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Gold Price in Andhra Pradesh
Gold rate in Andhra Pradesh depends on several factors including its extensive use - from decking up idols during auspicious festivals (including religious processions common in this part of the country) and intricate bridal jewellery to gold bars and biscuits, to name a few. Andhra Pradesh is one of the largest producers of gold in the country. According to a detailed mapping by the Geological Survey of India in the recent past, Andhra Pradesh has around 7 million tonnes of ore. Significantly, Andhra Pradesh has one of the only three gold fields of the country, namely, the Ramgiri Gold Field in Anantpur district. Other areas with gold deposits include Bisanattam and Palachchur in Chittoor district in addition to Jonnagiri in Kumool district.
About Gold Price in Andhra Pradesh
Owing to age-old traditions, diverse communities cutting across age barriers, buy gold in the state throughout the year. However, there is a marked rush for gold during Akshaya Tritiya (considered one of the most auspicious days of the year) when jewellers offer attractive discounts and free gifts to boost sales. There are long queues outside jewellery malls during Diwali festivities as well. The commercial tax department regularly cracks down on bullion traders, who try to evade the 1% value added tax (VAT) on sale of the yellow metal.
Gold Rate Trend in Andhra Pradesh for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,049 per gram||Rs.5,583 per gram||Rs.5,221 per gram|
|Last Day||Rs.5,561 per gram||Rs.5,360 per gram||Rs.5,354 per gram|
|Highest Price||Rs.5,561 per gram on 31 July||Rs.5,914 per gram on 8 August||Rs.5,408 per gram on 21 September|
|Lowest Price||Rs.5,049 per gram on 1 July||Rs.5,359 per gram on 30 August||Rs.5,019 per gram on 26 September|
Gold Rate Trend in Andhra Pradesh for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,150 per gram||Rs.4,670 per gram||Rs.4,917 per gram|
|Last Day||Rs.4,720 per gram||Rs.4,898 per gram||Rs.5,067 per gram|
|Highest Price||Rs.4,720 per gram on 30 April||Rs.4,898 per gram on 31 May||Rs.5,067 per gram on 30 June|
|Lowest Price||Rs.4,150 per gram from 1 April to 5 April||Rs.4,621 per gram on 2 May||Rs.4,837 per gram from 8 June|
Quarterly Gold Rate in Andhra Pradesh from April to June:
- On 1 April 2020, the price of gold in Andhra Pradesh was at Rs.4,150 for a gram. Over the next 5 days, gold rates remained the same. This was the lowest rate that the yellow metal hit for the month. The coronavirus outbreak across the world was the main reason for the prices to increase. On 30 April, the price of gold was at Rs.4,720 for a gram, seeing a 13.73% incline over the course of the month.
- In the month of May, the prices of gold opened and closed at Rs.4,670 per gram and Rs.4,898 per gram, respectively. The tensions between China and the US was the main reason for the prices to increase. Gold saw its prices increase by 4.88% in May.
- In June, the prices of gold saw an incline of 3.05%. The increase in the number of coronavirus cases and the stimulus measures that were introduced ensured that the prices increased.
Gold Rate Trend in Andhra Pradesh for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,922 per gram||Rs.4,077 per gram||Rs.4,185 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,185 per gram||Rs.4,150 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,305 per gram on 24 February||Rs.4,443 per gram on 6 March|
|Lowest Price||Rs.3,919 per gram on 2 January||Rs.4,030 per gram on 6 February||Rs.4,026 per gram on 19 March|
Quarterly Gold Rate in Andhra Pradesh from January 2020 to March 2020:
- The price of gold in Andhra Pradesh opened at Rs.3,922 and closed at Rs.4,074 on the last day of the month of January. The price of gold was impacted due to the trade tensions between U.S and China. The escalation of political tensions between the Middle East and U.S played a role in Gold touching its highest on 8 January at Rs.4,125 per gram. However, the price of yellow metal fluctuated and as things got better between U.S and China followed by easing of conflict between U.S and Middle East, the price of gold fell as investors turned to riskier assets. The price of gold in Andhra Pradesh was the lowest on the second day of January 2020 at Rs.3,919. The price of gold for the month of January rose by 3.87%
- The gold prices in the state of Andhra Pradesh for the month of February opened at Rs.4,077 per gram due to the reports of outbreak of Coronavirus which played a role in the gold prices rising. The highest price the yellow metal touched was Rs.4,305 on 24 February as Covid-19 impacted the global markets forcing investors to turn towards gold which is considered to be a safe haven. The price of gold fluctuated and touched its lowest on 6 February at Rs.4,030 per gram as stock markets looked up due to monetary policy intervention by the People’s Bank of China. The gold price closed at Rs.4,185 with the overall price of gold for the month of February rising by 2.64%.
