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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 2016 to December 2016 (per gram of 24 karat gold)
|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.
Gold Rate Trend in Proddatur for July 2016 to September 2016 (per gram of 24 karat gold)
|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%.
Gold Rate Trend in Proddatur 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 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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|Gold Rate In Guntur||Gold Rate In Nellore||Gold Rate In Kurnool|
|Gold Rate In Rajahmundry||Gold Rate In Kakinada||Gold Rate In Warangal|
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