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Located in Andhra Pradesh’s Kadapa district, Proddatur sits on the banks of Penna River and is not only a municipality, but also the mandal headquarters of Proddatur mandal. Although it is not as prominent as the other big towns and cities in Andhra Pradesh, the economy of Proddatur is mainly driven by several cotton and gold businesses.
In the present day, gold is regarded as the best investment option among the people of Proddatur. Although it has been historically important, gold is still one of the most-sought after investment instruments in the town as people purchase it during auspicious occasions. Moreover, gold is also the best option for gifting in the town and a large number of people purchase it to gift it to their near and dear ones during festivals and filial ceremonies.
Gold Rate in Proddatur
The rates of gold in Proddatur vary depending upon the purity of the precious metal. The most expensive form of gold is 24 karat and is therefore the most expensive option. 22 karat, 18 karat and 14 karat gold are relatively impure in comparison with 24 karat gold and are hence cheaper in comparison.
24 karat gold – Since the purity of 24 karat gold stands at 99.9%, it is considered a great investment option for the people of Proddatur. Due to the fact that 99.9% pure gold isn’t ideal for the production of ornaments and jewellery, it is not as popular among a large section of the town. The price of one gram of 24 karat gold is Rs.2,993 as of 9th March, 2016. This price reflects international trends over the past year as prices declined in the second half of 2015 before picking up in 2016. Further fluctuations in prices are expected in the coming months.
22 karat gold – 22 karat gold is not as pure as 24 karat gold, with about 92% of the metal considered pure. However, investment in 22 karat gold in Proddatur is significantly higher than that in 24 karat gold as this form of the precious metal is ideal for the production of ornaments and jewellery. The price of 22 karat gold in Proddatur as on 9th March, 2016 is Rs.2.797.
Gold Rate Trend in Proddatur for October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.3,040 per gram||Rs.2,974 per gram||Rs.2,982 per gram|
|Last day||Rs.2,996 per gram||Rs.2,996 per gram||Rs.3,015 per gram|
|Highest price||Rs.3,059 per gram on 14 and 15 October||Rs.3,030 per gram 18 to 20 November||Rs.3,015 per gram on 30 and 31 December|
|Lowest price||Rs.2,996 per gram on 31 October||Rs.2,974 per gram on 1 and 6 November||Rs.2,906 per gram on 13 December|
Gold Rate Trend in Proddatur for October 2017:
- The price of gold in Proddatur was on the upswing as the month began, trading at Rs.3,040 per gram on the 1st.
- Prices dropped to Rs.2,997 per gram on 6 October as the dollar made gains, resulting in a drop in demand for the yellow metal.
- An increase in demand from local jewellers lled to gold prices reaching their monthly high of Rs.3,059 per gram on 14 October.
- As the dollar gained ground, gold price in Proddatur dropped to Rs.3,000 per gram on 26 October.
- Demand continued to fall, with gold priced at Rs.2,997 per gram as the month ended on 31 October.
- Gold registered a loss of 1.41% of its value over the course of the month due to poor demand and unfavourable market conditions.
Gold Rate Trend In Proddatur For November 2017:
- Trading in Proddatur opened at Rs. 2,998 per gram on 1 November as there was a slight drop in the price of gold due to market fluctuations.
- Prices continued to drop due to poor local demand, resulting in the metal trading at Rs.2,977 per gram on 4 November, though there was a slight recovery seen in the domestic market.
- The decline in price continued as the weeks progressed as the dollar rate was steady, which led to lowered demand for gold by investors.
- Prices rose by the middle of the month, trading at Rs.3,015 per gram on 18 November as a sudden surge in industrial demand coupled with a sliding dollar led to higher prices.
- The gains made were short-lived, however, as gold prices slid in the following week as the U.S. Dollar rose against other global currencies, resulting in a drop in import orders.
- Fluctuations in the price continued, with gold now rising to Rs.3,012 per gram on 24 November after a period of turbulence.
- The last week saw gold lose a number of points due to lacklustre demand from the retail sector, ending the month at Rs.2,992 per gram on 30 November.
Gold Rate Trend In Proddatur For December 2017:
- The last month began with gold priced at Rs.2,982 per gram due to a decline in interest in gold.
- There was a further dip in price with the metal trading at Rs.2,917 per gram on 8 December as the U.S. Dollar rose, resulting in a drop in demand for gold especially among Asian nations.
- A strong dollar index was further bolstered by the tax reform law that was passed that week, which led to local demand also dropping.
