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Today Gold Rate in Bhubaneswar

Gold is often regarded as a safe haven in times of uncertainty. It helps to protect against inflationary conditions, and acts as a safety measure during political unrest. There are two ways of owning gold - physically i.e. in the form of jewellery, bars and coins, or in paper, as gold ETFs and sovereign gold bonds. The price of gold varies across cities as a result of local market factors like supply and demand, state taxes and transportation charges (of physical gold). This article focuses on how lucrative gold investments are in the city of Bhubaneswar and its rates over the recent months.

Importance of Checking Gold Rate in Bhubaneswar

It is important for one to stay up-to-date with the latest gold pricing before making a purchase. When compared with a decade ago, gold rates are very high today. Buyers are advised to check and compare the prices set for this precious metal by jewellers in the city. The top ones are likely to charge higher in making charges.

Factors Affecting Gold Rate in Bhubaneswar

A number of factors have an impact on the gold rate in Bhubaneswar. Here is a look at a few:

  • Inflation: When the economy is going through inflation, the local currency value tends to weaken. This prompts more people to start investing in gold. When inflation remains high over a longer duration, the precious metal becomes a tool to hedge against inflation. This causes gold prices to increase in the inflationary period.
  • Rupee-dollar equation: Another factor that affects the gold price in India is the rupee-dollar equation. This, however, does not influence the global gold rates. As gold is mostly imported, the rates tend to appreciate in rupee terms when the rupee weakens against the dollar. A depreciating rupee may lead to a decline in the demand of gold in the country.
  • Monsoon: Rural demand plays a big role in the demand of gold in the country. Annually, the nation consumes about 800 tonnes of gold, and rural India makes up for more than half the consumption. Monsoon has a part to play in gold consumption - farmers are seen buying gold to create assets when the crop is good. On the other hand, during deficient monsoon, farmers look to sell gold to generate money.

How to Invest in Gold in Bhubaneswar?

To avail gold ETFs, the investor will need to have a Demat account. Sovereign gold bonds are also listed, and individuals can buy them in the same manner as listed shares are bought. For buying physical gold i.e. jewellery or coins, an individual would simply need to go to a jewellery shop and make the purchase. It is often recommended to go for coins as jewellery involves making costs. The buyer will not be able to recover this cost when selling.

Things to Remember Before Purchasing Gold in Bhubaneswar

A few factors to keep in mind before buying physical gold are as follows:

  • Purity: Karat is the measurement of the purity of gold. The purest form of the yellow metal is 24KT, however, it is too soft for making jewellery. The most popular gold form available in ornaments is 22KT. The price of gold is affected by its level of purity.
  • Hallmarking: This refers to the process of certifying the purity of gold. It is important to check if the gold jewellery or coin purchased is hallmarked. The Bureau of Indian Standards has been established by the government to ensure that buyers are not cheated or fooled when they purchase gold.
  • Making charges: This is the labour charge that is associated with creating the gold ornament. This cost will vary depending on the kind of gold one is purchasing. Some jewellers set the making charge at a fixed rate per gram of gold, while others levy it on based on a certain percentage of the jewellery weight.

6 Months Gold Rate in Bhubaneswar

Trend of Gold Rate in Bhubaneswar for August 2019

Gold Rates22 Carat24 Carat
1st August rateRs. 33,150Rs. 36,160
31st August rateRs. 36,910Rs. 40,260
Highest PriceRs. 37,180 on August 26Rs. 40,560 on August 26
Lowest PriceRs. 33,150 on August 1Rs. 36,160 on August 1
Overall PerformanceRisingRising
Percentage Change+11.34%+11.34%

Source: Good Returns

Trend of Gold Rate in Bhubaneswar for July 2019

Gold Rates22 Carat24 Carat
1st July rateRs. 32,520Rs. 35,470
31st July rateRs. 33,380Rs. 36,590
Highest rateRs. 33,690 on July 19 Rs. 36,660 on July 19
Lowest rateRs. 32,140 on July 2 Rs. 35,090 on July 2
Overall performanceRisingRising
% change+2.64%+3.16%

