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 October 2019 to December 2019 (per gram of 24 karat gold)

Quarterly Gold Rate in Odisha from October 2019 to December 2019:

• Gold prices saw a steady incline in prices in Odisha for the month of October. Opening at Rs.3,889 per gram, the metal’s prices remained steady for majority of the month. The lowest price of the yellow metal was on 2 October at Rs.3,833 per gram. As the trade tensions between China and the United States of America increased, investors shifted to the bullion market amidst a weak dollar. China and the United States of America went back and forth on the trade deal and could not reach a mutually beneficial trade deal. In the last week of the month, the price of the metal increased to its highest at Rs.3,989 per gram from 26 October to 29 October. This resulted in gold closing with a percentage incline of 1.72%.
• November nulled the incline in gold prices which occurred in October and was a poor month for the traders investing in gold. Opening at Rs.3,974 per gram, the highest price in the month was recorded on 3 and 4 November at Rs.4,006 per gram. Amidst a positive job data from the United States of America and China, investors shifted to the stock market as the value of the dollar increased in the markets as well. The price of the yellow metal decreased in the last few weeks of the month as the United States Federal Reserve announced an interest rate cut amidst easing tensions between China and the United States of America. At the end, gold ended at Rs.3,910 per gram with a percentage decline of 1.61.
• For the month of December, gold prices saw an inclining trend from the previous month’s lows to record the highest incline in months. Opening the month at Rs.3,948 per gram, gold prices remained steady in the first few weeks. However, geopolitical tensions between the United States of America and Iran increased due to a drone strike carried out by the U.S. killing a high-ranking Army official. The value of the dollar dipped, and investors shifted to the bullion. The highest price of the metal was on 29 December at Rs.4,031 per gram and closed with a percentage incline of 2.00.

Gold Rate Trend in Odisha for July 2019 to September 2019 (per gram of 24 karat gold)

Quarterly Gold Rate Trend in Odisha for July 2019 to September 2019:

• Gold rate in Odisha opened at Rs.3,512 per gram in July. The gold price fluctuated throughout the month after hitting its monthly low in the first week of the month at Rs.3,467 per gram on 2 July. In the third week of the month, gold price in Odisha hit its monthly high at Rs.3,644 per gram, closing at Rs.3,608 per gram with a percentage incline of 2.73.
• In August, as local demand and global trends showed positive signs for investors, the gold price in Odisha opened at Rs.3,614 per gram. However, it marginally decreased to Rs.3,572 per gram in the first week. However, for the rest of the month, the metal showed positive signs due to the rise in trade tensions.
• The gold rate in Odisha closed in August at Rs.4,001 per gram, soon after hitting its monthly high at Rs.4,030 per gram on 27 August. Gold showed a percentage incline of 10.70 in the month.
• In September, due to various global factors such as the crisis in the Middle East and slowed local demands, the price of gold in the beginning of the month was Rs.3,986 per gram. Hitting its monthly high in the first week of the month a Rs.4,064 per gram. The gold price in Odisha closed the month at Rs.3,911 per gram with a percentage decline of 1.88.

Gold Rate Trend in Odisha for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Odisha for January 2018:

• Trading commenced in Odisha with the yellow metal priced at Rs.3,009 per gram on the 1st of January.
• The strengthening US dollar coupled with well-performing equities led to gold rates in Odisha plummeting to Rs.3,000 per gram - the lowest recorded monthly figure - on the 4th.
• With the US jobs and payrolls’ data indicating a decline in the number of jobs contributing to the US economy, the US greenback plunged. This led to gold prices rebounding to Rs.3,086 per gram on the 16th.
• The next week saw gold rates gradually increasing with demand picking up amid the weakened US dollar.
• Gold was recorded trading at Rs.3,129 per gram on the 28th before surging to Rs.3,132 per gram on the 29th with investors and traders cashing in on the bullion amid the poorly performing dollar and equities.
• Gold price in Odisha remained untouched at Rs.3,129 per gram on the 30th before stabilising at Rs.3,127 per gram on the last day amid the firm trend overseas.
• Odisha recorded an incline of 3.92% in gold rates, thanks to strong demand coupled with firm market cues during the course of the month.

