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Jamshedpur is the district headquarters of Purbi Singhbhum district in Jharkhand. The city, when it was founded by Jamshedji Tata, was known as Sakchi or Kalimati. It was renamed in 1919 as Jamshedpur by Lord Chemsford, the Viceroy of India from 1916 to 1921. Jamshedji Tata set up India’s first iron and steel plant in the city in 1908. This planned city was built with a vision of providing not only accommodation but all basic amenities, infrastructure, religious and leisure spots and green cover.
Jamshedpur, a completely industrial city, is rich in minerals such as iron ore, coal, manganese bauxite and lime. In fact, the Geological Survey of India is looking for gold, platinum and other rare earth mineral deposits in the Singhbhum region that includes Jamshedpur. The major industries in the city are iron and steel, cement, tinplate manufacturing, truck production, and other related works.
Gold prices in Jamshedpur
Gold rates depend on the basics of demand and supply, but with gold, the demand often stays stable despite higher prices. Gold demand generally peaks during the wedding season – which is most of the year except during the monsoon.
Gold is generally traded in the form 24-karat (99.9% purity) and 22-karat (91.6% purity), though 20-karat, 18-karat and 14-karat gold jewellery is also in vogue. An average consumer, however, never buys 24-karat pure gold unless in the form of investments such as gold coins or bars, or e-gold and gold bonds.
24-karat gold prices: The price of pure gold in Jamshedpur as on March 10, 2016 was Rs. 29,720. This is lower than the Rs. 30,374 seen on March 10 in the national capital of Delhi.
22-karat gold prices: People looking to buy gold jewellery in Jamshedpur will have to pay Rs. 27,780 for 22-karat gold (as on March 10). In Delhi, the price on March 10 was Rs. 28,400.
Gold Rate Trend in Jamshedpur for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,252 per gram||Rs.3,271 per gram||Rs.3,218 per gram|
|Last day||Rs.3,292 per gram||Rs.3,237 per gram||Rs.3,244 per gram|
|Highest price||Rs.3,305 per gram on 7th July||Rs.3,287 per gram from 5th-7th August||Rs.3,244 per gram from 7th-30th September|
|Lowest price||Rs.3,218 per gram from 27th-29th July||Rs.3,232 per gram on 9th August||Rs.3,200 per gram on 5th and 6th September|
|Trend||Increase in price||Decrease in price||Increase in price|
|Change||+1.23% increase||-1.03% decrease||+0.80% increase|
Gold Rate Trend for Jamshedpur in July 2016
- Gold traded at Rs.3,252 per gram at the start of July on the back of sustained demand with some fluctuations during the week.
- Prices rose as demand spiked due to continued fears of how Brexit would impact the economy, with prices reaching a monthly high of Rs.3,305 per gram.
- The markets began to stabilise as currencies performed well, leading to a drop in the price of gold.
- The slide in price continued as markets were bullish and investor confidence in stocks rose.
- An increase in domestic demand led to prices climbing as the month ended, closing at Rs.3,292 per gram.
Gold Rate Trend for Jamshedpur in August 2016
- Gold prices started the month strong, trading at Rs.3,271 per gram and climbing to the month’s high of Rs.3,287 per gram by the end of the week.
- Prices began to slide as markets continued their strong run and demand fell.
- Domestic demand was lower than expected, leading to prices stagnating.
- Prices continued to fall in the third week, before stabilising at Rs.3,277 per month.
- Positive industrial data led to a surge in stocks, with gold demand dropping and prices falling to Rs.3,237 per gram.
Gold Rate Trend for Jamshedpur in September 2016
- Prices dipped further, trading at Rs.3,218 per gram during the first week of September on poor demand.
- With markets slightly unsteady and global gold demand increasing, prices rose marginally.
- The second week saw prices steadily climb due to U.S. markets being uncertain.
- Global cues pointed to a stabilising gold market as currencies tumbled, with gold stabilising at Rs.3,244 per gram for the next three weeks.
Gold Rate Trend in Jamshedpur for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 3,018 per gram||Rs. 3,018 per gram||Rs.3,015 per gram|
|Last day||Rs. 3,018 per gram||Rs. 3,003 per gram||Rs.3,221 per gram|
|Highest price||Rs. 3,018 per gram||Rs. 3,157 per gram on 7th and 11th of May||Rs.3,266 per gram on 27th June|
|Lowest price||Rs. 3,018 per gram||Rs. 3,003 per gram on the 27th - 31st of May||Rs.2,988 per gram on 3rd June|
Gold Rate Trend of Jamshedpur in April 2016
- The month of April was a completely stable month.
