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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 2016 (rates per gram for 24karat gold)
|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