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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 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.
Gold Rate Trend in Jamshedpur for October 2016 to December 2016 (per gram of 24 karat gold)
|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.
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.
|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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