Gold Rate In Ranchi

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Gold Rate in Ranchi

Ranchi, the capital of Jharkhand, is among the top destinations for buying gold in Eastern India. The city has a rich history with gold and has a good demand for the yellow metal. Being the most populated city in Jharkhand, gold rate in Ranchi can be taken as a benchmark for gold rates in the whole state. Gold rate in Ranchi is affected by various national and international factors.

Gold is sold by numerous dealers and traders in the city. The city boasts of a well-established gold market and as such customers usually get a lot of options to choose from. The city is also a centre of local commercial activity and therefore a large number of customers both from urban and rural localities prefer shopping for gold in Ranchi.

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

Factor	January	February	March
1st day	Rs.3,090 per gram	Rs.3,146 per gram	Rs.3,143 per gram
Last day	Rs.3,127 per gram	Rs.3,163 per gram	Rs.3,159 per gram
Highest price	Rs.3,172 per gram on 25 January	Rs.3,191 per gram on 18 & 19 February	Rs.3,198 per gram on 25 & 26 March
Lowest price	Rs.3,088 per gram on 5 January	Rs.3,105 per gram from 10-13 February	Rs.3,117 per gram on 20 March
Trend	Incline	Incline	Incline
Change	1.19%	0.54%	0.50%

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

Factor	October	November	December
1st day	Rs.3,109 per gram	Rs.3,071 per gram	Rs.3,074 per gram
Last day	Rs.3,091 per gram	Rs.3,085 per gram	Rs.3,098 per gram
Highest price	Rs.3,138 per gram from 12 to 17 October	Rs.3,123 per gram on 20, 25th and 26th November	Rs.3,098 per gram on 30 and 31 December
Lowest price	Rs.3,079 per gram from 27 to 29 October	Rs.3,035 per gram 18 November	Rs.3,001 per gram on 12 and 13 December
Trend	Decline	Incline	Incline
Change	-0.57%	0.45%	0.78%

Gold Rate Trend in Ranchi for October 2017:

• Gold opened at Rs.3,109 per gram when the final quarter of 2017 began.
• Gold trade this month was affected by poor local demands and a strong US market. Even some of the key festivals failed to spur investor sentiments.
• Prices dropped to Rs.3,086 per gram by the 6th due to a considerable drop in demand but surged back to Rs.3,113 per gram after a poor US dollar showing.
• The yellow metal’s rates hit their highest rate of Rs.3,138 per gram on the 12th and continued at this rate till the 18th of the month.
• Towards the final few days of the month, gold rates in Ranchi seemed to decline before picking up over the 30th and the 31st.
• When the month came to an end, the yellow metal was priced at Rs.3,091 per gram.
• Price trends dropped by 0.57% this month due to poor global cues and weak local demand.

Gold Rate Trend in Ranchi for November 2017:

• When trading started for November, gold opened at Rs.3,071 per gram.
• There were price fluctuations for most part of the month but a steady local demand kept gold rates from witnessing any major changes.
• However, as the US dollar improved against other currencies, gold rates fell and hit Rs.3,035 per gram on the 18th - the lowest rate for the month.
• From this period on, prices fluctuated quite a bit before closing at Rs.3,085 per gram on the last day of the month.

Gold Rate Trend in Ranchi for December 2017:

• Gold trading in December began on a positive note, dropped considerably as the month progressed and improved again towards the end of the month.
• On the 1st of December, the precious metal was priced at Rs.3,074 per gram. Rates went up during the initial few days as the equity market in the US went through a rough patch, which pushed gold rates up.
• In Ranchi, the metal traded at Rs.3,088 per gram from the 2nd to the 4th of the month.
• Gold hit its lowest of the month of Rs.3,001 per gram on the 12th as the dollar bounced back amid a strong market.
• But, various concerns regarding the Trump administration recurred, which led to a weakening of the stock exchanges.
• Gold recovered from the fall to end the month on a high - trading at Rs.3,098 per gram - which was also the highest gold rate for the month.
• Price trends saw a 0.78% change this month, thanks to strong global cues and increased trading in the local market.