Gold Rate Trend in Odisha for February 2018:

• The month began in Odisha with the precious metal priced at Rs.3,146 per gram on the 1st of February.
• The poorly performing US dollar coupled with losing equities led to gold rates rising considerably during the month.
• With the US employment data indicating an increase in the number of jobs contributing to the US economy during the previous month, the US dollar rose against a basket of currencies. This led to gold prices in Odisha plummeting to Rs.3,105 per gram on the 11th.
• Poor demand compounded with weak global cues led to gold rates remaining untouched at Rs.3,105 per gram until the 13th.
• The next couple of days saw gold prices in Odisha increasing considerably with jewellers and retailers ramping up purchases to meet the ongoing wedding season demand.
• Gold rates touched their highest monthly figure at Rs.3,148 per gram on the 18th, thanks to strong and steady demand at the domestic level.
• Prices remained unaltered at Rs.3,148 per gram the next day with the bullion capitalising on the poorly performing greenback and losing equities.
• The dollar, however, regained lost ground with the dollar index gaining against a basket of other emerging currencies in the international market and the yellow metal was priced at Rs.3,163 per gram on the last day of February.
• Odisha witnessed gold rate in Odisha rising by 0.54% during the course of the month.

Gold Rate Trend in Odisha for March 2018:

• The last month of the quarter commenced with gold prices in Odisha holding at Rs.3,143 per gram on the 1st after a poor trend overseas led to a decline of Rs.20 per gram from the previous month’s closing session.
• Gold rates fluctuated considerably during the initial three weeks amid the unstable US dollar and recovering equities.
• Poor domestic demand brought about by the strong dollar index led to prices plunging to Rs.3,117 per gram on the 20th. This was also the lowest recorded monthly figure in the state.
• However, with the US dollar losing ground amid trade war concerns between the US and China, demand for the safe haven metal spiked. This led to gold rates surging to Rs.3,198 per gram - the highest recorded monthly figure - on the 25th.
• Gold rates remained untouched at Rs.3,198 per gram on the 26th before following a downtrend amid the recovering dollar towards the end of the month.
• Trading ended for the quarter with the precious metal priced at Rs.3,159 per gram on the 31st and the bullion trade registered an increase of 0.50% in gold prices due to strong market trends witnessed during the month.

Gold Rate Trend in Odisha for October 2017 to December 2017 (per gram of 24 karat gold)

Gold Rate Trend in Odisha for October 2017:

• Gold trading in Odisha was vastly influenced by the performance of the US dollar in the global market, and rates seemed to fall over the first month of Q4 2017.
• On the 1st of October 2017, gold was priced at Rs.3,040 per gram. Rates changes quite a bit for the first few days due to a strong dollar and poor local demand.
• The US dollar index weakened against a basket of other apex currencies, which led to gold prices in Odisha surging as the second week of October reached its conclusion.
• Gold sold at Rs.3,059 per gram on the 14th and 15th - the month’s highest rate - as the dollar continued to remain weak.
• However, a weak festive season demand coupled with a resurgent dollar caused gold prices in Odisha to decline considerably as the month progressed.
• The yellow metal was at its lowest on the 31st of the month, when it traded at Rs.2,996 per gram on the final day of this month.

Gold Rate Trend in Odisha for November 2017:

• The first week of November saw gold trade at a significantly low price as the US dollar continued to remain strong, affecting bullion investors and their purchases.
• On the 1st of November, gold was priced at Rs.2,974 per gram, which fluctuated till the 5th before trading at Rs.2,974 per gram on the 6th as well.
• Demand was relatively better from the second week onwards as gold demand improved slightly as days went by.
• Gold traded at its monthly high figure of Rs.3,030 per gram on the 18th, which continued till the 20th due to steady demand.
• Prices, however, dropped as demand hit saturation point and investors slowly backed out from making more investments.
• When the month ended, gold was seen trading at Rs.2,996 per gram - a Rs.22 incline from the first day’s rates.

