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Gold Rate 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.
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 April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.2,989 per gram||Rs.3,154 per gram||Rs.3,038 per gram|
|Last day||Rs.3,154 per gram||Rs.3,018 per gram||Rs.3,112 per gram|
|Highest price||Rs.3,154 per gram on April 30th||Rs.3,155 per gram from the 8th to 11th of May||Rs.3,192 per gram on June 27th and on June 29th|
|Lowest price||Rs.2,989 per gram from April 1st to 11th||Rs.3,003 per gram on the 30th of May||Rs.3,015 per gram on 4th of June|
Gold Rate Trend of Andhra Pradesh in April 2016
- Gold prices remained stable at Rs.2,989 between the 1st and 11th of April.
- Prices rose to Rs.3,038 on the 12th and remained there until the 23rd of the month.
- Following a minor decline, prices then remained stable at Rs.3,033 between the 24th and 28th before recording consecutive increases on the following two days to close the month at Rs.3,154 per gram.
- The overall increase in prices between the first and last day of the month was Rs.165.
Gold Rate Trend of Andhra Pradesh in May 2016
- Gold prices remained unchanged on the first day of May, at Rs.3,154.
- Prices fluctuated during the first week of May, but increased marginally on the 8th and remained unchanged until the 11th at Rs.3,155.
- Fluctuations continued over the month and the lowest price recorded in May was on the 30th when they plunged to Rs.3,003 and closed the month at Rs.3,018.
- The overall decline in prices when comparing the first day of May to the last was Rs.136.
Gold Rate Trend of Andhra Pradesh in June 2016
- Gold prices were recorded at Rs.3,038 on the 1st of June and fluctuated over the course of the month.
- The highest recorded rate in June was between the 27th and 29th when prices soared to Rs.3,259.
- The overall increase in prices between the first and last day of the month was just Rs.74.
Gold Rate Trend in Andhra Pradesh for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs.2,601 per gram||Rs.2,775 per gram||Rs.3,068 per gram|
|Last day||Rs.2,775 per gram||Rs.3,068 per gram||Rs.2,989 per gram|
|Highest price||Rs.2,789 per gram on January 27th and 28th||Rs.3,068 per gram from February 27th to 29th||Rs.3,093 per gram from March 12th to 16th|
|Lowest price||Rs.2,601 per gram from January 1st to 3rd||Rs.2,775 per gram on 1st and 2nd of February||Rs.2,989 per gram from 22nd to 31st of March|
Gold Rate Trend of Andhra Pradesh in January 2016
- Gold traded at Rs.2,601 per gram on the 1st of January with consistent increases over the next few days resulting in an increase in rates.
- The highest price in the month was recorded on the 27th and 28th when rates soared to Rs.2,789.
- Prices fell on the last day of the month and closed at Rs.2,775, marking an overall increase of Rs.174 between the first and last day of the month.
Gold Rate Trend of Andhra Pradesh in February 2016
- Gold prices were recorded at Rs.2,775 per gram on the 1st of February, followed by consistent increases over the following weeks.
- Gold rates rose to Rs.3,068 on the 27th of the month and remained unchanged until the 29th, making it the highest recorded price during February.
- A steady rise in prices over the 29 days meant that gold closed the month at Rs.3,068 per gram, with an overall increase of Rs.293.
Gold Rate Trend of Andhra Pradesh in March 2016
- Gold prices were recorded at Rs.3,068 on the 1st of March, and prices hardly fluctuated during the course of the month.
- Any change in prices saw them remain stable for a few days, and the highest recorded rate during the month was between the 12th and 16th when prices stood at Rs.3,093.
- Prices then fluctuated until the 22nd when they plunged to Rs.2,989 and remained there until the end of the month, making it the lowest recorded rate over 31 days.
- The overall decline in prices between the first and last day of March was just Rs.79.
Details of Gold Price in Andhra Pradesh(22 Karat & 24 Karat) - Till August 2015
24-karat gold (1 gram rates): Karat is a unit of purity for gold. 24-carat gold is mostly used for gold bars. in Andhra Pradesh. The price of gold has plummeted over the past 12 months with one gram of gold pegged at Rs. 2930 in August last year compared to Rs. 2508 in August this year in Andhra Pradesh. The yellow metal was pegged at Rs. 2609 in July, registering a 4% decrease from Rs. 2730 in June. One gram of gold was pegged at Rs. 2750 in May, showing a marginal decrease from Rs. 2718 at the end of April. Prices have been on the downward spiral with the yellow metal pegged at Rs. 2711 in March, Rs. 2678 in February and Rs. 2840 in January this year. Overall, the monthly and yearly change in the rates of gold have been -5.57% and -9.62% respectively in Andhra Pradesh.
22-karat gold: Twenty-two karat gold is 91.6% pure. It is mostly used for intricate gold jewellery in Andhra Pradesh. The price of 22-karat gold has followed a similar trajectory as that of the 24-karat gold in Andhra Pradesh in terms of fluctuations. One gram of 22-karat gold is pegged at Rs. 2349 in August while it was Rs. 2910 in August last year. The price of gold has been on the decline this year with the precious metal pegged at Rs. 2660 in March and Rs. 2790 in January this year. The strengthening of rupee against dollar is one of the reasons often cited for the falling prices of gold.
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.
Also Check Gold Price in Cities of Andhra Pradesh
|Gold Rate in Hyderabad||Gold Rate in Vijayawada||Gold Rate in Visakhapatnam|
|Gold Rate In Guntur||Gold Rate In Nellore||Gold Rate In Kurnool|
|Gold Rate In Rajahmundry||Gold Rate In Kakinada||Gold Rate In Proddatur|
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News About Gold Rate Andhra Pradesh
Balaji deposits gold with PNB
Under the new Gold Monetisation Scheme, the Tirupati temple deposited 1,311 kg gold bars (0.995 fineness) with the Punjab National Bank. The Tirumala Tirupati Devasthanam (TTD) deposited the first instalment of the precious yellow metal as per the provisions of the three-year monetisation scheme. At 1.75%, PNB offered the highest interest on short-term deposits. According to reports, TTD has deposited a total of 5.5 tonnes gold in public sector banks so far.
21st April 2016
- For more related news /update on gold price visit: Gold News