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 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