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 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.

Trend of Gold Rate in Bhubaneswar for December 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for December 2019:

• Gold rate in Bhubaneswar opened at the rate of Rs.3,948 per gram for the month of December.
• The prices dropped down due to the expectations of the traders in regard to the trade deal between China and the US. The precious metal had hit the lowest rate on 14 December wherein it stood at Rs.3,884 per gram in Bhubaneswar.
• The prices of the yellow metal were quite stable for a while before it fluctuated again towards the end of the third week owing to the voting for the impeachment of the US President from the Senate house.
• The price of gold closed at the rate of Rs.4,027 per gram after hitting an all-time high of Rs.4,031 per gram for the month on the 29th and 30th of December. The overall performance of the metal witnessed an incline of 2.00%.

Trend of Gold Rate in Bhubaneswar for November 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for November 2019:

• On the first day of November, the price of gold in Bhubaneswar was recorded at Rs.3,974 per gram but by the end of the month, it had dropped to Rs.3,910 per gram.
• The highest rate of gold was recorded on 3 and 4 November mainly due to the hike in the import duty and the weakening of the rupee against the US dollar.
• On 27, 29, and 30 November, gold prices recorded their lowest of Rs.3,910 per gram.
• Gold prices in Bhubaneswar saw an overall decline of 1.61% in November over recessionary fears, anxiety over the trade talks between the US and China, and the decline in the value of the US dollar.

Trend of Gold Rate in Bhubaneswar for October 2019 (rates per gram of 24 karat gold)

Gold Rate Trend in Bhubaneswar for October 2019:

• In Bhubaneshwar, gold prices showed an upward trend in October opening the month at Rs.3,889 per gram and increasing to Rs.3,935 per gram by 5 October due to a weak global trend and investors waiting on the Federal Reserve’s decision on U.S. jobs data.
• On 10 October, the price of the metal increased to Rs.3,961 per gram as investors lost any kind of optimism on the trade deal between the two economic superpowers. Apart from this, concerns over the Brexit deal resulted in investors leaning towards the bullion and increasing the demand for the metal.
• Gold prices increased on 16 October to Rs.3,971 per gram and were holding steady until 18 October. However, the price of the metal fell to Rs.3,953 per gram due to renewed trade optimism.
• On 26 October, gold prices hit the monthly high as the United States Federal Reserve announced a rate cut due to weak U.S. job data along with a weak Chinese job data as well. The price of the metal increased to Rs.3,989 per gram and held until 29 October. However, the metal closed the month at Rs.3,956 per gram on 31 October.

Trend of Gold Rate in Bhubaneswar for September 2019 (rates per gram of 24 karat gold)

Trend of Gold Rate in Bhubaneswar for August 2019 (rates per gram of 24 karat gold)

Trend of Gold Rate in Bhubaneswar for July 2019 (rates per gram of 24 karat gold)

Trend of Gold Rate in Bhubaneswar for June 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for June 2019:

• Gold rates in Bhubaneswar opened at Rs.3,314 per gram and rose to Rs.3,333 per gram from 4-6 June on steady local retail and jeweller demand.
• Positive overseas cues and rising concerns over slowing economic growth increased bullion’s appeal, with the metal rising to Rs.3,395 per gram on 12 June, with prices continuing to rise to Rs.3,411 per gram on 17 June.
• The rise in U.S.-Iran tensions as well as weak industrial data from China fuelled recession fears as gold demand rose, as prices climbed to Rs.3,516 per gram on 22 June.
• Fresh U.S. sanctions against China and geopolitical tensions resulted in gold surging to Rs.3,529 per gram on 25 June, though prices dropped to Rs.3,512 per gram on 30 June.

