Gold Rate In Nellore

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Gold Price in Nellore

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

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

• The price of gold in Nellore opened at Rs.3,922 and closed at Rs.4,074 on the last day of the month of January. The price of the yellow metal was impacted due to the trade tensions between Beijing and Washington. The political tensions between the Middle East and U.S which got escalated was one of the major reasons behind Gold touching its highest on 8 January at Rs.4,125 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 Nellore was the lowest on the second day of January 2020 at Rs.3,919. The price of gold for the month of January rose by 3.87%
• The gold prices in the state of Nellore for the month of February opened at Rs.4,077 per gram due to the reports of outbreak of Covid-19 which resulted in the rise of gold prices. The highest price gold touched was Rs.4,305 on 24 February as Coronavirus impacted the global markets forcing investors to turn towards gold which is considered to be a safe haven. The price of gold fluctuated and touched its lowest on 6 February at Rs.4,030 per gram as stock markets looked up due to monetary policy intervention by the People’s Bank of China. The gold price closed at Rs.4,185 with the overall price of gold for the month of February rising by 2.64%.
• The month of March saw the gold prices opening at Rs.4,185 per gram and closing at Rs.4,150 per gram. The gold prices touched its highest on 6th March at Rs.4,443 as the outbreak of Covid-19 had severe impact on the performance of global markets forcing investors to turn to gold which is considered to be a safe haven. The price of yellow metal fell on 19th March at Rs.4,026 as investors sold their shares in order to hoard cash as global economy went through a turbulent time. The poor U.S job claims report was one of the major reasons behind the fluctuation of the price of yellow metal throughout the month. Overall, the month of March turned out to be a disappointing month as the overall price of gold in Nellore declined by 0.83%.

Gold Rate Trend in Nellore for October 2019 to December 2019 (per gram of 24 karat gold)

Quarterly Gold Rate in Nellore from October 2019 to December 2019:

• In Nellore, the price of the yellow metal saw an incline by 2.25% in the month of October. Gold opened at Rs.3,772 per gram and was steady throughout the month. This was majorly due to investors awaiting developments on the trade war between China and the United States of America. However, in the last week of the month, gold prices hit its monthly high on 26 and 26 October at Rs.3,872 per gram. This was majorly due to lowered risk appetite amongst investors and a fall in the value of the dollar against other currencies. Gold closed the month at Rs.3,857 per gram.
• Gold prices took a hit in the month of November opening at Rs.3,892 per gram and fluctuating heavily throughout the month. The highest price in the month was its opening price. As the trade tensions between China and the United States of America eased and the United States Federal Reserve announced another rate cut, gold rates dipped. Investors with a higher risk appetite shifted to the stock market, resulting in the low demand for the precious metal. At the end of the month, gold closed at Rs.3,828 per gram with a percentage decline of 1.64.
• The month of December proved to be beneficial for the traders. As the trade deal between China and the United States of America was put down for early January for its first phase, tensions between the former grew with Iran. As the U.S. had sanctioned a drone strike in the country, Iran was looking to retaliate and avenge their fallen Army soldier. Due to this, gold opened the month at Rs.3,928 per gram and increased in the end of the month with President Donald Trump facing an impeachment inquiry. The metal closed at Rs.3,925 per gram.

Gold Rate Trend in Nellore for July 2019 to September 2019 (per gram of 24 karat gold)

Gold Rate Trend in Nellore for April 2019 to June 2019 (per gram of 24 karat gold)

Gold Rate Trend in Nellore for January 2019 to March 2019 (per gram of 24 karat gold)

Gold Rate Trend in Nellore for January 2019:

• Despite an uninspiring start in the beginning of 2019 when gold traded at Rs.3,172 per gram, the gold rate in Nellore surged in the coming weeks as retail demand rose and there were favourable overseas market cues. This was also the lowest price the metal stood at for the month.
• The price of the metal saw an up rise on 4th January as investors increased their stake in bullion as a hedge against potential equity losses due to volatile markets.
• Demand for the precious metal in Asia remained weak due to the impact of trade sanctions. However, healthy local and industrial demand maintained the positive trend of gold prices in Nellore.
• The month ended with gold trading at its highest on 30th January. This may have been the effect of the US government shutting down and Brexit’s negative effects in the economy. On 31st January, the yellow metal was priced at Rs.3,321 per gram on.

