Gold Rate In Ranchi Today

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Gold Price 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 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Ranchi from January 2020 to March 2020:

• In the month of January, gold prices opened at the rate of Rs.4,027 per gram in Ranchi which was also the lowest recorded price for the month. Over the month, the price of the yellow metal fluctuated a lot although the trend was mostly inclining. The rate of the precious metal touched the highest price on 9 January owing to the progress made in regard to the US and China trade deal. On the given date, the price of the metal stood at Rs.4,251 per gram. The rates of gold dropped again towards the end of the month and it stood at Rs.4,199 per gram on 31 January 2020. This change was affected after the World Health Organization (WHO) declared the coronavirus (COVID-19) to be a global pandemic. The overall performance of the yellow metal witnessed a rise of 4.27%.
• In Ranchi, the price of gold opened at the rate of Rs.4,199 per gram on 1 February 2020. There was no change in the rate of the precious metal and the rate was similar to the closing rate of the previous month. On the 7th day of the month, the prices dropped to the lowest and stood at Rs.4,160 per gram. With the stock market going down and the American Dollar (USD) hitting a 4-month high, the prices of the yellow metal kept fluctuating till the 14th of February. After reports started suggesting the increase in the spread of COVID-19 virus around the globe, the price of the precious metal went up as people started considering it a safe haven investment. The deaths due to coronavirus spread outside China was also responsible for the price hike. The price of gold was the highest on 25 February 2020 when it stood at Rs.4,436 per gram. On the last day of the month, the rate of the precious metal stood at Rs.4,377 per gram and it showed an overall performance hike of 4.23%.
• The gold prices in the month of March 2020 opened at a rate of Rs.4,303 per gram in Ranchi. There was a drop of Rs.88 for every gram of the precious metal when compared to the price of the metal on the last closing day, that is on 29 February 2020. For the first week of March, the yellow metal witnessed an upward trend wherein it recovered from a massive drop in price. The investors across the globe were expecting the US Federal Reserve to cut down the rates of interest to tackle the impact of the COVID-19 virus outbreak on the economy. This also resulted in the increase of the price of the metal. The highest rate of the yellow metal was recorded on 7th of March when the price stood at the rate of Rs.4,583 per gram. It had hit the lowest rate on 18th wherein it stood at the rate of Rs.4,158 per gram. During the month, the precious metal witnesses an overall decline of –0.90% in its performance.

Gold Rate Trend in Ranchi for October 2019 to December 2019 (per gram of 24 karat gold)

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

• In October, the prices of gold saw an overall incline of 1.72% in Ranchi. The uncertainty in the trade deal between China and the US was the main reason for the prices of gold to increase. The prices of gold opened at Rs.3,889 per gram on 1 October 2019 and closed at Rs.3,956 per gram on 31 October 2019.
• The prices of gold saw an overall decline of 1.61% for the month of November 2019 in Ranchi. Investors shifted towards the stock market in November as no rate cuts were made by the US Federal Reserve. The price of gold opened at Rs.3,974 per gram on 1 November 2019 and closed at Rs.3,910 per gram on 30 November 2019.
• In December, the prices of gold saw an overall incline of 2.00% in Ranchi. The main factors for the increase in prices were the impeachment of the US President and the uncertainty of the trade deal between China and the US. The prices of gold opened at Rs.3,948 per gram on 1 December 2019 and closed at Rs.4,027 per gram on 31 December 2019.

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

Gold Rate Trend in Ranchi for April 2019 to June 2019 (per gram of 24 karat gold)

Quarterly gold rate trend in Ranchi for April 2019 to June 2019:

• The quarter that began in April started off with the gold rate in Ranchi trading at Rs.3,294 per gram. This may have been influenced by the demand for gold in the state declining, despite the overseas trend remaining positive.
• The price of the metal then declined to its lowest point in the quarter on 24th May. Gold traded at Rs.3,258 per gram. The demand for the metal remained suppressed at this point while the US dollar rose in value in comparison to other currencies.
• The price of gold in Ranchi rose noticeably in the month of June. Gold rate in Ranchi stood at its highest for three months on from 26 - 27 June. It was recorded at Rs.3,529 per gram. This may have been the effect of favorable global overseas trends clubbed with the surged local and industrial demand for gold.
• The last week of the quarter saw a marginal decline in the gold price in Ranchi as the US and China decided to reignite trade talks. As on 30th June, the price of gold was recorded Rs.3,512 per gram.

Gold Rate Trend in Ranchi for January 2019 to March 2019 (per gram of 24 karat gold)

Gold Rate Trend in Ranchi for January 2019:

• With the value of the dollar constantly fluctuating, the gold rate in Ranchi increased steadily throughout the month after opening at Rs.3,282 per gram on 1 January. This was also the lowest price point of the metal for the month.
• The ongoing trade tensions between the China and U.S. reduced industrial imports of gold from Asia. However, strong local demand kept the value from declining.
• The dollar weakened while the equity market rose in value. As on 18 January, the price of gold stood at Rs.3,338 per gram. During this time, local and industrial demand for the metal too rose.
• The price of gold stood still for a few days while the dollar recovered in value after the government shutdown ended. However, at the end of the month on 31st January, the yellow metal stood at its highest point as it was trading at Rs.3,428 per gram. The overall percentage increment for the month was recorded at 4.44%.