Trend of Gold Rate in Bhubaneswar for May 2019 (rates per gram for 24 karat gold)

Gold Rate in Bhubaneswar in May 2019:

• The prices of Gold in Bhubaneswar at the beginning of May was Rs.3,293 per gram. However, the prices dropped to Rs.3,257 per gram by May 7 as demand for the precious metal decreased.
• In the second week, the rates started to increase gradually as demand increased. The rates steadied at Rs.3,330 per gram on May 12, 13 and 14 as escalation in US - China trade war made investors look for safe-haven assets.
• The rates touched their highest on May 17 when every gram of gold cost Rs.3,337 even though the dollar firmed, and the equities dipped. This may have happened due to high demand for the metal in Bhubaneshwar.
• The rates of the yellow metal started to fluctuate marginally after May 17. The rates dipped to its lowest on May 24 when every gram cost Rs.3,258. But as equities climbed, the rates picked up and ended at Rs.3,314 per gram, an incline of 0.63%.

Trend of Gold Rate in Bhubaneswar for April 2019 (rates per gram for 24 karat gold)

Trend of Gold Rate in Bhubaneswar for March 2019 (rates per gram for 24 karat gold)

Gold rate trend in Bhubaneswar for March 2019:

• Gold rate in Bhubaneswar dipped in value at the beginning of the month as the value of the US dollar rose substantially. Uncharacteristically, stocks and equities too dipped in value at the same time. The price of gold on 1st March stood at Rs.3,435 per gram. This was also the highest value of the yellow metal for the month.
• The dollar then declined in value on the 7th in comparison to the Euro as the ECB pushed its decision to hike interest rates. This stunted the growth of the metal due to weak economic conditions.
• On 29th March, gold stood at one of its lowest points of the month when it was trading at Rs.3,313 per gram. This was influenced with the dollar increasing in value and weak economic conditions prevailed.
• A percentage decline of 4.10 was recorded for the month of March while it was trading at Rs.3,294 per gram. This was also the lowest price the metal stood at for the month.

Trend of Gold Rate in Bhubaneswar for February 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for February 2019:

• Demand for gold rose sporadically as conflicting overseas cues and a volatile U.S. dollar rate impacted local offtake after a steady opening of Rs.3,431 per gram on 1 February.
• Gold prices in Bhubaneswar rose briefly to Rs.3,455 per gram on 6 February as the dollar dropped on global economic slowdown fears but it bounced back as the yellow metal’s value fell to Rs.3,404 per gram on 14 February.
• Sluggish demand from Asia and rising insecurity over Brexit increased gold’s safe-haven appeal among investors as the metal rose to Rs.3,462 per gram on 19 February, as local demand remained static.
• Prices surged to Rs.3,497 per gram on 21 February on news of a resolution to the Sino-U.S. trade dispute but a more aggressive tone by the Federal Reserve boosted the dollar as gold fell to Rs.3,460 per gram on 28 February.

Trend of Gold Rate in Bhubaneswar for January 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for January 2019:

• With fortunes fluctuating, the price of gold in Bhubaneswar rose steadily after opening at Rs.3,282 per gram on 1 January before falling steeply towards the middle of the month on weakening local demand.
• Ongoing trade tensions between the U.S. and China reduced industrial imports from Asia. Though strong regional demand kept prices from falling too sharply.
• A weak dollar rate and uncertain equity markets increased interest in gold as prices rose to Rs.3,338 per gram on 18 January.
• Prices stagnated for a few days as the dollar recovered after the shutdown ended, though prices rose as the month ended to trade at Rs.3,428 per gram on 31 January and record a 4.44% rise in overall value.

Trend of Gold Rate in Bhubaneswar for December 2018 (rates per gram for 24 karat gold)

Gold Rate Trend in Bhubaneswar for December 2018:

• Gold rate in Bhubaneswar, opened on 1st December at Rs.3,166 per gram. Demand for the precious metal was on the surge like other cities as markets were weak and so was the rupee.
• The highest gold price in Bhubaneswar for the month were recorded on the 30th and 31st when the metal traded at Rs.3,284 per gram. Consequently, the lowest prices were recorded over the initial few days, on the 2nd and 3rd when it traded at Rs.3,164 per gram.
• A combination of wedding season, weak dollar, weaker rupee, and a volatile market contributed to the rise if gold prices this month.
• Price trends recorded a 3.72% change this month, thanks to a solid demand in the local as well as the international market.

