*Disclaimer: Bankbazaar makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are susceptible to change with Market value and provided on an as-is basis. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. We accept no liability for any loss arising from the use of the data contained on this website.
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 October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,244 per gram||Rs.3,130 per gram||Rs.2,884 per gram|
|Last day||Rs.3,130 per gram||Rs.2,926 per gram||Rs.2,843 per gram|
|Highest price||Rs.3,244 per gram from 1st-11th October||Rs.3,190 per gram on 3rd & 4th November||Rs.2,963 per gram on 1st & 2nd December|
|Lowest price||Rs.3,100 per gram on 18th October||Rs.2,919 per gram on 27th November||Rs.2,749 per gram from 24th-26th December|
Gold Rate Trend for Ranchi in October 2016
- Gold prices in Ranchi remained stable as October began but fell towards the middle of the month as demand began to fall.
- On 1st, gold was trading at Rs.3,244 per gram, thanks to the onset of the festive season.
- The end of the month saw a decrease in demand as the retail sector went through a blip.
- October ended with gold trading at Rs.3,130 per gram, thereby bringing in a change of -3.51% with regard to price trends.
Gold Rate Trend for Ranchi in November 2016
- Gold prices went through a massive wave of decrease as major policy decisions were taken in India while some big events took place around the world.
- The beginning of the month saw prices soar as uncertainty rose due to Donald Trump winning the US Presidential election.
- On 1st, gold traded at Rs.3,130 per gram which later increased to Rs.3,190 per gram on 3rd November.
- Prices further saw fluctuations as the Narendra Modi-led government announced the demonetisation of Rs.500 and Rs.1,000 currencies in India, leading to a boost in demand.
- However, prices tended to fall due to a decrease in industrial demand slowed as markets stabilised after the upheaval of the first two weeks. Lack of cash also played a major part in the falling demand for gold.
- When the end of November struck, gold was seen trading at Rs.2,926 per gram.
- Overall, Ranchi, like many of its neighbouring cities, saw gold price trends change by a massive -6.51% during the month of October.
Gold Rate Trend for Ranchi in December 2016
- When December began, demand for gold remained lower than expected as cash shortage still lingered in the economy.
- On 1st, gold was seen trading at Rs.2,884 per gram but prices seemed to fluctuate significantly as demand too remained low.
- The weeks approaching Christmas also saw a decline in gold demand as there was massive sales while brought about a stabilization in the market.
- On 24th, gold prices fell to a quarterly low of Rs.2,749 per gram as there was a major decrease in the retail sector.
- At the end of the month, gold prices rose marginally as a fear of economic slowdown in in Asia took charge, leading to an increase in investor sentiments.
- At the end of the month gold traded at Rs.2,843 per gram.
- All in all, the last month of Q4 saw gold prices fluctuate by -1.42% compared to November.
Gold Rate Trend in Ranchi for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,252 per gram||Rs.3,271 per gram||Rs.3,218 per gram|
|Last day||Rs.3,292 per gram||Rs.3,237 per gram||Rs.3,244 per gram|
|Highest price||Rs.3,305 per gram on 7th July||Rs.3,277 per gram from 18th-28th August||Rs.3,244 per gram from 7th-30th September|
|Lowest price||Rs.3,218 per gram from 27th-29th July||Rs.3,232 per gram on 9th August||Rs.3,200 per gram on 5th and 6th September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Ranchi for July 2016
- Gold traded at Rs.3,253 per gram on 1st July but prices fell as demand was weak.
- Prices rose to Rs.3,300 per gram on 4th July as markets fell due to concerns about Asian markets, but prices stabilised to Rs.3,384 per gram on 10th July.
- Prices fell as markets recovered and domestic demand fell, trading at Rs.3,265 per gram on 12th July.
- The slide continued as markets were strengthened by positive data from the U.S, resulting in gold falling to Rs.2,239 per gram on 19th July.
- Gold recovered as international cues indicated a rise in demand from Asia, with gold trading at Rs.2,243 per gram on 25th July and closing at Rs.3,292 per gram.
Gold Rate Trend in Ranchi for August 2016
- The price of gold stayed high at Rs.3,271 per gram on 1st August, with prices rising to Rs.3,287 per gram on 7th August on renewed demand and market instability.
- Prices fell sharply as local demand dropped, leading to gold trading at Rs.3,248 on 8th August as international markets also suffered from low demand.
- Gold recovered thanks to a slide in currency markets, trading at Rs.3,277 per gram on 18th August for the remainder of the week.
