950 per gram.
- On 4th, gold took a second sub-20 rupee hit in the same week to go down to Rs.2,922 per gram.
- It was all downhill the next two days as well as prices went to Rs.2,910 per gram on the 5th and then to Rs.2,899 per gram on the 6th.
- On the last day of the week i.e., the 7th gold prices stabilised as demand picked up lightly.
May 2017 - Week 2 (8th - 14th):
- When the second week began on 8th, gold rates had appraised to Rs.2,903 per gram as there was a slight increase in demand towards the weekend.
- Rates were the same on the 9th as well but fell to Rs.2,899 per gram on the 10th as demand again went down after that brief incline.
- Gold prices went down on the 11th to Rs.2,889 per gram as there was little to no demand for the precious metal in the local circles.
- However, there was just a teeny bit of increase in demand on the 12th as it went up to Rs.2,890 per gram.
- After that minor increase broke the fall, gold rates went up again on the 13th, albeit by Re.1, to reach Rs.2,891 per gram.
- As a fall in the US dollar saw prices increase everywhere, prices surged slightly in the local markets on the 14th.
- When the second week of May drew to a close, gold prices were still holding at Rs.2,891 per gram.
May 2017 - Week 3 (15th - 21st):
- Like in the previous week, gold prices opened on a negative note as prices had gone down to Rs.2,890 per gram.
- On the 15th, however, gold prices surged to Rs.2,894 per gram and then to Rs.2,910 per gram on 17th as demand in the city went for the first time in half a month.
- The 18th again saw gold prices surge, but this time by a rather significant margin as they increased by Rs.46 to end at Rs.2,956 per gram.
- A sudden increase on the 18th was followed by a drop on the 19th as gold prices went down to Rs.2,949 per gram.
- Prices went up again on the 19th as there was some increase in local demand to reach Rs.2,954 per gram and remained unchanged on the 21st as well.
May 2017 - Week 4 (22nd - 28th):
- Prices had fallen by Rs.7 when week 4 began as gold was seen trading at Rs.2,947 per gram on the 22nd.
- On the 23rd, gold prices rose significantly to Rs.2,979 per gram - a Rs.32 increase from the previous day.
- As the demand couldn’t be sustained on the 24th, prices went down to Rs.2,963 per gram and remained at the same rate on the 25th.
- Bullion rates dropped again on the 26th to go down to Rs.2,958 per gram before going back to Rs.2,979 per gram on the 27th.
- When the week came to an end, price of gold was holding at Rs.2,979 per gram.
May 2017 - Week 5 (29th - 31st):
- Gold rates fluctuated over the last three days of the month.
- On 29th, when trading began, gold was priced at Rs.2,977 per gram before increasing by Rs.7 to go up to Rs.2,984 per gram.
- Rates dropped by Rs.19 on the last day of the week to Rs.2,963 per gram as demand in the local market wasn’t strong enough.
- In Bhubaneswar, gold prices went down by 0.70% for the month of May.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,040 per gram on 15th & 16th April|
|Lowest Rate in April||Rs.2,954 per gram from 8th-10th April|
April ’17- Week 1 (1st to 9th)
- The price of gold steadily appreciated during the first week of April as demand for the precious metal rose following a period of market instability.
- Gold traded at Rs.2,956 per gram on 1st April and rose to Rs.2,983 per gram on 5th April as markets took a beating due to falling investor sentiment following poor employment data.
- An increase in demand from industrial units also led to a spurt in the price of gold, as the U.S. Dollar slid against global currencies.
- Prices dipped as the week ended as local demand began to drop, with gold trading at Rs.2,954 per gram on 9th April.
April ’17- Week 2 (10th to 16th)
- Political turmoil led to markets dropping, which bolstered demand for gold in the second week of April.
- Gold traded at Rs.2,954 per gram on 10th April, with the price jumping to Rs.3,010 per gram on 12th April as industrial demand peaked due to a plummeting U.S. Dollar making exports cheaper.
- Prices continued to rise during the week as domestic demand also followed global trends, as gold traded at Rs.3,031 per gram on 14th April.
- Strong demand from Asia and rising demand from investors kept prices high as the week ended, with gold priced at Rs.3,040 per gram on 16th April.
April ’17- Week 3 (17th to 23rd)
- Prices began to stabilise as the third week began, with gold trading at Rs.3,034 per gram on 17th April as the U.S. Dollar recouped some of its losses.