Gold Rate Trend in Nellore for February 2019:

• A diminished retail offtake and a volatile marked stunted the value of gold even though the gold rate in Nellore trading at a high at the start of the month. As on 1st February, the metal was trading at Rs.3,326 per gram.
• Due to conflicting overseas trends, the price of gold fluctuated. As on 5th February, gold was trading at Rs.3,346 per gram. During this time, local and industrial demand remained steady. However, the price dipped on 12th February when it was priced at Rs.3,305 per gram as investor interest declined.
• The Sino-US trade talks stirred up negativity in the economy and investors switched to safe-haven assets as a hedge against any losses. This boosted the demand for gold in Nellore and the price rose to Rs.3,350 per gram on 16 February.
• A weak US dollar also boosted local demand for the metal as gold prices rose to Rs.3,392 per gram on 21 February, but an aggressive stand by the Fed Reserve saw demand decline as gold closed at Rs.3,333 per gram on 28 February. The metal in Nellore saw a percentage incline of 0.21% for the month of February.

Gold Rate Trend in Nellore for March 2019:

• Gold rate in Nellore dipped in value at the beginning of the month as the value of the US dollar rose substantially. Uncharacteristically, stocks and equities too dipped in value at the same time. The price of gold on 1st March stood at Rs.3,305 per gram. This was also the highest value of the yellow metal for the month.
• The dollar then declined in value on the 7th in comparison to the Euro as the ECB pushed its decision to hike interest rates. This stunted the growth of the metal due to weak economic conditions.
• On 29th March, gold stood at its lowest point for the month when it was trading at Rs.3,169 per gram. This was influenced by the dollar increasing in value and the economic conditions weakening.
• A percentage decline of 3.17 was recorded for the month of March while it was trading at Rs.3,200 per gram. This was also one of the lowest prices the metal stood at for the month.

Gold Rate Trend in Nellore for October 2018 to December 2018 (per gram of 24 karat gold)

Gold trend in Nellore for October 2018

• For the month of October, the price of gold in Nellore opened at Rs.3,071 per gram and increased steadily through the month due to the weakening of the dollar against other currencies.
• Mid-month, gold prices had increased to Rs.3,211 per gram marking the highest price in October. This was mainly due to the US-China trade war which resulted in a volatile market, leading to an increase in global demand for gold.
• However, in the second half of the month, the price of gold decreased marginally due to fluctuations in local demand and the market.
• The price of the metal, at the end of October, was recorded at Rs.3,188 per gram with a percentage incline of 3.80.

Gold trend in Nellore for November 2018

• The price of gold took a hit in November as the dollar recovered from the market crisis, resulting in the weakening of the rupee.
• On 1 November 2018, gold was priced at Rs.3,184 per gram and steadily increased to Rs.3,196 per gram in the first week of the month. This marked the highest price of the metal in November.
• Throughout the rest of the month, gold prices decreased as the value of the rupee fell against the dollar, resulting in a dip in global and local demand.
• Gold was priced at Rs.3,045 per gram at the end of the month which resulted in a percentage decline of the metal by 4.36.

Gold trend in Nellore for December 2018

• Due to the crisis in the United States of America, the markets fell gradually. This resulted in the price of the metal reaching Rs.3,192 per gram on 11 December, the highest price of gold in Nellore for the month.
• In the second half of the month, the price of gold fluctuated a great deal due to the continuous rise and fall of global demand and market trends.
• However, on 31 December 2018, gold prices closed at Rs.3,165 per gram marking an incline of 3.94% in comparison with the rates from the previous month.

Gold Rate Trend in Nellore for July 2018 to September 2018 (per gram of 24 karat gold)

Gold rate trend in Nellore for July 2018

• Domestic demand from local industries and coin makers in Nellore was on the decline at the start of the month.
• Gold was trading at Rs.3,059 per gram on 1 July. The rupee was recorded to weaken, and the downfall of demand for the metal adversely dictated gold prices for the coming weeks.
• On 6 July, gold was priced at its highest when it traded at Rs.3,071 per gram. Demand for the metal finally rose, but the strengthening of the dollar caused it to plummet again.
• Gold reached lowest point on 31 July. On this day, the metal was trading at Rs.2,986 per gram.

Gold rate trend in Nellore for August 2018

• August began with gold being priced at Rs.2,983 per gram.
• Demand for the yellow metal varied throughout the month causing gold prices in Nellore to fluctuate as well.
• On 16 August, the metal was priced at Rs.2,940 per gram.
• Towards the end of the month, gold surged as domestic demand for the metal finally increased.
• Gold was priced at its highest on 31 August when it traded at Rs.3,036 per gram.
• Gold prices for the month recorded an upward trend of 1.77%.

Gold rate trend in Nellore for September 2018

• A slight decline in gold rates was noted when the trading for the metal commenced for the month of September in Nellore. Gold opened at Rs.3,029 per gram on the 1st of the month.
• On 3 September, due to poor demand and strong US dollar, the price of gold fell and hit a monthly low of Rs.3,019 per gram.
• In the following days, gold rates inclined as the festive demand for the metal picked up and hit a monthly of Rs.3,090 per gram on 225th and 26th of the month.
• During the end of the month, gold rates fell marginally and closed at Rs.3,074 per gram.
• However, gold rates in Nellore recorded an overall incline of 1.48% for the month of September.

