Gold Rate In Bhubaneswar

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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 December 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for December 2020:

• On 1 December, the price of gold was Rs.4,835 per gram in Bhubaneswar and was the lowest price of the metal for the month. Gold rates showed an inclining trend for the month due to increased safe-haven demand.
• Amidst the constant fluctuations, gold rate in Bhubaneswar hit its highest of the month at Rs.5,120 per gram on 21 December as various factors prompted investors to shift towards the bullion market.
• At the end of the month, gold prices closed on 31 December at Rs.5,063 per gram after declining marginally after hitting its monthly high. The metal’s price recorded an overall inclining trend of 4.71%.

Trend of Gold Rate in Bhubaneswar for November 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for November 2020:

• Opening the month of November at Rs.5,222 per gram, gold rate in Bhubaneswar showed an overall decline for the month due to fluctuating international trends and the shift in risk appetite amongst investors.
• The metal’s price was at its highest on 7 November at Rs.5,257 per gram and remained steady until 9 November. However, due to increased optimism around the COVID-19 vaccine, the risk appetite amongst investors increased.
• Gold rates dipped to its lowest on 28 November at Rs.4,932 per gram and held steady at the same price until closing on 30 November, recording an overall percentage decline of 5.55.

Trend of Gold Rate in Bhubaneswar for October 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for October 2020

• In Bhubaneswar, gold rate opened the month at Rs.5,222 per gram on 1 October and showed a steady incline in the first week of October. The price of the metal was at its highest on 13 October at Rs.5,287 per gram.
• However, with the value of the dollar recovering in the international market, the price of the metal dipped and was at its lowest at Rs.4,914 per gram on 18 October and 19 October.
• At the end of October, gold rates in Bhubaneswar closed at Rs.5,222 per gram as investors were uncertain about the ongoing U.S. presidential election along with the rise in COVID-19 cases. The metal recorded no incline or decline.

Trend of Gold Rate in Bhubaneswar for September 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar in September 2020:

• In September, gold price in Bhubaneswar opened at Rs.5,293 per gram on 1 September and showed a declining trend through the month. The metal recorded its highest price of the month on 2 September at Rs.5,305 per gram.
• However, as the value of the dollar recovered in the market and recorded gains, the risk appetite amongst investors increased and the demand for the bullion decreased.
• In the last week of the month, the gold rate recorded its lowest in the month on 29 September at Rs.5,130 per gram and closed the month at Rs.5,225 per gram on 31 September. For the month, the gold rate recorded an overall decline of 1.28%.

Trend of Gold Rate in Bhubaneswar for August 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for August 2020:

• Gold rate in Bhubaneswar in August opened at Rs.5,513 per gram on 1 August and showed a declining trend in the month. As the value of the dollar dipped, gold price hit its highest price at Rs.5,786 per gram on 8 August – 10 August.
• The price of the metal dipped in the month after hitting all-time highs as the value of the dollar recovered in the international market.
• At the end of the month, the gold rate dipped to hit its lowest price of the month at Rs.5,263 per grams on 29 August and closed at Rs.5,293 per gram with an overall decline of 3.99%.

Trend of Gold Rate in Bhubaneswar for July 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for July 2020:

• Gold rate in Bhubaneswar was Rs.5,005 per gram on 1 July and within the first week, the metal recorded its lowest price of the month at Rs.4,961 per gram on 7 July due to a weak dollar value.
• With the persisting tensions between China and the U.S. along with the rising number of COVID-19 cases all over the world, gold rates showed an inclining trend for the month.
• At the end of July, gold prices increased and hit its monthly high at Rs.5,431 per gram on 30 July and closed an overall percentage incline of 8.51.

