Gold Rate Today in Odisha _{Last Updated : 04 Dec 2022}

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Todays Gold Rate in Odisha

Odisha/Orissa 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 Gold 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.

Trend of Gold Rate in Odisha for October 2022

September 2022 Gold Rate in Odisha

Trend of Monthly Gold Rate in Odisha for September 2022

• The gold price in Odisha opened the month of September standing at the rate of Rs.5,035 per gram. Over the month of September, the precious yellow metal witnessed some fluctuations in its price and displayed an overall decline in its performance.
• The highest price for the month was Rs.5,061 on 6 September 2022.
• Gold prices in Odisha recorded their lowest for the month on 27 September 2022 when a gram of the 24-karat gold was being traded for Rs.4,930. The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 0.41%.
• The price of gold for the month of September closed at Rs.5,014 in Odisha.

Trend of Gold Rate in Odisha for August 2022

Trend of Monthly Gold Rate in Odisha for August 2022

• The gold price in Odisha opened the month of August standing at the rate of Rs.5,108 per gram. Over the month of August, the precious yellow metal witnessed some fluctuations in its price and displayed an overall decline in its performance.
• The highest price for the month was Rs.5,208 on 14 & 15 August 2022.
• Gold prices in Odisha recorded their lowest for the month on 23 August 2022 when a gram of the 24-karat gold was being traded for Rs.5.087. The overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at 0.097%.
• The price of gold for the month of August closed at Rs.5,103 in Odisha.

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 Price in Metro Cities

FAQs on Gold Rate in Odisha

1. In which country is the price of gold the cheapest?

   Gold prices are the cheapest in Hong Kong.

2. Why are the prices of gold different in every state in Odisha?

   Gold prices in Odisha are different in every state because of state taxes and import costs.

3. What are the factors that determine gold prices in Odisha?

   Gold prices in Odisha are determined by demand, interest rates, and government policies.

4. Will the value of the rupee against the dollar effect gold prices in Odisha?

   Yes, the value of the rupee against the dollar will effect gold prices in Odisha.

5. Is there any difference between 22 carat gold and 24 carat gold?

   Yes, in Odisha 22 carat gold contains other metals apart from gold, while 24 karat gold contains does not contain any other metals.