Trend of Gold Rate in Bhubaneswar for November 2018 (rates per gram)

Trend of gold Rate in Bhubaneswar for October 2018 (rates per gram)

Trend of gold Rate in Bhubaneswar for September 2018 (rates per gram)

Trend of Gold Rate in Bhubaneswar for August 2018 (rates per gram)

August 2018 - Week 1 (1 - 5):

• When trading began for the month of August, gold rate in Bhubaneswar was recorded holding at Rs.3,079 per gram on the 1st with steady gold demand as market participants awaited the Federal Reserve’s monetary policy meeting for the pace of interest rates.
• However, with the US dollar strengthening ahead of the Fed statement, demand for the precious metal dropped and gold price in Bhubaneswar dropped to Rs.3,072 per gram on the 2nd.
• Poor global cues coupled with weak investor demand led to prices plummeting to Rs.3,046 per gram on the 4th.
• The week came to an end with gold in Bhubaneswar closing at Rs.3,059 per gram on the 5th as the dollar index weakened on account of the poor US employment data.

August 2018 - Week 2 (6 - 12):

• The second week opened with gold rate in Bhubaneswar standing at Rs.3,059 per gram on the 6th with the bullion holding on to its gains from the previous week’s recovery.
• Prices rose to Rs.3,060 per gram the next day before stabilising at Rs.3,056 per gram on the 9th with steady domestic demand from local jewellers, retailers and industries amid the firm trend overseas.
• The 10th saw gold price in Bhubaneswar holding at Rs.3,058 per gram as the US dollar softened against the Chinese currency and the euro at the global level.
• With the bullion buoyed by the yuan-dollar dynamic over the next couple of the days, gold rate in Bhubaneswar remained untouched at Rs.3,052 per gram for the remainder of the week.

August 2018 - Week 3 (13 - 19):

• Gold price in Bhubaneswar was recorded holding at Rs.3,052 per gram on the 13th with the bullion markets weighed upon by the US greenback hovering near a 13-month high amid the financial crisis in Turkey.
• However, with the US dollar pulling back from its highs, demand for the metal recovered and gold was priced at Rs.3,075 per gram on the 14th.
• The next couple of days, however, witnessed investor demand being capped amid the recovering US dollar and gold in Bhubaneswar was recorded trading at Rs.3,064 per gram on the 16th.
• With the global bullion markets plummeting to their lowest in 19 months, gold rate in Bhubaneswar plunged to a monthly low of Rs.3,032 per gram on the 17th.
• The rest of the week saw demand for the gold improving with the US dollar losing ground amid the US-China trade war tensions.

August 2018 - Week 4 (20 - 26):

• The week opened with gold in Bhubaneswar holding at Rs.3,043 per gram on the 20th as China’s yuan rose against the dollar amid trade talks.
• Prices remained untouched at Rs.3,043 per gram before surging to Rs.3,062 per gram on the 23rd after the dollar was weighed upon by President Trump’s remarks on the Fed statement.
• The rest of the week saw gold price Bhubaneswar holding firm at Rs.3,063 per gram as the bullion held its ground against the dollar following the Fed chairman’s dovish comments.

August 2018 - Week 5 (27 - 31):

• The final week began with gold rate in Bhubaneswar holding steady at Rs.3,063 per gram on the 26th with strong investor demand amid the firm market trends.
• With trade tensions on the rise, the US dollar lost considerably against other major currencies and gold in Bhubaneswar was priced at Rs.3,107 per gram on the 28th.
• Prices remained unaltered at Rs.3,107 per gram the next day before rising to Rs.3,110 per gram on the 30th as the dollar edged lower amid the US interest rate hike appeal.
• Trading concluded for the month with gold price in Bhubaneswar finishing at a monthly high of Rs.3,116 per gram on the 31st with strong investor demand brought about by positive market cues globally.
• Gold in Bhubaneswar witnessed an increase of 1.20% in rates due to the positive trends overseas that pushed domestic demand towards the end of the month.