- Industrial demand also began to normalise, which resulted in prices falling marginally due to a reduction in overseas demand.
- Local demand kept prices more or less constant as jewellers hoped for higher sales volumes on account of Akshaya Tritiya.
- Gold traded at Rs.3,020 per gram on 20th April but rose as the week ended to trade at Rs.3,035 per gram on 23rd April.
April ’17- Week 4 (24th to 30th)
- The last week of April saw prices fluctuate due to a decline in demand, as markets stabilised and investors moved out of safe haven investments.
- Gold traded at Rs.3,012 per gram on 24th April, with the price falling steadily throughout the week on poor industrial demand.
- Gold traded at Rs.2,964 per gram on 26th April, with European markets rising as French presidential runoff appeared to be won by an Euro-centric candidate.
- Prices rose marginally as the week progressed, with gold prices recorded at Rs.2,984 per gram on 30th April for an overall gain in price of 0.94%.
|March 1st Rate||Rs.2,990 per gram|
|March 31st Rate||Rs.2,940 per gram|
|Highest Rate in March||Rs.2,994 per gram on 2nd March|
|Lowest Rate in March||Rs.2,900 per gram on 15th of March|
March ‘17 - Week 1 (1st to 5th)
- Gold rate in Bhubaneswar was relatively low as compared to the rates noted in other cities of India. Gold opened at Rs.2,990 per gram on the first of March before increasing by Rs.4 the next day.
- Rate of gold on the 2nd of March was the highest at which gold traded at for the month of March in Bhubaneswar.
- Rate of gold in Bhubaneswar reduced on Rs.2973 per gram on the 3rd of March due to low demand for this precious metal from jewellers.
- As the week continued, the rate of gold continued to plunge and traded at Rs.2,972 per gram on the last two days of the week.
March ‘17 - Week 2 (6th to 12th)
- Rate of gold on the first day of the second week of March was lower than that of the previous week.
- Due to a rise in the rate of the U.S. Dollar, rate of gold plunged to a weekly low of Rs.2,949 per gram on the 7th of March before recovering the next day to trade at Rs.2,970 per gram.
- This recovery could not be sustained however, and the rate of gold fell again to trade at Rs.2,951 per gram on the 10th.
- Gold rate in Bhubaneswar fluctuated towards the end of the week to finally trade at Rs.2,945 per gram on the 11th and continuing on the 12th as well.
March ’17- Week 3 (13th to 19th)
- Rate in the third week of March was slightly higher than that of the previous week. On the 13th,gold traded at Rs.2,949 per gram.
- This price of gold in Bhubaneswar could not be sustained however and rate of gold fell to Rs.2,933 per gram on the 14th of March before plunging to a monthly low of Rs.2,900 per gram.
- There was a marginal improvement noted in the rate of gold as the week progressed.
- Price of gold in Bhubaneswar varied between Rs.2,928 and Rs.2,940 per gram between the 16th and 18th of March.
- On the last day of the third week of March, the rate of gold was Rs.2,940 per gram on account of low but steady demand for this precious metal.
March ’17- Weeks 4 (20th to 26th)
- This precious metal traded at Rs.2,947 per gram on the first day of the fourth week of March. There were a number of fluctuations noted in the rate of gold as the week progressed.
- A high demand for gold from domestic markets and positive market cues world over resulted in the rate of gold increasing to Rs.2,971 on the 22nd of March and continued to increase on the 23rd as well.
- However, this demand could not be sustained and the rate of gold steadily reduced thereafter.
- On the last day of the week, the rate of gold was Rs.2964 per gram.
March ’17- Weeks 5 (27th to 31st)
- The rate of gold was steady at Rs.2,977 per gram due to increased but stable demand for this precious metal from jewellers as well as markets in both India and abroad.
- However, this demand could not be sustained and fell to Rs.2,971 per gram on the 28th and 29th of March.
- As the week progressed the rate of gold continued to decline.
- A monthly decline of 1.67% was noted in the rate of gold during the month of March.
|February 1st Rate||Rs.2,965 per gram|
|February 28th Rate||Rs.3,003 per gram|
|Highest Rate in February||Rs.3,014 per gram on 25th & 26th February|
|Lowest Rate in February||Rs.2,944 per gram on 4th & 5th February|
February ‘17 - Week 1 (1st to 5th)
- The price of gold in Bhubaneshwar declined in the first week of February due to a decrease in industrial demand and stagnant local demand.
