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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 October 2016 to December 2016 (per gram of 24 karat gold)
|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|
Gold Rate Trend for West Bengal in October 2016
- The price of gold in West Bengal for the month of October was stable as the month began, but low demand led to a decline in price as the month progressed.
- Gold traded at Rs.3,244 per gram on 1st October due to increasing orders by jewellers on account of the upcoming festive and wedding season.
- Demand from industry was also consistent at the start of the month but fell as the U.S. Dollar strengthened on the possibility of an interest rate hike by the U.S. Federal Reserve.
- The retails sector also saw a slump in demand towards the end of the month, which led to a decline in price.
- Gold was priced at Rs.3,130 per gram as the month ended, with the price falling by 3.5% as demand dipped.
Gold Rate Trend for West Bengal in November 2016
- The price of gold fell sharply during the month after an initial rally due to stable markets which led to a reduction in demand from industry.
- Gold traded at Rs.3,130 per gram on 1st November, with the price rising to Rs.3,190 per gram on 3rd November as markets dipped over uncertainty regarding the upcoming U.S. election results.
- Gold prices rose following the announcement of the withdrawal of large currency notes in India, as investors rushed to the safe haven asset.
- Prices regularised as markets began to recover and demand dipped, due to a reduction in industrial demand from Asia.
- The currency shortage also led to a reduction in demand, as jewellers reduced orders during peak season due to declining sales.
- Prices stayed low as the month ended, with gold trading at Rs.2,926 per gram on 30th November to record a loss of 6.51%.
Gold Rate Trend for West Bengal in December 2016
- Demand for gold was lower than expected, with gold trading at Rs.2,884 per gram on 1st December.
- An imminent Fed rate hike boosted the U.S. Dollar, which traded high, leading to a decrease in demand for gold.
- The Christmas season saw a decrease in demand for gold as markets stabilised due to higher sales volumes, reducing dependency on gold as a safe haven asset.
- Prices dipped to a low of Rs.2,749 per gram on 24th December as both retail and industrial demand slumped.
- The currency shortage reduced demand for gold during the festive season, which also contributed to keeping gold prices low.
- The price of gold rose towards the end of the month as fears of a slowdown in Asia led investors to purchase safe haven assets.
- Gold traded at Rs.2,843 per gram on 31st December.
Gold Rate Trend in West Bengal for July 2016 to September 2016 (per gram of 24 karat gold)
|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.3,287 per gram from 5th to 7th August||Rs.3,244 per gram from 7th September to 30th September|
|Lowest price||Rs.3,218 per gram from 27th July to 29th July||Rs.3,232 per gram on the 9th of August||Rs.3,200 per gram on 5th and 6th September|
Gold Rate Trend of West Bengal in July 2016
- The price of gold was Rs.3,252 per gram on 1st July.
- Prices rose consistently until the 4th of the month, after which they fluctuated as marginal increases were written off by subsequent gains over the course of the month.
- The highest recorded rate in the month of July was recorded on the 7th when prices soared to Rs.3,305 per gram.
- Gold closed the month at Rs.3,392 per gram.
Gold Rate Trend of West Bengal in August 2016
- The price of gold per gram on the 1stt of August was Rs.3,271, and rate increased on the next two days.
- The highest recorded rate in August was Rs.3,287 per gram between the 5th and 7th day of the month.
- Fluctuations continued until the 12th of August, after which prices became stable at Rs.3,248 from the 13th to the 17th.
- Prices were stable between the 18th and 28th at Rs.3,277.
- Prices then declined to Rs.3,237 on the 29th and remained stable until the end of the month to record an overall decline of 1.4%.
Gold Rate Trend of West Bengal in September 2016
- Gold traded at Rs.3,218 per gram on 1st September and prices remained unchanged on the 2nd.
- Rates rose to Rs.3,239 on the 3rd and remained constant on the 4th.
- Prices then declined to Rs.3,200 and remained constant on the 6th, making it the lowest recorded rate in the month.
- On the 7th of September, prices rose to Rs.3,244 and remained stable until the month.
- The overall increase in rates between the first and last day of September was less than 1%.
Gold Rate Trend in West Bengal for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.3,018 per gram||Rs.3,018 per gram||Rs.3,015 per gram|
|Last day||Rs.3,018 per gram||Rs.3,003 per gram||Rs.3,221 per gram|
|Highest price||Rs.3,018 per gram on April 30th||Rs.3,157 per gram from the 7th to 11th of May||Rs.3,259 per gram from June 24th and 27th and on June 29th|
|Lowest price||Rs.3,018 per gram on April 4th||Rs.3,003 per gram from the 27th to 30th of May||Rs.2,988 per gram on 4th of June|
Gold Rate Trend of West Bengal in April 2016
- Gold prices remained unchanged throughout the month and stood at Rs.3,018 for the entirety of the 30-day period.
Gold Rate Trend of West Bengal in May 2016
- Gold prices remained unchanged on the first day of May, at Rs.3,018.