Trend of Gold Rate in Bhubaneswar for July 2018 (rates per gram)

July 2018- Week 1 (1-6)

• The month began with the Gold rate standing at Rs.3,146 per gram, a slight drop from the last month which can be associated with the dollar price strengthening.
• Gold prices crept up slightly on 5 July to Rs.3,159 per gram as the dollar dropped slightly, and trade policies regarding the Federal Reserve increasing interest rates created tension in the economy.
• Gold rates held steady for the following few days as the dollar eased ahead of the Federal Reserve's policy meeting (Fed Minutes) for July.
• The Gold rate for Bhubaneswar reduced slightly at the end of the week standing at Rs. 3,156.

July 2018- Week 2 (7-13)

• The precious metal started off strong on Week 2 at Rs.3,165, an increase from the end of last week, that can be associated to a slight decline in dollar rates.
• In spite of the dollar weakening, Gold rates in Bhubaneswar dropped slightly for the next few days when it stood at Rs.3163 per gram from 8 - 10 July.
• The price of the metal in Bhubaneswar decline further caused due to an increased dollar while the trade spat between China and the USA escalated. The metal’s price on 12 - 13 July stood at Rs.3,153 and Rs.3,131 per gram respectively.
• The price of the metal in Bhubaneswar, at the end of Week 2, remained at Rs.3,131 per gram.

July 2018- Week 3 (14-20)

• Gold price in Bhubaneswar commenced at Rs.3,120 at the start of Week 3, a decrease when compared to the price of the metal at the end of Week 2.
• The dollar price continued to climb, which did not have an effect on the gold price in Bhubaneswar for the coming few days. As on 14 July up to 17 July, the Gold rate stood still at Rs.3,120 per gram.
• Even weak demand for the precious metal unaffected its rate in Bhubaneswar.
• US dollar dropped from a three-week high on 19 July, which lead to the increment of Gold rates in Bhubaneswar. It stood at Rs.3,085 per gram on 19 July.
• At the end of the week, the Gold rate in Bhubaneswar increased marginally to Rs.3,089 per gram.

July 2018- Week 4 (21-31)

• The week started off with the Gold price in Bhubaneswar amounting to Rs.3,090 per gram, an increment from the end of Week 3.
• US dollar declined to a two-week-low on 23 July, which increased the Gold prices in Bhubaneswar. The Gold rate on 23 July stood at Rs.3,103 per gram.
• On 24 July the US treasury yields rose, which failed to alter the Gold rate substantially in Bhubaneswar. The Gold rate marginally rose to Rs.3105 per gram.
• On 26 July, the Gold rate decreased despite a slip in the US dollar after the President of USA, Donald Trump and European Commission President Jean-Claude Juncker agreed to work towards eliminating trade barriers. The price of Gold in Bhubaneswar stood at Rs.3,093 per gram.
• The Gold rate then deteriorated further, and at the end of the month, the price in Bhubaneswar was recorded at Rs.3,082. The percentage change of Gold rate in Bhubaneswar was recorded to be -2.03%.

Trend of Gold Rate in Bhubaneswar for June 2018 (rates per gram)

June 2018 - Week 1 (1st - 10th):

• Gold was priced at Rs.3,216 per gram when exchanges opened for trading on the 1st of June.
• The US dollar was on the stronger side this month as the stock markets were booming ahead of the buoyant mood set by the upcoming Fed meeting.
• Gold price in Bhubaneswar went down to Rs.3,194 per gram the next day before dropping further to Rs.3,177 per gram on the 3rd. This happened as a strong payroll data helped the dollar which weighed against gold demand to cause the price drop.
• The 4th and 5th saw gold continue to trade at Rs.3,177 per gram as demand remained unchanged while the dollar held steady.
• On the 6th, rates dropped slightly to Rs.3,176 per gram before rising to Rs.3,183 per gram on the 7th after a fall in the dollar helped gold demand.
• The week ended with gold prices holding at Rs.3,204 per gram - a significant increase after the mid-week drop as the dollar fell against other currencies.