- Gold was priced at Rs.2,965 per gram on 1st February but prices fell to Rs.2,954 per gram on 2nd February as local demand fell drastically.
- While international demand was muted as investors waited for the outcome of the Fed Reserve meeting, domestic demand fell, resulting in gold trading at Rs.2,944 per gram on 4th February.
- Prices remained unchanged as the week ended, with gold trading at Rs.2,944 per gram on 5th February to record a loss of Rs.21 per gram for the week.
February ‘17 - Week 2 (6th to 12th)
- Gold prices rose in the second week, as market fluctuations led to increased demand for the metal.
- Gold was priced at Rs.2,955 per gram on 6th February, rising to Rs.2,980 per gram on 7th February as the U.S. Dollar plunged on news that a rate hike was not immediately forthcoming.
- Prices were more or less constant for the next few days, rising to Rs.2,964 per gram on 11th February as industrial demand rose.
- Gold ended the week trading at Rs.2,964 per gram on 12th February, recording a Rs.9 per gram increase in price over the week.
February ’17- Week 3 (13th to 19th)
- The third week of February saw the price of gold rise towards the middle of the week, as market fluctuations kept prices unstable.
- Gold traded at Rs.2,959 per gram on 13th February, with the price falling to Rs.2,947 per gram on 15th February due to a dip in demand from Asian markets.
- Prices recovered to trade at Rs.2,975 per gram on 16th February, rising further to trade at Rs.2,988 per gram on 17th February.
- Slight fluctuations in demand led to gold ending the week trading at Rs.2,980 per gram on 19th February, recording an increase of Rs.21 per gram during the week.
February ’17- Weeks 4 & 5 (20th to 28th)
- Prices fluctuated wildly in the last two weeks as demand was subject to market volatility.
- Gold was priced at Rs.2,976 per gram on 20th February, falling to Rs.2,973 per gram on 22nd February.
- A rise in domestic demand led to gold trading at Rs.2,995 per gram on 24th February.
- A sudden dip in the U.S. Dollar rate led to increased demand from the industrial sector, resulting in gold trading at Rs.3,014 per gram on 25th February.
- Prices fluctuated marginally as the month ended, resulting in gold trading at Rs.3,003 per gram on 28th February to record an overall increase in price of 1.28%.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,954 per gram|
|Highest Rate in January||Rs.2,976 per gram on 25th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st January|
January 2017 - Week 1 (1st - 7th):
- Contrary to the last quarter of 2016, gold prices seemed to increase in January from the get go.
- On 1st, gold was seen trading at Rs.2,821 per gram, which happened to the lowest rate for the month.
- Prices increased by Rs.3 per gram on the 2nd to end the business day at Rs.2,824 per gram.
- Rates went up on 3rd as well to reach Rs.2,836 per gram and then to Rs.2,846 per gram on 4th.
- By the time, week 1 ended, gold prices in Bhubaneswar was holding at Rs.2,872 per gram, thanks to an increase in demand.
January 2017 - Week 2 (8th - 14th):
- Gold prices were still the same as 7th, when week 2 began on the 8th, which was Rs.2,872 per gram.
- The 9th saw prices increase by Rs.4 to trade at Rs.2,876 per gram.
- Barring a slight decrease on 13th, gold prices were largely on the incline thanks to growing demand in the country.
- Prices went from Rs.2,892 per gram on 10th to Rs.2,909 per gram on 11th, and ended the week at Rs.2,941 per gram.
January 2017 - Week 3 (15th-21st):
- Prices continued on their upward trend during week 3 despite some minor blips along the way.
- Gold was trading at Rs.2,941 per gram, which went up to Rs.2,954 on 16th and then to Rs,2,963 per gram on 17th.
- The 19th and 20th saw prices dip and go down to Rs.2,951 per gram as global demand went down for a brief period.
- On 21st, prices returned to normalcy as they went up to Rs.2,962 per gram.
January 2017 - Week 4 and 5 (22nd - 31st):
- The last two weeks of January 2017 saw gold prices fluctuate considerably.
- The first three days saw gold prices increase as week 4 started with gold trading at Rs.2,962 per gram which then went up to Rs.2,978 per gram.