- Prices stayed steady at Rs.3,277 per gram but a dip in demand led to prices falling to Rs.3,237 per gram on 31st August.
Gold Rate Trend in Ranchi for September 2016
- Prices fell to Rs.3,218 per gram on 1st September as demand dropped on strong data from the U.S. economy.
- Gold prices rose in the second week, trading at Rs.3,200 on 5th September as domestic demand increased.
- Prices dipped marginally to Rs.3,244 per gram on 12th September and stayed constant for the rest of the week.
- The third week saw prices stay steady at Rs.3,244 per gram on 18th September till the end of the month due to demand being constant.
Gold Rate Trend in Ranchi for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 3,018 per gram||Rs. 3,018 per gram||Rs. 3,015|
|Last day||Rs. 3,018 per gram||Rs. 3,003 per gram on 31st of May||Rs. 3,221|
|Highest price||Rs. 3,018 per gram||Rs. 3,157 per gram from 7th to 11th May||Rs. 3,266 per gram on 27th June|
|Lowest price||Rs. 3,018 per gram||Rs. 3,003 per gram on the 31st of May||Rs. 2,988 per gram on 3rd June|
Gold Rate Trend of Ranchi in April 2016
- Gold opened the month at Rs. 3,018 per gram.
- Gold prices remained constant throughout the month and closed April at Rs. 3,018 per gram.
Gold Rate Trend of Ranchi in May 2016
- There were no major changes in demand and the rate remained unchanged at Rs. 3,018 per gram on the first day of May.
- Gold price increased to Rs. 3,157 on the 7th of May and held steady till 11th before dropping again.
- The price declined to Rs. 3,003 per gram on the 31st of May.
Gold Rate Trend of Ranchi in June 2016
- There were minor fluctuations in the rate of gold during the first week of June in Ranchi.
- Gold opened at Rs.3,015 per gram on the 1st of June and reduced by Rs.13 the next day.
- There was a further decrease observed in the price of gold on the 3rd.
- At the end of the week, price of gold increased to Rs.3,035 per gram.
- Continuing from the previous week, the price of gold was Rs.3,035 per gram on the 5th and increased by Rs.9 the next day.
- Gold rate was steady at Rs.3,046 per gram from 6th June to 8th June after which prices increased again.
- Gold price was steady at Rs.3,092 per on 10th and 11th June.
- There were a number of minor fluctuations in gold rate throughout the third week of the month.
- Price of gold increased from Rs.3,092 per gram to Rs.3,135 per gram from 12th to 14th June.
- Gold traded at Rs.3,147 per gram on the 15th.
- Rate of gold was steady at Rs.3,191 on the 16th and 17th but decreased to Rs.3,170 per gram at the end of the week.
- Fluctuations were again noted in the fourth week of June regarding gold prices.
- Price of gold varied from Rs.3,170 to Rs.3,259 over the course of the week.
- Lowest price seen during the week was on the 23rd, with gold being priced at Rs.3,111 per gram.
- Price of gold was steady at Rs.3,259 per month on the 24th and 25th.
- There were minor variations noted in the price of gold in the final week of June.
- Gold traded at Rs.3,266 per gram on 27th June which was also the highest for the month.
- Gold closed at Rs.3,221 per gram on 30th June.
|1st day||Rs. 2,587 per gram||Rs. 2,769 per gram||Rs. 3,090 per gram|
|Last day||Rs. 2,692 per gram||Rs. 3,067 per gram||Rs. 3,018 per gram|
|Highest price||Rs. 2,767 per gram on January 31st||Rs. 3,092 per gram on 26th of February||Rs. 3,090 per gram from March 1st to 18th|
|Lowest price||Rs. 2,587 per gram on the 1st of January||Rs. 2,769 per gram on 1st of February||Rs. 3,016 per gram on 21st of March|
Gold Rate Trend of Ranchi in January 2016
- Gold traded at Rs. 2,585 per gram on the 1st of January without many changes over the few days
- Gold rose by Rs. 48 at Rs. 2,633 per gram on 5th of January.
- Gold hit the highest rate for January on 31st at Rs. 2,692 per gram.
Gold Rate Trend of Ranchi in February 2016
- Gold traded at Rs. 2,769 per gram on 1st of February and that was the lowest price for the month.
- Gold traded at Rs. 2,997 per gram during the last week of the month on 22nd.
- February witnessed a steady rise in Gold prices as it shot up to Rs. 3,067 per gram on 26th of February.
Gold Rate Trend of Ranchi in March 2016
- Gold managed to hold steady at Rs. 3,090 on the 1st of March.