June 2018 - Week 2 (11th - 17th):

• The second week of June began with gold opening at Rs.3,204 per gram, which then dropped to Rs.3,199 per gram as cues weakened.
• Gold price in Bhubaneswar went further down to Rs.3,194 per gram on account of a rise in the dollar after the US and North Korea summit gave it a boost.
• On the 14th, gold continued to trade at Rs.3,194 per gram before rising to Rs.3,210 per gram on the 15th as trade war concerns between the US and China intensified, with countries countering each others’ tariffs.
• When the week ended, gold was still priced at Rs.3,210 per gram, thanks to a solid demand.

June 2018 - Week 3 (18th - 24th):

• The third week opened with gold price in Bhubaneswar starting at Rs.3,192 per gram before dropping to Rs.3,182 per gram on the 19th as rates hit a five-month low in the international market.
• On the 20th, gold rates went up to Rs.3,193 per gram as markets declined giving much needed impetus for bullion investors to purchase the metal.
• Gold in Bhubaneswar continued to trade at Rs.3,193 per gram on the 21st before continuing at this rate on the 22nd as well.
• Prices dropped significantly on the 23rd to Rs.3,155 per gram as the US dollar surged to hit an 11-month high, which brought demand down.

June 2018 - Week 4 (25th - 30th):

• The final week saw gold price in Bhubaneswar fluctuate slightly before dropping on the final day. Gold was priced at Rs.3,161 per gram when the week began on the 25th.
• Rates went up slightly to Rs.3,163 per gram on the 26th and traded at this rate on the 27th as well.
• On the 28th, rates went down to Rs.3,161 per gram and rose again to Rs.3,163 per gram.
• The last day of the month saw gold rate in Bhubaneswar drop to Rs.3,146 per gram - a 2.17% decline from the month’s starting rates.

Trend of Gold Rate in Bhubaneswar for May 2018 (rates per gram of 24 karat gold)

May 2018 - Week 1(1st - 6th):

• Gold was priced at Rs.3,231 per gram when trading commenced for the month of May in Odisha’s capital.
• The precious metal’s rates dropped by Rs.22 to Rs.3,009 per gram as the markets awaited the Fed minutes, and were eager to hear about the Fed rate hike.
• As demand failed to pick up, gold rate in Bhubaneswar fell further to Rs.3,199 per gram on the 3rd of the month. When the week ended, gold prices had inclined slightly as demand, particularly from the Asian market, surged.

May 2018 - Week 2 (7th- 13th):

• When the second week opened for trading, gold prices had risen to Rs.3,221 per gram - a gradual rise after the previous week’s loss.
• This rose to Rs.3,233 per gram on the 8th as local demand rose despite a poor outlook in the global market. Rates continued to remain the same till the 9th before dropping slightly to Rs.3,232 per gram on 10th.
• The next day, i.e, the 11th saw rates rise to Rs.3,238 per gram after news about the US withdrawal from the Iran nuclear deal brought a lot of uncertainty to the market and safe haven demand rose.
• The week ended with gold price in Bhubaneswar continuing to hold steady in the Rs.3,230 range.

May 2018 - Week 3 (14th - 20th):

• The third week of May began on the 14th with gold opening at Rs.3,154 per gram - a significant rise in price, thanks to a strong local demand.
• This was also the highest gold price in Bhubaneswar for the month in Bhubaneswar as jewellers and retailers began to make steady purchases.
• With trends weakening ahead of a strong dollar, gold rates dropped to Rs.3,214 per gram on the 17th of May after treasury yields rose and so did the greenback.
• On the 18th, gold rate in Bhubaneswar went down to Rs.3,197 per gram - the month’s lowest rates as demand dropped after the dollar continued to surge ahead.
• After gold strengthened, gold rates inclined slightly to end at Rs.3,216 per gram on the final day of this week.

May 2018 - Week 4 (21st - 27th):

• Gold rates seemed to rise for most part of this week as an unstable political situations caused gold price in Bhubaneswar to rise.
• On the 21st, when the week began, the yellow metal was priced at Rs.3,216 per gram before dropping to Rs.3,206 per gram the next day as demand plummeted.
• As demand from the Asian market went up, gold rate in the Bhubaneswar also surged, and the metal’s rates went up to Rs.3,235 per gram on the 25th despite a rise in the dollar.
• The 26th also recorded a hike in prices and the metal traded at Rs.3,242 per gram before witnessing a fall on the final day.
• When the week ended, gold rates had fallen slightly to Rs.3,225 per gram as demand declined slightly.

