Gold Rate In West Bengal

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Gold Rate in West Bengal

West Bengal is the fourth-most populous state in India, with more than 91 million people. It is an ethno-linguistic state with a proud history of kingdoms and empires that have contributed significantly to the country’s glorious past. As such, the demand for gold in the state is constantly increasing as people make purchases on a consistent basis when there are festivals. Since gold is considered a part of the cultural and traditional heritage of West Bengal, dealers in the state are never short of supply to meet the never-ending demand.

Gold Rate Trend in West Bengal for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in West Bengal from January 2020 to March 2020:

• Opening the month and year at Rs.4,027 per gram, gold prices in West Bengal showed an overall incline for the month. The lowest price of the gold was its opening price at Rs.4,027 per gram and increased through the rest of the month with increasing speculations on the trade deal between China and the United States of America and the rising tensions between the United States of America and the Middle East. The metal hit its highest price of the month on 9 January at Rs.4,251 per gram on 9 January. Investors shifted to the bullion market amidst a higher safe-haven appeal of the metal. By 15 January, the price of the metal was at Rs.4,074 per gram with the minimal rise in prices. However, in the third and the last week of the month, gold prices surged to a great extent and by 22 January, the price of gold had hit Rs.4,153 per gram. Closing the month at Rs.4,199 per gram, gold in the month of January recorded an overall incline of 4.27.
• February proved to be a positive month for the traders invested in the bullion market. Opening the month at Rs.4,199 per gram on 1 February, the price of the metal hit its lowest price for the month in the first week at Rs.4,160 per gram on 7 February. The metal’s prices showed an incline in prices after the second week of the month when the virus, COVID-19 was affecting many people in China on a daily basis. With the country on lockdown, trade was hampered to a great extent which prompted investors to shift to the bullion market due to higher safe-haven appeal. By the middle of the month, the precious metal was valued at Rs.4,212 per gram on 15 February. In the last week of the month, the price of gold increased due to a rise in the number of cases all over the world. The metal hit its highest price of the month at Rs.4,436 per gram on 25 February, closing at Rs.4,377 per gram with a percentage incline of 4.23.
• In the month of March, the price of the metal showed a gradual decline due to the outbreak of the novel pandemic, COVID-19 all over the world. Affecting not only lives but also the economy, the virus resulted in lockdowns in many countries all over the world disabling all trade to and from nations. Opening the month at Rs.4,274 per gram, the price of the metal hit its highest price of the month on 7 March at Rs.4,536 per gram with investors awaiting a rate cut by the United States Federal Reserve. The price of the metal fluctuated heavily in the second week of the month due to mixed trends in the economy, with the value of the dollar increasing and affecting gold prices. However, poor job data from the U.S. limited the losses of the metal. At the end of the month, the price of the metal held steady since major bullion trading centres in the country were shut due to the government-imposed lockdowns. After hitting its monthly low on 20 March at Rs.4,111 per gram, the metal closed at Rs.4,253 per gram on 31 March with a percentage decline of 0.49.

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

Quarterly Gold Rate in West Bengal from October 2019 to December 2019:

• In the month of October 2019, the price of gold in West Bengal opened at the rate of Rs.3889 per gram. The price witnessed an incline of 1.72% over the month. Owing to the trade deal between the USA and China, there were some fluctuations in the price of the precious metal. The month came to an end with the price of gold standing at the rate of Rs.3,956 per gram.
• November started with the price of the precious metal standing at the rate of Rs.3,974 per gram. There was an overall decline of –1.61% in the performance of gold during this month and it came to a close at the rate of Rs.3,910 per gram.
• Owing to a host of geopolitical factors which came up, the price of gold opened at the rate of Rs3,948 per gram for the month of December 2019. The impeachment inquiry demands on the US President and the change in the value of the US Dollar also lead to the hike of 2% in the overall performance of the precious metal. The price of the metal came to a close at the rate of Rs.4,027 per gram for the month of December.

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

Quarterly Gold Rate Trend in West Bengal for July 2019 to September 2019:

• The quarter saw gold price in West Bengal fluctuate as during the earlier part it was trading at Rs.3,512 per gram and closed the quarter at a price of Rs.3,911 per gram. There was an inclination in the gold rates in July and August of 2.73% and 10.70% respectively.
• The highest price of gold in West Bengal in the quarter was recorded at Rs.4,064 per gram on 5 September while the lowest rate was witnessed at Rs.3,467 per gram on 2 July.
• Gold rate in West Bengal experienced a good month in August due to a lot of factors such as increased purchase of gold by central banks, weakening of rupee against the dollar, increased demand of the metal in India, and market volatility due to trade tension between US and China.
• Though gold was trading well in the month of September, overall, there was a decline of 1.88% during the month. The lowest price of gold in September was recorded at Rs.3,864 per gram on 21 September.

