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 2021 to June 2021 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from April 2021 to June 2021:

• The gold rate in Kakinada on the first day of April was Rs.4,544 per gram for 24 karat which was also the lowest price for the whole month. Prices soon started increasing to peak on 22 April at Rs.4,920 per gram and ended the month at Rs.4,599 per gram. Overall, the trend of gold prices in Kakinada was on an incline with a percentage change of 1.21%.
• The gold price in Kakinada in May started at Rs.4,777 per gram for 24 karat which was also the lowest price for the entire month in the city. Gold rates soon started picking up to peak at Rs.5,030 per gram on 26 and 27 May while closing the month at Rs.5,007 per gram on 31 May. Overall, the yellow metal performed at an incline with a percentage change of 4.82%.
• In June, gold rates in Kakinada started declining after opening at Rs.5,030 per gram on 1 June for 24 karat. Prices peaked to Rs.5,040 per gram by 3 June but started declining soon after to dip to the lowest price point by 21 June which was Rs.4,610 per gram. Overall, gold in Kakinada in June performed at an inclining trend with a percentage change of –8.62%.

Gold Rate Trend in Kakinada for January 2021 to March 2021 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from January 2021 to March 2021:

• Gold price in Kakinada opened at Rs.4,965 per gram on 1 January and was at its lowest on 4,838 per gram on 17 January due to a rise in the dollar value and investors shifted to safer assets. The price of the metal during the last week of the month increased to its highest at Rs.5,950 per gram on 30 January and closed at Rs.4,996 per gram on 31 January, recording an overall incline of 0.62%.
• In February, gold prices opened at Rs.5,018 per gram and were at its highest on the same day. With the recovery seen in the U.S. dollar value in the market, the rate of gold declined to Rs.4,771 per gram on 19 February which was its lowest value of the month. At the end of February, the gold rate in Kakinada closed at Rs.4,771 per gram with an overall decline of 4.92%.
• Gold rate saw a continued declining trend opening at Rs.4,697 per gram and recording its highest price of the month on the same day. With a fluctuating trend seen in the market, the value of gold declined to its lowest on the last day of March at Rs.4,511 per gram and recorded an overall decline of 3.95%.

Gold Rate Trend in Kakinada for October 2020 to December 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from October 2020 to December 2020:

• In Kakinada, gold prices opened the month of October at Rs.5,066 per gram on 1 October and fluctuated greatly during the month. The price of the metal was at its highest on 12 October at Rs.5,131 per gram. However, with the risk appetite increasing amongst investors, the price of the metal was at its lowest on 20 October at Rs.4,904 per gram. At the end of the month, the metal closed at Rs.4,998 per gram with an overall decline of 1.34%.
• Gold rate in Kakinada recorded an overall decline in the month of November as well opening at Rs.5,194 per gram on 1 November and reaching its highest on 10 November at Rs.5,302 per gram. Due to several factors affecting the markets and the bullion through the month, the metal hit its lowest price at Rs.4,876 per gram on 30 November, closing at the same rate with a monthly overall decline of 0.96%.
• However, during the month of December, gold prices saw a positive trend in the market, opening at Rs.5,111 per gram on 1 December and reaching its lowest on 4 December at Rs.4,860 per gram. With risk appetite amongst investors shifting between the equities market and the bullion market, gold prices hit its lowest on 22 December at Rs.4,860 per gram. However, the metal closed the month at Rs.5,331 per gram on 31 December.

Gold Rate Trend in Kakinada for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from July 2020 to September 2020:

• Gold price in Kakinada opened the month of July at Rs.5,049 per gram and showed an inclining trend throughout the month. The metal’s price was at its lowest on 1 July and highest on 31 July at Rs.5,561 per gram, closing the month with an incline percentage of 10.14.
• In August, the overall gold rate fell, opening at Rs.5,583 per gram on 1 August and was at its highest on 8 August at Rs.5,914 per gram and by the end of the month, the gold rate had dropped to its lowest at Rs.5,359 per gram, closing with a percentage decline of 3.99.
• Gold rate in September opened at Rs.5,221 per gram and showed a continuously fluctuating trend due to various factors in the international market. The precious metal hit its highest price on 21 September at Rs.5,408 per gram and its lowest price of the month at Rs.5,019 on 26 September, closing with an inclining percentage of 2.54.

Gold Rate Trend in Kakinada for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from April to June:

• As a nation-wise lockdown was implemented in the country in April to prevent the spread of COVID-19 cases, gold prices in the month were majorly holding steady during the first week of the month. Opening at Rs.4,150 per gram, the metal’s prices showed an upward trend in the last two weeks of the month, closing at Rs.4,720 per gram and recording an overall monthly incline percentage of 1.3.
• Gold prices showed a marginal incline in May, opening at Rs.4,670 per gram on 1 May and dipping to its lowest on 2 May at Rs.4,621 per gram. However, the metal’s prices recovered with higher safe-haven demand amongst investors. At the end of the month, gold prices hit its highest at Rs.4,909 per gram on 26 May, closing at Rs.4,898 per gram on 31 May.
• June saw gold prices inclining to a great extent and hitting its highest in more than 7 years. Opening at Rs.4,917 per gram, with the rise in COVID-19 cases worldwide, the risk appetite amongst investors dipped and the demand for gold increased. The value of the metal increased and crossed the Rs.5,000 per gram, closing at Rs.5,067 per gram with an overall incline percentage of 3.05 for the month.

Gold Rate Trend in Kakinada for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Kakinada from January 2020 to March 2020:

• The price of gold in Kakinada for the month of January opened at Rs.3,922 per gram and closed at Rs.4,074 for a gram. Gold hit its lowest rate for the month on 1 January. The prices of the yellow metal increased throughout the month due to the political and geopolitical reasons in the global markets. The price of gold hit its highest rate on 8 January 2020. On this day, the price of gold was at Rs.4,125 per gram. The main reason for the increase in prices was the impeachment of the US President. Post this, the prices of gold fluctuated due to the coronavirus outbreak. The trade deal between China and the US and the tensions between the US and the Middle East also ensured that the prices of gold increased in January. Overall, Kakinada saw an increase in gold prices by 3.87%.
• The prices of gold continued to increase in February as well. On 1 February 2020, the price of gold was at Rs.4,077 per gram. In the first week of February, the prices of gold fluctuated. After the Central Bank of China liquidated its funds, investors moved towards riskier products. This was the main reason for the fluctuation in prices. On 6 February 2020, gold hit its lowest rate for the month and was at Rs.4,030 for a gram. The coronavirus outbreak led to gold prices increasing as many investors considered the yellow metal as a safe haven. On 24 February 2020, gold hit its highest rate for the month and was at Rs.4,305 for aa gram. Overall, gold saw an incline of 2.64% in Kakinada for the month.
• Gold prices for the month of March opened at Rs.4,185 per gram and closed at Rs.4,150 per gram. Overall, gold rates declined by 0.83%. In the first week of the month, gold prices increased due to expectations that the interest rates would be cut. Gold hit its highest rate during this period and was at Rs.4,443 on 6 March 2020. However, the prices of gold reduced in the second and third weeks of the month. The coronavirus outbreak was the main reason for the reduction in prices. Gold hit its lowest rate on 19 March 2020 and was at Rs.4,026 per gram. To help the economy during the coronavirus outbreak, the US Federal Reserve introduced several measures. This helped increase the prices of gold during the last week.

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