Trend of Gold Rate in Bhubaneswar for June 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for June 2020

• In Bhubaneswar, gold prices opened the month at Rs.4,799 per gram and showed heavy inclines throughout the month, crossing the Rs.5,000 per gram mark by the end of the month. The metal recorded its lowest price on 8 June at Rs.4,788 per gram and held steady until 10 June.
• Poor economic data from the United States of America and the United States Federal Reserve hinting at slower economic growth dipped risk appetite amongst investors and increased the safe-haven demand of the metal in the market.
• By the end of the month, the metal’s price hit its highest at Rs.5,013 per gram on 25 June and 26 June and closed the month of June at Rs.5,005 per gram with a percentage incline of 4.29.

Trend of Gold Rate in Bhubaneswar for May 2020 (rates per gram of 24 karat gold)

Trend of Gold Rate in Bhubaneswar for May 2020:

• Opening the month at Rs.4,699 per gram on 1 May, gold prices in Bhubaneswar showed an overall inclining trend throughout the month. On 2 May, the price of the yellow metal dipped marginally to Rs.4,646 per gram with investors shifting towards riskier assets with the Japanese equities market showing positive trends in the market. However, with investors speculating the second wave of COVID-19 cases all over the world, risk appetite dipped and focus towards the bullion increased. The price of the metal gained on 3 May to Rs.4,751 per gram and remained steady with the same value on 4 May. On 5 May, the precious metal dipped marginally, falling below the Rs.4,700 per gram mark to Rs.4,688 per gram with the value of the dollar rising in the international market prompting investors to focus on the stock market. Increasing marginally, gold was priced at Rs.4,694 per gram on 6 May and remained steady on 7 May, thus closing the week at the same price.
• Gold prices in Bhubaneswar opened the second week of the month at Rs.4,694 per gram with no changes compared the previous week’s closing price. On 9 May, the price of the metal dipped marginally to Rs.4,678 per gram and held steady at the same price on 10 May. The drop in prices was due to the rise in the value of the dollar in the market. However, on 11 May, the price of the metal increased to Rs.4,694 per gram and held steady on 12 May as well. Increasing further to Rs.4,741 per gram on 13 May, the price of the metal crossed the Rs.4,700 per gram mark after 10 days at Rs.4,741 per gram with investors shifting back to the bullion market with tensions rising between China and the United States of America, the price of the metal increased due to an incline in safe-haven demand. On 14 May, gold prices dipped marginally to Rs.4,720 per gram with investors focusing on the equities market and oil. However, closing the week, on 15 May, gold prices increased to Rs.4,788 per gram with investors speculating Washington’s response to Beijing regarding the law being imposed on Hong Kong by China.
• In the third week of the month, with tensions between China and the United States of America rising, gold prices showed substantial inclines, opening at Rs.4,841 per gram on 16 May and holding steady on 17 May. The price of the metal increased on 18 May to hit the highest price of the week and the month at Rs.4,883 per gram and held steady at the same price on 19 May with investors shifting to less-riskier assets due to low-risk appetite. On 20 May, the price of the metal dipped yet again to Rs.4,851 per gram due to profit booking from investors. However, with investors with a higher risk appetite expecting the economy to recover faster, the price of gold held steady on 21 May at Rs.4,851 per gram. The metal, with no changes in the international market, held steady on 22 May and closed the month at the same price on 23 May.
• The metal’s price dipped throughout the last week of the month, opening at Rs.4,841 per gram on 24 May and dipped to Rs.4,830 per gram on 26 May. Even though, in the international market, gold prices showed inclines with riots occurring in the United States of America and the tensions rising between China and the U.S.A, the price of the metal in the city increased. On 27 May, the price of the metal remained steady with no changes at Rs.4,830 per gram and dipped below the Rs.4,800 per gram on 28 May, to Rs.4,788 per gram with the risk appetite of investors increasing with most countries all over the world relaxing their lockdown restrictions to restarting the economy. With this, the price of the metal remained steady with no incline or decline on 29 May at Rs.4,788 per gram. However, on the last day of May, gold prices increased marginally and closed the month at Rs.4,799 per gram with riots happening all over the United States of America. The metal closed the month with an overall monthly percentage incline of 2.1%.

