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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 January 2017 to March 2017 (per gram of 24 karat gold)
|1st day||Rs.2,820 per gram||Rs.2,945 per gram||Rs.3,005 per gram|
|Last day||Rs.2,930 per gram||Rs.3,005 per gram||Rs.2,900 per gram|
|Highest price||Rs.2,970 per gram on the 23rd and 24th of January||Rs.3,005 per gram on the 27th and 28th of February||Rs.3,005 per gram on the 1st of March|
|Lowest price||Rs.2,820 per gram on the 1st and 2nd of January||Rs.2,940 per gram on the 10th of February||Rs.2,855 per gram on the 15th of March|
Gold Rate Trend for Udupi in January 2017
- On the 1st of January in Udupi, gold was priced slightly low on account of reduced demand. The rate of gold was Rs.2,820 per gram. This rate was noted the next day as well and was also the lowest at which gold traded for the month in the city.
- A marginal increase in the rate was seen from the 3rd of the month due to heightened demand for this precious metal from jewellers. As a result, gold traded at Rs.2,890 per gram on the 10th of January.
- From the 12th of the month, gold was priced at Rs.2,920 per gram. This rate continued until the 15th and can be attributed to the harvest festival of Sankranti. The rate of gold continued to increase as the week progressed.
- This precious metal traded at Rs.2,970 per gram on the 23rd and the 24th of January and this was the highest at which gold traded at for the entire month. However, this high rate was not sustained and gold rate reduced marginally on account of low demand.
- On the last day of January, gold was priced at Rs.2,930 per gram and recorded an incline of 3.90% in the price of gold.
Gold Rate Trend for Udupi in February 2017
- Gold opened the month of February by trading at Rs.2,945 per gram and was also one of the lower rates of gold noted. This was due to reduced demand from investors and jewellers.
- The rate of gold was steady at Rs.2,945 per gram until the 5th of the month post which the price of this metal increased by Rs.10.
- Throughout the month of February, a number variations were noted in the rate of gold due to fluctuations in the demand for this metal along with other geopolitical factors.
- On the 16th, gold traded at Rs.2,970 per gram and increased the next day to trade at Rs.2,980 per gram.
- As the value of the U.S.Dollar fell, the rate of gold rose to Rs.2,995 per gram. Gold traded at this price from the 24th of February to 26th of February.
- On the last two days of the month, the rate of gold increased to trade at Rs.3,005 per gram. This was also the highest at which gold traded for the month. A rise of 2.03% was noted in the price of gold in Udupi.
Gold Rate Trend for Udupi in March 2017
- The trend observed in Udupi during the month of March was in opposition to the trend witnessed in January and February.
- This precious metal traded at Rs.3,005 per gram on the 1st, which was a continuation of the rate noted during the end of February. This was also the highest rate at which gold traded at for the month.
- However, demand from international and domestic markets fell, resulting in a decline in the rate of gold to Rs.2,990 per gram. The rate of gold continued to decline as the month progressed.
- A number of variations were noted in the rate of gold in Udupi in March.
- On the 15th of March, gold traded at its lowest for the month due to U.S. Fed Reserve’s decision regarding the interest rates. The price of gold on this day was Rs.2,855 per gram. However, a marginal recovery was noted over the next few days.
- On the last day of the month, gold traded at Rs.2,990 per gram recording a decline of 3.49% in the price of this metal in Udupi.
Gold Rate Trend in Udupi for October 2016 to December 2016 (per gram of 24 karat gold)
|1st day||Rs.3,160 per gram||Rs.3,060 per gram||Rs.2,905 per gram|
|Last day||Rs.3,060 per gram||Rs.2,930 per gram||Rs.2,820 per gram|
|Highest price||Rs.3,160 per gram on 1st October||Rs.3,180 per gram on 9th November||Rs.2,905 per gram on 1st December|
|Lowest price||Rs.3,023 per gram on 17th October||Rs.2,931 per gram on 24th November||Rs.2,765 per gram on 16th December, 22nd December and 23rd December|
Gold Rate Trend for Udupi in October 2016
- Gold rate varies based on demand and market conditions in both India and abroad. In Udupi, on the 1st of October, gold traded at a healthy Rs.3,160 per gram due to the ongoing wedding season, due to which demand for this precious metal was quite high.
- The rate of gold was the same as that of the first day until the 3rd of October.
- However, from the 4th, a slight decline was noted in the rate of gold. Variations were noted in the price of gold throughout the month.