- Prices fell to Rs.2,903 per gram on 13 December as gold fell to its lowest monthly rate, as the possibility of increased rate hikes in 2018 was speculated.
- Markets were cautiously optimistic over the appointment of a new Fed Reserve chief and unfavourable news from Europe led to equities falling.
- Gold prices began to rise gradually, with the precious metal trading at Rs.2,956 per gram on 23 December.
- Holiday shopping failed to stimulate the markets, which resulted in investors turning to bullion to hedge bad equity debts.
- Gold price in Proddatur continued to rise for the rest of the month, trading at Rs.3,015 per gram on 31 December to register an increase of 1.10% over the course of the month.
Gold Rate Trend in Proddatur for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,931 per gram||Rs.2,995 per gram|
|Last day||Rs.2,920 per gram||Rs.2,965 per gram||Rs.3,040 per gram|
|Highest price||Rs.2,950 per gram on 1 & 2 July||Rs.2,977 per gram on 12 & 13 August||Rs.2,995 per gram on 1 September|
|Lowest price||Rs.2,800 per gram on 14 July||Rs.2,900 per gram from 5- 7 August||Rs.3,071 per gram on 7 September|
Gold rate trend in Proddatur for July 2017
- Gold rates in Proddatur were greatly impacted by the implementation of GST in the country.
- When trading commenced, the yellow metal was priced at Rs.2,950 per gram - the highest recorded monthly figure - on the 1st.
- Local demand declined significantly with the newly approved 3% Goods and Services Tax. This led to gold prices touching a lowest monthly figure of Rs.2,800 per gram on the 14th.
- However, demand picked up owing to strong global cues towards the end of the month, and the precious metal was trading at Rs.2,920 per gram during the closing hours on the last day.
- Gold trade in Proddatur registered a loss of 1.01% during the month owing to a reduced domestic demand coupled with the introduction of GST.
Gold rate trend in Proddatur for August 2017
- Gold price in Proddatur rose significantly during the month as demand spiked with positive global trends and the bullion trade rebounding after the GST implementation.
- When the month began, gold was trading at Rs.2,931 per gram.
- Global demand surged with geopolitical tensions rising in the Korean peninsula and the United States. This led to gold rates rising to Rs.2,977 per gram on the 12th.
- Strong global cues coupled with positive local demand led to the yellow metal trading at Rs.2,980 per gram on the 28th.
- With the dollar regaining lost ground, demand dropped, and the precious metal was priced at Rs.2,965 per gram when trading concluded for the month.
- Poor equities market coupled with the rising geopolitical tensions resulted in Proddatur recording an increase of 1.16% in gold trade during the month.
Gold rate trend in Proddatur for September 2017
- Gold rate in in Proddatur opened trading at Rs.2,997 per gram on the 1st.
- Global demand spiked as safe-haven investments surged with the US-North Korean relations deteriorating. This led gold rates rising to Rs.3,100 per gram on the 8th.
- Gold price in Proddatur fluctuated for the remainder of the month under the Rs.3,040 per gram mark owing strong dollar values and firmer equity shares.
- When trading concluded for the month, the yellow metal was trading at Rs.3,040 per gram on the 30th.
- Gold rates in Proddatur inclined by 1.43% during the month, thanks to the strong global cues that pushed demand higher.
Gold Rate Trend in Proddatur for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,956 per gram||Rs.2,984 per gram||Rs.2,977 per gram|
|Last day||Rs.2,984 per gram||Rs.2,968 per gram||Rs.2,962 per gram|
|Highest price||Rs.3,040 per gram on 15 & 16 April||Rs.2,984 per gram on 1 May||Rs.3,030 per gram on 7 June|
|Lowest price||Rs.2,954 per gram on 8 & 9 April||Rs.2,888 per gram on 15 May||Rs.2,942 per gram on 20 June|
Gold rate trend in Proddatur for April 2017
- The gold rates in Proddatur fluctuated in the month of April, trading at Rs.2,956 per gram on 1 April and dropping to Rs.2,983 per gram on 5 April.
- Gold was priced at Rs.2,954 per gram on 8 April due to subdued demand for gold from the Asian countries and local markets.
- Falling markets contributed to an increase in the demand for gold leading for it to be priced Rs.3,010 per gram on 12 April.
- The increasing demand for the yellow metal from investors rose the prices to Rs.3,040 per gram on 15 April.
