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Sambalpur, located in Odisha has traditionally been known as a hub for coal and trade since historical times. The city has a number of iron and aluminium smelters and is also known for its trade. While bullion has always been part of religious and social life in Sambalpur, a tourism boom has seen the city prosper and resulted in increased demand for gold.
Gold Rate Trend in Sambalpur for April 2018 to June 2018 (per gram of 24 karat gold)
|1st day||Rs.3,159 per gram||Rs.3,231 per gram||Rs.3,100 per gram|
|Last day||Rs.3,231 per gram||Rs.3,217 per gram||Rs.3,054 per gram|
|Highest price||Rs.3,243 per gram from 20 to 23 April||Rs.3,254 per gram on 14 May||Rs.3,119 per gram on 9 & 10 June|
|Lowest price||Rs.3,159 per gram from 1 and 2 April||Rs.3,197 per gram on 18 May||Rs.3,054 per gram on 30 June|
Gold Rate Trend in Sambalpur for April 2018
- Gold was priced at Rs.3,159 per gram on 1 April in Sambalpur as demand for the precious metal remained consistent.
- Geopolitical tensions between the United States and China over trade tariffs led to equity markets sliding, which boosted demand for bullion.
- The yellow metal also benefited from the weakened dollar rate, as orders from Asia increased due to cheaper import costs.
- The possibility of a trade war due to ongoing tensions between the U.S. and China kept global currencies and stock markets shaky, as investors looked to safe-haven assets like gold.
- Prices rose to Rs.3,243 per gram from 20-23 April as gold continued to rise in spite of declining local demand.
- The end of the month saw a minor dip in demand for the precious metal, which traded at Rs.3,231 per gram on 30 April.
Gold Rate Trend in Sambalpur for May 2018
- May saw demand for gold fluctuate on conflicting cues and market uncertainty, as the precious metal opened the month at Rs.3,231 per gram.
- The summit between North Korea and the United States in June as well as a reduction in trade tensions with China led to the dollar recovering.
- Demand for gold was muted in spite of fluctuating equity markets, as investors awaited news of an interest rate hike by the Federal Reserve and put off gold purchases.
- The precious metal’s price fell to Rs.3,197 per gram on 18 May, the lowest rate for the month but recovered in the next few days due to renewed economic instability.
- Gold ended the month priced at Rs.3,217 per gram on 31 May as local demand stagnated amidst weak international cues.
Gold Rate Trend in Sambalpur for June 2018
- The impending summit between Donald Trump and Kim Jong Un and relatively stable economic front led to a rally by the dollar.
- Gold was priced at Rs.3,100 per gram on 1 June, with prices on the decline as local demand was static due to high prices.
- The release of positive inflation data from the United States led to equity markets gaining, as the dollar continued to capitalise on favourable market cues.
- Gold prices peaked at Rs.3,119 per gram on 9 & 10 June as apprehension over the summit led to investors rushing to safe-haven investments like gold.
- Prices began to drop as industrial offtake reduced in the aftermath of the summit, as demand for gold plunged.
- As demand remained sluggish, gold ended the month at Rs.3,054 per gram on 30 June to register a drop in value of 1.48%.