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Located on the banks of the Godavari River, Nanded is one of the primary locations for Sikh pilgrimages. It’s the place where Guru Gobind Singh granted Guruship to Guru Grant Saheb, and also where Guru Gobind Singh passed away. The Swami Ramanand Teerth Marathwada University has helped Nanded become an education hub in the region, attracting many students and investors in student-related services.
Nanded has always had a high demand for gold and gold jewellery, but people are focussing more on the possibility of using gold as an investment avenue instead of just as a precious metal, or a decoration with which to adorn oneself at weddings and functions.
Gold rate in Nanded
Variations in the quality and purity of the gold usually dictate the base price for standard weights, but hallmarking and workmanship also play a crucial role in determining the value of gold.
24 karat gold: This is the purest form of gold that can be commercially traded. It has a purity rating of 99.9%, and is the ideal investment for gold investors. Jewellers and the general masses usually have no use for this type of gold, as it is unfit for crafting any jewellery or ornaments. Currently, the price for 10 grams of 24 karat gold in Nanded is Rs.30,680 (as on 11th March, 2016). The rate for 24 karat gold in Nanded has been relatively steady over the past month, and this stability is in stark contrast with the global trends in gold prices. The stability in prices is expected to continue to the end of this month, with only slight variations.
22 karat gold: This form of gold is primarily used for making ornaments and jewellery, and is rated as having a purity of 92%. The addition of materials that reduce the purity of the gold is what makes it ideal for craftsmen, jewellers, and goldsmiths to mould or craft the gold into the desired shapes and jewellery. Currently, the price for 10 grams of 22 karat gold in Nanded is Rs.28,480 (as on 11th March, 2016). 22 karat gold has held a steady price over the last month, and expert predictions say that the stability is expected to continue unaffected by small variations in the international gold market.
Gold Rate Trend in Nanded 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.3,249 per gram on 31st July||Rs.3,283 per gram on 18th August||Rs.3,285 from 23rd September to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 on 1st September|
Gold Rate Trend of Nanded in July 2016
- Gold was seen trading at Rs.3,112 per gram on 1st July, the lowest price for this month and for this quarter.
- However, over the next few weeks, demand for gold picked up as the global market turned bullish.
- High demand could be attributed to strong expectations of monetary stimulus from central banks to negate the effects of the Brexit vote.
- The highest price for this month was recorded on 31st July at Rs.3,249 per gram.
- The trend for this month was an increase of 4.40% in gold prices.
Gold Rate Trend of Nanded in August 2016
- On 1st August, the price of gold was Rs.3,249 per gram.
- Demand had picked up in the domestic market on account of the festive season.
- Rs.3,283 per gram of 24 karat gold was the highest price recorded for this month on 18th August.
- Rising prospects of a rate hike by the U.S. Federal Reserve resulted in demand for gold falling drastically.
- By the end of the month, gold prices had fallen by 0.74%.
- Gold traded at its lowest for this month on 31st August at Rs.3,225 per gram.
Gold Rate Trend of Nanded in September 2016
- Demand for the yellow metal was down on account of a rising dollar and strong prospects of the Fed rate hike.
- At the start of the month, gold traded at Rs.3,212 per gram.
- The Federal Reserve put off the interest rate hike till December as the presidential elections were too close.
- Gold regained its safe-haven appeal and investors were back to buying gold.
- With demand surging, gold prices started to climb.
- The highest price for this month and this quarter was Rs.3,285 from 23rd September to 26th September.
- The trend for this month was an incline in gold prices by 2.08%.
Gold Rate Trend in Nanded 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 30th April||Rs. 3,155 per gram from 7th - 11th May||Rs.3,192 per gram on 27th June|
|Lowest price||Rs. 2,989 per gram from the 1st - 11th April||Rs. 3,003 per gram on 30th and 31st May||Rs.3,015 per gram on 3rd June|
Gold Rate Trend of Nanded in April 2016
- Owing to the jeweller’s strike, prices remained constant at the beginning of April.
- After April 11th, rates started to see an increase.
- The strike was called off, and as the market picked up, the gold rates climbed back up.
- The month ended with a 5.52% increase at Rs. 3,154 per gram.
Gold Rate Trend of Nanded in May 2016
- Gold traded at Rs. 3,154 per gram on May 1st.