Also Check Gold Price in Metro Cities

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

• The quarter that began in April started off with the gold rate in West Bengal 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 gold in West Bengal 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.
• Gold price in West Bengal rose noticeably in the month of June. Gold rate in West Bengal 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 West Bengal as the US and China decided to reignite trade talks. As on 30th June, gold rate in West Bengal was recorded Rs.3,512 per gram.

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

Gold Rate Trend in West Bengal for January 2019:

• With the value of the dollar constantly fluctuating, the gold rate in West Bengal 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 West Bengal 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 West Bengal on 1 February was Rs.3,431 per gram.
• Gold prices in West Bengal 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 West Bengal for March 2019:

• Gold rate in West Bengal 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 West Bengal for October 2018 to December 2018 (per gram of 24 karat gold)

Gold rate trend in West Bengal in October 2018

• Gold trade began in the month of October at Rs.3,167 per gram in West Bengal. The price of the metal increased throughout the month due to the increase in the value of the rupee against the dollar as the markets fell.
• Geopolitical tensions such as the crisis in the Middle-East, budgetary crisis in Italy as well as the ongoing Brexit negotiations played a major role in the upward trend of the metal. This led an increased inclination from investors towards bullion as a safe-haven asset.
• In the second half of the month, demand from local jewellers increased since Diwali and Dhanteras are primary festivals associated with the buying of gold. As the rupee fared better against the dollar, the import business benefited.
• At the end of October, gold prices hit the highest price of the month at Rs.3,303 per gram and closed at Rs.3,292 per gram with an incline percentage of 3.94.

Gold rate trend in West Bengal in November 2018

• The gold trend in November declined substantially as the markets improved globally. The dollar improved against other currencies which made investors shift from the bullion to the market.
• On 1 November, the price of the metal was Rs.3,292 per gram and held forth in the country due to the festivals of Dhanteras and Diwali.
• However, in the second half of the month, gold trade dipped considerably following the decrease in demand by local jewellers.
• By the month end, gold trade closed at Rs.3,166 per gram resulting in a percentage decline of 3.82.

Gold rate trend in West Bengal in December 2018

• In December, gold trade made up for the downward trend in the previous month. The markets fell early in the month, leading to the fall of the dollar against other currencies.
• Gold opened the month at Rs.3,166 per gram and increased to Rs.3,264 per gram by the mid-month. As the US-China trade truce was underway, the rupee strengthened resulting in a rise in local demand of the metal.
• Apart from global factors, demand was high among local jewellers as the month marked the wedding season in the country.
• On 31 December, gold trade closed at Rs.3,284 per gram which was the highest price of the metal in the month, resulting in a percentage incline of 3.72.

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

Gold Rate Trend in West Bengal for July 2018

• Gold opened trading at Rs.3,146 per gram as local demand kept prices steady when the month began, but rising import costs and flagging retail sales led to prices dropping.
• Fluctuating markets and an unsteady dollar resulted in higher demand for bullion, as gold prices rose to a monthly high of Rs.3,165 per gram on 7 July.
• Geopolitical tensions and Brexit negotiations had a bearing on equity markets but investors were wary of bullion buys, resulting in demand falling steadily.
• Prices continued to fall as local demand for gold fell as a result of the depreciating rupee, as gold rates in West Bengal closed the month at Rs.3,082 per gram to record a loss of 2.03% during the month.

Gold Rate Trend in West Bengal for August 2018

• There was a slight drop in gold prices as the month began as a rising dollar and bullish stock markets reduced interest in the yellow metal.
• The precious metal traded at Rs.3,079 per gram on 1 August as prevalent overseas trends and a depreciating dollar negatively impacted gold demand.
• Brexit negotiations and geopolitical tensions in the U.S. led to volatile stock markets, which boosted demand for safe-haven assets like gold.
• Prices slowly rose towards the middle of the month and climbed steadily as industrial demand for gold rose in spite of the higher cost.
• The end of the month saw gold prices rise to Rs.3,116 per gram as the metal’s value increased by 1.20%.

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

Gold Rate Trend in West Bengal for April 2018:

• Gold was priced at Rs.3,159 per gram when West Bengal opened for trading on April 1st. This was the lowest rate for the month.
• Demand for gold this month was on the high side as the US dollar was on a weaker foot and cues from the global market was positive.
• The reason for high demand was the ongoing Syrian civil war and the latest US-NATO interference against the Bashar Al Assad government.
• Almost all major cities and states in India saw increased demand this month, which was also reflected in the trends seen in West Bengal.
• Gold rates in West Bengal seemed to increase week on week and hit the highest for the month from the 20th to the 23rd when the metal traded at Rs.3,243 per gram.
• When the month ended, gold was priced at Rs.3,231 per gram. Due to high demand, gold price trends recorded a 2.27% incline this month.