Gold Rate Trend in Odisha for December 2017:

• During the final month of Q4 2017, gold prices saw significant improvements.
• The month began with gold selling at Rs.2,982 per gram. But, the US government’s introduction of a new tax structure impeded gold demand as the USD surged.
• Gold rates were at their lowest on the 13th when it traded at Rs.2,906 per gram.
• As the month progressed, demand also surged. This led to gold rates surging considerably towards the final two weeks.
• Gold traded at Rs.3,015 per gram on the final day of December - marking a 1.10% incline in rates from the first day of the month.

Gold Rate Trend in Odisha for July 2017 to September 2017 (per gram of 24 karat gold)

Gold Rate Trend in Odisha for July 2017:

• On the 1st of July, gold was priced at Rs.2,950 per gram in Odisha.
• Gold rates were at their highest on the 1st and the 2nd but dropped to near nine-month lows due to weak local demand.
• The US economy was also on the positive side this month as the jobs data was better than many expected.
• However, GST wringed any real interest in the metal and gold was trading at Rs.2,800 per gram on the 14th of July.
• This was the lowest gold rate since demonetisation was introduced in the November of 2016.
• Gold rallied to end at Rs.2,920 per gram on the final day of this month. There was a 1% drop in gold rates this month, which was brought about by poor investor sentiments.

Gold Rate Trend in Odisha for August 2017:

• The month of August started with gold being priced at Rs.2,931 per gram.
• Demand for the metal remained largely weak for nearly three-quarters of the month, but surged towards the final few days.
• The lowest gold rate for this month was Rs.2,900, which was recorded on the 5th. This was due to a strong US market data, which helped the US dollar strengthen further.
• Gold rates bounced back to reach a monthly high figure of Rs.2,980 per gram on the 28th of August.
• When the month ended, gold rates were seen holding at Rs.2,965 per gram.

Gold Rate Trend in Odisha for September 2017:

• Gold opened for this month at Rs.2,995 per gram and reach a monthly high figure of Rs.3,100 per gram on the 8th.
• This massive rise was because of a weak US market, which was hit by North Korea’s latest show of aggression. The Kim Jong Un administration conducted its biggest and most powerful underground nuclear test, which sent shockwaves through the global market.
• The US dollar improved and it subsequently brought gold rates down towards the second and the third week of the month.
• Gold was priced at Rs.3,040 per gram when the month ended on the 30th.

Gold Rate Trend in Odisha for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Odisha for April 2017

• Gold prices in Odisha were on the increase in the first week of April as demand rose due to a low U.S. dollar rate, with the metal trading at Rs.2,956 per gram on 1 April.
• Prices rose to Rs.2,983 per gram on 5 April but demand fluctuated, resulting in gold prices falling to Rs.2,954 per gram on 8 April.
• Demand picked up as U.S. jobs data was dismal and investors rushed to safe-haven assets like bullion, with gold rising to Rs.3,031 per gram on 14 April.
• Prices began to regulate as the week progressed as local demand balanced out the demand shortfall as the yellow metal traded at Rs. 3,020 per gram on 20 April.
• The U.S. dollar rate rose as investor confidence returned and markets traded in the black, resulting in gold price falling to Rs.2,974 per gram on 27 April before ending the month at Rs.2,984 per gram on 30 April.

