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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 October 2020 to December 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,066 per gram||Rs.5,194 per gram||Rs.5,111 per gram|
|Last Day||Rs.4,998 per gram||Rs.4,876 per gram||Rs.5,331 per gram|
|Highest Price||Rs.5,131 per gram on 12 October||Rs.5,302 per gram on 10 November||Rs.5,373 per gram on 22 December|
|Lowest Price||Rs.4,904 per gram on 20 October||Rs.4,876 per gram on 30 November||Rs.4,860 per gram on 4 December|
Quarterly Gold Rate in Nellore from October 2020 to December 2020:
- Gold prices in Nellore opened at the rate of Rs.5,066 per gram in the month of October 2020. The precious metal had recorded the highest price point on 12th of October wherein the yellow metal was being traded at the rate of Rs.5,131 per gram. The lowest price of the precious metal was recorded on 20th of October wherein it stood at the rate of Rs.4,904 per gram. The month closed with gold price in Nellore being listed at Rs.4,998 per gram. During the month, the overall performance of gold in Nellore witnessed a decline of -1.34%.
- In the month of November 2020, the gold prices in Nellore opened at the rate of Rs.5,194 per gram. Gold had recorded the highest price point on 10th of November wherein the precious metal stood at the rate of Rs.5,302 per gram. The lowest price of the yellow metal was recorded on 30th of November wherein it stood at the rate of Rs.4,876 per gram which was also the closing price of gold for the month. During the month, the overall performance of gold in Nellore witnessed a decline of -0.96%.
- In Nellore, the price of gold opened at the rate of Rs.5,111 per gram in the month of December 2020. For the month, gold had recorded the highest price point of Rs.5,373 per gram on 22nd December 2020. The lowest price was recorded on 4th of December wherein it stood at the rate of Rs.4,860 per gram. The month closed with gold price in Nellore being listed at Rs.5,331 per gram. During the month, the overall performance of gold in Nellore witnessed an increase of 0.43%.
Gold Rate Trend in Nellore for July 2020 to September 2020 (per gram of 24 karat gold)
|1st Day||Rs.5,049 per gram||Rs.5,583 per gram||Rs.5,221 per gram|
|Last Day||Rs.5,561 per gram||Rs.5,360 per gram||Rs.5,354 per gram|
|Highest Price||Rs.5,561 per gram on 31 July||Rs.5,914 per gram on 8 August||Rs.5,408 per gram on 21 September|
|Lowest Price||Rs.5,049 per gram from 1 July||Rs.5,359 per gram on 30 August||Rs.5,019 per gram on 26 September|
Quarterly Gold Rate in Nellore from July 2020 to September 2020:
- Gold prices for the month of July opened at Rs.5,049 per gram and closed at Rs.5,561 per gram. The coronavirus outbreak all over the world ensured that the prices of gold increased. The various stimulus measures introduced by central banks also affected gold prices. Overall, the yellow metal saw its prices increase by 10.14% over the course of the month.
- In August, the prices of gold dipped by 3.99%. Gold hit its highest rate for the month on 8 August and was at Rs.5,914 per gram.
- On 1 September 2020, the price of gold had been Rs.5,221 per gram. Gold prices increased by 2.54% over the course of the month and closed at Rs.5,019 for a gram. The increase in the number of coronavirus cased caused fears of a global recession, ensuring gold prices increased.
Gold Rate Trend in Nellore for April 2020 to June 2020 (per gram of 24 karat gold)
|1st Day||Rs.4,150 per gram||Rs.4,670 per gram||Rs.4,917 per gram|
|Last Day||Rs.4,720 per gram||Rs.4,898 per gram||Rs.5,067 per gram|
|Highest Price||Rs.4,720 per gram on 30 April||Rs.4,909 per gram on 26 May and 27 May||Rs.5,067 per gram on 30 June|
|Lowest Price||Rs.4,150 per gram from 1 April to 5 April||Rs.4,621 per gram on 2 May||Rs.4,837 per gram on 8 June|
Quarterly Gold Rate in Nellore from April to June:
- In April, gold prices in Nellore opened at Rs.4,150 per gram and were steady till 5 April with no changes in rate. Gold prices showed no change due to the lockdown in the country. However, at the end of the month, the metal’s prices increased and closed at Rs.4,720 per gram with an overall incline of 1.3%.
- Gold prices in May recorded a marginal monthly incline, opening at Rs.4,670 per gram on 1 May and increasing within the next two weeks. Despite constant fluctuations, the metal’s price increased in the last week and hit its highest at Rs.4,909 per gram on 26 May and closed at Rs.4,898 per gram on 31 May with an incline of 0.59%.
- The metal’s price in June opened at Rs.4,917 per gram on 1 June and dipped to its lowest on 8 June at Rs.4,837 per gram. The metal’s value increased to hit its 8-year high with the surge in COVID-19 cases all over the world. On 30 June, the metal’s value increased and closed at Rs.5,067 per gram.
Gold Rate Trend in Nellore for January 2020 to March 2020 (per gram of 24 karat gold)
|1st Day||Rs.3,922 per gram||Rs.4,077 per gram||Rs.4,185 per gram|
|Last Day||Rs.4,074 per gram||Rs.4,185 per gram||Rs.4,150 per gram|
|Highest Price||Rs.4,125 per gram on 8 January||Rs.4,305 per gram on 24 February||Rs.4,443 per gram on 6 March|
|Lowest Price||Rs.3,919 per gram on 2 January||Rs.4,030 per gram on 6 February||Rs.4,026 per gram on 19 March|
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%.
- Also Check: Gold Rate in Andhra Pradesh
Also Check Gold Price in NearBy Cities of Nellore
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).