Gold Rate In Odisha

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Gold Rate in Orissa

Gold rate in Odisha depend on the several factors, including but not limited to, quantum of India’s gold imports, supply, demand and price fluctuations in world markets among others. The government of India raises import duties on the yellow metal to reduce the current account deficit.

Odisha has rich mineral deposits. A survey conducted by GSI, few years ago, revealed presence of gold in several districts in Odisha, namely, such as Mayurbhanj, Koraput, Malkangiri and Nabarangpur. Given that India imports almost all of its Gold, port towns in Odisha tend to have slightly lower prices compared to cities. Gold is widely used during festive occasions and weddings with jewellery stores displaying a variety of traditional designs. There have been reports of many customers putting off their plans to buy the yellow metal in anticipation of a further drop in gold rates.

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

Quarterly Gold Rate in Odisha from July 2020 to September 2020:

• On 1 July 2020, gold prices in Odisha were at Rs.5,005 for a gram. Over the course of the month, the prices of gold in the state increased by 8.51%. Gold hit its lowest rate for the month on 7 July and was at Rs.4,961 per gram. Gold hit its highest rate for the month on the 30 July and 31 July and was at Rs.5,431 for a gram.
• On 1 August 2020, the price of gold in the state was at Rs.5,513 per gram. By the end of the month, gold prices fell by 3.99%. The highest and lowest prices that gold hit in August were Rs.5,786 per gram and Rs.5,263 per gram, respectively.
• In September, gold prices saw an overall decline of 1.28% in Odisha. Gold prices opened the month at Rs.5,293 per gram and closed the month at Rs.5,225 per gram.

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

Quarterly Gold Rate in Odisha from April to June:

• On 1 April 2020, the price of gold in Odisha was at Rs.4,263 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 29 April, the price of gold was at Rs.4,761 for a gram, seeing a 11.68% 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 4.29% as the price of gold opened and closed at Rs.4,799 and Rs.5,005 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 Odisha for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Odisha from January 2020 to March 2020:

• In the month of January, the price of the metal opened at Rs,4,027 per gram on 1 January and showed an inclining trend throughout the month. The price of the metal showed continuous inclines due to the rising tensions between the Middle East and the United States of America along with the speculations on the trade deal between China and the United States of America prompted investors to shift to the bullion market due to its safe-haven appeal. The price of the metal hit its highest price on 9 January at Rs.4,251 per gram. However, as the 1st phase of the trade deal was completed and signed by China and the United States of America, the price of the metal dipped as investors with a higher risk appetite shifted to the stock market. By the middle of the month, the price of the metal was Rs.4,104 per gram on 16 January. The last week of the month saw major inclines in the price of the metal due to its safe-haven appeal and it closed the month at Rs.4,199 per gram on 31 January, recording an overall percentage incline of 4.27.
• February was a beneficial month for the traders invested in the bullion market as the metal continued its inclining trend opening at Rs.4,199 per gram on 1 February. However, gold prices hit its lowest in the first week of the month itself at Rs.4,160 per gram on 7 February. With continuously mixed trends in the market, the price of the metal fluctuated heavily. By the middle of the month, gold was priced at Rs.4,212 per gram. With reports flooding in about a possible virus outbreak out of Wuhan in China, investors shifted back to the bullion market for its safe-haven appeal. The price of the metal hit and crossed the Rs.4,300 per gram mark on 22 February at Rs.4,363 per gram and soon hit its highest price of the month on 25 February at Rs.4,436 per gram. At the end of the month, gold closed at Rs.4,377 per gram on 29 February recording a percentage incline of 4.23.
• In March, the price of the precious metal showed a decline in its overall monthly prices opened at Rs.4,303 per gram on 1 March and hit its highest early in the month at Rs.4,583 per gram on 7 March. The rise in prices of the metal was due to investors awaiting a rate cut from the United States Federal Reserve to counteract the effect of COVID-19 on the economy. With the number of cases and deaths all over the world, investors started selling off their assets as a whole to hoard cash and survive in the crisis-hit market. By 18 March, the metal had hit its lowest price of the month at Rs.4,158 per gram and continued to show declines. With countries going into lockdown and trade is at a halt in various parts of the world, including India, the price of the metal held steady with no inclines or declines seen in the state of Odisha. At the end of the month, gold prices closed at Rs.4,263 per gram on 31 March, recording a percentage decline of 0.92.

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Gold investment avenues in Orissa

Over-the-counter: Gold is sold in retail in the form of bullions, coins and jewellery in Odisha. For most consumers in Odisha, Gold is a hedge against inflation. Most investors are view gold as an essential investment. All major cities in Odisha have thinner margins while towns boast of higher margins. Also, there are jewellery associations in every major city, which zero in on the price of the yellow metal twice during a day - at around 10 am and 1600 hours. Jewellery stores in Odisha receive the latest price through sms, following which, the price is displayed on an electronic boards. Some of the major jewellers include Khimji, Menka, Mundra and Lalchand among others.

Market trade: Investors are keen on exploring different options such as gold ETFs. Gold futures contracts are traded in MCX (Multi Commodities Exchange of India). The spot price on the MCX fluctuates depending on supply and demand in the market. Gold futures (August delivery) hit a six-year intra-day low, with a spot price of USD 1,134/ounce on August 7. According to market analysts, several factors including international markets witnessing a weak trend with gold hitting a five-year low this year, coupled with fears of potential US Fed rate hikes is largely responsible for the decline in prices of precious metal futures.

Also Check Gold Prices in the Cities of Orissa

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