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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 October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.3,109 per gram||Rs.3,071 per gram||Rs.3,074 per gram|
|Last day||Rs.3,091 per gram||Rs.3,085 per gram||Rs.3,098 per gram|
|Highest price||Rs.3,138 per gram from 12 to 17 October||Rs.3,123 per gram on 20, 25th and 26th November||Rs.3,098 per gram on 30 and 31 December|
|Lowest price||Rs.3,079 per gram from 27 to 29 October||Rs.3,035 per gram 18 November||Rs.3,001 per gram on 12 and 13 December|
Gold Rate Trend in Jamshedpur for October 2017:
- Gold was trading at Rs.3,109 per gram when trading began in Jamshedpur for October 2017.
- Gold rates fluctuated considerably over the first two weeks before hitting a monthly peak on the 12th to trade at Rs.3,138 per gram.
- Due to a steady demand from local investors and a weak US dollar, the yellow metal continued to trade at this rate till the 17th of the month.
- As the month progressed, the US dollar clawed back against other currencies and pushed gold rates to consolidate.
- After significant fluctuations, gold rate in Jamshedpur hit their lowest rates towards the final few days of this month. This was because demand hit a new monthly low in the city and the metal traded at Rs.3,079 per gram as a result of this.
- The next two days, i.e., the 28th and the 29th also saw gold trade at Rs.3,079 per gram as demand remained low but weak.
- Gold improved slightly over the final two days of October to close at Rs.3,091 per gram on the final day of the month.
- The yellow metal’s rates declined by 0.579%, owing to some poor sales witnessed during the initial stages of the month.
Gold Rate Trend in Jamshedpur for November 2017:
- When trading opened for the month of November, gold was priced at Rs.3,071 per gram.
- Unlike the previous month, gold prices actually inclined over the course of this month, thanks to slow yet steady increase in demand buoyed by fresh festive demand.
- There were considerably fluctuations in gold prices for the first three weeks and the metal traded at its lowest on the 18th when it traded at Rs.3,035 per gram.
- As the festive season approached, and as local jewellers rushed in to make purchases in order to meet the rising demand, gold rate in Jamshedpur surged towards the fourth week.
- Gold prices were recorded at their highest levels for this month on the 20th, the 25th and the 26th of the month, when it traded at Rs.3,123 per gram.
- Rates consolidated further and the metal traded at Rs.3,081 per gram on the final day of November.
- Thanks to festive demand and a slightly weaker dollar, gold price trends saw a 0.45% surge over the course of this month’s trading.
Gold Rate Trend in Jamshedpur for December 2017:
- On the 1st of December, gold was seen trading at Rs.3,074 per gram when the final month of Q4 2017 began in Jamshedpur.
- The metal recorded its lowest rate on the 12th as the latest tax cuts introduced by US President Donald Trump help the dollar gain against other currencies.
- Gold traded at Rs.3,001 per gram over the 12th and the 13th before seeing steady improvements as days passed.
- Despite some fluctuations, gold rates hit their highest for the month on the 30th and the 31st of the month when it traded at Rs.3,098 per gram.
- Overall, there was a 0.78% month-on-month incline in prices recorded this month, thanks to an increased local demand and a weak US dollar.
Gold Rate Trend in Jamshedpur for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,931 per gram||Rs.2,997 per gram|
|Last day||Rs.2,920 per gram||Rs.2,965 per gram||Rs.3,040 per gram|
|Highest price||Rs.2,950 per gram on 1 July||Rs.2,980 per gram on 29 August||Rs.3,100 per gram on 8 September|
|Lowest price||Rs.2,800 per gram on 14 July||Rs.2,900 per gram from 5 to 8 August||Rs.2,997 per gram on 1 September|
Gold rate trend in Jamshedpur for July 2017
- When trading commenced for the month of September, gold was priced at Rs.3,011 per gram in Jamshedpur.
- The GST implementation seemed to have less impact on the local demand, the precious metal was trading at Rs.3,044 per gram the next day.
- However, prices dropped over the next few days with a domestic demand declining for the bullion. This led to gold rate in Jamshedpur dropping to Rs.2,992 per gram on the 8th.
- Demand - overseas, as well as, domestic - dropped significantly leading to gold price in Jamshedpur dropping to Rs.2,912 per gram on the 12th.
- The 14th witnessed the bullion touch the lowest recorded monthly figure of Rs.2,903 per gram due to a steep decline in demand from local, as well as, international markets.
- The geopolitical crisis between the US and North Korea sent the US economy crashing, pushing gold prices up to Rs.2,939 per gram on the 19th.
