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Gold rates in the first two months of 2016 have been on the rise despite strong US jobs data and equities and weak demand among other factors. Gold rates in India are influenced by various national and international factors such as import duties, inflation, current account deficit, currency fluctuations and so forth. According to reports, geopolitical conflicts and plummeting stock markets have resulted in strengthening the position of gold as a safe haven asset this year.
Nellore is one of the well-known districts in Andhra Pradesh owing to its cultural and historical importance. Gold is viewed as a traditional form of investment in Nellore as most residents buy various forms of gold jewelry, coins and bars. The gold jewelry is handed down from generation to generation in many households. Gold jewelry is an important part of various auspicious occasions and ceremonies such as weddings and religious processions.
Gold as an investment in Nellore
Gold bars and coins are widely sold and bought in Nellore. Gold is highly sought-after given its intrinsic value. Many residents in Nellore invest in Gold coins as a hedge against inflation. In many rural areas, the precious yellow metal is more easily accessible and sought-after compared to bank deposits owing to the former being viewed as a robust investment option.
Physical Gold: There are various jewellery stores in Nellore such as Jain Gold, Shantilal and Sons and Tata Gold Plus among others. Wedding jewellry with intricate designs is much in demand by most consumers in Nellore. Gold rings and various forms of temple jewelry are also much in demand.
Gold Contracts: The MCX (Multi Commodity Exchange) and NSEL (National Spot Exchange)
sell spot and future gold contracts in India. MCX Gold contracts are available in two variants - 1 kg and 100 grams (Gold Mini).
Gold Rate Trend in Nellore for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,127.50 per gram||Rs.3,215 per gram||Rs.3,132 per gram|
|Last day||Rs.3,214 per gram||Rs.3,148 per gram||Rs.3,169 per gram|
|Highest price||Rs.3,214 per gram on 30th and 31st July||Rs.3,224 per gram on 3rd August||Rs.3,195 on 8th September|
|Lowest price||Rs.3,127.50 per gram on 1st July||Rs.3,148 per gram on 31st August||Rs.3,132 on 1st September|
Gold Rate Trend of Nellore in July 2016
- On 1st July, gold was seen trading at Rs.3,127.50 per gram.
- Trends in the global market were positive as expectations of monetary stimulus from central banks post the Brexit vote were rising.
- There was talk of the Fed rate hike but demand for gold continued to be strong.
- Gold traded at Rs.3,214 per gram on 31st July, the highest price for this month.
- Gold prices rose by 2.77% this month.
Gold Rate Trend of Nellore in August 2016
- Demand for the yellow metal continued to rise at the start of the month.
- Gold traded at Rs.3,215 per gram on August 1st and climbed to Rs.3,249 per gram on August 3rd, which was the highest for this month.
- The U.S Federal Reserve raised expectations of the interest rate hike. Demand for gold started to fall.
- In the domestic market, the fall in prices was welcomed as it happened just in time for the festive season.
- Prices plummeted down to Rs.3,148 per gram on 31st August which was the lowest price for this month.
- The trend for this month was a decline of 2.08% in gold rates.
Gold Rate Trend of Nellore in September 2016
- Bearish sentiments ruled the global market as expectations of the rate hike by the U.S. Federal Reserve were high.
- In the domestic market, festive demand had not yet picked up as anticipated.
- Gold traded at Rs.3,132 per gram on 1st September.
- The market outlook was quick to change when the U.S. Federal Reserve suddenly announced its decision to delay the interest rate hike in light of the upcoming U.S. presidential elections.
- On 8th September, gold prices climbed to Rs.3,195 per gram, the highest price for this month.
- Demand for gold picked up in the global and domestic markets.
- On 30th September, gold traded at Rs.3,169 per gram.
- There was an increase of 1.18% in gold prices this month.
Gold Rate Trend in Nellore for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,894 per gram||Rs. 3,069 per gram||Rs.2,918 per gram|
|Last day||Rs. 3,069 per gram||Rs. 2,916 per gram||Rs.3,103 per gram|
|Highest price||Rs. 3,069 per gram on April 30||Rs. 3,069 on May 1||Rs.3,180 per gram on 27th June|
|Lowest price||Rs. 2,876 per gram on April 4||Rs. 2,900 on May 30||Rs.2,911 per gram on 3rd June|
|Trend||Rising||Decline||Increase in price|
Gold Rate Trend in Nellore in April 2016
- Due to an ongoing strike by jewellers, the price of gold at the beginning of the month was quite low, at Rs. 2,894 per gram.