Gold Rate Trend in Ranchi for February 2019:

• Demand for the yellow metal rose spontaneously as conflicting overseas cues and a volatile U.S. dollar rate impacted local and industrial demand. The gold rate in Ranchi on 1 February was Rs.3,431 per gram.
• Gold prices in Ranchi rose briefly to Rs.3,455 per gram on 6 February as the dollar dropped on global economic slowdown fears but it bounced back as the yellow metal’s value fell to Rs.3,404 per gram on 14 February.
• Sluggish demand from Asia and rising insecurity over Brexit increased gold’s safe-haven appeal among investors as the metal rose to Rs.3,462 per gram on 19 February, as local demand remained static.
• Prices surged to Rs.3,497 per gram on 21 February on news of a resolution to the Sino-U.S. trade dispute but a more aggressive tone by the Federal Reserve boosted the dollar as gold fell to Rs.3,460 per gram on 28 February.

Gold rate trend in Ranchi for March 2019:

• Gold rate in Ranchi dipped in value at the beginning of the month as the value of the US dollar rose substantially. Uncharacteristically, stocks and equities too dipped in value at the same time. The price of gold on 1 March stood at Rs.3,435 per gram. This was also the highest value of the yellow metal for the month.
• The dollar then declined in value on the 7th in comparison to the Euro as the ECB pushed its decision to hike interest rates. This stunted the growth of the metal due to weak economic conditions.
• On 29 March, gold stood at one of its lowest points of the month when it was trading at Rs.3,313 per gram. This was influenced with the dollar increasing in value and weak economic conditions prevailed.
• A percentage decline of 4.10 was recorded for the month of March while it was trading at Rs.3,294 per gram. This was also the lowest price the metal stood at for the month.

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

Gold Rate Trend in Ranchi for October 2018:

• The festive season and volatile equity markets encouraged higher demand for gold as the yellow metal traded at Rs.3,167 per gram on 1 October.
• Fears over Brexit and the ongoing Sino-U.S. trade tariff dispute resulted in higher investor interest in gold’s safe-haven aspect though a weak rupee capped local gains.
• Retail sales surged in the run-up to Dhanteras as gold rates in Ranchi reached Rs.3,303 per gram on 25 October as jewellers also increased their orders.
• There was a slight dip in price towards the end of the month as the stable dollar reduced local interest in gold due to the high cost of import, with the metal trading at Rs.3,292 per gram on 31 October.

Gold Rate Trend in Ranchi for November 2018:

• In spite of the wedding season, gold rates in Ranchi fell as weak overseas cues and a plummeting rupee resulted in a steady drop in demand for the precious metal.
• Gold was priced at Rs.3,292 per gram on 1 November, which remained the highest price for the month as retail demand was poor as Diwali failed to boost the metal’s flagging sales.
• The faltering rupee and rumours of another spate of interest rate hikes by the U.S. Federal Reserve dented the metal’s appeal among investors and industrial units.
• A poor sowing season also impacted demand from the rural sector as the precious metal traded at Rs.3,166 per gram on 30 November to record a 3.82% loss over the course of the month.

Gold Rate Trend in Ranchi for December 2018:

• Political instability owing to Brexit and the U.S. government shutdown enhanced gold’s appeal among retailers and investors alike as the metal traded at Rs.3,166 per gram on 1 December.
• A marginal recovery in the rupee boosted demand from jewellers, as investors also turned to the metal as a hedge against volatile equity markets.
• Prices fluctuated during the middle of the month as conflicting overseas cues briefly impacted demand but gold recovered as U.S. markets reeled after the partial government shutdown during Christmas.
• With fears over a no-deal Brexit also weighing on equity markets, gold prices in Ranchi benefitted from increased sales as they traded at Rs.3,284 per gram on 31 December.

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

Gold Rate Trend in Ranchi for July 2018

• The gold rate in Ranchi declined over the course of the month, as falling local demand and a rising dollar negatively impacted prices.
• The month began with gold priced at Rs.3,146 per gram which then rose to a monthly high of Rs.3,165 per gram on 7 July after a sudden fall in the dollar rate.
• Prices dropped as the dollar was bolstered by positive U.S. economic data and a steady decline in local retail and industrial orders.
• Apart from some fluctuations, gold prices continued to drop for the rest of the month, trading at a monthly low of Rs.3,082 per gram on 31 July to record a loss of 2.03%.

Gold Rate Trend in Ranchi for August 2018

• Gold opened the month at Rs.3,079 per gram as demand for the metal was poor, but volatile markets and fluctuations in the dollar boosted prices.
• Trade tensions between China and the United States led to a drop in the dollar, as investors looked to gold as a safe-haven asset.
• Prices were more or less stable, though gold fell to Rs.3,032 per gram on 17 August after indications of an interest rate hike boosted the dollar.
• Markets continued to fluctuate over economic downturn fears as a result of the Sino-U.S. trade dispute, as gold prices slowly edged higher.
• The month ended with gold prices in Ranchi rising to Rs.3,116 per gram to record a 1.20% rise in price.