May 2018 - Week 5 (28th - 31st):

• The final week of May began in Bhubaneswar with gold being priced at Rs.3,225 per gram. As local demand was steady and stable, the yellow metal’s rates continued to remain at Rs.3,225 per gram till the 30th of the month.
• However, a drop in demand on the final day ahead of a rising dollar caused gold rates to plummet. The month ended with gold rate in Bhubaneswar closing at Rs.3,217 per gram. - thanks to a drop in demand.
• This month recorded a 0.43% decline in prices as demand was on the weaker side despite a number of potential landmine incidents in world politics.

Trend of Gold Rate in Bhubaneswar for April 2018 (rates per gram for 24 karat gold)

April 2018 - Week 1 (1st - 7th)

• When April’s trading commenced, gold was priced at Rs.3,154 per gram. This spilled onto the second day as well as demand was steady.
• The 3rd saw gold rates rise to Rs.3,163 per gram before rising to Rs.3,188 per gram the next day as demand surged ahead of strong global cues.
• During the 5th, gold rates dropped to Rs.3,174 per gram before continuing at this rate on the 6th as local demand subsided.
• With demand declining rapidly, gold rates fell to Rs.3,162 per gram on the final day of the week.

April 2018 - Week 2 (8th - 15th)

• Overnight trends pushed gold rates in Bhubaneswar up to Rs.3,169 per gram on the 8th of April.
• For the first four days of the week, gold prices didn’t see any change as demand was largely unchanged.
• On the 9th and the 10th, the precious metal was priced at Rs.3,169 per gram before trading at Rs.3,170 per gram on the 11th and the 12th of the month.
• Demand in most Indian cities rose on the 13th and the metal’s rates surged to Rs.3,201 per gram - a Rs.31 rise in just 24 hours.
• This rise was caused due to a strong increase in purchases from jewellers in and around the city.
• Gold rates went further up to Rs.3,228 per gram over the next two days as demand went up again.
• The final day of the second week, however, saw gold prices drop to Rs.3,212 per gram due to a slow down in demand.

April 2018 - Week 3 (16th - 22nd)

• The third week’s trading commenced with gold trading at Rs.3,212 per gram, which then went up to Rs.3,221 per gram on the 17th.
• Prices rose again on the 18th and gold was seen selling at Rs.3,231 per gram before continuing at this rate on the next day.
• Demand rose on the 20th and the metal traded at Rs.3,243 per gram and was unchanged for the remaining days of the week.

April 2018 - Week 4 (23rd - 30th)

• The final week of April began with gold being priced at Rs.3,236 per gram - a drop of Rs.7 compared to the previous day.
• Demand dropped again on the 25th to bring the metal’s prices down to Rs.3,231 per gram but an overturn in purchases pushed priced up to Rs.3,242 per gram.
• From the 26th to the 29th, gold rates were still holding at Rs.3,242 per gram as demand saw very little changes.
• The final day of April, however, recorded a price decline and the metal’s rates dropped back to Rs.3,231 per gram.
• This month’s trading recorded a change on 2.27%, thanks to a strong local demand.

Trend of Gold Rate in Bhubaneswar for March 2018 (rates per gram for 24 karat gold)

March 2018- Week 1 (1-4)

• Gold price in Bhubaneswar were stable in the first week of March, trading at Rs.3,143 per gram when trading opened on 1 March.
• Demand was steady and there was no change in price for most of the short week.
• International demand also saw little in the way of fluctuation in prices, which helped keep local prices stable.
• A jump was seen as the week ended, with gold trading at Rs.3,163 per gram on 4 March.