Trend of Gold Rate in Bhubaneswar for April 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Bhubaneswar for April 2020:

• In the month of April, gold prices in Bhubaneswar showed an inclining trend in the international and national market opening at Rs.4,263 per gram on 1 April and remaining steady for the first week of the month. With the country on a national lockdown, major bullion trading centres were shut for operations to prevent the spread of COVID-19. The price of the yellow metal remained the same from 1 April to 7 April at Rs.4,263 per gram. In the international market, gold prices saw a fluctuation in its prices, decreasing marginally in the first week of the month due to the rising value of the United States dollar and investors shifting focus to equities despite the economy is greatly affected by the novel virus.
• For the second week of the month, the price of the precious metal remained steady in the national market at Rs.4,263 per gram on 8 April and was priced the same till 15 April. Major trade in the bullion market in the country was stagnant since physical trade of the metal was mute along with trading centres being shut as well. Gold prices in the international market faltered and fluctuated with the European Central Bank and the United States Federal Reserve releasing stimulus packages to help support the economy. This provided a boost to the price of gold in the market. Investors shifted to the bullion market with decreased risk appetite and the metal’s high safe-haven appeal. However, the gain in gold prices was limited with the value of the United States dollar rising in the market.
• The third week of the month saw a gradual movement in the price of gold in the country. After opening the week at Rs.4,263 per gram on 16 April, the price of the metal remained steady until the latter half of the week. On 21 April, the price of the metal increased considerably to Rs.4,842 per gram, increasing by almost Rs.200 per kg. The rise in prices was majorly due to the safe-haven appeal of the metal along with the crude oil market suffering a crash which boosted the price of the bullion. The metal’s price on 22 April was Rs.4,830 per gram, dipping marginally by Rs.12 per gram. Considering the increasing number of new cases and deaths related to COVID-19 all over the world, investors kept their investments in the bullion market due to its safe-haven appeal. At the end of the week, gold prices dipped and closed at Rs.4,727 per gram, dipping by Rs.113 per gram. With reports of a possible vaccine to treat the virus going around, investors with a higher risk appetite shifted to equities due to which the price of the metal dropped.
• By the end of the month, gold prices opened the last week of April at Rs.4,727 per gram on 24 April with no incline or decline compared to the previous week’s closing. Gold prices increased marginally on 25 April to Rs.4,746 per gram but its gains were limited with rising speculations of various countries easing their lockdown restrictions and restart the economy. With this, investors shifted back to the stock market amidst a higher risk appetite. The metal’s price on 26 April increased to Rs.4,757 per gram and remained steady on 27 April as well. However, on 29 April, gold hit its highest price of the week and of the month at Rs.4,846 per gram with stimulus packages being announced all over the world to support the economy. However, gold ended the month of April, priced at Rs.4,761 per gram, dipping considerably due to profit booking from investors on 30 April recording an overall monthly incline percentage of 9.40.

Trend of Gold Rate in Bhubaneswar for March 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for March 2020:

• In the month of March, the price of gold in the city of Bhubaneswar opened at Rs.4,303 per gram and showed an inclining trend in the first week of the month. With many countries all over the world seeing the effects of the novel pandemic COVID-19 on the economy and lockdowns being placed in many countries, investors shifted to the bullion market awaiting a rate cut from the United States Federal Reserve. The price of the metal increased Rs.4,337 per gram on 3 March and further to Rs.4,482 per gram on 5 March. By 7 March, gold prices had hit its monthly high at Rs.4,583 per gram.
• The price of the precious metal fluctuated in the city to a great extent in the second week of the month. With constant fluctuations in the international market, the price of gold opened the second week of the month at Rs.4,565 per gram on 8 March and remained steady at the same price until 10 March. However, on 11 March, the price of the metal dipped marginally to be priced at Rs.4,523 per gram and further to Rs.4,502 per gram on 12 March. Since the second week of the month, various reports of a possible lockdown in India set the markets in a panic. Investors all over the world started selling their assets and with the U.S. dollar value increase in the market, the price of the metal fell further and closed the week at Rs.4,458 per gram on 13 March.
• With India going into lockdown, major trading centres for gold had been shut down. With investors selling off their assets to survive the market, gold prices dipped further in the international market. The trend of the metal in the international market reflected on the price in the country. Opening the third week of the month at Rs.4,265 per gram on 16 March, the price of the metal dipped further to hit its lowest of the month Rs.4,158 per gram on 18 March with minor fluctuations in the price. However, in the latter half of the week, the precious metal recovered marginally to be priced at Rs.4,237 per gram on 19 March and close the week at Rs.4,263 per gram on 25 March.
• In the last week of the month, with the country on a lockdown and trading centres for the bullion shut, gold prices remained steady with no incline or decline. The price of the metal opened the last week of the month at Rs.4,263 per gram and remained steady until the end of March. Closing at the same price, gold recorded an overall monthly decline of 0.92 in the city of Bhubaneswar.

