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Cuttack is perhaps one of the oldest cities in the country, occupying an important position in the history of northern India. A bustling metropolis, today Cuttack is the second largest city of Odisha and has a teeming population. The city was the capital of the Ganga Dynasty and served as a key trading and commerce destination, making it a prosperous and important city. This trade and commerce helped the residents grow their wealth, with gold becoming an integral unit of money and a part of life here.
Today, gold is viewed as an excellent investment option in the city, with a number of people purchasing it on auspicious occasions. Given the fact that the city does not have local gold production, residents rely on imported gold, which means that international prices have an impact on local gold rates in Cuttack.
Gold rate in Cuttack
The gold rate in Cuttack varies according to the purity of gold, with 24 karat gold being the most expensive. 22k, 18k, 14 karat gold have different levels of impurity and are thereby cheaper.
24 karat gold – 24k gold is 99.9% pure, making it an ideal investment option for gold lovers. This purity of gold is not suited to make jewellery or ornaments and is therefore less popular among the masses. Investing in 10 grams of 24 karat gold in the city would set you back by Rs 29,950 (as of March 9, 2016). The price of 24 karat gold in Cuttack has closely followed international trends over the last year, with 2015 providing an excellent opportunity to own this precious metal at low costs. Prices fell in July, August and December before increasing in 2016. According to estimates one can expect further fluctuation in rates in the future.
22 karat gold – 22 karat gold is mixed with certain impurities, with it typically being around 92% pure, making it ideal to make ornaments. Less purity means lesser rates, with 10 grams costing around Rs 27,990 in the city. The cost of 22 karat gold mimicked the trends witnessed for 24 karat gold, with prices dropping for most of 2015 before steadily picking up since January 2016.
Gold Rate Trend in Cuttack for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,894 per gram||Rs. 3,069 per gram||Rs.2,934 per gram|
|Last day||Rs. 3,069 per gram||Rs. 2,916 per gram on 31st of May||Rs.3,103 per gram|
|Highest price||Rs.3,069 per gram on the 30th of April||Rs. 3,073 per gram on 7th and 8th of May||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,876 per gram on 4th of April||Rs. 2,900 per gram on the 30th of May||Rs.2,911 per gram on 3rd June|
Gold Rate Trend of Cuttack in April 2016
- Gold traded at Rs. 2,894 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,069 per gram by the end of the month.
Gold Rate Trend of Cuttack in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,051 in the second week of May.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,916 on the 31st of May.
Gold Rate Trend of Cuttack in June 2016
- Gold prices increased steadily during the month of June thanks to firming international trends.
- Although there were days on which gold prices suffered marginal losses, they were overwritten by subsequent gains and the highest rate of gold in the month of June was recorded on the 27th when prices hit Rs.3,180.
- The overall increase in prices between the first day and last day of June was Rs.264.
Gold Rate Trend in Cuttack for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,541 per gram||Rs. 2,714 per gram||Rs. 2,994 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,964 per gram||Rs. 2,883 per gram|
|Highest price||Rs. 2,727 per gram on January 27th||Rs. 2,987 per gram on 26th of February||Rs. 2,994 per gram on 1st and 2nd of March|
|Lowest price||Rs. 2,538 per gram on 2nd and 3rd of January||Rs. 2,714 per gram on 1st of February||Rs. 2,871 per gram on March 31st|
Gold Rate Trend of Cuttack in January 2016
- Gold held steady at Rs. 2,541 on 1st of January.
- Gold witnessed a steady rise from the 6th of January owing to global demand.
- Gold hit its highest for the month on 27th January at Rs. 2,727 per gram.
Gold Rate Trend of Cuttack in February 2016
- Gold stood at Rs. 2,714 per gram on the 1st of February.
- There was a steady rise in gold rate in February and gold hits its peak for the month on 26th of February at Rs. 2,987 per gram.
Gold Rate Trend of Cuttack in March 2016
- There was a rise in gold rate from 29th of February as gold held steady at Rs. 2,994 per gram on 1st of March.
- Low demand led to a further decline as gold was at its lowest for the month at Rs. 2,871 on 28th of March.
Gold investment avenues in Cuttack
Gold is a key component in the Indian way of life, with people considering it auspicious. Most Indian celebrations are incomplete without gold, with gold sales peaking during festivals and weddings. Today, gold is also viewed as an excellent investment option, providing a safety net against market fluctuations, making it popular among the residents here.
Market trade – New technology has made it possible for people to purchase gold from the comfort of their homes, with E-gold, futures contracts and ETFs providing an avenue to trade in it. Trading in gold comes with an element of risk and individuals should consider it before investing. One can participate in E-gold trade through the National Spot Exchange while gold ETFs can be traded on the Mumbai Stock Exchange.
Over-the-counter – Over-the-counter purchase of gold remains the most popular form of buying gold, with banks and jewellers across the city offering a number of products for every budget. Gold coins, bars and jewellery are some of the popular means of purchasing gold, with bars and coins typically purchased only as an investment. Gold jewellery can be purchased for different purposes and can be resold, offering liquidity. Well known national jewellery brands have a presence in the city and combined with local jewellers, they provide a plethora of products at different rates. Typically, gold purchased from banks can cost more on account of purity certificates.
Also Check Gold Price in NearBy Cities of Cuttack
|Gold Rate In Bhubaneswar||Gold Rate In Visakhapatnam||Gold Rate In Raipur|
|Gold Rate In Kolkata||Gold Rate In Jamshedpur||Gold Rate In Rajahmundry|
- Also Check: Gold Rate in Odisha
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- Auspicious Days To Buy Gold In 2016
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- Which One Should You Buy Gold Coins Or Gold Bars
News About Gold Rate in Cuttack
Gold Rises as Likelihood of Fed Rate Hike Declines
Gold reached a 3-week high as the possibility of an interest rate hike by the U.S. Federal Reserve looks remote.
Gold climbed by 1% on Wednesday (8th June, 2016), with spot gold trading at $1,263.81 per ounce while U.S. gold climbed by 1.2% to trade at $1,262.30 per ounce.
The declining Dollar also contributed to gold prices rising, with the currency falling to a 5 week low against global currencies as speculation of the rate hike being deferred to July spread.
Market watchers predict gold could rise by up to $20 an ounce over the course of the month if market conditions are favourable, but say this will do little to raise demand for the precious metal.
Gold reserves in China did not reflect any change but the country’s central bank indicated China would continue purchases in an effort to expand its reserves of forex.
Demand for gold jewellery continued to be strong in the top three markets, viz. China, India and the U.S.
9th June 2016