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Gold Price In Tirupati
Tirupati, an ancient city located in Chittoor district of Andhra Pradesh, is acclaimed for being one of the holiest pilgrimage centres destinations in India. The city, being the ninth populous city in the state, also boasts of being home to one of the richest temples in the world. Tirupati celebrates almost all the major festivals with devotees donating gold in the form of coins and jewellery to the temples. Demand for the precious metal has never been low in the city with residents and devotees rushing to retailers and jewellers in the holy land. May it be the festive season or the wedding season, Tirupati has been a centre of great importance for gold trade in the state. However, gold rates are also influenced by overseas factors such as the US dollar and other important factors at the national level.
Gold Rate Trend in Tirupati for April 2018 to June 2018 (per gram of 24 karat gold)
|1st day||Rs.3,072 per gram||Rs.3,114 per gram||Rs.3,100 per gram|
|Last day||Rs.3,123 per gram||Rs.3,122 per gram||Rs.3,054 per gram|
|Highest price||Rs.3,213 per gram on 15 April||Rs.3,234 per gram on 14 May||Rs.3,119 per gram on 9 and 10 June|
|Lowest price||Rs.3,064 per gram on 6 April||Rs.3,103 per gram on 3 May||Rs.3,054 per gram on 29 and 30 June|
Gold Rate Trend in Tirupati for April 2018
- The month witnessed gold rates greatly influenced by the positive market trends overseas brought about by strong geopolitical tensions prevalent at the global level.
- When trading commenced in Tirupati, gold prices were recorded holding at Rs.3,072 per gram on the 1st with steady offtake from domestic industries and retailers.
- However, with the US dollar strengthening against a basket of other major currencies ahead of the US Federal Reserve’s monetary policy meeting, gold rates dropped to Rs.3,064 per gram on the 7th.
- The next week saw the yellow metal prices surging considerably with investors banking on the bullion amid the US-Sino trade war fears.
- The 15th saw gold rates in Tirupati surging to a monthly high of Rs.3,213 per gram with strong demand from market participants and traders.
- The rest of the month saw gold rates fluctuating amid the recovering US dollar and equities and gold was recorded trading at Rs.3,123 per gram on the 30th as demand subsided in the domestic markets.
Gold Rate Trend in Tirupati for May 2018
- The month of May witnessed the bullion trade affected with the US dollar and equities gaining ground amid positive cues.
- Trading opened in Tirupati with the yellow metal priced at Rs.3,114 per gram on the 1st after local demand subsided amid the rising US greenback.
- Strong dollar performances coupled with weak demand led to prices plummeting to Rs.3,103 per gram on the 3rd.
- However, with the Fed Reserve leaving its benchmark interest rates untouched, the US stock markets tumbled. This led to gold rates recovering over the next couple of weeks.
- On the 14th, the precious metal was recorded trading at its highest level Rs.3,234 per gram with bullion markets capitalising on the weakened US dollar and equities.
- The rest of the month saw gold rates declining as the US Treasury announced an increase in yields during the month, pushing the US dollar higher.
- Trading concluded for the month with the bullion prices holding at Rs.3,122 per gram on the 31st with subdued but steady demand from industries and coin makers.
- Tirupati recorded an incline of 0.25% in gold trade during the course of the month.
Gold Rate Trend in Tirupati for June 2018:
- Trading commenced for the month with gold priced at Rs.3,100 per gram on the 1st after the strong dollar ahead of the US-North Korean summit suppressed global demand for the precious metal.
- With the US dollar index rising against a basket of other emerging currencies, the greenback and equity markets strengthened. This led to gold trading at Rs.3,119 per gram on the 9th.
- Gold continued trading at the same rate on the 10th before a steady increase in the dollar value led to rates dropping over the next couple of weeks.
- The month came to an end with gold prices in Tirupati holding at Rs.3,054 per gram on the 30th with poor demand from local jewellers and retailers amid the poor trend overseas.
- Weak global cues coupled with poor domestic demand led to gold rates dropping by 1.48% during the course of the month.