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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 2020 to December 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,222 per gram||Rs.5,222 per gram||Rs.5,104 per gram|
|Last Day||Rs.5,222 per gram||Rs.5,203 per gram||Rs.5,216 per gram|
|Highest Price||Rs.5,287 per gram on 13 October||Rs.5,257 per gram on 7, 8, and 9 November||Rs.5,219 per gram on 23 December|
|Lowest Price||Rs.4,914 per gram on 18 October and 19 October||Rs.4,932 per gram on 28 November||Rs.5,052 per gram on 2 December|
Quarterly Gold Rate in West Bengal from October 2020 to December 2020:
- Gold prices for 24 karat on the first day of October in West Bengal stood at Rs.5,222 per gram for 24 karat and was the same on the last day as well. There was no change through the month in the trend of gold prices in the state. The highest price was Rs.5,287 per gram on 13 October which soon dipped to the lowest price for the month at Rs.4,914 per gram on 18 and 19 October.
- In November, the gold rate in West Bengal stood at Rs.5,222 per gram for 24 karat and quickly rose to the highest price in the month on 7, 8, and 9 November at Rs.5,257 per gram. The lowest price for the yellow metal was on 28 November at Rs.4,932 per gram. On the last day of the month, the price of gold stood at Rs.5,203 per gram, leading to an overall decline in the percentage of gold prices to –0.36% throughout the month.
- Gold prices in December in West Bengal for 24 karat fared better than the previous two months with an overall incline in prices with a percentage change of 2.14%. The price of gold on the first day of December stood at Rs.5,104 per gram while it increased to Rs.5,216 per gram by the last day of the month. The highest price was on 23 December at Rs.5,219 per gram while the lowest price was Rs.5,052 per gram on 2 December.
Gold Rate Trend in West Bengal for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,895 per gram||Rs.5,381 per gram||Rs.5,293 per gram|
|Last Day||Rs.5,313 per gram||Rs.5,313 per gram||Rs.5,242 per gram|
|Highest Price||Rs.5,313 per gram on 31 July||Rs.5,652 per gram on 10 August||Rs.5,399 per gram on 9 September|
|Lowest Price||Rs.4,856 per gram on 5 July||Rs.5,283 per gram on 29 August||Rs.5,157 per gram on 29 September|
Gold Rate Trend in West Bengal for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,263 per gram||Rs.4,681 per gram||Rs.4,722 per gram|
|Last Day||Rs.4,731 per gram||Rs.4,712 per gram||Rs.4,895 per gram|
|Highest Price||Rs.4,800 per gram on 27 April||Rs.4,909 per gram on 26 May and 27 May||Rs.4,972 per gram on 20 June|
|Lowest Price||Rs.4,263 per gram from 1 April to 5 April||Rs.4,620 per gram on 9 May||Rs.4,711 per gram on 9 June|
Quarterly Gold Rate in West Bengal from April to June:
- On 1 April 2020, the price of gold in West Bengal was at Rs.4,263 per gram. On 30 April 2020, the price of gold was at Rs.4,731 per gram. This was also the highest rate that gold hit for the month. Overall, gold prices in West Bengal saw a 10.9% increase in its rates for the month.
- Gold opened at the rate of Rs.4,681 per gram for 24 karats in the month of May in West Bengal. The last week of the month witnessed the prices going up and down again due to the various political and economic factors which played a direct role. Despite the uncertainty regarding the rise and drop in gold prices, the yellow metal touched its highest rate on 26 May and 27 May at Rs.4,909.
- The price of the metal opened the month of June at Rs.4,722 per gram and showed an overall declining trend with risk appetite amongst investors increasing. The metal closed the month at Rs.4,895 per gram on 30 June with an overall percentage incline of 3.6%.
Gold Rate Trend in West Bengal for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,027 per gram||Rs.4,199 per gram||Rs.4,274 per gram|
|Last Day||Rs.4,199 per gram||Rs.4,377 per gram||Rs.4,253 per gram|
|Highest Price||Rs.4,251 per gram on 9 January||Rs.4,436 per gram on 25 February||Rs.4,536 per gram on 7 March|
|Lowest Price||Rs.4,027 per gram on 1 January||Rs.4,160 per gram on 7 February||Rs.4,111 per gram on 20 March 2020|
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.
Also Check Gold Price in Metro Cities
|Today's Gold Rate In Bangalore||Today's Gold Rate In Chennai||Today's Gold Rate In Hyderabad|
|Today's Gold Rate In Kolkata||Today's Gold Rate In Mumbai||Today's Gold Rate In India|
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.p>
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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