- The fluctuating gold rates dropped to Rs.2,998 per gram on 25 April as the demand from industrial sectors indicated a decline.
- Gold traded at Rs.2,984 per gram on 30 April showing an incline in the demand and rates going up by 0.94% for the month of April.
Gold rate trend in Proddatur for May 2017
- Due to French Election 2017 which boosted the European stock markets caused a decline in the demand for gold, opening at Rs.2,984 per gram on 1 May and dropping to Rs.2,899 per gram on 7 May.
- Gold was priced at Rs.2,892 per gram on 14 May due to the reduced demand from the local markets.
- The fluctuating demand for gold increased slightly as the U.S. dollar rates grew weaker due to poor jobs data resulting in increased demand for gold, gold was priced at Rs.2,956 per gram on 18 May.
- The fluctuating stock market started restoring the demand for the precious metal and priced it at Rs.2,979 per gram on 23 May.
- In spite of the weak U.S. dollar rates and poor demand from the local markets, an increase in the demand from the local jewellers increased the gold rates to Rs.2,984 per gram on 30 May.
- The gold rates for the month of May ended at Rs.2,963 per gram on 31 May, showing an overall decline in the demand and 0.53% dip in gold rates.
Gold rate trend in Proddatur for June 2017
- The gold rates for the month of June started at Rs.2,985 per gram on 1 June and a strong demand rose the prices to Rs.3,030 per gram on 7 June.
- Fluctuating stock markets contributed to investors’ increased demand for the precious metal, gold was priced at Rs.2,981 per gram on 11 June.
- The recovering stock markets and reduced local demand resulted in gold being priced at Rs.2,949 per gram on 19 June.
- The speculations pertaining to trade in crude kept the gold rates fluctuating while a slight increase in the demand from overseas industrial sector increased the prices to Rs.2,964 per gram on 24 June.
- Gold was traded at Rs.2,977 per gram on 26 June and dipped to Rs.2,967 per gram on 30 June due to fluctuating market conditions.
- The gold rates suffered fluctuation throughout the month of May, however, it ended with a - 0.05 marginal decline in the prices.
Gold Rate Trend in Proddatur for January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,821 per gram||Rs.2,965 per gram||Rs.2,990 per gram|
|Last day||Rs.2,954 per gram||Rs.3,003 per gram||Rs.2,940 per gram|
|Highest price||Rs.2,978 per gram on 23rd January||Rs.3,014 per gram on the 25th and 26th of February||Rs.2,994 per gram on the 2nd of March|
|Lowest price||Rs.2,821 per gram on 1st January||Rs.2,944 per gram on the 4th and 5th of February||Rs.2,900 per gram on 15th of March|
Gold Rate Trend for Proddatur in January 2017:
- In Proddatur, gold prices seemed to surge over the month of January as there was a significant increase in demand.
- On 1st January, gold was trading at Rs.2,821 per gram, which surprisingly was the lowest gold rate for the entire month.
- As days progressed, gold prices also seemed to increase with prices reaching Rs.2,876 per gram by the end of the 9th.
- Prices kept increasing over the new few days as they went from Rs.2,892 per gram on 10th to Rs.2,951 per gram on 20th January.
- The last ten days of the month saw some fluctuation but recovered to end at Rs.2,954 per gram.
- Proddatur saw gold price trends change by 4.71% for the month of January.
Gold Rate Trend for Proddatur in February 2017:
- February followed the positive path set by January with regards to gold rates.
- When trading began on 1st February, gold was priced at Rs.2,965 per gram and fell to Rs.2,945 per gram by the end of 4th.
- On 7th, however, prices increased to Rs.2,980 per gram as there was a significant upsurge in demand.
- After considerable changes, gold prices ended at Rs.2,988 per gram when the 20th came to an end.
- The last 10 days of February were comparatively better for gold sales as prices were largely on the higher side.
- It was during this time that gold prices hit their highest - Rs.3,014 per gram on 25th - as demand seemed to increase as the end of the month approached.
- In Proddatur, gold price trends changed at 1.28% for the month of February.
Gold Rate Trend for Proddatur in March 2017:
- Despite some positive growth over the first two months of Q1 2017, the performance of gold in March fell significantly.
- When the month began, gold was priced at Rs.2,990 per gram, which after rise and fall in demand, decreased to Rs.2,951 per gram on 9th.
- Rates kept falling as they went from Rs.2,933 per gram on 10th to Rs.2,900 per gram on 15th.
- Gold rates rallied towards the end of March to end at Rs.2,940 per gram.
