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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 October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,152 per gram||Rs.3,065 per gram||Rs.2,893 per gram|
|Last day||Rs.3,067 per gram||Rs.2,942 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st & 2nd October||Rs.3,166 per gram on 9th November||Rs.2,895 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th & 16th October||Rs.2,914 per gram on 25th November||Rs.2,767 per gram on 26th December|
Gold Rate Trend for Andhra Pradesh in October 2016
- The price of gold in Andhra Pradesh for October declined overall, though trading opened at Rs.3,152 per gram on strong demand from the industrial sector and higher demand from the retail sector due to the upcoming festive season.
- Gold prices fell sharply in the second week due to a strengthening U.S. Dollar as positive economic data led to a drop in demand for bullion.
- Global markets made gains as currency markets and overall conditions were conducive, leading to a lowering of demand for gold.
- Uncertainty over the results of the upcoming U.S. presidential election caused markets to fluctuate, which increased demand for gold towards the end of the month.
- Gold closed the month at Rs.3,067 per gram, losing 2.69% in value due to declining demand.
Gold Rate Trend for Andhra Pradesh in November 2016
- The price of gold rose during the first week of November due to an increase in industrial demand for gold, which bolstered flagging demand across the globe.
- Prices were stable as the U.S. election results were declared, leading to a drop in market indices and currency markets, though domestic demand did not make any significant gains.
- The surprise announcement of the demonetisation of high-value currency notes led to chaos on local bourses, which led to increased demand for gold.
- Prices began to fall as a currency shortage affected most of the country after demonetisation, which reduced demand for gold during the festive season.
- Prices remained low as gold fell by over 4% to trade at Rs.2,942 per gram on 30th November.
Gold Rate Trend for Andhra Pradesh in December 2016
- Poor demand kept gold prices low in December, with reduced demand due to the cash shortage, as gold traded at Rs.2,893 per gram on 1st December.
- Declining interest in bullion kept gold prices low, as international demand began to fall in the run-up to the festive season.
- Prices fell to a quarterly low of Rs.2,767 per gram on 26th December as domestic as well as international demand dropped due to high currency and stock markets.
- A marginal recovery was seen towards the end of the month, as gold traded at Rs.2,821 per gram due to increasing interest in the metal as a slowdown in Asia seemed imminent.
Gold Rate Trend in Andhra Pradesh for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,112 per gram||Rs.3,249 per gram||Rs.3,212 per gram|
|Last day||Rs.3,249 per gram||Rs.3,225 per gram||Rs.3,279 per gram|
|Highest price||Rs.3,246 per gram on 6th and 7th July||Rs.3,283 per gram on 18th August||Rs.3,285 per gram from 24th to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 per gram on 1st and 2nd September|
Gold Rate Trend of Andhra Pradesh in July 2016
- Gold prices were recorded at Rs.3,112 per gram on 1st July, and prices increased consistently during the first week of the month, after which fluctuations occurred.
- Prices gained stability at Rs.3,226 between the 11th and 15th of July, and at Rs.3,234 between the 16th and 18th, after which they began to fall.
- Prices remained unchanged at Rs.3,223 from the 22nd to the 30th of the month thanks to firming trends.
- The highest rate was recorded on the 6th and 7th of July at Rs.3,246 per gram.
- The month closed with gold trading at Rs.3,249 per gram on 31st July.
Gold Rate Trend of Andhra Pradesh in August 2016
- The rate of gold on the 1st of August was recorded at Rs.3,249 per gram.
- Prices fluctuated as the month wore on, increasing and declining on certain days until stability was achieved at Rs.3,226 between the 6th and 9th.
- The highest recorded rate in August was on the 18th when prices soared to Rs.3,283.
- Prices then declined gradually and the precious metal closed the month at Rs.3,225 per gram.
- Prices declined by 0.73% between the start and end of August.
Gold rate trend of Andhra Pradesh in September 2016
- Gold traded at Rs.3,212 per gram on 1st and 2nd September, which was the lowest rate for this month.
- The highlight for this month was that the interest rate hike by the U.S. Federal Reserve was put on hold as the U.S. presidential elections were too close.
- Prices remained stable from the 3rd of September to the 12th at Rs.3,229.
- Prices rose gradually until the 24th when they hit Rs.3,285 per gram and remained stable until the 26th of September.
- Prices remained constant for the last four days of the month and closed September at Rs.3,279 per gram.
- The overall increase in prices between the first and last day of the month was recorded at 2.09%.
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.
|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