- The month of March saw the gold prices opening at Rs.4,185 per gram and closing at Rs.4,150 per gram. The gold prices touched its highest on 6th March at Rs.4,443 as the outbreak of Coronavirus severely impacted the global markets forcing investors to turn to gold which is considered to be a safe haven. The price of yellow metal fell on 19th March at Rs.4,026 as investors sold their shares in order to hoard cash as global economy went through a turbulent time. The poor U.S job claims report also played a role in the price of yellow metal fluctuating throughout the month. Overall, the month of March turned out to be a disappointing month as the overall price of gold in Andhra Pradesh declined by 0.83%.
Also Check Gold Price in Metro Cities
|Today's Gold Rate In Bangalore||Today's Gold Rate In Chennai||Today's Gold Rate In Delhi|
|Today's Gold Rate In Kolkata||Today's Gold Rate In Mumbai||Today's Gold Rate In India|
Also Check Petrol Price and Diesel Price in Andhra Pradesh
Gold as an investment in Andhra Pradesh
All major cities and towns of Andhra Pradesh including Visakhapatnam, Vijayawada and Guntur among many others have large jewellery stores offering a wide range of gold articles suited for different occasions. Andhra Pradesh is among the largest consumers of gold.
Over-the-counter: Gold prices in Andhra Pradesh are volatile, as is the case across the country and can therefore, fluctuate depending on a variety of factors including demand and supply, India’s imports, overall market conditions, macroeconomic factors and strength of the Indian currency. Gold is widely sold in the form of coins, bars and jewellery in Andhra Pradesh. Some of the top jewellery brands in the region include GRT jewellers, Vaibhav Jewellers, Kirtilal and Sons, Lalithambika Jewellers and Hira Panna Jewellers among others which supply pure BIS Hallmarked gold with a wide range of intricate designs.
Market trade: Gold is also traded in spot contracts and exchange-traded funds (ETF). While Gold ETFs are sought-after across the country, demand for gold ETFs has been decreasing for the past two years, according to latest reports. Spot gold trading is preferred by some customers to make use of price volatility and instant access courtesy online brokers.
FAQs About Gold Rate in Andhra Pradesh
Will gold prices decrease in Andhra Pradesh?
The price of gold may or may not fall as there are many factors which affect the price of the yellow metal in Andhra Pradesh and in India. These factors which affect the gold prices in Andhra Pradesh include the trend of the international bullion market, the global equities market, crude oil prices and the value of the U.S. dollar.
What factors do I check before buying gold in Andhra Pradesh?
A few important things to keep in mind before buying gold in Andhra Pradesh are:
- The level of purity.
- The price of gold per gram.
- Buy-back terms of the lender
- Certification of the metal.
What international factors affect the gold rate in Andhra Pradesh?
Many factors affect the price of gold in Andhra Pradesh such as crude oil prices, the value of international currencies, etc.
Will the gold price in Andhra Pradesh keep changing?
The gold price in Andhra Pradesh may keep fluctuating or changing due to various factors which affect the price of gold in the country.
What is 916 gold?
916 or 91.6 is the purity of gold which is in the final product. 916 gold has 91.6 grams of pure gold in 100 grams of alloy. 916 gold is the type of metal which is used to make jewellery as pure gold is fragile.
Also Check Gold Price in Cities of Andhra Pradesh
|Today's Gold Rate in Vijayawada||Today's Gold Rate in Visakhapatnam||Today's Gold Rate In Guntur|
|Today's Gold Rate In Nellore||Today's Gold Rate In Kurnool||Today's Gold Rate In Rajahmundry|
|Today's Gold Rate In Kakinada||Today's Gold Rate In Proddatur|
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