Gold Rate In Madhya Pradesh

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Gold rate in Madhya Pradesh

Madhya Pradesh is a Northern state in India which is is said to be very rich in culture and boasts of one of the most ancient but renowned universities of India, Nalanda. The state is very well established in terms of language and artistry and are said to be consisting a population that has a very simple taste and lead a humble lifestyle, but when it comes to jewelry, gold is an auspicious part of their day to day life. A woman from the state is often seen wearing some sort of gold ornament even if it is the form of a nose ring. However, in Madhya Pradesh similar to other states in the country the rates are based on the prices around the region and fixed on the basis of the gold rates from the other parts of the country. Here, you will read about the general trend and rates of gold in the state.

Gold Rate Trend in Madhya Pradesh for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Madhya Pradesh from July 2020 to September 2020:

• Gold prices in Madhya Pradesh in the month of July opened and closed at Rs.4,904 per gram and Rs.5,397 per gram, respectively. The prices of gold were stable on 4 July, 5 July, and 6 July and were at Rs.4,883 for a gram. This was also the lowest rate that the yellow metal hit for the month.
• In August, gold prices declined by 3.85% over the course of the month. On 8 August 2020, gold hit its highest prices for the month and was at Rs.5,723 for a gram. The yellow metal hit its lowest rate on 29 August and was at Rs.5,221 per gram.
• On 1 September, the price of gold in the state was at Rs.5,250 per gram. However, gold prices declined by 2.00% by the end of the month and closed at Rs.5,145 for a gram. The highest and lowest rates that the yellow metal hit for the month were Rs.5,311 per gram and Rs.5,072 per gram, respectively.

Gold Rate Trend in Madhya Pradesh for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Madhya Pradesh from April to June:

• On 1 April 2020, the price of gold in Madhya Pradesh was at Rs.4,158 for a gram and remained steady over the next 20 days. This was the lowest rate that the yellow metal hit for the month. The coronavirus outbreak across the world was the main reason for the prices to increase. On 30 April, the price of gold was at Rs.4,761 for a gram, seeing a 14.50% incline over the course of the month.
• In the month of May, the prices of gold opened at Rs.4,699 per gram and closed at Rs.4,799 per gram. The tensions between China and the US was the main reason for the prices to increase. Gold saw its prices increase by 2.12% in May.
• In June, the prices of gold saw an incline of 3.93% as the price of gold opened and closed at Rs.4,799 and Rs.4,988 respectively. The increase in the number of coronavirus cases and the stimulus measures that were introduced ensured that the prices increased.

Gold Rate Trend in Madhya Pradesh for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Madhya Pradesh from January 2020 to March 2020:

• In January, gold prices in Madhya Pradesh opened at Rs.3,985 per gram for 24 karat gold and closed at Rs.4,179 per gram for the same. The lowest price was also on the first day of the month and the highest was a week later at Rs.4,216 per gram for 24 karat on 9 January. The trend was an overall incline of 4.86%. This was driven by several political effects that had an impact on stock markets around the world, which increased the safe-haven appeal of precious metals like gold. The US-China trade war which had been simmering for months seemed to be coming to a head but was soon overshadowed by the US-Iran conflict. News of an epidemic in China, called the coronavirus, shook Chinese markets, all of which contributed to investors turning their backs on equities and looking more towards gold as an investment.
• In February, gold opened at Rs.4,179 per gram, which was the same as the last day of January. It closed at Rs.4,358, with the highest being in the last week of the month at Rs.4,410 per gram and the lowest being Rs.4,132 which was in the first week of the month. This can be attributed to the coronavirus spreading like wildfire across countries, shooting down stock markets in its wake. Although there was a temporary dip in prices due to China’s central bank injecting an economic boost through a monetary policy and stimulus which boosted the stock markets, this was only temporary as prices of gold went back up as the coronavirus continued got worse, continuing to bring stocks down in its wake. The overall trend this month was on an incline for gold at 4.28%.
• In March, the trend of gold was completely different from that of the previous two months. There was a steep decline in prices to –2.46% with the lowest price being Rs.4,116 in the third week of March and the highest price being in the first and second weeks of March which was at Rs.4,531. The announcement of the World Health Organisation that the coronavirus was now a pandemic had stoked fears of a global recession which led to a temporary spike in gold prices, but this soon plummeted as investors started liquidating assets and choosing to have cash in hand instead of even equities or safe-haven investments. Physical trading of gold and online trading in bullions also dipped as lockdowns spread in almost every country in the world, further contributing to the dip in prices of gold in March in Madhya Pradesh.

Also Check Gold Price in Metro Cities

Gold as an investment in Madhya Pradesh

When it comes to a safe investment option, Gold is considered to be one of the least riskiest of trading commodities in any market, whether regional or global. In Madhya Pradesh too the yellow metal is considered an investment option that is lower on risk factors, primarily based on the fact that it is highly affordable and culturally significant as mentioned before. Most families find this metal auspicious such as weddings and Dhanteras season. Also families involved in marriage exchange gold ornaments as a tradition especially for the bride and the other female family members. Investors in this part of the country also find it an integral part of their investment portfolio along with stock market and mutual fund investments. Investors have various options for gold trading through gold contracts and physical gold.

Physical Gold: If you are buying gold in Madhya Pradesh, you have a variety options. This includes buying gold coins from jewelers as well as banks who offer products that are variegated in prices based on individual’s investment requirement and budget. Gold ornaments include chains, anklets, earrings, amulets, nose rings and rings which serve both as an investment along with being an accessory. Gold statues of gods and goddesses are also popular in Madhya Pradesh, with their demand peaking during festivals and religious processions during Akshaya Tritiya and Ganesh chaturthi. Gold in banks are slightly more expensive. But then again you have the advantage of gold that is certified and checked and you can be assured about the purity.

Market Trade: In this state one can purchase gold through the markets, with gold being traded in the National Multi Commodity Exchange, National Commodity and Derivatives Exchange and the Multi Commodity Exchange. This is apt for individuals willing to purchase gold in bulk, with the minimum trading limit being set at 1 kg in general. It's a viable option for people who are well aware of the gold market and all that affects it.

Also Check Gold Prices in the Cities of Madhya Pradesh

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