March 2018- Week 2 (5-11)

• There was some fluctuation in the price of gold in the second week, as market forces and international demand influenced local prices and demand.
• Gold was priced at Rs.3,163 per gram on 5 March but prices fell due to a slackening of demand from jewellers as the wedding season came to an end.
• Gold Price in Bhubaneswar fell to Rs.3,153 per gram on 7 March before rising to Rs.3,170 per gram on 8 March due to demand vagaries.
• Industrial demand was strong overseas but did not impact local prices much, which led to gold falling to Rs.3,143 per gram on 10 March.
• Gold Rate in Bhubaneswar rose marginally as the week ended on 11 March, trading at Rs.3,149 per gram.

March 2018- Week 3 (12-18)

• There was a decline in gold price in Bhubaneswar as markets and the dollar strengthened over the course of the week.
• Gold traded at Rs.3,149 per gram on 12 March but fell to Rs.3,136 per gram on 14 March as local demand fell.
• International demand was also muted as the dollar regained its value after positive unemployment data.
• Gold briefly rose to Rs.3,156 per gram on 15 March before prices once again plunged on declining orders from industry.
• The precious metal traded at Rs.3,132 per gram on 18 March as demand was low across domestic and international markets.

March 2018- Week 4 (19-25)

• Gold price in Bhubaneswar saw a steep rise towards the middle of the week as volatile geopolitical situations as well as a shake-up in the U.S. State Department led to markets plunging.
• The week opened with gold priced at Rs.3,132 per gram on 19 March, with prices rising to Rs.3,140 per gram on 21 March as U.S. stocks tried to recover from the surprise sacking of the U.S. Secretary of State.
• Gold rate in Bhubaneswar rose to Rs.3,162 per gram on 23 March as the dollar fell on market uncertainty over the Fed’s meeting and the possibility of economic tightening policies.
• Gold surged as the week ended, with the yellow metal trading at Rs.3,198 per gram on 25 March.

March 2018- Week 5 (26-31)

• The price of gold was steady towards the start of the week before a sharp drop in demand saw prices plunge later.
• Gold opened the week trading at Rs.3,198 per gram on 26 March as investor sentiment favoured safe-haven assets after a period of market turbulence.
• There was a gradual drop in price over the course of the week, with gold price in Bhubaneswar falling as industrial demand dropped.
• The yellow metal fell to Rs.3,192 per gram on 28 March before falling to Rs.3,179 per gram on 29 March as retail demand stagnated.
• Demand from jewellers was also poor, as gold fell further to Rs.3,159 per gram on 31 March.
• In spite of the sudden drop in price, gold rate in Bhubaneswar rose by 0.50% over the course of the month.

Trend of Gold Rate in Bhubaneswar for February 2018 (rates per gram for 24 karat gold)

February 2018- Week 1 (1 -4)

• The month began with gold trading at Rs.3,146 per gram in Bhubaneswar, with minor fluctuations in price recorded due to market vagaries.
• Gold price in Bhubaneswar rose to Rs.3,166 per gram on 3 February due to a surprise drop in equity markets, which led to higher interest in bullion as a hedge against equity losses.
• Local demand was muted in spite of it being the wedding season, which kept gold price in Bhubaneswar low throughout the week.
• The week ended with gold priced at Rs.3,140 per gram on 4 February.

February 2018- Week 2 (5-11)

• The second week saw the price of gold fluctuate as markets vacillated wildly, with the metal opening the week at Rs.3,140 per gram on 5 February.
• Demand from local jewellers was steady as the week began but slow industrial offtake led to gold price in Bhubaneswar dropping marginally.
• In spite of markets plunging, there was little impact on the price of gold in Bhubaneswar as the metal traded at Rs.3,159 per gram on 7 February.
• Prices regularised soon after, with gold priced at Rs.3,126 per gram on 8 February as local demand failed to keep pace with global trends.
• The week ended with gold trading at Rs.3,105 per gram on 11 February.

February 2018- Week 3 (12-18)

• Prices rose steadily over the course of the third week as local demand was strong, though global cues were conflicting.
• Gold traded at Rs.3,105 per gram on 12 February before jumping to Rs.3,173 per gram on 16 February after Valentines Day sales.
• Industrial demand was sluggish but an increase in retail demand coupled with strong international cues led to gold price in Bhubaneswar reaching their monthly high of Rs.3,191 per gram as the week ended on 18 February.