- The month saw a decline of 4.31% due to the release of the Federal Reserve minutes which led to expectations of a hike in interest rates.
- For non-interest bearing assets like the bullion, high borrowing costs dampen the appeal for investors.
- The month saw constant decline and ended at Rs. 3,003.
Gold Rate Trend of Nanded in June 2016
- Gold rates remained constant for long periods during the month of June thanks to firming international trends amid increased offtake by industrial investors.
- The value of gold increased consistently despite certain days on which losses were recorded, and the highest price of the precious metal was Rs.3,192 on the 27th of the month.
- The overall increase in prices between the first and last day of the month was Rs.74.
Gold Rate Trend in Nanded for January 2016 to March 2016 (per gram of 24 karat gold)
|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. 3068 per gram on February 27th - 29th.||Rs. 3,093 per gram from March 12th - 17th.|
|Lowest price||Rs. 2,601 per gram from January 1st - 3rd.||Rs. 2,755 per gram on February 1st and 2nd.||Rs. 2,989 per gram from March 22nd - 31st.|
Gold Rate Trend of Nanded in January 2016
- January opened with gold trading at Rs. 2,601 per gram. The month saw an increasing trend with a rise of 6.68%.
- The beginning of the month saw the lowest rate of Rs. 2,601 per gram from January 1st to 3rd.
- As demand for gold increased, gold rates went up but did experience a few falls through the month.
- Prices rose to Rs. 2,789 per gram on 27th and 28th and closed at Rs. 2,775 per gram.
Gold Rate Trend of Nanded in February 2016
- Gold traded at Rs. 2,775 per gram without any major changes.
- Rates were steady through the month with minor fluctuations.
- By the end of the month, with an incline in demand, the prices rose to Rs. 3,068 per gram.
- Gold experienced an overall increase of 10.55% this month.
Gold Rate Trend of Nanded in March 2016
- Gold opened at Rs. 3,068 in March.
- The month experienced inclinations at the beginning, however, this soon started to fall.
- A jewellers’ strike that took place across the nation led to constant prices with very few changes.
- Prices dropped to Rs. 2,989 on 22nd March and continued to be the same going into April.
Gold investment avenues in Nanded
Gold in India, particularly in Nanded, is viewed as a symbol of wealth and prosperity because of its rarity and inherent beauty. Over the years, people in Nanded have come to view gold as a tradable commodity and as an investment. Weddings and festive seasons usually see a huge spike in the demand for gold, but there is a constant level of demand throughout the year.
Market trading: While the residents of Nanded may not have direct access to electronically traded gold, ETFs, or E-gold – they can still invest in all of the above over the internet. As with any investment ETF, E-gold, and futures contracts, etc. carry a certain element of risk that can be mitigated through extensive research and understanding of the way the gold prices fluctuate. E-gold can be traded through the National Spot Exchange, and the Mumbai Stock Exchange facilitates all activities involved in the trading of ETFs.
Regular gold purchases: Not all residents of Nanded have embraced the possibility of owning and trading gold held online, hence the huge majority of gold bought and sold in Nanded is in its physical form. Banks and jewellers all over the city offer a wide range of gold, bullion, and jewellery to suit any buyer no matter how large or small the buying capacity. Investing in physical gold satisfies the old-school principle of being able to see and feel the investment – and it offers a higher level of liquidity as the physical gold can be sold to a jeweller or a bank at any time, as the need for quick finance arises.
- Also Check: Gold Rate in Maharashtra
Also Check Gold Price in NearBy Cities of Nanded
|Gold Rate In Sangli||Gold Rate In Jalgaon||Gold Rate In Kolhapur||Gold Rate In Mumbai|
|Gold Rate In Nagpur||Gold Rate In Pune||Gold Rate In Aurangabad||Gold Rate In Thane|
|Gold Rate In Nashik||Gold Rate In Solapur||Gold Rate In Amravati||Gold Rate In Hyderabad|
Read more on Gold
- Significance Of Gold In Indian Culture
- How Will Restricting Gold Imports in India Affect Gold Rates?
- How To Buy Gold Coins Bars Bullion Online
- Gold Prices in 2016
- Difference Between Spot And Futures Gold Rate