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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 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,005 per gram||Rs.5,513 per gram||Rs.5,293 per gram|
|Last Day||Rs.5,431 per gram||Rs.5,293 per gram||Rs.5,198 per gram|
|Highest Price||Rs.5,431 per gram on 30 July and 31 July||Rs.5,786 per gram on 8, 9, and 10 August||Rs.5,345 per gram on 16 September and 17 September|
|Lowest Price||Rs.4,961 per gram from 7 July||Rs.5,263 per gram on 29 August||Rs.5,130 per gram on 29 September|
Quarterly Gold Rate in Jamshedpur from July 2020 to September 2020:
- Gold price in Jamshedpur opened at Rs.5,005 per gram on 1 July and was at its lowest in the first week at Rs.4,961 per gram on 7 July. The metal’s price increased substantially throughout the month and closed at Rs.5,431 per gram on 31 July with an incline of 8.5%.
- In August, gold rate opened at Rs.5,513 per gram and was at its highest for three days at Rs.5,786 per gram. However, the price of the metal declined through the month and was at its lowest on 29 August at Rs.5,263 per gram, closing at Rs.5,293 per gram.
- Opening at Rs.5,293 per gram on 1 September, the price of gold showed a declining trend for the month with a constant fluctuation in prices. On 16 September, the metal’s price was the highest at Rs.5,345 per gram and was the lowest at Rs.5,130 per gram.
Gold Rate Trend in Jamshedpur for April 2020 to June 2020 (per gram of 24 karat gold)
|First Day||Rs.4,263 per gram||Rs.4,699 per gram||Rs.4,799 per gram|
|Last Day||Rs.4,761 per gram||Rs.4,799 per gram||Rs.5,005 per gram|
|Highest Price||Rs.4,846 per gram on 29 April||Rs.4,883 per gram on 18 and 19 May||Rs.5,013 per gram on 25 and 26 June|
|Lowest Price||Rs.4,263 per gram from 1 April to 20 April 2020||Rs.4,646 per gram on 2 May 2020||Rs.4,788 per gram on 8, 9, and 10 June 2020|
Quarterly Gold Rate in Jamshedpur from April to June:
- Opening the month of April, gold prices in Jamshedpur was trading at Rs.4,263 per gram on 1 April and held steady until 20 April since the trading offices were shut due to the lockdown. The metal’s price increased at the end of the month and closed at Rs.4,761 per gram, recording an incline of 11.68%.
- In May, gold was trading at Rs.4,699 per gram on 1 May and was at its lowest on 2 May at Rs.4,646 per gram. The metal’s price increased owing to lower risk appetite and the metal hit its highest on 18 May at Rs.4,883 per gram, before closing at Rs.4,799 per gram on 31 May.
- June showed an inclining trend as well for the metal, opening at Rs.4,799 per gram and recorded the monthly low at Rs.4,788 per gram on 8 June. In the last week of the month, the metal hit 8-year highs at Rs.5,013 per gram and closed at Rs.5,005 per gram.
Gold Rate Trend in Jamshedpur for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,027 per gram||Rs.4,199 per gram||Rs.4,303 per gram|
|Last Day||Rs.4,199 per gram||Rs.4,377 per gram||Rs.4,263 per gram|
|Highest Price||Rs.4,251 per gram on 9 January||Rs.4,436 per gram on 25 February||Rs.4,583 per gram on 7 March|
|Lowest Price||Rs.4,041 per gram on 2 and 3 January||Rs.4,160 per gram on 7 February||Rs.4,158 per gram on 20 March|
Quarterly Gold Rate in Jamshedpur from January 2020 to March 2020:
- The prices of gold in Jamshedpur was at Rs.4,027 per gram on 1 January 2020. Gold prices were the lowest for the month on this date as well. The trade deal between China and the US and the tensions between the Middle East and the US ensured that the prices of gold fluctuated throughout the month. Gold prices hit its highest rate on 9 January 2020 and were at Rs.4,251 for a gram. Gold closed the month at Rs.4,199 per gram, seeing a 4.27% incline.
- The prices of gold for the month of February opened at Rs.4,199 for a gram and closed at Rs.4,377 per gram. Gold prices did not change on 1 February 2020 when compared to the last day of January. On 7 February 2020, the price of gold hit its lowest rate for the month and was at Rs.4,160 for a gram. The prices of gold hit its highest rate on 25 February 2020 and were at Rs.4,436 per gram. Gold saw an incline of 4.23% over the course of the month.
- In March, gold opened the month at Rs.4,303 per gram, reducing by Rs.74 when compared to the last day of February. In the first week of the month, the prices of gold increased as several investors expected the US Federal Reserve to cut the interest rates. Over the next two weeks, the gold rates reduced due to the coronavirus outbreak. In order to help the economy, the US Federal Reserve introduced several measures in the last week, ensuring the prices did not fall further. Gold closed the month at Rs.4,263, seeing a 0.92% decline.
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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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