Source: Good Returns

*Trend of Gold Rate in Bhubaneswar for June 2019**

Gold Rates22 Carat24 Carat
1st May rateRs. 30,790Rs. 33,580
30th June rateRs. 32,520Rs.35,470
Highest rateRs. 33,080 on June 25Rs. 36,080 on June 25
Lowest rateRs. 30,760 on June 11Rs. 33,000 on June 11
Overall performanceRisingRising
% change+5.62%+5.63%

Source: Good Returns

Trend of Gold Rate in Bhubaneswar for May 2019

Gold Rates22 Carat24 Carat
1st May rateRs. 30,120Rs. 32,870
31st May rateRs. 30,540Rs. 33,290
Highest rateRs. 30,910 on May 14Rs. 33,660 on May 14
Lowest rateRs. 30,000 on May 2Rs. 32,750 on May 2
Overall performanceRisingFalling
% change+1.39%+1.28%

Source: Good Returns

Trend of Gold Rate in Bhubaneswar for April 2019

Gold Rates22 Carat24 Carat
1st April rateRs. 30,370Rs. 33,250
30th April rateRs. 30,420Rs. 33,170
Highest rateRs. 30,550 on April 9Rs. 33,320 on April 9
Lowest rateRs. 30,100 on April 19Rs. 32,780 on April 19
Overall performanceFallingFalling
% change+0.16%-0.24%

Source: Good Returns

Trend of Gold Rate in Bhubaneswar for March 2019

Gold Rates22 Carat24 Carat
1st March rateRs. 31,480Rs. 33,700
31st March rateRs. 30,430Rs. 33,310
Highest rateRs. 31,480 on March 1Rs. 33,700 on March 1
Lowest rateRs. 30,180 on March 12Rs. 32,630 on March 12
Overall performanceFallingFalling
% change-3.34%-1.16%

How GST Impacts Gold Rate in Bhubaneswar

The GST that is applicable on gold is 3%. Earlier, i.e. prior to the implementation of the new tax regime, the tax levied on gold was - 1% service tax and 1% VAT. Other than GST, an additional 5% tax is levied on making charge.

What is BIS Hallmarked Gold?

The BIS hallmark certifies that the gold jewellery conforms to the standards set out by the Bureau of Indian Standards. This hallmark, however, is not compulsory, and some jewellers have their in-house hallmarking of jewellery. Before a person buys any gold jewellery, it is important to check with jewellers in the city whether they offer BIS hallmarked ornaments.

How to Buy Gold after Checking Gold Price in Bhubaneswar?

Some of the different ways by which individuals can purchase gold include:

  • Buying gold ornaments (from a jewellery shop)
  • Investing in gold bars and coins
  • Buying Gold ETFs
  • Availing Sovereign Gold Bonds issued by RBI (on behalf of the government)
  • Investing in businesses that are associated with mining, extracting and marketing of gold

Conclusion

Investing in gold is worthwhile because it acts as a hedge against inflation. Overtime, the returns would be in line with the rate of inflation. The second reason why financial experts recommend this route of investing is due to the fact that gold is negatively correlated to equity investments. From the year 2007, it was observed that the equity markets did not perform too well, whereas gold did. Thus, including gold in one’s portfolio mix can help reduce the overall volatility of the individual’s portfolio.

FAQ's On Gold Rate in Bhubaneswar

What is per gram Gold Rate in Bhubaneswar?

According to the Good Returns website, the price for 24 karat gold is Rs. 3,940 per 1 gram.

What is 10 gram Gold Rate in Bhubaneswar?

According to the Good Returns website, the price for 24 karat gold is Rs. 39,400 per 10 grams.

What is 100 grams Gold Rate in Bhubaneswar?

According to the Good Returns website, the price for 24 karat gold is Rs. 3,94,000 per 100 grams.