- However, due to confusion over Donald Trump’s travel ban prices seemed to go down significantly over the next few days.
- Prices went from Rs.2,976 per gram on 24th to Rs.2,954 per gram on 31st.
- Overall, gold prices went up for the entire month at a rate of 4.71% for January.
|December 1st Rate||Rs.2,893 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,892 per gram on the 2nd|
|Lowest Rate in December||Rs.2,767 per gram on the 22nd|
December 2016 - Week 1 (1st to 4th):
- As the year was ending and with new year and Christmas looming large, gold prices in Bhubaneswar didn’t see any major decline.
- On the first day of the month, at 1st, gold was trading at Rs.2,893 per gram.
- The 2nd saw gold prices increase to the highest rate for the entire month, to Rs.2,895 per gram
- On 3rd and 4th, gold prices slumped down slightly for the metal to trade at Rs.2,890 per gram.
December 2016 - Week 2 (5th to 11th):
- On 5th and 6th, gold was trading at Rs.2,893 per gram as it saw prices increase by Rs.3 compared to the previous week.
- The 7th witnessed gold prices drop by a huge margin of Rs.29 trading rate plummeted to Rs.2,864 per gram.
- Prices increased slightly on the 8th to Rs.2,871 per gram and decreased by Rs.20 to hit Rs.2,851 on 9th.
- The 10th saw prices decrease yet again by Rs.15 to Rs.2,836 per gram.
- At the end of the week, on the 11th, gold prices were seen trading at Rs.2,836 per gram.
December 2016 - Week 3 (12th - 18th):
- As rumours about US Federal Reserve slashing rates began to spread, prices dropped significantly in the domestic market including Bhubaneswar.
- On 12th, gold trading began with a price of Rs.2,836 per gram but decreased by Rs.33 to trade at Rs.2,803 per gram during the 14th and 15th.
- The 16th saw prices decrease by Rs.20 to hit Rs.2,783 per gram until the end of the day.
- Last two days of the week saw prices climb and stabilise to trade at Rs.2,791 per gram.
December 2016 - Week 4 (19th - 25th):
- Gold traded at Rs.2,787 per gram when week 4 began on the 19th of December.
- The next day on the 20th, prices went up to Rs.2,788 before hitting Rs.2,789 per gram at the end of business day on the 21st.
- The 22nd and 23rd, however, witnessed a massive decrease of Rs.21 in prices as gold traded at Rs.2,768 per gram.
- During the last two days of the week on the 24th and 25th gold prices increased to hold out and trade at Rs.2,773 per gram.
December 2016 - Week 5 (26th - 31st):
- Although there was a minor slump in prices when trading began on 26th, the trend was largely upwards for the last few days of 2016.
- On 26th, gold was selling at Rs.2,767 per gram and increased by Rs.16 to trade at Rs.2,783 per gram
- The 28th saw prices increase by Rs.21 as gold traded at Rs.2,804.
- Again on 29th, gold prices increased to trade at Rs,2,819 and climbed further more to trade at Rs.2,834 on the 30th.
- The last day of the year, however, saw prices dip a little to cap off the price of gold for the year at Rs.2,821 per gram.
- All in all, the month of December witnessed a decline in price trend to the rate of -2.48%.
|1st Day||Rs.3,065 per gram|
|Last Day||Rs.2,942 per gram|
|Highest Price||Rs.3,166 per gram on 9th November|
|Lowest Price||Rs.2,914 per gram on 25th November|
November ‘16 – Week 1 (1st-6th)
- Gold traded at Rs.3,065 per gram on 1st November, with a slight increase in price the next day.
- On the 2nd of November, 2016, price of gold increased to Rs.3,101 per gram and rose further.
- There were minor variations in the rate of gold over the next few days.
- On the last day of the week, the price of gold was Rs.3,119 per gram, the same as it was during the previous day.
November ’16- Week 2 (7th-13th)
- The price of gold on the first day of week 2 was lower than the previous week’s price.
- Gold traded at Rs.3,095 per gram on 7th and decreased by Rs.20 on the 8th of November.
- A marginal increase was noted in the rate of this precious metal wherein gold traded at Rs.3,166 per gram. However, this increase was not sustained and rates declined again.
- On the last day of week 2, gold traded at Rs.3,059 per gram.