- Overall, Proddatur’s gold price trends changed by -1.67% for the month of March.
|1st day||Rs.3,152 per gram||Rs.3,065 per gram||Rs.2,893 per gram|
|Last day||Rs.3,067 per gram||Rs.2,942 per gram||Rs.2,821 per gram|
|Highest price||Rs.3,152 per gram on 1st & 2nd October||Rs.3,166 per gram on 9th November||Rs.2,895 per gram on 2nd December|
|Lowest price||Rs.3,021 per gram on 15th & 16th October||Rs.2,914 per gram on 25th November||Rs.2,767 per gram on 26th December|
Gold Rate Trend for Proddatur in October 2016
- The first week of October saw gold trading at Rs.3,152 per gram as festive season was looming large.
- However, prices seemed to drop during the second week as the US dollar strengthened against a low-performing rupee.
- The third week saw gold prices fluctuate and later increase slightly as the results of US Presidential Elections was awaited by markets around the world.
- Despite all the fluctuations, the last week saw gold prices gain by a positive margin to end the month at Rs.3,067 per gram.
- Overall, the price of gold witnessed a change of -2.69% during the month.
Gold Rate Trend for Proddatur in November 2016
- At the beginning of the month, gold was trading at Rs.3,065 per gram.
- There were plenty of catalytic factors that led to prices fluctuations throughout the month.
- Despite local demand being low, a Donald Trump victory in the US elections brought the markets crashing down thereby increasing rates.
- Demonetisation of higher currency notes was introduced at the beginning of second week which led to market crashing and demand for gold increasing.
- The next few days saw immense cash shortage in the entire country, which paved the way for low demands during the festive season.
- November saw gold prices change by -4.01% in Proddatur.
Gold Rate Trend for Proddatur in December 2016
- The effects of demonetisation was still visible as December began leading to little and no increase in demand.
- The last month of Q4 began with gold trading at Rs.2,893 per gram, which held steady for the first week but began to fall as the second week began.
- Festive periods, i.e., Christmas and New Year were looming large which led to an increased spending and thereby a decrease in demand for gold.
- This led to price drop from the 11th to the 20th when gold trading prices went from Rs.2,836 per gram to Rs.2,788 per gram.
- Prices continued their downward trend up until the last 4 days of 2016 when a sudden spike was witnessed.
- Rates went from Rs.2,783 per gram on the 27th to Rs.2,804 per gram on the 28th.
- The last month of 2016 ended with gold prices holding at Rs.2,821 per gram.
- Although December fared comparatively better than its previous two months, there still was a decline in gold prices.
- Overall, there was a price drop of -2.48% to be seen during the month of December.
|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.3,246 per gram on 6th and 7th July||Rs.3,283 per gram on 18th August||Rs.3,285 per gram from 24th to 26th September|
|Lowest price||Rs.3,112 per gram on 1st July||Rs.3,225 per gram on 31st August||Rs.3,212 per gram on 1st and 2nd September|
Gold Rate Trend of Proddatur in July 2016
- Gold prices were recorded at Rs.3,112 per gram on 1st July, and prices increased consistently for the first seven days, after which they fluctuated for a short while.
- Prices were stable at Rs.3,226 between the 11th and 15th of July, and at Rs.3,234 between the 16th and 18th, after which declining trend was noticed.
- Prices remained stable at Rs.3,223 from the 22nd to the 30th of the month thanks to firming trends.
- The highest rate was recorded on the 6th and 7th of July at Rs.3,246 per gram.
- Gold traded at Rs.3,249 per gram on 31st July and the overall increase between the first and last day of the month was 4.40%.
Gold Rate Trend of Proddatur in August 2016
- The rate of gold on the 1st of August was recorded at Rs.3,249 per gram.
- Prices fluctuated as the month wore on, rising and falling on certain days until stability was achieved at Rs.3,226 between the 6th and 9th.
- The highest recorded rate in August was on the 18th when prices soared to Rs.3,283.
- Prices then fell consistently and gold closed the month at Rs.3,225 per gram.
- Prices declined by 0.73% between the start and end of August.
Gold rate trend of Proddatur in September 2016
- Gold traded at Rs.3,212 per gram on 1st and 2nd September, which was the lowest rate for this month.
- Prices remained stable between the 3rd of September and the 12th at Rs.3,229.
- Prices increased consistently until the 24th when they hit Rs.3,285 per gram and remained stable until the 26th of September.