Trend of Gold Rate in Bhubaneswar for February 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for February 2020:

• Due to escalating tensions surrounding the Coronavirus and its effect on the economy, gold rates in the capital of Odisha opened at Rs.4,199 per gram on 1 February. The price of the metal showed a fluctuating trend in the first few weeks of the month. However, the metal recorded major inclines in the last week of February closing the month at a percentage incline of 4.23. The first week of the month saw gold prices falter due to China liquidating funds and reducing repo rates to stabilise their economy.
• The following week saw gold prices fluctuate in the global economy with various factors playing a role. The price of the metal had decreased to Rs.4,173 per gram on 7 February. However, on 10 February, gold prices saw an incline with the fears of the Coronavirus outweighed positive job data from the United States of America. Traders shifted their investments to the bullion market and by 14 February, the price of the precious metal had increased to Rs.4,212 per gram.
• After remaining steady for a few days, gold prices rose again on 16 February as on 15 February, China had reported 5,000 new cases of the virus along with adding 121 people to the national death toll. The price of the yellow metal was Rs.4,239 per gram on 16 February and held steady until 17 February. After declining for the following two days, gold prices surged to be priced at Rs.4,282 per gram on 20 February, increasing to Rs.4,293 per gram on 21 February.
• From the end of the third week of the month, gold prices showed a continuous incline in its prices due to increased safe-haven demand from investors amidst global panic due to the virus and its effect on the economy. From Rs.4,363 per gram on 22 February, the price of the metal had increased to Rs.4,396 per gram on 23 February and held steady. Due to the high prices of the metal, investors resorted to profit booking which reduced the price of the metal marginally. However, at the end of the month, gold closed at Rs.4,377 per gram with an overall percentage incline.

Trend of Gold Rate in Bhubaneswar for January 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneshwar for January 2020:

• In Bhubaneshwar, gold prices showed an inclining trend through the month of January, recording a percentage incline of 4.27% at the end of the month. The metal opened the month at Rs.4,027 per gram and within the first two weeks hit the highest price in the month on 9 January at Rs.4,251 per gram. The rise in prices was majorly due to investors shifting their investments to the bullion market for its safe-haven appeal amidst the rising tensions in the Middle East.
• However, the price of the precious metal declined sharply in the second week of the month, soon after hitting its monthly high. As the United States of America and China signed the interim Phase-1 trade deal, the value of the dollar recovered in the global markets and investors shifted back to the stock market. By the end of the second week of the month, the yellow metal was priced at Rs.4,074 per gram.
• In the third week of January, as the outbreak of the Coronavirus affected the world economy and trend of bullion prices in the global market, the value of the dollar dipped. Gold held steady as investors awaited developments from the United States Federal Reserve on rate cuts. However, bullion came under heavy demand due to its safe-haven appeal and gold was priced at Rs.4,104 per gram on 20 January.
• At the end of the month, as the World Health Organisation declared a World Health Emergency due to the number of cases of Coronavirus and deaths caused by it, the price of gold increased due to its safe-haven appeal. The precious metal closed the month at Rs.4,199 per gram on 31 January.

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