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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 October 2017 (rates per gram for 24 karat gold)
|Parameters||Gold Price (per gram for 24K gold)|
|Gold Rate on 1st October 2017||Rs.3,040 per gram|
|Gold Rate on 31st October 2017||Rs.2,996 per gram|
|Highest Rate in October 2017||Rs.3,059 per gram from 14 to 15 October|
|Lowest Rate in October 2017||Rs.2,996 per gram on 31 October|
|Overall Monthly Performance||Decline|
Trend of Gold Rate in Bhubaneswar for September 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold rate on 1st September 2017||Rs.2,995 per gram|
|Gold rate on 30th September 017||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,100 per gram on 8 September|
|Lowest Rate in September||Rs.2,995 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st-10th)
- When the week began in Bhubaneswar, gold traded at Rs.2,995 per gram on the 1st.
- Prices rose marginally to Rs.2,997 per gram on the 2nd with a slight increase in local demand.
- Gold rates in Bhubaneswar remained untouched at Rs.2,997 per gram due to steady demand from investors and retailers.
- Global markets crashed as the US-North Korea relations worsened. This led to gold rates rise to Rs.3,073 per gram on the 4th.
- Rates rose further to Rs.3,084 per gram on the 5th, and to Rs.3,088 per gram on the 6th as North Korea began testing powerful nuclear weapons.
- However, prices dropped the next day to Rs.3,071 per gram due to decreased purchases.
- Safe haven investments witnessed a rise following the North Korean nuclear tests. This led to gold rates touching a monthly high figure of Rs.3,100 per gram on the 8th.
- Gold prices in Bhubaneswar dipped to Rs.3,095 per gram on the 9th and the 10th as demand for the metal subsided marginally.
September 2017 - Week 2 (11-17):
- The second week witnessed gold rates fluctuating as the week progressed.
- The week opened with gold trading at Rs.3,074 per gram on the 11th as a result of reduced demand from jewellers and local traders.
- Stock markets crashed as the US-North Korea relations worsened. However, demand for the precious metal declined and prices dropped to Rs.3,051 per gram on the 12th.
- Gold prices in Bhubaneswar rose to Rs.3,064 per gram on the 13th before sliding to Rs.3,050 per gram on the 14th with jewellers and retail customers suspending their purchases.
- Rates stayed static at Rs.3,050 per gram for the remainder of the week owing to steady demand for the metal.
September 2017 - Week 3 (18th-24th)
- The third week saw gold start on a low note at Rs.3,041 per gram on the 18th as the US dollar value strengthened.
- Gold price in Bhubaneswar dropped further to Rs.3,023 per gram on the 19th awaiting disclosure on the latest Federal Reserve meetings.
- With the festive season arriving, gold rates rose to Rs.3,045 per gram on the 20th.
- Demand for the precious metal receded against the strong US dollar. This resulted in gold trading at Rs.3,018 per gram on the 21st.
- Gold trade bounced back to Rs.3,045 per gram on the 22nd as investments rose due to the US-North Korea conflicts.
- Prices remained unchanged at Rs.3,045 per gram on the 23rd and the 24th, thanks to steady domestic demand for the metal.
September 2017 - Week 4 (25th-30th)
- The final week in Bhubaneswar saw gold start at Rs.3,020 per gram on the 25th.
- With the festive season having begun, demand for gold rose immensely and prices surged to Rs.3,081 per kg on the 26th.
- However, gold rates in Bhubaneswar dropped to Rs.3,055 per gram on the 27th with the dollar going strong.
- With the US economy having bounced back and investors suspending purchases, prices slid to Rs.3,036 per gram on the 28th, and to Rs.3,028 per gram on the 29th.
- The last week ended with gold trading at Rs.3,040 per gram on the 30th.
|Parameters||Gold price (24 karat)|
|August 1 Rate||Rs.2,931 per gram|
|August 31 Rate||Rs.2,965 per gram|
|Highest Rate in August||Rs.2,980 per gram on 29 August|
|Lowest Rate in August||Rs.2,900 per gram from 5-8 August|
|Overall Monthly Performance||Incline|
August ‘17- Week 1 (1st to 6th)
- Gold prices were on the decline in the first week of August in Bhubaneswar as stable markets led to a drop in demand.
- The yellow metal traded at Rs.2,931 per gram on 1 August before falling to Rs.2,901 per gram on 3 August as a result of declining interest in bullion.
- Gold rate in Bhubaneswar fluctuated for the rest of the week as gold traded at Rs.2,913 per gram on 4 August after a marginal increase in demand from Asian markets.
- A rally by the markets and the impending release of U.S. jobs data led to gold prices falling to Rs.2,900 per gram on 5 & 6 August.
August ‘17- Week 2 (7th to 13th)
- Gold price in Bhubaneswar rose marginally in the second week, though gold opened the week at Rs.2,900 per gram on 7 August.