- Prices rose further to Rs.3,002 per gram on the 22nd, thanks to an increase in safe-haven investments around the world coupled with an incline in Asian demand for the metal.
- However, investors suspended purchases over the next few days with the US dollar recovering, and the yellow metal was trading at Rs.2,972 per gram on the 26th.
- Increased local demand towards the end of the month resulted in gold prices in Jamshedpur surging to Rs.3,001 per gram on the 29th.
- The month of July ended with gold trading at Rs.3,001 per gram, owing to steady demand from investors and retail jewellers.
Gold rate trend in Jamshedpur for August 2017
- Gold opened at 3,005 per gram on the 1st, but prices dropped to Rs.2,997 per gram the next day as demand for the precious metal declined.
- The US dollar strengthened with the possibility of an increase in interest rates by the US Federal Reserve, leading to gold trading at Rs.2,975 per gram on the 5th.
- However, gold prices in Jamshedpur surged to Rs.3,034 per gram on the 11th as safe-haven investments around the world increased due to the overseas conflict between the US and North Korea.
- Investors banked on investments considered safer with the stand-off between North Korea and the US intensifying. This led to gold prices rising to Rs.3,072 per gram on the 17th. This was also the highest recorded monthly figure in Jamshedpur.
- Prices dropped as the US dollar rates improved with the upcoming central banks’ meeting, and gold was trading at Rs.3,030 per gram on the 22nd.
- With speculations on a nuclear war between the US and North Korea, global markets crashed pushing gold prices up to Rs.3,058 per gram on the 28th.
- The 29th witnessed gold rate in Jamshedpur decline significantly to Rs.3,015 per gram with increased local demand in spite of positive global cues.
- The rest of the month witnessed gold holding steady at Rs.3,041 per gram with stable domestic demand against a strong dollar.
Gold rate trend in Jamshedpur for September 2017
- When trading commenced in Jamshedpur, the yellow metal was priced at Rs.3,041 per gram on the 1st of September.
- Gold trade improved significantly after the North Korean government announced an official statement on its most powerful thermonuclear weapon test to date. This pushed safe-haven investments higher worldwide, subsequently rising the demand for the precious metal. This led to gold being priced at Rs.3,185 per gram - the highest recorded monthly figure - on the 8th.
- However, the US economy recovered over the next few days, pushing the gold price in Jamshedpur down to Rs.3,141 per gram on the 13th.
- Demand for the bullion, however, dropped further as local investors and jewellers reduced purchases, and gold was trading at Rs.3,111 per gram on the 23rd.
- Despite the arrival of Dussehra, demand for the metal was on the low. This led to gold rates dropping to Rs.3,105 per gram on the 26th.
- The month ended with the yellow metal trading at Rs.3,109 per gram on the 30th as demand for the metal remained steady.
Gold Rate Trend in Jamshedpur for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.3,011 per gram||Rs.3,021 per gram||Rs.3,030 per gram|
|Last day||Rs.3,021 per gram||Rs.3,015 per gram||Rs.3,011 per gram|
|Highest price||Rs.3,096 per gram on 17 April, 22 April and 23 April||Rs.3,029 per gram on 23 May||Rs.3,080 per gram on 7 June|
|Lowest price||Rs.3,005 per gram on 10 April||Rs.2,937 per gram on 11 May||Rs.2,994 per gram on 19 June and 20 June|
Gold rate trend in Jamshedpur for April 2017
- Gold opened at Rs.3,011 per gram on 1 April in the city of Jamshedpur. This rate was noted until 3 April due to steady demand from domestic quarters.
- As there was a rise in the demand from the markets and positive market cues, the rate of this yellow metal rose as the week progressed.
- However, there was a rise noted in the value of the U.S. dollar which in turn reduced the price of this metal resulting in gold trading at Rs.3,005 per gram on 10 April which was also the lowest at which gold was priced for the month of April.
- The rate of gold was steady at Rs.3,065 per gram from 13 April to 16 April on account of market factors.
- Socio-political situations in the world had an impact on the price of this yellow metal.
- The rate of gold rose to Rs.3,096 per gram on 22 April and stayed steady at this rate the next day as well.
- However, this increase was not sustained and gold rate fell to trade at Rs.3,021 per gram on the last three days of the month, recording a incline of 0.33% in the price of this precious metal in Jamshedpur.
Gold rate trend in Jamshedpur for May 2017
- This yellow metal traded at Rs.3,021 per gram on 1 May which was a continuation of the rate noted during the end of April in Jamshedpur.
- However, this rate was not sustained and as the demand for gold fell, the price reduced as well as the week progressed.