- The decline in prices could be attributed to Prime Minister Modi’s Demonetization announcement.
- Gold traded at its highest on the 9th of November, at Rs.3,166 per gram.
November ’16- Week 3 (14th-20th)
- On the first of day of the third week of November, the price of gold declined slightly to trade at Rs.3,054 per gram. This was a marginal decline as compared to the price that was noted on the last day of week 2.
- Minor variations were noted in gold rates throughout the week.
- On 18th, price of gold plunged to Rs.2,984 per gram.
- This low rate was sustained until the end of week 3.
November ’16- Week 4 (21st-27th)
- Low rate of gold continued until the 22nd after which a minor increase in gold prices was noted.
- There were very minor fluctuations noted during the week.
- On November 23rd, gold traded at Rs.3,001 per gram but fell again to Rs.2,945 per gram on 24th.
- The lowest rate of gold was noted on the 25th, which was Rs.2,914 per gram.
November ‘16 – Week 5 (28th-30th)
- Gold traded at Rs.2,951 per gram on 28th of November, after which prices declined further.
- On the 29th, gold traded at Rs. 2,946 per gram, which was the same as the previous day.
- Gold rate closed at Rs.2,942 per gram on the last day of the month which was a decline as compared to the beginning of the month.
- There was a decline of 4.01% in the rate of gold as compared to the beginning of the month.
|1st Day||Rs.3,152 per gram|
|Last Day||Rs.3,067 per gram|
|Highest Price||Rs.3,152 per gram on 1st and 2nd October|
|Lowest Price||Rs.3,021 per gram on 15th and 16th October|
October ‘16 – Week 1 and 2 (1st-9th)
- The price of gold in Bhubaneswar was Rs.3,152 per gram on 1st October as demand was high and markets were performing poorly.
- As the markers recovered, demand for gold fell, with prices dropping to Rs.3,025 per gram on 7th October.
- Speculation of a Fed rate hike led to markets strengthening, resulting in demand for gold falling.
- Gold was priced at Rs.3,026 per gram on 9th October, a decrease in price of Rs.126 per gram from the price at the beginning of the week.
October ’16- Week 3 (10th-16th)
- Gold prices rose as demand from jewellers increased, with gold trading at Rs.3,038 per gram on 10th October.
- The price fluctuated due to market instability, as industrial demand also increased marginally.
- A decline in price was seen as domestic demand dropped.
- Gold traded at Rs.3,021 per gram on 16th October, a decrease of Rs.17 per gram.
October ’16- Week 4 (17th-23rd)
- Gold traded at Rs.3,023 per gram on 17th October as demand was low.
- Prices rose during the week, with the international markets seeing greater trade volumes.
- The U.S. Dollar fell slightly as the chances of a Fed rate hike looked dim, leading to a spurt in demand for gold.
- The price of gold was Rs.3,046 per gram on 23rd October, an increase of Rs.23 per gram.
October ’16- Week 5 (24th-31st)
- Gold prices rose in the last week of October, trading at Rs.3,040 per gram on 24th October as demand slowly increased.
- A slump in markets brought about by the upcoming U.S. elections led to a surge in demand for gold.
- Prices rose throughout the week, with gold trading at Rs.3,067 per gram on 31st October, ending the month Rs.27 per gram higher than the price at the start of the week.
|1st Day||Rs.3,132 per gram|
|Last Day||Rs.3,169 per gram|
|Highest Price||Rs.3,195 on 8th September|
|Lowest Price||Rs.3,132 on 1st September|
September '16 – Week 1 (1st to 4th)
- Gold traded at Rs.3,132 per gram on the 1st of September.
- Investors became more interested in gold investment a the Fed rate hike was postponed for the time being owing to weak U.S. economic data.
- The festive season added to the stability in gold prices, this week.
- While gold recorded its lowest at Rs.3,132 per gram on 1st of September, it increased to Rs.3,150 per gram on 3rd and 4th September.
- Therefore, week 1 of September saw an overall increase in gold rates.
September '16 – Week 2 (5th to 11th)
- Gold closed at Rs.3,150 per gram on 5th of September.
- On 8th of September, gold reached its highest rate of the month at Rs.3,195 per gram.
- After reaching the peak, gold experienced a decrease by reaching at Rs.3,181 per gram on 10th and 11th of the month.
