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 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.

Trend of Gold Rate in Bhubaneswar for December 2017 (rates per gram for 24 karat gold)

December 2017 - Week 1 (1st to 10th)

• The week began in Bhubaneswar with the precious metal trading at Rs.2,982 per gram on the 1st amid firm trends overseas.
• On the 2nd, prices surged to Rs.3,002 per gram with the US dollar weakening against other apex currencies after the US tax reform plans were stalled in the US Senate.
• However, the US Senate’s decision to approve the bill through a vote after setting aside the differences between the House and the Republicans led to the US dollar gaining significantly. This led to gold rates plunging to Rs.2,977 per gram on the 4th.
• Poor global trends coupled with reduced domestic demand for the metal resulted in prices dropping further as the week progressed.
• Gold was priced at Rs.2,968 per gram on the 5th before dropping to Rs.2,957 per gram on the 6th amid the strong US dollar index.
• With the bullion registering near four-month lows in the global market, the yellow metal was recorded trading at Rs.2,920 per gram on the 8th amid the poor overseas trends.
• However, with local jewellers and retailers ramping up purchases to meet the ongoing wedding season demand, prices rebounded to Rs.2,927 per gram on the 9th.
• Steady domestic demand despite the poor global cues resulted in the gold rates holding at Rs.2,927 per gram for the rest of the week.

December 2017 - Week 2 (11th to 17th)

• When trading commenced for the second week, the yellow metal was recorded trading relatively lower at Rs.2,911 per gram on the 11th with a decline in domestic demand for the metal.
• With markets cautious ahead of the upcoming Federal Reserve monetary policy meeting, gold rates dropped to Rs.2,908 per gram on the 12th before dropping further to Rs.2,906 per gram the next day.
• The 14th saw gold prices rising to Rs.2,929 per gram with the US dollar losing against a basket of other emerging currencies.
• Though rates plunged to Rs.2,917 per gram the next day, a strong global safe-haven demand following the release of new Fed rates led to gold prices surging to Rs.2,927 per gram on the 17th.

December 2017 - Week 3 (18th to 24th)

• The bullion was priced at Rs.2,922 per gram on the 18th when trading opened for the week.
• A rise in domestic demand from jewellers, retailers and industries despite the poor trend overseas led to rates rising to Rs.2,933 per gram on the 19th.
• With the US dollar losing its sheen in the international markets, prices surged to Rs.2,937 per gram on the 21st.
• Though gold rates plunged to Rs.2,931 per gram on the 22nd with the US dollar recovering from its previous losses, prices rebounded to Rs.2,956 per gram on the 23rd with investors mulled over the ultimate outcome of the US tax system overhaul of the country’s economy.
• Prices remained unchanged at Rs.2,956 per gram on the 24th owing to steady domestic demand brought about by the positive overseas trends.

December 2017 - Week 4 (25th to 31st)

• The final week of the year began with gold priced relatively lower at Rs.2,945 per gram on the 25th.
• Strong domestic demand compounded by positive global cues led to gold prices rising to Rs.2,957 per gram on the 26th which further surged to Rs.2,964 per gram the following day amid the weakened US dollar and equities.
• With global demand hitting near four-week highs, the bullion rates spiked to Rs.2,985 per gram on the 28th.
• Prices rose slightly to Rs.2,988 per gram on the 29th before surging to Rs.3,015 per gram on the 30th with the US dollar losing against other apex currencies amid the US-North Korean diplomatic relations worsening.
• When trading concluded for the week, the bullion prices were recorded holding steady at Rs.3,015 per gram on the 31st amid the firm trends overseas.
• Bhubaneswar recorded an incline of 1.10% in gold rates during the course of the month.

Trend of Gold Rate in Bhubaneswar for November 2017 (rates per gram for 24 karat gold)

November 2017 - Week 1 (1st - 5th)

• The week started with gold priced Rs.2,974 per gram.
• On the first day of the month, the price was on the weaker side owing to the poor trend overseas.However, as the demand in the local market spiked up, the bullion price rose to trade at Rs.2,987 per gram on 2nd November. .
• Strong global cues boosted the US dollar that resulted the metal’s prices to slip down slightly.
• Gold rate in Bhubaneswar was Rs.3,987 per gram only to fall further to Rs.2,977 per gram.
• The rates remained stable on the last day of the week.

November 2017 - Week 2 ( 6th - 12th)

• Prices remained stable on the second week due to the static demand from the investors and buyers.
• Gold was priced Rs.2,974 per gram on the first day of the week only go up by Rs.23 per gram. Gold price in Bhubaneswar went up due to the increase in demand in the Asian market.
• Due to the rising demand, gold pricein Bhubaneswar reached Rs.2,997 per gram. The prices were fluctuating in line with the investors opinion at the end of the two-day monetary policy meeting by Federal Reserve.
• Delay in President Trump’s tax reform policy further raised uncertainty among the investors and accelerated the gold’s price to Rs.3,005 per gram.
• On 9th November, the prices remained the same, and then jumped up by Rs.10 per gram and traded at Rs.3,015 per gram that was stable for three days continously.
• US dollar losing its value against other currencies, crept up the gold’s rate as the week ended.

November 2017 - Week 3 (13th - 19th)

• The third week of November saw a steep rise in the metal’s price and touched three-week high.
• On 13th November 2017, gold opened at Rs.3,007 per gram and went up as the week progressed.
• Demand from the local market further raised the metal’s price by Rs.11 per gram on 15th November 2017. The gold price in Bhubaneswar remained steady on the next day.
• The political turmoil caused by the Saudi Arabian crisis, was the prime reason that made gold unreachable for most of the locals.
• Nevertheless, the treasury yields of US helped the yellow metal to gain stability and edge down to Rs.2,999 per gram, a Rs.19 per gram drop.
• On 18th November, gold’s price was the highest. The jump in the price to Rs.3,030 per gram was again due to the rising instability in the US economy. Gold closed at the same price on 19th November.

November 2017 - Week 4 (20th - 26th)

• Gold rate was stable as of the last week as the week commenced due to the continuing market instability that raised the luster of gold and made it a safe haven.
• To ease the rising tension, the US treasury stepped ahead, which helped the gold price in Bhubaneswar to slip slightly and trade at Rs.3,004 per gram.
• Gaining stability in the US dollars attracted the investors that dropped the gold rate in Bhubaneswar to Rs.2,996 per gram.
• On 23rd and 24th November, gold’s rate was steady, with gold priced Rs.3,015 per gram. The growing demand for gold in the Asian as well as the US market raised the bullion price drastically.
• However, the week ended on a good note as the buyers could afford to buy gold at Rs.3,004 per gram.

November 2017 - Week 5 (27th - 30th)

• Gold price in Bhubaneswar surged as the week began due to the delay in the tax reform decision. Gold was priced Rs.3,013 per gram. However, the relief among the investors due to the support from the US reserve bank edged down the gold’s price to Rs.3,009 per gram
• As the week was about to end, gold’s demand rose as it traded at Rs.2,996 per gram. Overall, it was a good month for gold at Bhubaneswar. 

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.