Gold Rate Trend in Nellore for April 2018 to June 2018 (per gram of 24 karat gold)

Gold Rate Trend in Nellore for April 2018:

• Gold was priced at Rs.3,072 per gram when trading began in Nellore for the month of April.
• Gold rates dropped to a monthly low of Rs.3,064 per gram on the 6th as demand remained weak and the dollar seemed to rise.
• Demand was on the bullish side this month after the initial fall, as the joint force of the US and NATO decided to attack Syria over the bombing of its citizens.
• As a result, gold rates began to surge, while the dollar plummeted. On the 19th, gold was at its highest of Rs.3,153 per gram as demand surged consistently as the dollar failed to recover and gold demand remained on the rise.
• The month ended with gold prices holding at Rs.3,123 per gram - marking a 1.66% incline in prices.

Gold Rate Trend in Nellore for May 2018:

• When May’s trading began, gold was priced at Rs.3,114 per gram. Demand this month was slightly on the lower side after the dollar recovered from the previous month’s fall. This caused gold rates to drop after demand weakened.
• Gold was at its highest on the 15th when it traded at Rs.3,213 per gram and the lowest was recorded on the 3rd, when it sold at Rs.3,103 per gram.
• A slightly higher local demand helped offset the rise in the US dollar. Gold was seen trading at Rs.3,122 per gram on the final day of the month.
• There was a 0.25% change in price trends this month, brought about by a positive local demand amidst a rising dollar.

Gold Rate Trend in Nellore for June 2018:

• Positive market cues and increased trading in the dollar resulted in a drop in demand for bullion.
• When the month began, gold was priced at Rs.3,100 per gram, which fell considerably within the first week after the payroll data showed some positive numbers.
• There was a incline in gold prices mid-month as demand seemed to rise and the metal traded at Rs.3,127 per gram on the 15th.
• However, a fall in demand caused gold rates to drop to a monthly low of Rs.3,054 per gram on the 24th of June.
• When the month ended, gold prices were recorded at Rs.3,059 per gram. Price trends were held to a 1.32% decline this month due to a buoyant dollar and resurgent markets.

Gold Rate Trend in Nellore for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Trend in Nellore for January 2018:

• The month began in Nellore with gold trading at Rs.3,002 per gram on the 1st with domestic bullion markets holding on to its gains from the previous session.
• However, with the US dollar gaining against a basket of other apex currencies, prices dropped to Rs.3,001 per gram on the 4th. This was also the lowest recorded monthly figure in the city.
• The US employment data indicated a drop in the number of jobs supporting the US economy. This led to the dollar declining and gold prices recovered over the next couple of weeks.
• Gold rates in Nellore surged to Rs.3,084 per gram - the highest recorded monthly figure - on the 20th after the poor US inflation data sent the dollar and stock markets tumbling in the international market.
• Demand stabilised towards the end of the month with the dollar regaining lost ground amid recovering equity markets and gold was priced at Rs.3,045 per gram on the last day.
• The bullion trade in Nellore registered an increase of 1.43% in gold rates owing to strong overseas market trends during the course of the month.

Gold Rate Trend in Nellore for February 2018:

• The second month of the year commenced with the yellow metal priced at Rs.3,040 per gram as demand for the metal declined with a slight rise in the US dollar value from the previous month.
• Prices plunged to Rs.3,003 per gram on the 8th after the US payrolls and jobs data reported an rise in the number of jobs contributing to the nation’s economy during the month of January, which in turn raised the US dollar index.
• On the 14th, gold rates surged to their highest monthly figure of Rs.3,103 per gram following an increase in demand for the precious metal on account of Valentine’s day eve.
• However, with the greenback recovering from its previous rally of losses, demand for the metal declined. This led to prices declining towards the end of the month.
• The month came to an end with the bullion prices holding at Rs.3,046 per gram on the 28th and Nellore registered a profit of 0.19% in gold trade during the course of the month.

Gold Rate Trend in Nellore for March 2018:

• The last month of Q1 2018 commenced with gold prices holding relatively higher at Rs.3,043 per gram amid firm overseas trends.
• Uneven dollar performances coupled with vagaries in domestic demand for the bullion led to gold rates fluctuating considerably over the next few weeks.
• The 19th recorded the lowest monthly figure with gold priced at Rs.3,030 per gram amid the strengthening US dollar and rising equity markets.
• However, as the month progressed, safe haven demand for the metal surged with trade war tensions rising between the US and China. This led to gold rates surging to Rs.3,105 per gram on the 25th.
• The month concluded with the yellow metal priced at Rs.3,072 per gram on the last day and gold prices in Nellore rose by 0.95% due to the firm trends that pushed demand higher during the course of the month.

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