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Gold Price in Nanded
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.
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.
Gold Rate Trend in Nanded for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,836 per gram||Rs.5,291 per gram||Rs.5,250 per gram|
|Last Day||Rs.5,211 per gram||Rs.5,147 per gram||Rs.5,001 per gram|
|Highest Price||Rs.5,241 per gram on 30 July||Rs.5,541 per gram on 8 August||Rs.5,276 per gram on 2 September|
|Lowest Price||Rs.4,746 per gram on 5 July||Rs.5,136 per gram on 26 August||Rs.4,926 per gram on 29 September|
Quarterly Gold Rate in Nanded from July 2020 to September 2020:
- Gold prices in Nanded increased by 7.75% in the month of July. On the first day of the month, the price of gold was at Rs.4,836 per gram. On 31 July 2020, gold rates were at Rs.5,211 per gram. The coronavirus outbreak led to investors shifting to gold, seeing the prices increase.
- On 1 August 2020, the price of gold was at Rs.5,291 for a gram. However, by the end of the month, the price of gold decreased by 2.72% and was at Rs.5,147 per gram.
- Gold rates dipped by 4.74% over the course of the month in Nanded. The number of coronavirus cases increased during the month, which led to several stimulus measures being introduced by governments and central banks all over the world.
Gold Rate Trend in Nanded for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,158 per gram||Rs.4,641 per gram||Rs.4,702 per gram|
|Last Day||Rs.4,635 per gram||Rs.4,699 per gram||Rs.4,831 per gram|
|Highest Price||Rs.4,785 per gram on 27 April||Rs.4,757 per gram on 20 May||Rs.4,841 per gram on 25 June|
|Lowest Price||Rs.4,158 per gram from 1 April to 5 April||Rs.4,534 per gram on 12 May||Rs.4,564 per gram on 8 June|
Quarterly Gold Rate in Nanded from April to June:
- Gold prices in Nanded increased by 11.47% in the month of April. On the first day of the month, the price of gold was at Rs.4,158 per gram. On 30 April 2020, gold rates were at Rs.4,635 per gram. The coronavirus outbreak led to investors shifting to gold, seeing the prices increase.
- On 1 May 2020, the price of gold was at Rs.4,641 for a gram. However, by the end of the month, the price of gold increased by 1.24% and was at Rs.4,699 per gram. The tensions between the US and China over the coronavirus outbreak led to an increase in prices.
- Following the trend set in May, the prices of the yellow metal continued to increase in June. Gold rates increased by 2.74% over the course of the month in Nanded. The number of coronavirus cases increased during the month, which led to several stimulus measures being introduced by governments and central banks all over the world.
Gold Rate Trend in Nanded for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,985 per gram||Rs.4,179 per gram||Rs.4,263 per gram|
|Last Day||Rs.4,179 per gram||Rs.4,358 per gram||Rs.4,158 per gram|
|Highest Price||Rs.4,216 per gram on 9 January||Rs.4,410 per gram on 25 February||Rs.4,531 per gram on 7,8, and 9 March|
|Lowest Price||Rs.3,985 per gram on 1 January||Rs.4,132 per gram on 7 February||Rs.4,116 per gram on 18 March|
Quarterly Gold Rate in Nanded from January 2020 to March 2020:
- The gold price in Nanded opened at Rs.3,985 and closed at Rs.4,179 on the last day of the month. The price of gold was impacted due to the trade tensions between Washington and Beijing and as well as the political tensions between the Middle East and U.S which played a role in Gold touching its highest on 9 January at Rs.4,216 per gram. However, the price of yellow metal fluctuated and as things got better between U.S and China followed by easing of conflict between U.S and Middle East, the price of gold fell as investors turned to riskier assets. The price of gold in Nanded was the lowest on the first day of January 2020 at Rs.3,985. The price of gold for the month of January rose by 4.86%
- The gold prices for the month of February opened at Rs.4,179. There were lot of fluctuations in the gold prices before it closed at Rs.4,358 on 29 February 2020. The news of outbreak of Covid-19 severely impacted the global markets forcing the investors to turn towards safe havens such as gold. The price of gold touched its highest on 25 February 2020 at Rs.4,410. The monetary policy intervention by the People’s Bank of China played a role in the stock markets doing well as the price of yellow metal was recorded to be at Rs.4,132 on 7 February. The price of gold for the month of February rose by 4.10%
- The month of March saw the gold prices opening at Rs.4,263 per gram and closing at Rs.4,158 per gram. The gold prices touched its highest on 7th March and continued to have the highest numbers till 9th March at Rs.4,531 as the outbreak of Coronavirus severely impacted the global markets forcing investors to turn to gold which is considered to be a safe haven. The price of yellow metal fell on 18th March at Rs.4,116 as investors sold their shares in order to hoard cash as global economy went through a turbulent time. The price of gold also fluctuated throughout the month due to poor U.S. job claims. Overall, the month of March turned out to be a disappointing month as the overall price of gold in Nanded declined by 2.52%.
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
- Difference Between Spot And Futures Gold Rate