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 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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