- Prices remained unchanged for the last four days of the month and closed September at Rs.3,279 per gram.
- The overall increase in prices between the start and end of the month was recorded at 2.09%.
|1st day||Rs. 2,894 per gram||Rs. 3,069 per gram||Rs.2,918 per gram on June 1st|
|Last day||Rs. 3,069 per gram||Rs. 2,916 per gram||Rs.3,103 per gram on 30th of June|
|Highest price||Rs. 3,069 per gram on April 30th||Rs. 3,069 on May 1st||Rs.3,165 per gram on 25th and 26th of June|
|Lowest price||Rs. 2,876 per gram on April 4th||Rs. 2,900 on May 30th||Rs.2,911 per gram on June 3rd|
Gold Rate Trend in Proddatur in April 2016
- Gold traded at a low Rs. 2,894 per gram on 1st April.
- The jeweller’s strike was finally called off in April and gold prices gained its strength back.
- Prices closed at Rs. 3,069 per gram on 30th April, marking an overall increase of 6.04%.
Gold Rate Trend in Proddatur in May 2016
- Gold rates traded at Rs. 3,069 per gram on May 1st.
- The highest rate for gold in May was on the 1st of the month as gold prices started to slip.
- Gold rates dropped due to speculation of a rate hike from the U.S. Federal Reserve.
- By the end of the month, prices were at its lowest at Rs. 2,900 on May 30th.
Gold Rate Trend of Proddatur in June 2016
- Gold opened the month at Rs.2,918 per gram on the 1st of June.
- Gold hit the lowest for the month at Rs.2,911 per gram on the 3rd of June.
- Gold scored the highest for the month on 25th and 26th of June at Rs.3,165 per gram.
- Gold closed the month at Rs.3,103 per gram on the 30th of June.
|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 28th January||Rs. 2,987 per gram on 28th February||Rs. 2,991 per gram on 6th to 13th March|
|Lowest price||Rs. 2,538 per gram on 2nd January||Rs. 2,714 per gram on 1st February||Rs. 2,871 per gram on 28th March|
Gold Rate Trend in Proddatur in January 2016
- Gold traded at Rs. 2,541 per gram on 1st January marking a good start for the month.
- The highest rise was Rs. 2,727 per gram on 28th January with increase in demand.
- Gold dipped slightly again trading at Rs. 2,710 per gram towards the end of the month.
- A substantial increase of 6.65% in the rates was recorded for January.
Gold Rate Trend in Proddatur in February 2016
- Gold traded at Rs. 2,714 per gram on 1st February.
- Prices saw a moderate rise through the month.
- The highest price of gold was Rs. 2,987 per gram on 28th February
- There was an overall increase of 9.21% in gold prices.
Gold Rate Trend in Proddatur in March 2016
- Prices stabilized at the beginning of March due to stable demand.
- Gold traded at Rs. 2,994 per gram on 1st March.
- A nationwide jewellers’ strike forced gold rates to stay constant.
- March 6th to 13th witnessed the highest rate at Rs. 2,991 per gram.
- Rates soon declined as the month progressed with the last price at Rs. 2,883 per gram on March 31st.
Gold Investment Avenues in Proddatur
The fact that gold is considered as almost sacred in India is no secret. It is an auspicious investment and most celebrations and ceremonies are regarded as incomplete with the absence of gold. Sales of the precious metal peak during the wedding season and festivals. As a result, gold has become one of the best investment options for the people of Proddatur as it offers some sort of a safety net in times of market fluctuations.
Over-the-counter: The most common method of acquiring gold in Proddatur is over-the-counter dealings. The town is home to several different jewellers and banks that provide customers with a number of options depending upon their budget. Jewellery, coins and bars are some of the most common forms through which gold is purchased in Proddatur, with coins and bars dominating sales of the precious metal. Since jewellery is highly liquid and can be resold, individuals find it to be the best possible source of investment. The rates offered by each jeweller or dealer may vary, but investors will receive purity certificates to rest assured that their money is well spent.
Market Trade: Gold can now be purchased from your home or office thanks to modern technology. ETFs, futures contracts and E-gold offer the best avenues for the trade of gold. Gold trading is not completely free of risk, and investors must consider the element of risk involved before putting their money on the precious metal. Individuals can trade E-gold via the National Spot Exchange, and can trade gold ETFs on the Mumbai Stock Exchange.
- Also Check: Gold Rate in Andhra Pradesh
Also Check Gold Price in NearBy Cities of Proddatur
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