September '16 – Week 3 (12th to 18th)
- Week 3 experienced a continuous fall in gold prices. The rates are expected to remain volatile in the coming months.
- On 12th September, gold was recorded at Rs.3,171 per gram and closed at Rs.3,146 per gram on 18th September.
- Among the domestic and overseas traders, gold lost its appeal as a safe investment haven.
- Demand for gold from jewellers, stockists, retailers, and consumers remained dull in the domestic market.
September '16 – Week 4 (19th to 25th)
- While the U.S. Federal Reserve set aside plans for a rate hike owing to presidential elections coming near, gold prices saw a return in hike.
- The overseas gold market showed positivity, while bullish tendencies were on the rise.
- On 19th September, gold traded at Rs.3,160 per gram and climbed Rs.3,186 gram on 24th and 25th of September.
- Gold rates improved owing to positive trend overseas with increased domestic demand.
- Stability in gold prices were also achieved owing to the festive fervour.
September '16 - Week 5 (26th to 30th)
- On 26th September, gold traded at Rs.3,185 per gram.
- As sentiments in the global market turned bearish, gold rates experienced a downfall.
- Dollar gained strength as a result of the U.S. presidential elections.
- Gold traded at Rs.3,180 per gram and dropped to Rs.3,155 per gram on 28th September.
- Despite a fall in gold rates this week, overall month of September recorded an incline of 1.18%.
Gold Investment Channels in Bhubaneswar
Gold jewellery is a popular way of exchanging gifts in Odisha, and Bhubaneswar isn’t the odd one out among the other cities. The state capital’s populace goes for gold coins and jewellery as the primary means for investing in gold. Investing is done by all sectors of the community through these channels -
Over-the-counter - Gold in retail has the primary share in jewellery and coins and a minimal percentage of investing happens through bullion trading. Royal Gold Bullion Marketing, MMTC are two primary registered private companies which deal with gold bullion. Banks also deal with gold bullion. The list of jewellers in Bhubaneswar is humongous. Some popular names which come out with great designs and making charges on gold jewellery are Khimji, Lalchand, Tanishq, Epari Sadashiv, Reliance Jewels, PC Chandra, Gitanjali Jewels and Kanchan among others.
Market trade - Through spot contracts, future contracts and exchange-traded funds, people invest in gold on the market. Kotak Securities, SBI Gold Fund, MMTC are some of the few options available in Bhubaneswar wherein people can hope to trade in gold. Spot contracts can be bought and delivered very quickly, and are quite volatile in nature. Future contracts are the same, just the delivery is deferred and thus, the risk of volatility is lessened. Gold ETFs are traded on the national and international stock exchanges. They are pivotal in tracking the price of gold.
- Also Check:Gold Rate in Odisha
Also Check Gold Price in NearBy Cities of Bhubaneswar
|Gold Rate In Cuttack||Gold Rate In Visakhapatnam||Gold Rate In Raipur|
|Gold Rate In Kolkata||Gold Rate In Jamshedpur||Gold Rate In Rajahmundry|
|Also Know: Silver Rate in Bhubaneswar|
Read more on Gold
- Auspicious Days To Buy Gold In 2017
- Historical gold rate trend in India
- Importance of Akshaya Tritiya in India
- Why Investing In Gold Is A Golden Opportunity
- How To Buy Gold Coins/Bars (Bullion) Online
- Where To Buy Gold In India
- Which One Should You Buy, Gold Coins Or Gold Bars
- What Do the Markings on Gold Mean?
News About Gold Rate In Bhubaneswar
Poor gold sales in Odisha despite Dhanteras
In spite of the dip in gold rates, the yellow metal’s sale on Dhanteras in Bhubaneswar, Odisha’s capital recorded low. Jewellers in the capital city witnessed low footfall on the day considered auspicious for gold-buying in India.
The price of 10 gm gold of 22 carat was around Rs 25,540 this year, in comparison to Rs 27,925 on Dhanteras in last year. Similarly, the price was for 24 carat gold was Rs 26,240 per 10 gram.
Around Rs. 75 crore worth of precious metals was consumed in Bhubaneswar on Dhanteras. Approximately two quintals of gold was sold in the city on Monday, November 09, 2015. Around 10 to 12 tonnes of gold was imported by Odisha market for the occasion.
12th November 2015
- For more related news /update on gold price visit: Gold News