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Gold Rate in Orissa
Gold rates 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. The price of the yellow metal touched a 4-year low in India this year. Gold was one of the major non-performing assets over the past two years in India. According to experts, gold prices are expected to slide further in the coming few months in anticipation of an interest rate hike in the US in September this year.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 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,127.50 per gram||Rs.3,215 per gram||Rs.3,132 per gram|
|Last day||Rs.3,214 per gram||Rs.3,148 per gram||Rs.3,169 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,224 per gram on 3rd August||Rs.3,195 on 8th September|
|Lowest price||Rs.3,127.50 per gram on 1st July||Rs.3,148 per gram on 31st August||Rs.3,132 on 1st September|
Gold Rate Trend of Odisha in July 2016
- The aftermath of the Brexit vote had kept gold prices down but trends changed this month. \
- Investors were under the impression that central banks would introduce monetary stimulus into the markets.
- Demand for gold picked up and prices started to climb.
- On July 1st, gold was trading at Rs.3,127.50 per gram and by the end of the month, prices had climbed up to Rs.3,214 per gram.
- There was an increase of 2.77% in gold rates this month owing to positive trends in the global market.
Gold Rate Trend of Odisha in August 2016
- Trends in the market played in favour of gold at the start of the month.
- On 1st August, gold traded at Rs.3,215 per gram.
- Demand for gold soon started to slide down as the U.S. Federal Reserve was adamant about the interest rate hike and feared further delays would lead to other economic problems.
- By the end of the month, gold prices were down to Rs.3,148 per gram as demand was slow.
- There was a decline in gold prices by 2.08% this month.
Gold Rate Trend of Odisha in September 2016
- Gold prices continued to drop at the start of September with gold trading at Rs.3,132 per gram on 1st September.
- Market sentiments were positive this month for gold and demand picked up quickly.
- In the domestic market, low prices of gold were welcomed as the festive season was near.
- In the global market, there were better days ahead for gold as the U.S. Federal Reserve postponed the rate hike to December on account of the U.S. presidential elections.
- Gold was seen trading at Rs.3,169 per gram on 30th September which indicated an increase of 1.18% in gold prices this month.
Gold Rate Trend in Odisha for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,894 per gram||Rs.3,069 per gram||Rs.2,918 per gram|
|Last day||Rs.3,069 per gram||Rs.2,916 per gram on 31st of May||Rs.3,103 per gram on the 30th of June|
|Highest price||Rs.3,069 per gram on the 30th of April||Rs.3,073 per gram on 7th and 8th of May||Rs.3,180 per gram on the 27th of June|
|Lowest price||Rs.2,876 per gram on 4th of April||Rs.2,900 per gram on the 30th of May||Rs.2,911 per gram on the 3rd of June|
Gold Rate Trend of Odisha in April 2016
- Gold traded at Rs.2,894 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs.3,069 per gram by the end of the month.
Gold Rate Trend of Odisha in May 2016
- Gold opened the month at Rs.3,069 per gram on the 1st of May.
- Expectations of a rate hike by the U.S. Federal Reserve led to decline in the price of the yellow metal as gold stood at Rs.3,051 per gram in the second week of May.
- Gold traded at Rs.2,916 per gram on the 31st of May and witnessed a decline as a result of rising dollar.
Gold Trend of Odisha in June 2016
- Gold traded at Rs.2,914 per gram on the 1st of June.
- Prices improved over the rest of the month due to heavy demand.
- Gold closed the month at Rs.3,103 per gram on the 30th of june.
Gold Rate Trend in Odisha for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs.2,541 per gram||Rs.2,714 per gram||Rs.2,994 per gram|
|Last day||Rs.2,710 per gram||Rs.2,964 per gram||Rs.2,883 per gram|
|Highest price||Rs.2,727 per gram on January 27th||Rs.2,987 per gram on 26th of February||Rs.2,994 per gram on 1st and 2nd of March|
|Lowest price||Rs.2,538 per gram on 2nd and 3rd of January||Rs.2,714 per gram on 1st of February||Rs.2,871 per gram on March 31st|
Gold Rate Trend of Odisha in January 2016
- Gold held steady at Rs.2,541 per gram on 1st of January.
- Global demand led to a rise in gold prices from the first week of January.
- Gold hit its highest for the month on 27th January at Rs.2,727 per gram.
Gold Rate Trend of Odisha in February 2016
- Gold traded at Rs.2,714 per gram on the 1st of February with a little surge in the price from the last month.
- There was a steady rise in gold rate in February and gold hits its peak for the month on 26th of February at Rs.2,987 per gram.
Gold Rate Trend of Odisha in March 2016
- There was a rise in gold rate from 29th of February as gold held steady at Rs.2,994 per gram on 1st of March.
- Low demand led to a further decline as gold was at its lowest for the month at Rs.2,871 per gram on 28th of March.
Details of Gold Price in Orissa (22 Karat & 24 Karat) - Till August 2015
24-karat gold (1 gram rates): The price of one gram of Gold in Odisha plummeted over the past 12 months with the yellow petal currently pegged at Rs.2504 (as on August 7) compared to Rs.2892 in August last year, a decrease of -13.4%. One gram of 24-karat gold was pegged at Rs.2760 in January this year rose to Rs.2859 in the middle of January but registered a decline towards the end of February at Rs.2678. The price of gold fluctuated by -2% throughout the month of March and April this year. The price of the yellow metal rose to Rs. 2791 in May followed by a marginal decrease in June at Rs. 2739. The month of July, however, witnessed a sharp decrease in the price of gold at Rs.2642.
22-karat gold: The price of one gram of 22-karat Gold is currently pegged at Rs. 2351 in Odisha. The price of 22-karat gold has followed a similar trajectory as that of 24-karat gold in Odisha in terms of fluctuations. The price of the yellow metal plummeted over the past 12 months by -4.97% on a monthly basis and -9.37% on a yearly basis. The sliding down of gold rates has been attributed to a strong dollar. Gold imports by India declined by 37% last month at USD 1.96 billion. The price of gold in USD is taken as a base price. Gold price is converted into rupees (depending on the rupee value). The final price of gold is, however, determined by the import duties on gold in India, taxes in Odisha, local municipal taxes in addition to transportation costs.
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
|Gold Rate In Cuttack||Gold Rate in Bhubaneswar|
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