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Gold Price In Proddatur
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.
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.
Gold Rate Trend in Proddatur 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 Proddatur from October 2020 to December 2020:
- The prices of gold in Proddatur on 1 October 2020 and 31 October 2020 were at Rs.5,066 per gram and Rs.4,998 per gram, respectively. Overall, gold rates declined by 1.34% over the course of the month in the city. The lowest and highest prices that the yellow metal hit for the month was on 20 October and 12 October and were at Rs.4,904 for a gram and Rs.5,131 per gram, respectively.
- Gold prices in Proddatur started off at the rate of Rs.5,194 per gram. Gold rates in Proddatur started witnessing a declining trend during the second half of the month and it closed the month at the lowest recorded rate for the month wherein it stood at the rate of Rs.4,876 per gram.
- In December, the rates of the yellow metal had increased by 0.43%. The highest and lowest rates that the yellow metal hit for the month were Rs.5,373 per gram and Rs.4,860 per gram.
Gold Rate Trend in Proddatur 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 Proddatur 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. One of the most important factors behind the rise in the price of the yellow metal was the coronavirus outbreak all over the world. The various stimulus measures introduced by central banks across the world also affected gold prices. Overall, the precious metal witnessed an increase of 10.14% in its prices over the course of the month.
- In August, the overall performance 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. The lowest recorded rate was Rs.5,359 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.5,354 for a gram. The increase in the number of coronavirus cased caused fears of a global recession, which further affected the price of the yellow metal.
Gold Rate Trend in Proddatur 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.4,898 per gram on 31 May||Rs.5,067 per gram on 30 June|
|Lowest Price||Rs.4,150 per gram from 1 April||Rs.4,621 per gram on 2 May||Rs.4,837 per gram from 8 June|
Quarterly Gold Rate in Proddatur from April to June:
- On 1 April 2020, the price of gold in Proddatur was at Rs.4,150 for a gram. Over the next 5 days, gold rates remained the same. This was the lowest rate that the yellow metal hit for the month. The coronavirus outbreak across the world was the main reason for the prices to increase. On 30 April, the price of gold was at Rs.4,720 for a gram, seeing a 13.73% incline over the course of the month.
- In the month of May, the prices of gold opened and closed at Rs.4,670 per gram and Rs.4,898 per gram, respectively. The tensions between China and the US was the main reason for the prices to increase. Gold saw its prices increase by 4.88% in May.
- In June, the prices of gold saw an incline of 3.05%. The increase in the number of coronavirus cases and the stimulus measures that were introduced ensured that the prices increased.
Gold Rate Trend in Proddatur 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 Proddatur from January 2020 to March 2020:
- The price of gold in Proddatur opened at Rs.3,922 and closed at Rs.4,074 on the last day of the month of January. The price of gold was impacted due to the trade tensions between U.S and China. The escalation of political tensions between the Middle East and U.S played a role in 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 Proddatur 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 Proddatur for the month of February opened at Rs.4,077 per gram due to the reports of outbreak of Coronavirus which played a role in the gold prices rising. The highest price the yellow metal touched was Rs.4,305 on 24 February as Covid-19 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 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 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 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 also played a role in the price of yellow metal fluctuating throughout the month. Overall, the month of March turned out to be a disappointing month as the overall price of gold in Proddatur declined by 0.83%.
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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