Gold Rate Trend in Ranchi for September 2018

• In spite of a few fluctuations, gold prices in Ranchi were stable for most of the month as rising local demand balanced out a declining overseas trend.
• Gold was priced at Rs.3,129 per gram when trading began as the continued slide in the rupee value affected local imports.
• Jewellers increased orders ahead of the festive season but industrial demand stagnated, as gold rose to Rs.3,187 per gram on 20 September.
• A rise in the dollar rate and stable markets led to a slight drop in gold rates, as the meta closed the month at Rs.3,167 per gram.

Trend of Gold Rate in Ranchi for April to June 2018 (rates per gram of 24 karat gold)

Gold Rate Trend in Ranchi for April 2018:

• Gold was priced at Rs.3,072 per gram when trading began in Ranchi for the month of April.
• Gold rates dropped to a monthly low of Rs.3,064 per gram on the 6th as demand remained weak and the dollar seemed to rise.
• Demand was on the bullish side this month after the initial fall, as the joint force of the US and NATO decided to attack Syria over the bombing of its citizens.
• As a result, gold rates began to surge, while the dollar plummeted. On the 19th, gold was at its highest of Rs.3,153 per gram as demand surged consistently as the dollar failed to recover and gold demand remained on the rise.
• The month ended with gold prices holding at Rs.3,123 per gram - marking a 1.66% incline in prices.

Gold Rate Trend in Ranchi for May 2018:

• When May’s trading began, gold was priced at Rs.3,114 per gram. Demand this month was slightly on the lower side after the dollar recovered from the previous month’s fall. This caused gold rates to drop after demand weakened.
• Gold was at its highest on the 15th when it traded at Rs.3,213 per gram and the lowest was recorded on the 3rd, when it sold at Rs.3,103 per gram.
• A slightly higher local demand helped offset the rise in the US dollar. Gold was seen trading at Rs.3,122 per gram on the final day of the month.
• There was a 0.25% change in price trends this month, brought about by a positive local demand amidst a rising dollar.

Gold Rate Trend in Ranchi for June 2018:

• Positive market cues and increased trading in the dollar resulted in a drop in demand for bullion.
• When the month began, gold was priced at Rs.3,100 per gram, which fell considerably within the first week after the payroll data showed some positive numbers.
• There was a incline in gold prices mid-month as demand seemed to rise and the metal traded at Rs.3,127 per gram on the 15th.
• However, a fall in demand caused gold rates to drop to a monthly low of Rs.3,054 per gram on the 24th of June.
• When the month ended, gold prices were recorded at Rs.3,059 per gram. Price trends were held to a 1.32% decline this month due to a buoyant dollar and resurgent markets.

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

Gold Rate Trend in Ranchi for January 2018

• Gold prices in Ranchi opened at Rs.3,090 per gram on steady demand from local jewellers due to increased retail sales during the wedding season.
• International demand was also on the increase as the U.S. Dollar rate fell following the renewal of tensions between the U.S. and North Korea.
• Demand from Asia was also steady as the low dollar rate made it more affordable for buyers overseas due to lower import costs.
• Prices slumped briefly in the third week due to a slight drop in international interest in the metal but prices rebounded to trade at Rs.3,172 per gram on 25 January.
• Gold prices fell marginally as the month ended, with the metal trading at Rs.3,127 per gram following a recovery by the dollar.

Gold Rate Trend in Ranchi for February 2018

• The month began with gold priced at Rs.3,146 per gram, showing a sharp increase from the previous month due to a surge in demand from local industrial units.
• After an initial rise in demand, interest in gold was muted among investors as equity markets recovered from the previous month’s losses.
• Anticipation of positive jobs data from the U.S. also led to the dollar rising as local demand for gold fell.
• Trade tensions with China led to global markets plunging on fears of a possible global trade war, as gold prices reached a monthly high of Rs.3,171 per gram on 18 February.
• The rise in price was short-lived as demand was sluggish due to a decrease in offtake among the retail and industrial sectors.
• The month ended with gold priced at Rs.3,163 per gram on 28 February to record a 0.50% rise in price over the course of the month.

Gold Rate Trend in Ranchi for March 2018

• The price of gold fluctuated in the month of March due to conflicting cues from global markets and demand patterns.
• The yellow metal was priced at Rs.3,143 per gram on 1 March as local demand continued to drop on weak purchasing trends.
• In spite of the dollar rate fluctuating due to internal political tensions, overall demand for the precious metal was poor as investors focussed on equities and bonds.
• Gold fell to Rs.3,117 per gram on 20 March as equity markets and the dollar surged on positive industrial data from the U.S.
• The possibility of an interest rate hike as indicated in the Fed Reserve’s meeting also bolstered currency markets.
• Prices recovered marginally as the month ended with gold priced at Rs.3,159 per gram on 31 March.
• Prices did not see much movement during the month, resulting in a minimal increase of 0.50% in gold value over the course of the month.

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

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)

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)

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)

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.

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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