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 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.

Gold Rate Trend in Ranchi for October 2016 to December 2016 (per gram of 24 karat gold)

Factor	October	November	December
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
Trend	Decline	Decline	Decline
Change	-3.51%	-6.51%	-1.42%

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)

Factor	July	August	September
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
Change	+1.23%	-1.03%	+0.80%

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)

Factor	April	May	June
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
Trend	Rising	Decline	Rise
Change	0%	-0.49%	+6.83%

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.

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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