Gold Rate In Kakinada

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Gold Rate In Kakinada

Kakinada is a city located in the state of Andhra Pradesh, India. It is also the 4th most populous city of Andhra Pradesh. Kakinada is very close to the second largest mangrove forest in India and also the Coringa Wildlife Sanctuary. The economy in Kakinada revolves mainly around the textile industry, fishing, agricultural and steel related supplementary units. It also houses the second largest port in the country. Seafood products, processed food, iron ore, bauxite powder and biofuel are some of the important export products in Kakinada. The yellow metal has quite a following in Kakinada even though it is seen as more of a commodity rather than an investment in Kakinada.

Gold Rate Trend in Kakinada for April 2017 to June 2017 (per gram of 24 karat gold)

Gold rate trend in Kakinada for April 2017

• The gold rates in Kakinada fluctuated in the month of April, opening at Rs.2,956 per gram on 1 April, the prices rose to Rs.2,983 per gram on 5 April showing an incline in the demand.
• In spite of a weak U.S. dollar rate, the gold prices fell to Rs.2,954 per gram for 8,9, and 10 April due to the reducing demand from local and international markets.
• On 12 April, the gold rates jumped to Rs.3,010 per gram due to the rise in the demand for safe-haven assets from investors. The fluctuating stock market turned out to be the biggest factor for the incline in the demand for gold.
• The gold prices between 12 and 24 April were on the higher side and reached the maximum of Rs.3,040 per gram on 15 and 16 April.
• Being nearly steady for about two weeks, the gold prices dipped to Rs.2,998 per gram on 25 April due to the muted demand from jewellers, retailers, and industries.
• The 2017 French presidential election boosted the stock market which reduced the gold rate to Rs.2,964 per gram on 26 April.
• With a slight increase in the prices, April ended with a 0.94% incline in the gold prices.

Gold rate trend in Kakinada for May 2017

• The yellow metal was priced at Rs.2,984 per gram on 1 May based on the subdued demand for gold from local and international markets.
• The 2017 French presidential election boosted the stock market leading to a further decline in the fluctuating demand for gold to Rs.2,899 per gram on 6 and 7 May.
• The subdued demand from the local market further reduced the gold rate to Rs.2,889 per gram on 11 May.
• The gold rates remained more or less low until the yellow metal’s demand increased in the Asian markets and the fluctuating U.S. dollar rate added to the incline in demand to Rs.2,956 per gram on 18 May.
• The gold rate further increased to Rs.2,979 per gram on 23 May due to an increase in demand from the local markets.
• Though the gold rates increased to Rs.2,984 per gram on 30 May because of a weak market, the diminishing demand for gold reduced the rates to Rs.2,963 per gram on 31 May.
• For the month of May, the demand fluctuated throughout the month and led to a decline of - 0.70% in the gold rates.

Gold rate trend in Kakinada for June 2017

• Trading at Rs.2,985 per gram on 1 June, gold rates in Kakinada fluctuated throughout the month.
• The uncertain market condition and investor’s rising demand for the precious metal increased the gold rates to Rs.3,030 per gram on 7 June.
• In spite of a fluctuating U.S. dollar rate, gold’s poor demand from local and international markets reduced the rates to Rs.2,981 per gram on 10 and 11 June.
• A gradual decline in the demand reduced the gold rates to Rs.2940 on 20 June.
• The demand from international industries increased which shifted the gold rates to Rs.2977 on 26 June.
• The fluctuating demand for gold closed the rates at Rs.2,967 per gram on 30 June leading to a decline of – 60% in the value.

Gold Rate Trend in Kakinada for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend for Kakinada in January 2017

• On the first day of the new year, gold traded at Rs.2,821 per gram due to low demand for this metal. This was also the lowest at which gold traded for the month.
• There was a marginal rise in the rate of gold over the next few days due to slow demand for this metal.
• At the end of the first week of January the rate of gold rose up to Rs.2,872 per gram and stayed at this rate the next day as well.
• There was an improvement in the rate of gold from the 14th of January onwards due to the harvest festival of Sankranti in Kakinada. Gold was priced at Rs.2,941 per gram on the 14th and 15th of January before continuing to rise.
• There were a number of variations noted in the rate of gold towards the end of January with gold trading between Rs.2,962 per gram and Rs.2,913 per gram between the 21st of January and 27th of January.
• On the last day of the month, gold was priced at Rs.2,954 per gram, with a rise of 4.71% in the price of gold.

Gold Rate Trend for Kakinada in February 2017

• On the first day of the second month of the year, gold was priced at Rs.2,965 per gram and fell the next day to trade at Rs.2,954 per gram.
• However, due to a fall in the demand for this metal, the rate of gold fell to Rs.2,944 per gram on the 4th of February. This rate was also noted on the 5th of February.
• There was a marginal improvement in the rate of gold as the week progressed with this metal trading at Rs.2,964 per gram on the 11th and 12th of February after which prices dropped again.
• The rate of this precious metal rose up again on the 17th of February to trade at Rs.2,988 per gram.
• Gold traded at its highest rate on the 25th and 26th of February wherein it was priced at Rs.3,014 per gram. However, this rate could not be sustained and at the end of the month, gold traded at Rs.3,003 per gram recording a rise of 1.28% in the price.

Gold Rate Trend for Kakinada in March 2017

• Gold traded at a promising rate of Rs.2,990 per gram on the first of the month before rising to the monthly high price of Rs.2,994 per gram.
• However, these rates could not be sustained due to a fall in the demand for this precious metal resulting in gold trading between Rs.2,972 per gram and Rs.2,951 per gram between the 3rd and 9th of March.
• The rate of gold continued to fall with gold trading at Rs.2,900 per gram on the 15th of March which was also the lowest at which gold traded during the month. This could be attributed to the Dutch Elections and the decision of the U.S. Fed Reserve regarding the rate of interest.
• Towards the end of the month, the rate of gold fell, with a few minor variations here and there. On the last day of the month gold traded at Rs.2,940 per gram recording a decline of 1.67% in the price of this precious metal.

Gold rate in Kakinada

The rate of gold depends on various factors such as demand and supply, inflation, value of the dollar and much more. The price of gold mainly depends on the quality of gold and the weight of gold. For example, the price for 22 karat gold will not be as same as the price for 24 karat gold as the 24 karat gold is much more purer. Given below is the price of gold for 22 karat and 24 karat in Kakinada.

Gold rate for 22 karat

Gold rate for 24 karat

Gold investments in Kakinada

There are different ways in which one can invest in gold. Listed below are some of the popular types of gold investments in Kakinada.

• Gold jewelry-Gold jewelry and ornaments is one of the most popular form of gold investments in Kakinada. The price of a piece of gold jewelry includes many other charges such as making charge, wastage charge, weight of gold, and the price of gold. There are numerous shops in Kakinada that deal in gold jewelry.
• Gold bullion- Gold bullion is one of the best ways to invest in gold owing to the low cost and high liquidity.
• Gold trade-Though investing in gold market trade is not the most popular form of gold investments in Kakinada, it is gaining its own set of customers. One can invest in Gold ETFs, gold futures and much more through this investment.

Also Check Gold Price in NearBy Cities of Kakinada