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The yellow precious metal has witnessed a rally (gold prices have increased by 16%) in world markets in 2016. This, despite weak overall demand, robust equities and strong US data which may result in tight monetary policy in the US, according to analysts. Various national factors also affect the price of gold in India such as import duties, underperforming economy, inflation in India, current account deficit and the rupee-dollar fluctuations among others.
Guntur is one of the commercial hubs along the east coast of Bay of Bengal in Andhra Pradesh. Guntur is considered a major centre for industry and business. Gold is widely bought in Guntur district in many forms. Gold rates in Guntur depend on rates of the precious metal in India and abroad. Gold is extensively used in the form of temple jewelry as an offering to idols. Gold is also in demand on all auspicious occasions including weddings and festivals.
Gold Rate Trend in Guntur for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,894 per gram||Rs. 3,069 per gram||Rs.2,918 per gram|
|Last day||Rs. 3,069 per gram||Rs. 2,916 per gram||Rs.3,103 per gram|
|Highest price||Rs.3,070 per gram on 30th of April||Rs. 3,073 per gram on the 7th and 8th of May||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,934 per gram on the 15th of April.||Rs. 2,900 per gram on the 30th of May||Rs.2,911 per gram on 3rd June|
|Trend||Rising||Decline||Increase in price|
|Change||Rs. 165 per gram||Rs. 153 per gram||+6.33% increase|
Gold Rate Trend of Guntur in April 2016
- Gold prices were recorded at Rs. 2,905 per gram on the first of April and fluctuated over the course of the month.
- Marginal losses were written off by subsequent gains as the month progressed with.
- The highest price recorded in the month of April was on the last day of the month when rates soared to Rs.3,070.
- The overall increase in rates when comparing prices on the first day and the last day of the month was Rs. 165.
Gold Rate Trend of Guntur in May 2016
- Gold prices were recorded at Rs.3,069 on the 1st of May and fluctuated over the course of the month.
- Small declines in gold prices were overshadowed by marginal increases as the month progressed.
- The overall decline in rates at the end of the month in comparison with the first day of the month was Rs.153.
Gold Rate Trend of Guntur in June 2016
- Gold prices in Guntur were on the rise due to market forces and increased domestic demand.
- Demand rose domestically in spite of a global trend of falling gold sales due to market stability at the start of the month.
- Equities fell as the British referendum drew close, with the markets falling sharply and gold demand rising as the results were announced.
- Gold prices were recorded at Rs.3,103 per gram after a high of Rs.3,180 per gram.
Gold Rate Trend in Guntur for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,541 per gram||Rs. 2,714 per gram||Rs. 2,994 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,964 per gram||Rs. 2,883 per gram|
|Highest price||Rs. 2,727 per gram on January 28th.||Rs. 2,987 per gram on February 26th.||Rs. 2,994 per gram from March 1st and 2nd.|
|Lowest price||Rs. 2,538 per gram on January 2nd and 3rd.||Rs. 2,714 per gram on February 1st||Rs. 2,871 per gram from March 28th.|
|Change||Rs. 169 per gram||Rs. 250 per gram||Rs. 111 per gram|
Gold Rate Trend of Guntur in January 2016
- Gold traded at Rs. 2,710 per gram on the 1st of January and fluctuated until the endo of the month barring a few days on which they remained stable, albeit for relatively short periods of time.
- The highest rate of gold in the month of January was recorded on the 28th when prices hit Rs. 2,727 per gram.
- A gain of Rs.169 was recorded on the last day of January in comparison with the first day of the month.
Gold Rate Trend of Guntur in February 2016
- Gold traded at Rs. 2,714 per gram on the 1st of February and prices fluctuated regularly during the course of the month.
- Marginal declines were written off by subsequent gains as the month progressed.
- The highest rate of gold in the month of February was recorded on the 26th as prices soared to Rs.2,987.
- The overall increase in the value of gold when comparing prices at the start of the month and prices at the end of the month was Rs.250.
Gold Rate Trend of Guntur in March 2016
- Gold prices were recorded at Rs.2,994 per gram for the first two days of the month.
- Gold price dropped marginally to Rs.2,976 on the 3rd and remained stable for the next three days.
- Gold prices then moved up to Rs.2,991 and remained there between the 8th and 13th of March.
- Fluctuations in prices over the course of the month resulted in an overall decline of Rs.111 between the first and the 31st of March owing to a jeweller strike.
Gold as an investment in Guntur
Gold is seen as a safe and traditional form of investment in Guntur. Gold bars are one of the most preferred forms of investment in Guntur. Gold is widely viewed as a safe haven asset and therefore, considered a robust investment option and a valuable hedge against inflation in the long run.
Physical Gold: Gold is widely sold and bought in the form of jewelry, Gold bars and Gold coins. Customers can buy Gold coins from banks. There are various top jewelry stores in Guntur such as Kalyan Jewelers, Malabar gold and Tanishq among others. Intricate wedding jewelry of various designs is highly sought-after by most consumers in Guntur.
Gold contracts: Spot and future gold contracts are available in India in MCX (Multi Commodity Exchange), NSEL (National Spot Exchange) and NCDEX (National Commodity & Derivatives Exchange). MCX Gold contracts are available in two variants - 1 kg and 100 grams (Gold Mini contract).
Gold as an investment in Guntur
The price of gold has been on the rise in 2016. 1 gm of 24 karat gold was pegged at Rs.2588 on January 4th, 2016, registering a 0.7% increase from Rs.2568 on December 12th, 2015. The price of the precious metal plummeted throughout 2015 barring mini-rallies. 1 gm of 24 karat gold which was pegged at Rs.2711 on March 28th, 2015, rose by 2.9% to touch Rs.2791 in the middle of May 2015. The price of the precious metal, however, fell by -3% to Rs.2707 on June 16th, 2015. Gold rates further fell to Rs.2601 in the month of August. The downward trend continued in the following months of September and October as gold rates fell by an average of -06% to Rs.2690. This year, however, the price of gold, rose in the month of February 2016 reaching a peak on February 29th, 2016 at Rs.3016. Gold rates in Guntur hovered around the figure for the following days and rose by 0.6% to Rs.3037 as on March 9th, 2016.
- Also Check: Gold Rate in Andhra Pradesh
Also Check Gold Price in NearBy Cities of Guntur
|Gold Rate In Hyderabad||Gold Rate In Vijayawada||Gold Rate In Visakhapatnam|
|Gold Rate In Nellore||Gold Rate In Kurnool||Gold Rate In Rajahmundry|
|Gold Rate In Kakinada||Gold Rate In Proddatur||Gold Rate In Warangal|
Read more on Gold
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- Global Demand For Gold Driven By Indian Wedding Traditions
- Gold And Devaluation
- Significance Of Indian Jewellery
- Sovereign Gold Bond Scheme