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

Factor	July	August	September
1st day	Rs.3,011 per gram	Rs.3,005 per gram	Rs.3,041 per gram
Last day	Rs.3,001 per gram	Rs.3,041 per gram	Rs.3,109 per gram
Highest price	Rs.3,044 per gram on 3 July	Rs.3,072 per gram on 17 August	Rs.3,185 per gram from 8-11 September
Lowest price	Rs.2,903 per gram on 14 July	Rs.2,971 per gram on 7 August	Rs.3,041 per gram on 1 & 2 September
Trend	Decline	Incline	Incline
Change	-0.33%	1.19%	2.23%

Gold rate trend in Ranchi for July 2017

• When the month began the yellow metal was priced at Rs.3,011 per gram in Ranchi.
• The 3rd marked the highest recorded monthly figure of Rs.3,044 per gram owing to the increased local buying from domestic jewellers and industries.
• Local demand declined significantly with the implementation of GST in the country. This pushed gold price in Ranchi as low as Rs.2,903 per gram on the 14th. This was also the lowest recorded monthly figure in Ranchi.
• Demand, however, picked up globally with the continued aggression between the US and North Korea, and the precious metal was priced at Rs.3,002 per gram on the 22nd.
• The monthly ended with gold trading at Rs.3,001 per gram, and Ranchi registering a decline of 0.33% in gold rate trends during the month.

Gold rate trend in Ranchi for August 2017

• Gold prices in Ranchi were significantly influenced by the geopolitical concerns rising in the US and North Korea during the month.
• Gold was priced at Rs.3,005 per gram, when trading commenced.
• The stand-off between the US and North Korea resulted in investors banking on safe-haven assets like gold, pushing global demand higher for the metal. This led to gold prices surging to Rs.3,072 per gram on the 17th. This was also the highest recorded monthly price in the city.
• The month ended with the precious metal trading at Rs.3,041 per gram, thanks to steady demand from industries and jewellers.
• Ranchi witnessed gold rate in Ranchi rising at 1.19% during the month due to strong global cues compounded with increased demand.

Gold rate trend in Ranchi for September 2017

• Gold opened trading firm at Rs.3,041 per gram with steady loca, as well as, global demand from industries and jewellers.
• The news about North Korea’s successful two-stage thermonuclear weapon test sent global markets crashing. This pushed demand for safe-haven investments higher, subsequently, rising gold rates to Rs.3,185 per gram - the highest recorded monthly figure.
• However, the US economy recovered over the next few days, pushing prices as low as Rs.3,111per gram on the 23rd.
• Demand for gold remained low, despite the arrival of the festive season. This led to gold rate in Ranchi dropping further to Rs.3,105 per gram on the 26th.
• When trading concluded for the month, the precious metal was trading at Rs.3,109 per gram marking a 2.23% incline in gold rate trends in the city.

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

Factor	April	May	June
1st day	Rs.3,011 per gram	Rs.3,021 per gram	Rs.3,030 per gram
Last day	Rs.3,021 per gram	Rs.3,015 per gram	Rs.3,011 per gram
Highest price	Rs.3,096 per gram on 17, 22 & 23 April	Rs.3,034 per gram on 30 May	Rs.3,080 per gram on 7 June
Lowest price	Rs.3,011 per gram from 1-3 April	Rs.2,937 per gram on 11 May	Rs.2,994 per gram on 19 & 20 June
Trend	Incline	Decline	Decline
Change	0.33%	-0.19%	-0.62%

Gold rate trend in Ranchi for April 2017

• Gold prices in Ranchi reflected trends see elsewhere in the country as gold rates strengthened on positive cues and a weak U.S. dollar.
• The yellow metal traded at Rs.3,011 per gram on 1 April and rose to Rs.3,033 per gram on 5 April as internal crises plaguing the Trump administration led to falling markets and higher demand for safe-haven assets like gold.
• Prices were more or less constant for a week before increased demand from overseas markets led to gold trading at Rs.3,065 per gram on 13 April.
• Market fluctuations and an increase in local demand led to gold trading at Rs.3,096 per gram on 17 April before prices stabilised as demand dropped marginally.
• Gold prices were on the decline towards the end of the month due to a decline in demand, with the metal priced at Rs.3,021 per gram on 30 April.