- Gold was priced at Rs.2,948 per gram on 9 May and plunged further to Rs.2,937 per gram on 11 May which was also the lowest at which gold was priced for the month in the city of Jamshedpur.
- There was a marginal recovery noted over the next few days, albeit with a few variations in price.
- With the gaining of Asian stocks and uncertainty regarding President Trump’s policies, the rate of gold varied.
- Gold traded at Rs.3,012 per gram from 25 May to 28 May before rising to trade at a monthly high of Rs.3,034 per gram on 30 May.
- On the last day of the month, gold was priced at Rs.3,015 per gram recording a decline of 0.19% in the price of this metal.
Gold rate trend in Jamshedpur for June 2017
- Gold opened at Rs.3,030 per gram on 1 June in Jamshedpur but reduced the next day to trade at Rs.3,011 per gram.
- The rate of gold varied due to fluctuations in demand. It was decided that GST would be implemented in July and gold would be taxed at a rate of 3%.
- Gold traded at Rs.3,080 per gram on 7 June which was the highest at which gold was priced at for the month of June.
- This yellow metal traded steadily at Rs.3,012 per gram from 15 June to 18 June due to stable demand from both domestic as well as international quarters.
- The rate of gold reduced thereafter to trade at Rs.2,994 per gram on 19 and 20 June which was the lowest rate for the month.
- On the last day of June in Jamshedpur, gold was priced at Rs.3,011 per gram, recording a decline of 0.62% in the price of this metal.
Gold Rate Trend in Jamshedpur for January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,843 per gram||Rs.2,989 per gram||Rs.3,030 per gram|
|Last day||Rs.2,989 per gram||Rs.3,008 per gram||Rs.2,987 per gram|
|Highest price||Rs.3,014 per gram on the 24th of January||Rs.3,010 per gram from the 20th of February to 22nd of February||Rs.3,030 per gram on March 1st and March 27th|
|Lowest price||Rs.2,838 per gram on January 2nd.||Rs.2,977 per gram on the 2nd of February||Rs.2,945 per gram on the 15th of March|
Gold Rate Trend for Jamshedpur in January 2017
- Gold opened the year’s trading at Rs.2,843 per gram on January 1st.
- A poor performing US Dollar saw Gold prices climb to Rs.2,860 per gram on January 4th on account of safe-haven investments.
- A spike in demand in the domestic market allowed gold to further climb to Rs.2,879 per gram on January 5th and 6th.
- Uncertainty pertaining to the US monetary policy saw gold price further rise to Rs.2,899 per gram on January 7th and January 8th to close the first week of trading.
- Technical trading saw gold open the second week of trading at Rs.2,885 per gram on January 9th.
- A positive trend globally saw gold prices climb to Rs.2,926 per gram on January 11th.
- Technical buying saw gold prices rise to Rs.2,937 per gram on January 13th.
- A weakened US Dollar saw gold prices at Rs.2,961 per gram on January 14th and January 15th to close the second week of trading.
- Gold remained steady at Rs.2,961 per gram to open the third week of trading on January 16th.
- Market adjustments saw gold prices rise to Rs.2,984 per gram on January 17th.
- A weakened demand domestically saw gold prices drop to Rs.2,970 per gram on January 19th.
- Technical trading allowed gold to recover to Rs.2,977 per gram on January 20th.
- Gold remained stable at Rs.2,977 per gram to close the third week’s trading on January 22nd.
- Negative US economic data and uncertainty pertaining to the US monetary policy saw gold prices soar to Rs.3,010 per gram on January 23rd to open the fourth week of trading.
- Technical corrections saw gold reach a two-month high of Rs.3,014 per gram on January 24th.
- An expected US Federal Interest Rate hike saw gold prices slip to Rs.2,947 per gram on January 27th.
- Prevailing low prices saw technical buying from investors allowing gold prices to recover to Rs.2,969 on January 28th and 29th.
- Technical buying saw gold close trading for the month of January at Rs.2,989 per gram on January 31st.
Gold Rate Trend for Jamshedpur in February 2017
- Gold remained stable at Rs.2,989 per gram to open trading for the month of February.
- A slump in global demand for gold saw prices drop to Rs.2,977 per gram on February 2nd.
- Uncertainty over the upcoming French election, weak industrial data from Germany and a strong US Dollar saw Gold slip to Rs.2,980 per gram to close the week’s trading on February 5th.
- Gold remained stable at Rs.2,980 per gram throughout the second week of trading between February 6th and February 12th.
- Technical corrections saw gold open the third week of trading at Rs.2,991 per gram on February 13th.
- Gold remained stable at Rs.2,991 throughout the third week of trading between February 13th and February 19th.
