Gold Rates in Bhubaneshwar - 14th April 2023

Gold System in India

Indians have a long and strong history of trading and investing in gold. Gold is a precious commodity and a good investment option for consumers looking at steady and long term returns from their investment. Gold prices fluctuate often, based on a wide range of factors such as seasonal demand in the country, current strength of the US Dollar etc.

1. Gold Rate in Bhubaneshwar

   Bhubaneshwar is home to small and large scale gold dealers. These dealers exclusively deal with gold in ornament and solid form. Many factors related to national and international market trends decide the gold rates in Bhubaneshwar. People usually buy it in the form of coins, ingots, jewelry and ornaments or demat format.

2. How to invest in Gold?

   One can invest in gold through multiple ways, here's how:
1. Buying Jewellery - The age-old traditional method of investing in gold is in the form of jewellery or ornaments. However, today people also go for other options like bars, coins or demat forms (Gold Sovereign Bonds or Gold ETFs) if they want to save on making charges.
2. Investment in Gold Coins and/or Bars - As compared to jewellery, an investment in gold coins and bars are better as you can save on any making charges that would otherwise be applicable. You should always buy gold bars and coins only from reputed jewelers or from banks.
3. Gold ETF: Gold Exchange Traded Fund is a type of mutual fund which invests in gold and the units of this mutual fund scheme are listed in the stock exchange.

3. How to sell Gold in Bhubaneshwar?

   Gold, being highly liquid in nature, can be easily and instantly redeemed for cash, whether you choose to sell it or pledge it. In fact, if you sell your gold at the same shop where you bought it from (please keep the bill/invoice with you), it will avoid any suspicion regarding purity of the commodity and ensure a smoother transaction.

4. Factors Affecting Gold Price in Bhubaneshwar

   There are many factors that affect the prices of gold, both domestically and internationally. Here are a few:
1. Inflation: holds significant value to offset inflation during market fluctuations. Hence, the demand for gold increases resulting in price hikes. This holds good domestic and international inflation.
2. Government Gold Reserves: RBI, like Central Banks of many countries, holds both currency and gold reserves as every rupee must be backed up by gold. An increase in their gold reserves indicates increased inflow of cash in the market, which in turn affects the pricing of gold.
3. Jewelry Market: Gold jewelry and ornaments are inevitable part of Indian fashion sensibilities, which contribute to its increasing demand and supply, especially during festive and wedding seasons.

5. Measurement of Gold

   The weight of gold is measured in troy ounces (1 troy ounce = 31.1034768 grams), while Karat represents the purity of gold Following is the fineness scale which is used while defining the purity of gold:
   24 K = 99.9% Pure
   22 K = 91.6% Pure
   18 K = 75% Pure