Gold rate trend in Ranchi for May 2017

• While prices were steady as May began, declining demand and strong markets led to gold price in Ranchi falling.
• Gold was priced at Rs.3,021 per gram on 1 May with the price remaining steady for a few days before falling to Rs.2,947 per gram on 6 May.
• Demand for gold was on the decline as markets were buoyed by positive cues from European and American markets, which reduced interest in bullion as gold sank to Rs.2,937 per gram on 11 May.
• Prices recovered as local demand increased, trading at Rs.3,003 per gram on 18 May as demand from China and other Asian nations rose.
• Gold price in Ranchi reached Rs.3,026 per gram on 29 May as the dollar plunged due to internal political crises in the United States.
• Gold rate in Ranchi dipped on the last day of May, trading at Rs.3,015 per gram and recording an overall decline of 0.19%.

Gold rate trend in Ranchi for June 2017

• Gold price in Ranchi in June fluctuated as the month began due to conflicting cues arising out of stable markets but a low U.S. dollar rate.
• Gold traded at Rs.3.030 per gram on 1 June before falling to Rs.3,011 per gram on 2 June due to a sharp decline in orders from overseas.
• Prices recovered to trade at Rs.3,080 per gram on 7 June as markets tumbled following the internal turmoil and scandals enveloping the Trump administration.
• Local demand was also on the rise as consumers increased purchases before GST, which would make gold more expensive.
• Gold traded at Rs.3,024 per gram on 12 & 13 June before prices fell due to a dip in demand from overseas markets.
• Gold price in Ranchi continued to fall, trading at Rs.2,994 per gram on 19 June as the dollar made a partial recovery.
• Gold ended the month trading at Rs.3,011 per gram on 30 June to record a decline in price of 0.62%.

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

Factor	January	February	March
1st day	Rs.2,843 per gram	Rs.2,989 per gram	Rs.3,030 per gram
Last day	Rs.2,989 per gram	Rs.3,008 per gram	Rs.2,987 per gram
Highest price	Rs.3,014 per gram on the 24th of January	Rs.3,010 per gram from the 20th of February to the 22nd of February	Rs.3,030 per gram on the 1st and 27th of March
Lowest price	Rs.2,838 per gram on the 2nd of January	Rs.2,977 per gram on the 2nd of February	Rs.2,945 per gram on the 15th of March
Trend	Incline	Incline	Decline
Change	5.13%	0.63%	-1.41%

Gold Rate Trend in Ranchi for January 2017:

• When 2017 began, gold rates in Ranchi stood at Rs.2,843 per gram, which dropped slightly to Rs.2,938 per gram as there was a small dip in demand.
• But, from the 2nd onwards, there was no turning back for gold trade as prices kept increasing as the days passed.
• Rates seen on the 2nd was the lowest gold rate for the entire month, which meant gold traders had a great month in terms of profitability.
• By the end of the first week i.e., 7th, gold prices had gone up to Rs.2,899 per gram.
• The next couple days, 8th and 9th, saw prices dip as there were a few corrections along the way.
• Prices bounced back on the 10th to bring gold prices up to Rs.2,910 per gram, and increased to go up to Rs.2,984 per gram by the end of 17th.
• Gold prices followed on their incline path before clocking a rate of Rs.3,014 per gram on 24th - the highest gold rate of the month.
• The last few days of January saw some variations in prices, which rallied towards the end of the month to close at Rs.2,989 per gram
• Gold rate trends increased by 5.13% for the month of January owing to strong domestic and international demand and a weak dollar.