- But gold witnessed a steady downfall in the last two weeks of March and stood at Rs. 3,018 per gram at the end of March.
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.
- Also Check:Gold Rate in Jharkhand
Also Check Gold Price in NearBy Cities of Ranchi
|Gold Rate In Jamshedpur||Gold Rate In Kolkata||Gold Rate In Raipur|
|Gold Rate In Bhilai||Gold Rate In Cuttack||Gold Rate In Patna|
|Also Know: Silver Rate in Ranchi|
Read more on Gold
- How Do Fluctuations In The Gold Rate Affect The Indian Economy?
- Why Investing In Gold Is A Golden Opportunity
- Significance of Gold in Indian Culture
- Everything you need to know about Sovereign Gold Bond Scheme
- Hallmark, KDM and 916 Varieties of Gold
News About Gold rate in Ranchi
Gold Down to Rs. 29,226 After US Announces Strong Manufacturing Figures
Gold rates on the Multi Commodity Exchange fell by 0.97 percent to Rs. 29,226, after rising on Tuesday. The precious metal is expected to trade between Rs. 28,765 to Rs. 30,069 on Wednesday. The loss was driven by better manufacturing data from the US, leading to hopes that the Federal Reserve will revise its rates. US dollar rates also improved after this news was announced. Gold is currently being supported by rise in exchange traded funds, with assets in the world’s leading gold ETF SPDR Gold Trust increasing by 1.15 percent to 786.20 tonnes on Tuesday. Despite the 10 percent import duty on gold, India’s gold imports in January were 62 percent higher than the corresponding period last year. In an effort to curb gold demand, in its recent budget, the country also reinstated local sales tax on gold jewellery.
2nd March 2016
India is the world’s 2 largest market for gold, and is offering huge discounts.
Dealers in India, the second largest market in the world, have increased their discounts offered by jewelers. After the escalated global prices of cooled off, and the speculation of the government import taxes. The discounts have fallen below the cash prices in London for gold, as much as $30 for an ounce. The markdowns are as large as $55 on sales without invoices. Gold has increased by 17% in the year so far, proving to be a safe haven of assets.
26th February 2016
Gold Prices Recover To Rise 1 Per Cent
Gold recovered on Tuesday and rose by nearly 1 percent in the wake of a drop in global equities as well as low inflows into bullion funds. The drop ensured that gold prices recovered from price drops that took place over past sessions. Commerzbank analyst Eugen Weinberg stated that while gold continues to be well supported by inflows in exchange-traded funds (ETFs), another setback could be around the corner before the precious metal rallies any further. The assets in the top gold-backed ETF, SPDR Gold Trust, hit their highest mark since March 2015 following a rise of more than 19 tonnes to close at 752.29 on Monday.
24th February 2016
Indian government to auction 3 gold mines this year
At least 3 gold mines may be auctioned by the government this year. The government is planning to open up the sector to private firms. This is being don’t in order to slash import of metals that cost the government $36 billion in the previous year. Out of the mines to be auctioned, one was shut 15 years ago in Karnataka and the other two are new and located in Jharkhand and Chhattisgarh. The analysts believe that the gold mining will be profitable to the country.
Government is hoping to raise Rs.6,000 crore from selling the gold dust from Kollur, Karnataka.
18th February 2016
Gold importing tariff increased by the government
On Monday, the government increased the tariff value of gold from $ 363 for 10 grams to $ 403 per 10 grams. The tariff value also was hiked for silver from $ 443 to $510 per kg. The Central Board of Excise and Customs, have been notified of these revised rates. The rate are in lieu of the current price trend of the precious metal in the global market and rupee situation.
16th February 2016
Gold prices increase, owing to wedding season
Gold prices surged by Rs 175 to Rs 27,875 per 10 grams at the bullion market on Monday on persistent buying by jewellers, driven by rising wedding season demand even as the metal weakened overseas. Silver also regained the Rs 36,000-mark by rising Rs 250 to Rs 36,050 per kg on increased offtake by industrial units and coin makers.
9th February 2016
Gold holds on to its 3-month high
After ample and on-going speculation about US rate hike for the past few months, the yellow metal has managed to hold onto its three-month rate which is the highest since October 30th. Gold rallied by 1.2 per cent overnight which is a huge gain in one stroke for the metal. US markets have slowed owing to weakening of the global economic conditions.
The price of gold were boosted by two significant things; one is the weakening of the US Dollar and two is the hopes that US interest rates will remain unchanged for the upcoming few months.
4th February 2016
- For more related news /update on gold price visit: Gold News