18K Gold Rate Today in Bhubaneswar

You can purchase gold in Bhubaneswar through jewellers, banks, etc. The gold rates in Bhubaneswar are affected by factors like inflation, fluctuations in gold prices globally and the Central Gold Reserve. Gold is purchased in Bhubaneswar primarily as ornaments and jewellery. Further, it is also traded as a commodity on exchanges like the National Commodity and Derivatives Exchange (NCDEX), the Multi Commodity Exchange (MCX) and the National Spot Exchange (NSEL).

If you are planning to buy gold in Bhubaneswar, it is crucial to understand the current prices first. So, to make your purchase decision easier, let us explore the gold prices inBhubaneswar today, and understand how these prices are determined and by whom.

The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Bhubaneswar. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.

Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.

Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.

On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.

Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.

The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.

1. BIS Mark

   Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.

2. Karat

   Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.

3. Jewellers Identification Mark

   The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.

Supply and Demand

Gold is a natural resource mined from the earth's reserves. Hence, gold prices in Bhubaneswar largely depend on the supply. If there is a lesser supply of gold, gold prices may decrease.

On the other hand, the demand for gold increases during festivals or when the people of Bhubaneswar buy gold to hedge against a bearish market. In such times, the higher demand causes gold prices in Bhubaneswar to rise.

Import Rates

Once upon a time, India had adequate gold reserves. But the situation has changed now; Most of the gold we buy today is imported in its natural form. Hence, import rates are a vital factor in determining gold prices in Bhubaneswar. Higher import rates could mean a higher gold price and vice-versa.

U.S Dollar

Gold is an internationally traded commodity. Most countries, including India, buy gold in the U.S. currency. This means the value of the U.S. dollar has a direct or indirect impact on gold prices. In India, the relation could be inversely proportional; when the dollar is weak, India could buy gold at a lower price. Hence, the strength of U.S dollars also affects gold prices in Bhubaneswar.

International Relations

When the relationship between two countries is affected, it could halt or negatively impact the smoother import and export of gold. This, in turn, may spike the gold rates.

Indian jewellery market

We need to understand the relationship between gold prices and the Indian jewellery market, owing to Indian cultural beliefs. In India, gold plays a crucial role in household life, especially during the festive season and wedding season. As a result of the higher demand for gold during the festive season, gold prices go up as a result. According to a report released in 2019 by the World Gold Council (WGC), Indian households own around 25,000 tonnes of gold, which makes them the world's largest gold collectors.