- Prices fluctuated during the first week of May, but increased marginally on the 7th and remained unchanged until the 11th at Rs.3,157.
- Fluctuations continued over the month and the lowest price recorded in May was between the 27th and 30th when they plunged to Rs.3,003.
- The overall decline in prices when comparing the first day of May to the last was just Rs.15.
Gold Rate Trend of West Bengal in June 2016
- Gold prices were recorded at Rs.3,015 on the 1st of June and fluctuated over the course of the month.
- The highest recorded rate in June was between the 24th and 27th as well as on the 29th when prices soared to Rs.3,259.
- The overall increase in prices between the first and last day of the month was Rs.206.
|1st day||Rs.2,547 per gram||Rs.2,718 per gram||Rs.3,090 per gram|
|Last day||Rs.2,692 per gram||Rs.3,067 per gram||Rs.3,018 per gram|
|Highest price||Rs.2,705 per gram on January 30th||Rs.3,092 per gram on 26th of February||Rs.3,090 per gram on March 1st and March 3rd to 18th|
|Lowest price||Rs.2,547 per gram on January 1st and 2nd||Rs.2,718 per gram on 1st of February||Rs.3,018 per gram from 22nd to 31st of March|
Gold Rate Trend of West Bengal in January 2016
- Gold traded at Rs.2,547 per gram on the 1st of January with consistent increases over the next few days resulting in an increase in rates.
- The highest price in the month was recorded on the 30th when rates soared to Rs.2,705.
- Prices fell on the last day of the month and closed at Rs.2,705, marking an overall increase of Rs.171 between the first and last day of the month.
Gold Rate Trend of West Bengal in February 2016
- Gold prices were recorded at Rs.2,718 per gram on the 1st of February, followed by consistent increases over the following weeks.
- Gold rates rose to Rs.3,092 on the 26th of the month, making it the highest recorded price during February.
- A steady rise in prices over the 29 days meant that gold closed the month at Rs.3,067 per gram.
Gold Rate Trend of West Bengal in March 2016
- Gold prices were recorded at Rs.3,090 on the 1st of March after which a decline saw prices fall to Rs.3,030.
- Prices rose on the 3rd to Rs.3,090 and remained unchanged until the 18th of the month, making it the highest recorded rate during the month.
- Prices then fell and remained constant at Rs.3,019 for three days, after which a decline by Re.1 took prices down to Rs.3,018 and they remained unchanged until the end of the month.
- The overall decline in prices between the first and last day of March was Rs.71.
Details of Gold Price in West Bengal(22 Karat & 24 Karat) - Till October 2015
24 carat gold: The purest form of gold on the planet, 24 carat gold comes with 99.99% purity, making it the most expensive form of the metal. If you’re looking to purchase 24 carat gold in West Bengal, you will have to spend Rs 2726 for one gram as of 16 October, 2015.
22 carat gold: 22 carat gold is slightly different from 24 carat gold in the sense that the purity of the element is 92% in comparison with the 99.99% of 24 carat gold. If you wish to buy 22 carat gold in West Bengal, you will have to pay Rs 2548 per gram as of 16 October, 2015.
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
|Gold Rate In Siliguri||Gold Rate in Kolkata|
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News About Gold Rate in West Bengal
With the reopening of jewellery shops after the strike, Gold Discounts has reduced considerably.
At the end of the jewellery retailers’ strike, the demand for gold in India has improved this week. The strike by Indian jewellers, which started in March, was due to the reintroduction of a sales tax on gold jewellery after four years. The protest ended last week and shops have thus started to open.
Many jewellers are however concerned about the fact that the demand is lower than expected. It was expected that customers would be rushing to make purchases since shops were closed for such a long period. This has not been the case.
This week, dealers were offering a discount of up to $8 an ounce to the global spot benchmark. Last week the discount was $25. Due to weak demand, in February, the discount had hit a record high of $53 an ounce.
22nd April 2016
Gold trades higher amidst weak dollar
A drop in oil prices and a weak dollar have led to equities increasing. This has led to gold trying to maintain its foothold in the bullion trade. A weaker dollar has led to the yellow metal trading higher in the New York Mercantile Exchange’s Comex Division.
The price of the precious metal increased by 0.1% or 60 cents to end at $1,235.20 for an ounce. In the trade, the gold rate ranged between $1,231.70 and $1,243.30.
19th April 2016
Gold prices continue to plunge
Gold prices continued to drop in Dubai for the second day running on the back of strengthening US dollar and global stocks staging a recent rally. 24 carat gold dropped by 0.66 per cent to close at Dh 149.50, while 21 carat and 18 carat gold respectively closed at Dh 134 and Dh 114.75. The Asian market did not fare much better as gold bullion dropped to $1,228.70 per ounce, before recovering a little to close at $1,232.50. However, Asian stocks are on the rise, in parallel with markets across Europe and Wall Street.
15th April 2016
- For more related news /update on gold price visit: Gold News