Gold Rate Trend in West Bengal for May 2018:

• Compared to April, May’s trading was on the weaker side as demand weakened considerably this month. The fall in gold demand was brought about by a rising dollar which recovered from the previous month’s decline.
• The metal was priced at Rs.3,231 per gram when the month began. Demand was more or less steady for the first two week, with the highest price recorded on the 14th when the metal traded at Rs.3,254 per gram.
• Less than a week later, i.e., on the 18th, gold prices dropped to a monthly low of Rs.3,197 per gram as demand dropped.
• The month came to a halt on the 31st with gold prices holding at Rs.3,217 per gram - a Rs.14 drop from the initial day’s rates.
• Price trends this month dropped by 0.43% as there was a much weaker demand for the metal, owing to a strong US market.

Gold Rate Trend in West Bengal for June 2018:

• When June’s trading began, gold was priced at Rs.3,216 per gram. This was the highest rate for the month because demand fell from this point on.
• The US payrolls data was released for the month, which showed positive growth. This then caused market sentiments to rise and the hopes of a Fed rate hike also took shape, causing gold rates to plummet on a regular basis.
• Gold rates fluctuated constantly this month and saw a lot of crests and troughs, ultimately ending on a low note as demand was at its lowest for months.
• The lowest gold rate for the month was recorded on the 30th when the metal traded at Rs.3,146 per gram.
• Price trends recorded a 2.17% decline this month as demand was at an unprecedented low which caused market demand to drop considerably.

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

Gold Rate Trend in West Bengal for January 2018:

• Trading began for the month with the yellow metal priced at Rs.3,090 per gram on the 1st amid the strengthening US greenback.
• The 5th witnessed gold rate in West Bengal plummeting to their lowest monthly figure of Rs.3,088 per gram as the US dollar index rose against a basket of other emerging currencies.
• The release of poor employment data coupled with the weaker-than-expected US inflation data led to gold rates in West Bengal rising considerably over the next couple of weeks.
• With investors gravitating towards safe-haven assets such as the bullion to hedge against the US inflation concerns, gold prices surged to Rs.3,172 per gram on the 25th.
• The month came to an end with rates stabilising at Rs.3,3127 per gram on the 31st as demand was suppressed by the recovering dollar.
• West Bengal recorded an incline of 1.19% in gold price in West Bengal during the month.

Gold Rate Trend in West Bengal for February 2018:

• Gold trading opened in West Bengal with the metal trading at Rs.3,146 per gram on the 1st with domestic demand held in check by the strong dollar index.
• Poor demand from local jewellers, retailers and industries coupled with weak global cues led to prices plunging to Rs.3,105 per gram on the 11th.
• Thanks to an increase in local purchases made on account of Valentine’s Day eve, gold rate in West Bengal rebounded to Rs.3,191 per gram on the 18th.
• However, with the US dollar regaining lost ground over the next couple of weeks, demand for the precious metal dropped significantly.
• Trading concluded for the month with the yellow metal trading at Rs.3,163 per gram on the 28th and West Bengal recorded a profit of 0.54% in bullion trade during the month.

Gold Rate Trend in West Bengal for March 2018:

• The final month of the first quarter began with the bullion priced at Rs.3,143 per gram on the 1st.
• Uneven performances by the US greenback coupled with inconsistent global demand resulted in gold rate in West Bengal fluctuating during the month.
• With the US dollar rising against other apex currencies following the dismissal of the US Secretary of State, gold prices dropped to Rs.3,132 per gram - the lowest recorded monthly figure - on the 18th.
• However, with market participants speculating over a possible trade war between the US and China, demand for the metal surged over the next few days.
• On the 25th, the bullion was recorded trading at Rs.3,198 per gram with strong safe-haven demand from investors around the world. This was also the highest recorded monthly figure in the state.
• The month ended with the precious metal priced at Rs.3,169 per gram on the 31st, registering an incline of 0.82% in gold price in West Bengal during the month.

Gold Investment Avenues in West Bengal

West Bengal has multiple options for investors who wish to purchase gold. Following are the most common forms that buyers can choose from based on their unique investment requirements.

Market trade: E-Gold, future contracts and ETFs (Exchange Trade Funds) are the most popular opportunities so far as gold trading is concerned. Most investors choose ETFs as they not only provide good returns, but can also be traded on the Mumbai Stock Exchange. Future contracts are also attractive offers for investors to consider as they provide protection against market fluctuations and buyers have the option of taking possession of their purchase on a predetermined date. E-Gold is mainly purchased by investors who don’t really want to take possession of the metal, but rather sell it at a later date for a profit. E-Gold may be bought and sold via the National Spot Exchange Limited and investors are afforded the option of physically owing the metal should they prefer to do so.

Over-the-counter: A large number of gold investors in West Bengal prefer to buy gold in the form of jewellery, coins and bullions. Gold coins and bullions can be purchased from major dealers and banks across the state, but local prices are often dictated by international rates. Majority of the investors generally choose to purchase from local dealers instead of banks because the prices charged by dealers are significantly less. Banks charge slightly more than dealers because of quality assurance.

Also Check Gold Prices in the Cities of West Bengal

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