Gold rate trend in Odisha for May 2017

• Demand for gold was muted as May began due to stable markets and a steady U.S. dollar rate.
• Gold was priced at Rs.2,984 per gram on 1 May before falling to Rs.2,899 per gram on 6 & 7 May as the victory of Emmanuel Macron in the French presidential election led to markets rising.
• Industrial demand was low as import costs were high due to the bullish U.S. dollar rate which resulted in gold prices falling to Rs.2,890 per gram on 12 May.
• Prices rose marginally as minor fluctuations in the dollar rate led to an increase in local demand for the metal which traded at Rs.2,956 per gram on 18 May.
• The volatile nature of the markets led to demand for gold fluctuating, with gold trading at Rs.2,947 per gram on 22 May before rising to Rs.2,979 per gram on 27 May.
• The month ended with gold priced at Rs.2,963 per gram on 31 May as a late rally led to a decline in demand for the precious metal.

Gold rate trend in Odisha for June 2017

• An increase in industrial demand led to a rise in the price of gold at the start of June, with gold trading at Rs.2,985 per gram on 1 June.
• Prices climbed to Rs.3,030 per gram on 7 June as the dollar fell heavily against other global currencies, prompting an increase in orders from overseas.
• Demand dropped to Rs.2,981 per gram on 10 & 11 June as U.S. markets surged on speculation of a possible U.S. Fed rate hike as gold prices dipped to Rs.2,951 per gram on 17 June.
• The turbulent U.S. dollar rate did not affect demand as investors waited for news of the Fed’s monetary policy, with local demand also muted.
• Gold continued to trade lower than expected as prices dropped to Rs.2,940 per gram on 27 June.
• Prices rose marginally as the month drew to a close, with gold trading at Rs.2,967 per gram on 30 June.

Gold Rate Trend in Odisha for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Odisha in January 2017

• Gold was priced at Rs.2,821 per gram on the 1st of the month due to low demand for this metal. This was also the lowest price of gold noted during the month.
• Due to low demand for this metal, the rate of gold was not very high during the first week although it marginally increased.
• At the end of the first week of the month, the price of gold rose up to Rs.2,872 per gram and stayed at this rate the next day as well.
• Due to the upcoming harvest festival, the rate of gold saw a marginal increase. Gold traded at Rs.2,941 per gram on the 14th and 15th of January before continuing to rise.
• There were a number of fluctuations noted in the rate of gold towards the end of January with gold trading between Rs.2,962 per gram and Rs.2,913 per gram between the 21st of January and 27th of January.
• On the last day of January gold was priced at Rs.2,954 per gram, with a rise of 4.71% in the price of gold.

Gold Rate Trend for Odisha in February 2017

• On the first day of the second month of the year, gold was priced at Rs.2,965 per gram and dropped the next day to trade at Rs.2,954 per gram.
• However, due to a decline in the demand for this metal, the price of gold fell to Rs.2,944 per gram on the 4th of February. This rate was also seen on the 5th of the month.
• There was a marginal improvement in the rate of gold as the week progressed with this metal trading at Rs.2,964 per gram on the 11th and 12th of February after which prices dropped again.
• The rate of this precious metal rose up again on the 17th of February to trade at Rs.2,988 per gram.
• Gold was priced at its highest on the 25th and 26th of February wherein it was priced at Rs.3,014 per gram. However, this rate could not be sustained and at the end of the month, gold traded at Rs.3,003 per gram recording a rise of 1.28% in the price.

Gold Rate Trend for Odisha in March 2017

• Gold traded at a promising rate of Rs.2,990 per gram on the first of the month before rising to the monthly high price of Rs.2,994 per gram.
• However, these rates could not be sustained due to a fall in the demand for this precious metal resulting in gold trading between Rs.2,972 per gram and Rs.2,951 per gram between the 3rd and 9th of March.
• The rate of gold continued to fall with gold trading at Rs.2,900 per gram on the 15th of March which was also the lowest at which gold traded during the month. This was due to the Dutch Elections and the decision of the U.S. Fed Reserve regarding interest rate.
• Towards the end of March, the rate of gold fell, with a few minor variations here and there. On the last day of the month, gold was priced at Rs.2,940 per gram with a fall of 1.67% in the price of this yellow metal.

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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