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Located on the western coast of India, Udupi is a town which is known across the world for its cuisine. This small town is slowly inching towards expansion and is believed to have one of the highest per capita income in the state. Given its coastal nature, it has played a key role in trade and commerce, which meant that goods passed through it, typically in exchange for gold payments in the past. Strategic location combined with conducive growth have enabled the people of Udupi to invest in a number of options, with gold being top on most lists. Gold prices in this coastal town are largely dependent on international gold rates, with market trends dictating daily rates.
The sale of gold in Udupi picks up during the wedding season and certain festivals, with Diwali, Paryaya and Krishna Janmashtami being some of the popular occasions wherein people purchase gold. An influx of tourists has also led to gold being sold to them during these festivals.
Gold price in Udupi
Gold rates around the world are determined after taking a number of factors into consideration, with market fluctuations, global demand, government taxes and purity of gold dictating the final price one pays. Gold rates in Udupi vary on a daily basis, with 24 karat gold costing significantly more than 22 or 18 karat gold.
24 karat gold – These are popular as pure gold investments, thanks to them being 99.9% pure. Taking a cue from international trends, gold rates in the city have been going up, with 1 gram of 24 karat gold currently costing Rs 2,968 (as of March 10, 2016). The year 2015 was a good time for residents to purchase gold, thanks to a poor performance on the back of an impending Federal Rate Hike, which led to prices falling to lows of Rs 2,515 in mid-2015. Since January 2016, gold prices have steadily climbed up, jumping by over Rs 400 in the last three months.
22 karat gold – 22 karat gold is perhaps the most popular option when it comes to buying gold in Udupi, thanks primarily due to its blend of purity and affordability. Its 92% purity index makes it around Rs 200 cheaper per gram compared to 24 karat gold. Witnessing a trend similar to 24 karat gold, prices have gone up since January 2016, currently trading at Rs 2,760 per gram (as of March 10, 2016). Gold prices fell below the Rs 2,300 mark per gram in 2015 and hovered around Rs 2,400 per gram for a major portion of the year.
Gold Rate Trend in Udupi for April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,905 per gram||Rs. 3,070 per gram||Rs.2,915 per gram on June 1st|
|Last day||Rs. 3,070 per gram||Rs. 2,895 per gram||Rs.3,130 per gram on 30th of June|
|Highest price||Rs.3,070 per gram on 30th of April||Rs. 3,080 per gram on the 7th and 8th of May||Rs.3,200 per gram on 24th of June|
|Lowest price||Rs. 2,880 per gram on the 4th of April.||Rs. 2,960 per gram from the 28th to the 31st of May.||Rs.2,950 per gram on June 2nd|
Gold Rate Trend of Udupi in April 2016
- Gold traded at Rs. 2,905 per gram on the 1st of April.
- Gold rate fluctuated a lot in April but still managed to rise to Rs. 3,070 per gram by the end of the month.
Gold Rate Trend of Udupi in May 2016
- Expectations of a rate hike by the U.S. Federal Reserve pushed down gold prices as gold stood at Rs. 3,052 on May 4th.
- Rising dollar further led to the decline of gold in May as gold traded at Rs. 2,895 on the 31st of May.
Gold Rate Trend of Udupi in June 2016
- Gold opened the month at Rs.2,915 per gram on the 1st of June.
- Gold rate climbed up to Rs.2,960 on the 4th of June.
- Gold scored the highest for the month on 24th of June at Rs.3,200 per gram.
- Gold closed the month at Rs.3,130 per gram on the 30th of June.
Gold Rate Trend in Udupi for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs. 2,540 per gram||Rs. 2,708 per gram||Rs. 2,975 per gram|
|Last day||Rs. 2,710 per gram||Rs. 2,960 per gram||Rs. 2.900 per gram|
|Highest price||Rs. 2,715 per gram on January 27th and 28th.||Rs. 2,975 per gram on February 26th and 27th.||Rs. 2,975 per gram from March 1st to 6th.|
|Lowest price||Rs. 2,540 per gram on January 1st.||Rs. 2,708 per gram on February 1st||Rs. 2,870 per gram from March 28th.|
Gold Rate Trend in Udupi in January 2016
- Gold traded at Rs. 2,540 per gram on the 1st of January.
- Gold witnessed a steady rise in January and hit its highest for the month at Rs. 2,715 per gram on the 27th and 28th of January.
- Gold closed the month at Rs. 2,710 per gram.
Gold Rate Trend of Udupi in February 2016
- Gold stood at Rs. 2,708 per gram on the 1st of February.
- Gold prices increased steadily in the first week of February and hit Rs. 2,815 per gram on the 6th of February.
- Gold hit its highest for the month on 27th and 28th February at Rs.2,975 per gram.
Gold Rate Trend of Udupi in March 2016
- Gold price increased by Rs.15 from February 29th and held steady at Rs.2,975 per gram.
- Low demand led to a decline as gold was at its lowest for the month at Rs. 2,870 per gram on 28th of March.
Gold investment avenues in Udupi
Gold has always been a part of celebrations in Udupi, with sales peaking during festivals. Apart from the novelty factor, it is also considered a family heirloom, thereby imparting importance to it. Some of the popular modes to purchase gold in Udupi are mentioned below.
Over-the-counter – Jewellers are the preferred option for most residents of Udupi, with a number of gold options provided to them. While 24 karat gold can be purchased in the form of coins or bars, 22 karat or 18 karat gold can be purchased either in the form of jewellery, coins or bars. Jewellery stores provide gold products for different budgets, ensuring that one finds something to suit their financial requirements. One can choose to purchase gold coins from certain banks too, albeit such purchases are traditionally costlier.
Market trade - Still in its infancy stage in Udupi, market trade provides an option for people to own gold without physically going to a jeweller or bank. The National Stock Exchange and Mumbai Stock Exchange provide platforms for people to indulge in gold trade, with gold ETFs, E-gold and futures contracts being the popular modes of investing in gold.
- Also Check: Gold Rate in Karnataka
Also Check Gold Price in NearBy Cities of Udupi
|Gold Rate In Gulbarga||Gold Rate In Bangalore||Gold Rate In Mangalore|
|Gold Rate In Mysore||Gold Rate In Belgaum||Gold Rate In Bellary|
|Gold Rate In Shimoga||Gold Rate In Panaji||Gold Rate In Kannur|
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