- On 17th of October, the price was Rs.3,016 per gram which was the lowest at which gold traded for the month. Price of gold started improving marginally after that.
- On the last day of the month, gold was priced at Rs. 3,060 per gram and an overall decline of 3.16% was noted in the price of gold as the month progressed.
Gold Rate Trend for Udupi in November 2016
- Continuing from October, gold traded at Rs.3,060 per gram on the 1st of November.
- Gold traded at Rs.3,095 per gram which was a marginal increase as compared to the previous day’s rates. Gold rate increased to Rs.3,115 per gram on the 3rd of November which was one of the highest for the week. However, as the month progressed, the price of gold rose up to Rs.3,120 per gram on the 5th of November and stayed steady the next day as well.
- On the 9th of November the rate of gold was a whopping Rs.3,180 per gram. This was also the highest at which gold was priced for the month of November.
- On November 8th, Prime Minister Narendra Modi announced the ban of notes worth Rs.500 and Rs.1,000 to curb corruption. Prime Minister Narendra Modi’s demonetization policy resulted in a fluctuations in gold rate.
- In the third week of November, gold rate varied between Rs.3,010 per gram and Rs.2,985 per gram.
- On November 24th, gold price plunged to Rs.2,931 per gram which was the lowest rate of gold for the entire month of November.
- It was observed that a decline of 4.24% was noted in gold rates during November with respect to the rate of gold.
Gold Rate Trend for Udupi in December 2016
- Gold traded at a high price of Rs.2,905 per gram for 24 karat gold on the 1st of December. This was also the highest rate at which gold traded for the month.
- Price of gold was relatively low as compared to the previous month. Demonetisation and President Trump’s nomination in the United States caused cash crunch and fluctuation of markets.
- This rate however, could not be sustained and price of gold declined slightly the next day before rising again, although not as high as seen on the 1st of December..
- During the second week of the month, the price of gold was steady at Rs.2,825 per gram until the 14th of December after which price of gold decreased again.
- Towards the end of the month price of gold fluctuated between Rs.2,780 per gram to Rs.2,820 per gram noted on the final day of the month.
- An overall decline of 2.92% was noted in the rate of gold in the month of December.
Gold Rate Trend in Udupi for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,130 per gram||Rs.3,190 per gram||Rs.3,125 per gram|
|Last day||Rs.3,170 per gram||Rs.3,140 per gram||Rs.3,160 per gram|
|Highest price||Rs.3,205 per gram on 7th July||Rs.3,225 per gram on 3rd August||Rs.3,190 per gram from 25th-29th September|
|Lowest price||Rs.3,120 per gram on 21st July||Rs.3,140 per gram on 31st August||Rs.3,115 per gram on 2nd September|
|Trend||Increase in price||Decrease in price||Increase in price|
Gold Rate Trend in Udupi for July 2016
- Gold traded at Rs.3,130 per gram on 1st July and rose during the week as domestic demand was high.
- Prices reached Rs.3,180 per gram on 4th July as markets attempted to recover from the Brexit vote, with gold touching its monthly high of Rs.3,205 per gram on 7th July.
- Low demand led to a drop in price, with gold trading at Rs.3,170 per gram on 12th July and prices dipping further during the week.
- Gold rates remained low, with a rally a the end of the month raising prices to Rs.3,170 per gram.
Gold Rate Trend in Udupi for August 2016
- Gold was priced at Rs.3,190 per gram on 1st August as demand was steady, with the price reaching Rs.3,225 per gram on 3rd August.
- Prices fell marginally in the second week to Rs.3,196 per gram on 7th August in spite of domestic demand increasing.
- Gold traded at Rs.3,175 per gram on 15th August as the price continued to fall amidst a resurgent market.
- Prices recovered to reach Rs.3,200 per gram on 21st August before falling sharply to close at Rs.3,140 per gram on 31st August.
Gold Rate Trend in Udupi for September 2016
- Gold traded at Rs.3,125 per gram on 1st September on poor demand from domestic and overseas markets.
- A stable Dollar led to international demand lessening in spite of domestic demand rising.
- Gold traded at Rs.3,180 per gram on 8th September as prices reflected domestic demand increases.
- Prices dropped to Rs.3,155 per gram on 16th September after currency markets rallied.
- A slight rise in prices was seen as gold sold at Rs.2,190 per gram on 25th September due to market fluctuations overseas.
- Gold closed the month at Rs.3,160 per gram.
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.
|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
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