Gold Rate Trend in Ranchi for February 2017:

• The month of February in Ranchi began with gold priced at Rs.2,989 per gram. But, as demand took a brief hit on 2nd, prices went down to Rs.2,977 per gram.
• As news of a possible Fed rate hike hit the news, gold rates seemed to vary for the next few days.
• Gold was trading at Rs.2,980 per gram on 6th and remained the same till the end of the 12th.
• As demand went up on 13th, gold prices also went up - this time to Rs.2,991 per gram.
• Rates didn’t change at all till the 19th as there was sustained demand in the domestic market despite a slowdown in global trends.
• After considerable variations, gold prices held on at Rs.3,008 per gram when trading stopped at the end of 28th February.
• The month saw price trend dip to 0.63% - a massive dip of 4.5% compared to the previous month.

Gold Rate Trend in Ranchi for March 2017:

• March was a bad period of gold trade both globally and domestically.
• This was all due to a Fed interest rate hike on top of a strengthening US dollar, both of which combined to bring demand for the metal down.
• On 1st March, gold was priced at Rs.3,030 per gram but as days progressed rates kept dropping.
• Rates on 1st of March were the highest for the month, which meant that prices never seemed to recover for the month.
• Prices had gone down to Rs.2,997 per gram by the end of the 9th, which then dropped to Rs.2,945 per gram on 15th.
• But, after that drastic fall, gold prices seemed to rally marginally to trade at Rs.2,978 per gram on the 20th.
• The last 11 days of March were rather positive as prices seemed to recover mildly, where in they reach Rs.3,030 per gram on 27th.
• However, as demand couldn’t be sustained, they went down to Rs.2,987 per gram at the end of the 31st.
• Overall, gold rates went down by 1.41% for the month of March due to lack of demand.

Details of Gold Price in Ranchi (22 Karat & 24 Karat) - Till September 2015

Gold rate in Ranchi for 2015 (1st April to 30th September) for both 22 karat and 24 karat varieties is discussed below:

22 karat gold (price per gram): Gold rate on 1st April was Rs.2,442. This increased over the month and first half of May to touch a high of Rs.2,583 on 19th May. Prices went on a downward slide from then onwards, with June registering a general decline in rates throughout the month. Gold rates at the start and end of June were Rs.2,510 and Rs.2,479 respectively, indicating an overall decline. July saw the largest drop in rates in more than 5 years owing to global cues, with prices bottoming out on 25th July at Rs.2,279. Prices fell in the first part of August before appreciating steeply by 25th August to Rs.2,541. Gold rate at the start and end of September were Rs.2,470 and Rs.2,440 respectively, indicating a slight decline over the month.

24 karat gold (price per gram): Gold rate on 1st April was Rs.2,622, which increased over the month to Rs.2,704 by end of the April. May saw volatility in rates, however month beginning and ending rates were almost the same, signalling a stable month with spikes of volatility in between. Gold rate on 31st May was Rs.2,700. June saw a gradual decline in gold rates, which was further enhanced by global variables in July. Gold rate bottomed out for the year at Rs.2,459 on 8th August, before steeply recovering in the next few days to touch Rs.2,721 by 25th of the month. September beginning and end rates were Rs.2,650 and Rs.2,620 respectively, signalling a slight decline overall.

Gold buying patterns in Ranchi

Gold is sold throughout the city in a number of jewellery and dealer outlets.

Over the counter: Gold is popularly sold as jewelleries and ornaments in the city of Ranchi. The city has a rich culture and people throng to buy gold jewelleries during festival or marriage seasons. Other than jewelleries, gold is also sold as bullions and coins in the city, with bullions being a cheaper option though they are only available for larger quantities of gold.

Traded gold: Gold is traded by the people of Ranchi through spot and future contracts. Spot contracts are available on a real time basis and purchased gold is usually delivered within a week. Futures contract is sold for a future delivery date.

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