- Gold traded at Rs. 3,018 at the start of the month.
- Prices in Jamshedpur stayed constant unaffected by the strikes and global trends.
Gold Rate Trend of Jamshedpur in May 2016
- Gold traded at Rs. 3,018 on May 1st.
- The trend for May showed a decline owing to the growing expectations of e Fed rate hike.
- Prices dropped to Rs. 3,003 on 27th May and remained unchanged till the end of the month.
Gold Rate Trend of Jamshedpur in June 2016
- Gold traded at Rs.3,015 per gram on the 1st of the month in Jamshedpur and rose steadily with minor fluctuations as the month progressed.
- An increase of 6.83% was noted at the end of the month in the price of gold.
- The demand for gold saw a significant increase due to uncertainty resulting from Brexit as investors rushed to purchase gold.
- Although the price of gold dipped slightly during mid June, rates picked up again due to demand and uncertainties in the market.
Gold Rate Trend in Jamshedpur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,587 per gram||Rs. 2,769 per gram||Rs. 3,090 per gram|
|Last day||Rs. 2,692 per gram||Rs. 3,067 per gram||Rs. 3,018 per gram|
|Highest price||Rs. 2,692 per gram on January 7th - 31st||Rs. 3,067 per gram on February 29th||Rs. 3,090 per gram on March 1st to 19th|
|Lowest price||Rs. 2,587per gram on January 1st to 4th||Rs. 2,769 per gram on February 1st||Rs.3,018 per gram on March 23rd – 31st|
|Change||+ 4.05%||+ 10.76%||- 2.33%|
Gold Rate Trend of Jamshedpur in January 2016
- Gold rates were at Rs. 2,587 at the start of the month and remained unchanged for 4 days.
- The prices for the major part of the month stayed at Rs. 2,692 with fluctuations in between.
- The month ended at Rs. 2,692 marking a 4.05% increase.
Gold Rate Trend of Jamshedpur in February 2016
- Gold rates traded at Rs. 2,769 on 1st February.
- The trend for February was an inclination.
- Prices rose to Rs. 3,067 on February 29th, ending the month with the highest recorded.
- The increase in prices was at 10.76% by the end of February.
Gold Rate Trend of Jamshedpur in March 2016
- Gold traded at Rs. 3,090 on 1st March.
- Prices were constant for majority of the month, with minor changes.
- Prices rose to 3,019 on 19th to 21st, but dropped to Rs. 3,018 and stayed steady.
Gold demand in Jamshedpur
Gold is not merely a matter of investment for Indians. We use gold for gifting, to indicate social status, to maintain social prestige, and for auspicious and special occasions. Even the poor save money in bits to buy gold at some point in their lives. Weddings where the bride is not sparkling with gold jewellery is almost unheard of in the country. And all this jewellery is not always lying idle – we also use it as security to get loans, and if times are hard, we sell it off at the best prices.
The high number of jewellery shops in Jamshedpur indicate that the demand for the precious metal is quite high in the city. National brands such as Tanishq, Tribhovandas Bhimji Zaveri, PC Chandra Jewellers and Reliance Jewels have their showrooms in Jamshedpur.
Gold investment in Jamshedpur
Gold is a safe haven for investment as it can act as a hedge to inflation. Rising gold prices make it an attractive investment with a high resale value. Following the trend of gold investment across the country, people in Jamshedpur buy gold in two main forms:
Physical gold: The most common form of investment in gold is to buy ornaments and gift articles. There are several jewellery shops and showrooms in Jamshedpur to cater to this demand. People looking at gold merely as investment also buy gold coins and bars. This is available at banks and other authorised financial institutions.
Market trade: People who do not want to buy gold in the form of jewellery can opt for paper gold and bonds. This investment option is not very popular in India currently, but many people are experimenting with this. The options available are: Sovereign Gold Bonds, Gold Exchange Traded Funds and e-gold. Gold Monetisation Scheme is also available to those who want to put their unutilised gold ornaments and coins to a profitable use.
- Also Check: Gold Rate in Jharkhand
Also Check Gold Price in NearBy Cities of Jamshedpur
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