- A weakened US Dollar saw gold open the fourth week of trading at Rs.3,010 per gram on February 20th. This was the highest price recorded for the month of February.
- Technical corrections saw gold prices drop to Rs.3,008 per gram between February 23rd and February 28th to close the trading for the month of February.
Gold Rate Trend for Jamshedpur in March 2017
- A weakening US Dollar saw gold climb to Rs.3,030 per gram to open the trading for the month of March.
- Technical corrections saw gold prices drop to Rs.3,015 per gram between March 3rd and March 5th to close the first week of trading.
- Gold opened the second week of trading at a stable Rs.3,015 per gram on March 6th.
- A slump in demand for gold saw gold prices drop to Rs.2,997 per gram on March 9th.
- An expected US Federal Interest Rate hike saw gold price slip further to Rs.2,980 per gram on March 10th.
- Technical correction due to prevailing prices of gold saw gold recover to Rs.2,994 per gram on March 11th and March 12th to close the second week of trading.
- Gold opened the third week of trading at a stable Rs.2,994 per gram on March 13th.
- A strong US Dollar saw gold slip to a month low of Rs.2,945 per gram on March 15th.
- Prevailing low prices saw technical buying in the market allowing gold to recover to Rs.2,985 on March 18th and March 19th to close the third week’s trading.
- Gold opened the fourth week of trading slightly weaker at Rs.2,978 per gram on March 20th.
- On March 24th gold prices rose to Rs.3,012 per gram on account of a weakened US Dollar.
- Gold remained stable at Rs.3,012 per gram to close the week’s trade on March 26th.
- Safe-haven investments in gold saw it open the fifth week of trading at Rs.3,030 per gram on March 27th.
- A stronger US Dollar and a slump in demand for the precious metal saw gold prices drop to Rs.3,006 per gram on March 29th.
- Technical adjustments saw gold close the trading for the month of March at Rs.2,987 per gram on March 31st.
|1st day||Rs.3,244 per gram||Rs.3,130 per gram||Rs.2,884 per gram|
|Last day||Rs.3,130 per gram||Rs.2,926 per gram||Rs.2,843 per gram|
|Highest price||Rs.3,244 per gram from 1st-11th October||Rs.3,190 per gram on 3rd & 4th November||Rs.2,963 per gram on 1st & 2nd December|
|Lowest price||Rs.3,100 per gram on 18th October||Rs.2,919 per gram on 27th November||Rs.2,749 per gram from 24th-26th December|
Gold Rate Trend for Jamshedpur in October 2016
- Gold prices in Jamshedpur were stable as the month began but fell towards the middle of the month due to decreasing demand.
- Gold was priced at Rs.3,244 per gram on 1st October as jewellers increased orders due to the upcoming festive and wedding season.
- Industrial demand was also brisk but began to dip due to a resurgence in the U.S. Dollar over the possibility of a U.S. Fed rate hike.
- A dip in demand from the retail sector occurred as the month ended, which led to a drop in price.
- Gold ended the month trading at Rs.3,130 per gram, with the price falling by 3.5% due to declining demand.
Gold Rate Trend for Jamshedpur in November 2016
- The price of gold fell sharply during the month after an initial rally due to stable markets which led to a reduction in demand from industry.
- Gold traded at Rs.3,130 per gram on 1st November, with the price rising to Rs.3,190 per gram on 3rd November as markets dipped over uncertainty regarding the upcoming U.S. election results.
- Prices fluctuated following the announcement of the demonetisation of large currency notes in India, which boosted gold demand.
- Prices began to fall as industrial demand slowed as markets stabilised after the upheaval of the first two weeks, with domestic demand also dropping due to a currency shortage.
- Prices failed to recover as the month ended, resulting in gold trading at Rs.2,926 per gram on 30th November, recording an overall loss of 6.5%.
Gold Rate Trend for Jamshedpur in December 2016
- Demand continued to be lower than expected, resulting in gold trading at Rs.2,884 per gram on 1st December.
- Speculation of a Fed rate hike led to the U.S. Dollar trading high, which led to a reduction in demand for gold.
- The weeks before Christmas saw a decline in demand for gold due to higher volumes of sales, which stabilised markets and reduced dependency for gold as a safe haven asset.
- Prices fell to a quarterly low of Rs.2,749 per gram on 24th December due to a slump in retail demand coupled with a slowdown in demand from industry.
- The continued currency shortage led to reduced demand during the festive season, which kept prices low.
- Gold prices rose marginally as the month ended due to fears of a slowdown in Asia, as investors looked to invest in safe haven assets like bullion.
- Gold traded at Rs.2,843 per gram on 31st December.
|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.
|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.
|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
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