- However, as the month progressed, the rates increased quite steadily, closing at Rs. 3,069 per gram which was also the highest for the month.
- An increase of 6.04% was noted at the end of the month.
Gold Rate Trend in Nellore in May 2016
- A decline of 4.98% was witnessed in the month of May with respect to the price of gold per gram.
- The highest price noted was on the first of the month wherein gold traded at Rs. 3,069 per gram.
- However, as the month progressed, prices steadily declined closing at Rs. 2,916 per gram.
Gold Rate Trend of Nellore in June 2016
- Prices of gold in Nellore started off steady but rose sharply as demand picked up on global cues and increased domestic demand.
- The prices stabilised as demand was stable, in spite of the markets and currencies performing well.
- The British referendum and uncertainty over the outcome caused markets to drop and gold demand rose.
- With Britain voting to leave the EU, markets crashed and gold made gains, closing at Rs.3,103 per gram.
Gold Rate Trend in Nellore for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,541 per gram||Rs. 2,714 per gram||Rs. 2,994 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,964 per gram||Rs. 2,883 per gram|
|Highest price||Rs. 2,727 per gram on January 28||Rs. 2,987 per gram on February 28.||Rs. 2,991 per gram on March 31|
|Lowest price||Rs. 2,538 per gram on January 2.||Rs. 2,714 per gram on February 1.||Rs. 2,871 per gram on March 28|
Gold Rate Trend in Nellore in January 2016
- The gold rates in January fluctuated throughout the month but did not cross Rs. 2,727 per gram.
- Towards the end of the month, gold traded at Rs. 2,710 per gram.
- Gold trading for January began at Rs. 2,541 per gram.
Gold Rate Trend in Nellore in February 2016
- Gold trading for the month of February began at Rs. 2.714 per gram.
- Rate of gold was quite steady throughout the month with minor fluctuations.
- A rise of 9.21% was noted in the price as the month progressed.
Gold Rate Trend in Nellore in March 2016
- Due to stable demand for gold, rates were relatively stable during the beginning of the month.
- However, rates declined as the month progressed, closing at Rs. 2,883 per gram.
- A decline of 3.07% was noted as reports of rate hike by U.S. Fed gathered steam.
Gold rates in Nellore
The price of gold has been on the rise in 2016 across the world including India. Gold rates in Nellore mirrored the world-wide trend in that 1 gm of 24 karat gold which was pegged at Rs.2610 on January 1st, 2016 rose by 2.6% to Rs.2679 on January 10th, 2016. The price of the precious yellow metal rose further in the first month of the year registering a 2.9% increase at Rs.2759 on January 31st, 2016. The months of February 2016 witnessed a similar trajectory in terms of rise in gold rates in that 1 gm of 24 karat gold which was pegged at Rs.2866 on February 9th rose by 3% to Rs.2952 on February 18th. The trend continued in the following days as the price of gold reached a peak at Rs.3016 on February 28th. The price of 1 gm of gold is pegged at Rs.3036 as on March 9th, 2016. The price of gold plummeted throughout 2015 with the exceptions of a few mini-rallies in the months of May and June. 1 gm of 24 karat gold was pegged at Rs.2848 in January 2015 fell in the following months to Rs.2724 in July 2015. The price further fell in the months of August and September to Rs.2694. 1 gm of 24 karat gold was pegged at Rs.2563 on December 28th, 2015.
- Also Check: Gold Rate in Andhra Pradesh
Also Check Gold Price in NearBy Cities of Nellore
|Gold Rate In Hyderabad||Gold Rate In Vijayawada||Gold Rate In Visakhapatnam|
|Gold Rate In Guntur||Gold Rate In Kurnool||Gold Rate In Rajahmundry|
|Gold Rate In Kakinada||Gold Rate In Proddatur||Gold Rate In Warangal|
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- Gold Price Valuation In India
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