- Trading in the precious metal increased resulting in the price rising to Rs.2,908 per gram on 9 August.
- With markets falling after dismal employment data and renewed rhetoric regarding the building of a wall near the Mexican border, demand for gold rose as the price shot up to Rs.2,944 per gram on 10 August.
- Demand continued to rise as local industry also increased orders as gold reached Rs.2,977 per gram on 12 & 13 August.
August ‘17- Week 3 (14th to 20th)
- Prices stabilised after the late rally in the previous week, with gold trading at Rs.2,968 per gram on 14 August.
- Interest in the metal fell in spite of favourable market conditions, as retail consumers were put off by the high price.
- Gold rate in Bhubaneswar dropped to Rs.2,951 per gram on 16 August but recovered as the week progressed to trade at Rs.2,972 per gram on 18 August.
- A drop in demand from American industry led to gold falling to Rs.2,951 per gram on 19 & 20 August.
August ‘17- Week 4 (21st to 27th)
- The decline in price continued in the fourth week as gold traded at Rs.2,944 per gram on 21 August.
- A sudden drop in the U.S. dollar rate led to an increase in demand from overseas, leading to gold trading at Rs.2,958 per gram on 22 August.
- Local demand was stable but muted as gold recorded marginal increases in price to Rs.2,967 per gram on 25 August.
- Prices remained unchanged as the week drew to a close as gold traded at Rs.2,967 per gram on 27 August in spite of fluctuations in the dollar rate and unstable markets.
August ‘17- Week 5 (28th to 31st)
- A drop in price was recorded as gold traded at Rs.2,942 per gram on 28 August, attributed to a decline in demand from overseas industry.
- Prices rebounded to trade at Rs.2,980 per gram on 29 August as the fear of a nuclear war with North Korea led to U.S. markets crashing and the dollar weakening.
- Demand was stable as the week ended, with gold price in Bhubaneswar at Rs.2,973 per gram on 30 August.
- A slight dip in demand was observed on the last day of the month as gold traded at Rs.2,965 per gram.
|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|
July 2017 - Week 1 (1st - 9th)
- In Bhubaneswar, Odisha’s capital, gold traded at Rs.2,950 per gram on the 1st of July.
- As demand remained steady from local buyers, prices remained unchanged on the 2nd of the month.
- However, as Independence Day mood in the US set in, gold rates elsewhere took a dip.
- Prices went down to Rs.2,940 per gram on the 3rd due to a slightly improved dollar.
- The 4th of July saw gold prices in Bhubaneswar dip considerably to Rs.2,914 per gram before going down to Rs.2,908 per gram on the 5th.
- Gold price in Bhubaneswar increased slightly to hit Rs.2,910 per gram on the 6th but slipped on the 7th for the metal to trade at Rs.2,892 per gram .
- Gold rates dipped again on the 8th to go down to Rs.2,869 per gram and continued at the same rate when the week came to an end on the 9th of July.
July 2017 - Week 2 (10th - 16th)
- The second week of July saw gold prices in Bhubaneswar dip for the most part, owing to steadily decreasing demand.
- On the 10th of the month, gold was trading at Rs.2,867 per gram, which then went down to Rs.2,824 per gram the next day.
- As domestic buyers remained wary of a strengthening dollar, gold rates dipped for the third consecutive day to reach Rs.2,815 per gram.
- This week saw gold rate in Bhubaneswar reach their lowest for the month of Rs.2,800 per gram as price corrections remained the dominant theme.
- However, the 15th saw prices increase considerably after tensions in the US led to a fall in the dollar value.
- During the last two days of July week 2, gold was selling at Rs.2,818 per gram.
July 2017 - Week 3 (17th - 23rd)
- When the third week began, gold prices had already improved for the yellow metal to trade at Rs.2,822 per gram.
- Gold gained back of its lost value this week as conflicts involving the US paved the way for a revival in demand.
- Gold rate in Bhubaneswar went up to Rs.2,833 per gram on the 18th and went up again on the 19th to Rs.2,850 per gram.
- Bullion rates improved gradually over this week and - by the end of the 23rd - rates had reached Rs.2,917 per gram - a massive Rs.95 gain over the course of seven days.
July 2017 - Week 4 (24th - 31st)
- The final week of July 2017 saw gold prices fluctuate but remain steady for the most part.
- When the week began on the 24th, the precious, yellow metal was priced at Rs.2,916 per gram - which briefly went down to Rs.2,899 on the 26th before bouncing back up.
- On the 27th, the metal’s prices went up to Rs.2,920 per gram - as demand remained bullish amidst concerns of a slowdown in the US economy.
- Price of gold in Bhubaneswar reached the highest of Rs.2,926 per gram for the week on the 29th before ending the month at Rs.2,920 per gram.
- The late flourish saw to it that gold price trends changed at a rate of -1.01% for this month.
|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.
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