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Muzaffarpur is a sub-metropolitan city located in the Tirhut region of Bihar. The city is especially famous for its Shahi Lychees and is popularly called a Lychee Kingdom. It is also the fourth most populous city in the state of Bihar behind Patna, Gaya, and Bhagalpur. It was established by the British in 1857 to make the administration convenient, and the name derives from the revenue officer Muzaffar Khan, who was stationed here in this city.
Gold Rate Trend in Muzaffarpur for April 2018 to June 2018 (rates per gram)
|1st day||Rs.3,159 per gram||Rs.3,231 per gram||Rs.3,216 per gram|
|Last day||Rs.3,231 per gram||Rs.3,217 per gram||Rs.3,146 per gram|
|Highest price||Rs.3,243 per gram from 20 to 23 April||Rs.3,254 per gram on 14 May||Rs.3,216 per gram on 1 June|
|Lowest price||Rs.3,159 per gram from 1 and 2 April||Rs.3,197 per gram on 18 May||Rs.3,146 per gram on 30 June|
Gold Rate Trend in Muzaffarpur for April 2018:
- Gold was priced at Rs.3,159 per gram in Muzaffarpur when trading started for the month of April.
- Demand for the metal was so good this month that rates seen on the 1st and 2nd were the lowest gold rates for the month.
- The imminent trade war rhetoric between the United States and China destabilised the dollar briefly before the joint NATO-US strike on Syria caused the dollar to drop further.
- As a result of this, safe-haven demand was also on the increase. From the 20th to the 23rd, gold traded at Rs.3,243 per gram - the month’s highest rates, thanks to strong demand.
- When the month ended gold rates had fallen slightly to Rs.3,231 per gram. This month’s high increase in prices was mostly due to a highly weak dollar and even weaker markets.
- A 2.27% increase in prices were recorded this month, thanks to positive global cues and a strong local demand.
Gold Rate Trend in Muzaffarpur for May 2018:
- May’s trading started with gold opening at Rs.3,231 per gram on the 1st day of the month.
- Demand this month was on the weaker side because of weak sales in the local market.
- The precious metal traded at a monthly high rate of Rs.3,254 per gram on the 14th, thanks to a strong rise in demand.
- However, as demand plummeted ahead of a rising dollar, gold rates dropped around the world, which led to a price decline locally as well.
- On the 19th, gold traded at Rs.3,197 per gram - the month’s lowest rate. When the month ended, gold was seen trading at Rs.3,217 per gram.
- Gold rates this month declined owing to a steady US dollar which had an impact on global gold sales. As cues remained weak everywhere, prices in Muzaffarpur were also affected.
Gold Rate Trend in Muzaffarpur for June 2018:
- Gold was priced at Rs.3,216 per gram when this month’s trading started. This was the highest gold rate for the month in what turned out to be a terrible period for gold sales.
- A constantly rising dollar and the further threat of a Fed rate hike kept gold demand on the backburner with investors looking at other assets.
- Rates in Muzaffarpur fell slowly but gradually as demand was weakening considerably. The month ended with gold rates holding at Rs.3,146 per gram.
- This month’s trading suffered significantly as the US dollar was consistent and the subsequent news that Fed rates would be hiked also caused gold demand to fall.
- Prices fell by 2.17% this month, thanks to weak demand from the local market which was caused by a strong dollar.