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 October 2020 to December 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Ranchi from October 2020 to December 2020:

• In Ranchi, the month of October opened with gold price standing at the rate of Rs.5,222 per gram and the metal’s price had been the same by the end of the month.
• The price of gold declined throughout the rest of the month due to higher risk appetite amongst investors due to vaccine optimism. The demand for the precious metal gradually declined. At the end of the month, gold price in Ranchi was at its lowest on 29 November at Rs.5,145 per gram and closed the month at the same rate, recording an overall decline of 7.19%.
• In Ranchi, the month of December opened with gold price standing at the rate of Rs.4,835 per gram. Gold price closed the month at the rate of Rs.5,120 per gram. The overall performance of the yellow metal witnessed an inclining trend wherein the percentage change stood at 5.89%.

Gold Rate Trend in Ranchi for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Ranchi from July 2020 to September 2020:

• Gold price in Ranchi opened at Rs.5,005 per gram on 1 July and was at its lowest in the first week at Rs.4,961 per gram on 7 July. The price of the precious metal increased gradually throughout the month and closed at Rs.5,431 per gram on 31 July with an overall incline of 8.5% in its performance.
• In August, gold rate opened at Rs.5,513 per gram and was at its highest for three days at Rs.5,786 per gram. However, the price of the yellow metal declined through the month and was at its lowest on 29 August at Rs.5,263 per gram, closing at Rs.5,293 per gram. The overall performance of gold dropped by -3.99%.
• Opening at the rate of Rs.5,293 per gram on 1 September, the price of gold showed a declining trend for the month with constant fluctuations in the prices. On 16 September, the metal’s price was the highest at Rs.5,345 per gram and was the lowest on 29 September wherein it was being traded at the rate of Rs.5,130 per gram. The overall performance witnessed a dip of -1.79%.

Gold Rate Trend in Ranchi for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Ranchi from April to June:

• In Ranchi, gold opened the month of April at Rs.4,158 per gram. Over the month, the rates witnessed an inclining trend with the percentage change being 11.47%. The yellow metal recorded its highest and lowest price for the month on 27th and 1st of April.
• In May, the precious metal opened the month at Rs.4,641 per gram. There was an increase of Rs.6 for every gram when compared to the closing price of the previous month. The highest and lowest price for the month was recorded on the 20th and 12th of May with a gram costing Rs.4,757 and Rs.4,534 respectively. The overall performance of the metal witnessed an inclining trend in the city with the percentage change standing at 1.24%.
• The rates of gold jumped by 2.74% over the month of June in Ranchi. Gold opened the month at Rs.4,702 per gram, an incline of Rs.3 from the price charged on the final day of the previous month. The metal recorded its highest and lowest for the month on 25th and 8th of June with a gram being retailed for Rs.4,841 and Rs.4,564 respectively.

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.

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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 Price in NearBy Cities of Ranchi

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