February 2018- Week 4 (19-25)

• Gold rate in Bhubaneswar remained constant as the week began before prices fell after regularisation of demand.
• Gold opened the week at Rs.3,191 per gram on 19 February but fell on inconsistent demand from industrial units as well as jewellers.
• International demand was also falling as the dollar capitalised on strong investor sentiment, leading to gold prices dipping.
• The week ended with gold priced at Rs.3,158 per gram on 25 February.

February 2018- Week 5 (26-28)

• The last week of February led to prices rising marginally as demand was on the increase.
• Gold in in Bhubaneswar was priced at Rs.3,158 per gram on 26 February as local retail demand was steady.
• An increase in overall demand for the metal overseas led to prices rising to Rs.3,163 per gram on 28 February.

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Trend of Gold Rate in Bhubaneswar for January 2018 (rates per gram for 24 karat gold)

January 2018 - Week 1 (1st - 7th):

• In Bhubaneswar, gold was priced at Rs.3,009 per gram when January 2018 commenced.
• Gold price in Bhubaneswar went up to Rs.3,014 per gram on the 2nd as a brief fall in the dollar pushed demand up.
• However, the US dollar surged amid strong job gain data, which caused gold rate in Bhubaneswar to reach Rs.3,000 per gram.
• As demand from local investors rose, gold rates went up to Rs.3,015 per gram on the 5th of January.
• With local purchases increasing steadily, the yellow metal’s rates went up to Rs.3,021 per gram on the 6th of the month.
• When the month came to an end gold was still priced at Rs.3,021 per gram.

January 2018 - Week 2 (8th - 14th):

• Due to declining weekend cues, gold rate in Bhubaneswar had dropped down to Rs.3,015 per gram on the 8th of January.
• Demand seemed to be uneven which caused prices to push up to Rs.3,021 per gram on the 9th before dropping to Rs.3,009 per gram on the 10th.
• With sales in the local circles rising, gold price in Bhubaneswar went up to Rs.3,030 per gram on the 11th of January. Gold improved on its previous day’s performance as the metal’s prices surged to Rs.3,045 per gram the next day.
• On the 13th, Gold rate in Bhubaneswar went up again as the US dollar continued to weaken. The yellow metal traded at Rs.3,048 per gram on this day before rising to Rs.3,068 per gram on the 14th of January.

January 2018 - Week 3 (15th - 21st):

• When the third week of January started, gold was seen trading at a further improved rate of Rs.3,071 per gram.
• As a result of demand increasing gold price in Bhubaneswar moved up to Rs.3,086 per gram on the 16th before dropping to Rs.3,082 per gram on the 17th.
• Due to demand seemingly declining,Gold rate went down to Rs.3,061 per gram on the 18th before rising by Rs.3 to Rs.3,064 per gram the next day.
• Over the final two days of this week, the yellow metal traded at Rs.3,084 per gram - a Rs.20 incline from the previous two days.

January 2018 - Week 4 (21st - 28th):

• This week saw gold price in Bhubaneswar rise significantly and reach one of the highest levels since the times of the economic meltdown in 2008.
• On the 21st of the month, gold was priced at Rs.3,084 per gram but dropped to Rs.3,078 per gram the next day.
• Gold rate in Bhubaneswar rose on the 23rd to Rs.3,087 per gram and continued at this rate on the 24th as well due to steady demand.
• Gold traded at Rs.3,127 per gram on the 25th of the month and continued more or less at this rate till the end of the week.

January 2018 - Week 5 (29th - 31st):

• The final week of January saw gold prices remain steady, thanks to stable demand.
• When the week began on the 29th, gold was priced at Rs.3,132 per gram and continued at this rate the next day as well.
• Due to a slight dip in demand, gold rate in Bhubaneswar went down to Rs.3,127 per gram on the final day of the month.
• Overall, gold price in Bhubaneswar trends saw a 3.90% incline over the course of the month as a consequence of a weak dollar and a strong local demand.

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.