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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 October 2017 to December 2017 (per gram of 24 karat gold)
|1st day||Rs.2,985 per gram||Rs.2,942 per gram||Rs.2,932 per gram|
|Last day||Rs.2,942 per gram||Rs.2,947 per gram||Rs.2,941 per gram|
|Highest price||Rs.2,995 per gram on 16 October||Rs.2,981 per gram on 20 November||Rs.2,942 per gram from 2 to 4 December and 29 December|
|Lowest price||Rs.2,932 per gram on 27 October||Rs.2,907 per gram on 6 November||Rs.2,859 per gram on 13 December|
Gold Rate Trend in Udupi for July 2017 to September 2017 (per gram of 24 karat gold)
|1st day||Rs.2,950 per gram||Rs.2,878 per gram||Rs.2,956 per gram|
|Last day||Rs.2,874 per gram||Rs.2,956 per gram||Rs.2,985 per gram|
|Highest price||Rs.2,950 per gram on 1 & 2 July||Rs.2,976 per gram on 29 August||Rs.3,056 per gram on 8 September|
|Lowest price||Rs.2,796 per gram on 14 July||Rs.2,845 on per gram 5 August||Rs.2,956 per gram on 1 September|
Gold rate trend in Udupi for July 2017
- Gold trade in Udupi declined during the month mostly due to the implementation of GST in the country coupled with reduced local amid poor global trends.
- When trading commenced for the month, the precious metal was recorded trading at Rs.2,950 per gram - the highest recorded monthly figure.
- The 14th witnessed gold trade in Udupi hitting their lowest at Rs.2,796 per gram, as local demand plummeted significantly with the introduction of GST in India.
- Thanks to a positive trend overseas, demand improved globally amid the US-North Korean conflicts. This led to gold rates rising to Rs.2,874 per gram on the 27th.
- When the month concluded, the yellow metal was priced at Rs.2,872 per gram amid a weak dollar.
- Udupi witnessed gold rates in Udupi declining by 2.57% during the course of the month, owing to various global, as well as, domestic factors.
Gold rate trend in Udupi for August 2017
- Gold rates in Udupi rose considerably with the impact of GST in the local trade wearing off during the month.
- Gold was priced at Rs.2,878 per gram, when trading commenced for the month.
- Global markets tanked with the US-North Korean conflicts intensifying. This led to investors gravitating towards investments considered safer, and the precious metal was priced at Rs.2,922 per gram on the 11th.
- The continued aggression between North Korea and the US resulted in gold prices surging to Rs.2,956 per gram on the 31st.
- Udupi registered a profit of 2.71% in the bullion trade, thanks to an increased demand amid a strong trend overseas.
Gold rate trend in Udupi for September 2017
- Thanks to strong global cues coupled with an increased local demand, gold prices in Udupi surged significantly during the month.
- When the month began, the yellow metal was recorded trading at Rs.2,956 per gram.
- News about North Korea’s successful two-stage thermonuclear weapon test broke out, and world markets were sent crashing. This pushed demand higher for the safe-haven metal, and gold was recorded trading at Rs.3,086 per gram on the 8th.
- The next couple of weeks saw gold trade declining as the US economy began recovering after the initial shock, and the precious metal prices had dropped to Rs.2,971 per gram on the 19th.
- Prices, however, surged with the imminent arrival of Dussehra pushing demand higher for the metal in the local market. Gold was priced at Rs.3,029 per gram on the 26th.
- When trading concluded for the month, the yellow metal was recorded trading at Rs.2,985 per gram as demand declined amid a strengthening dollar.
- Gold rates in Udupi inclined at 0.98% owing to the rising geopolitical tensions in the United States and Korean Peninsula.
Gold Rate Trend in Udupi for April 2017 to June 2017 (per gram of 24 karat gold)
|1st day||Rs.2,910 per gram||Rs.2,945 per gram||Rs.2,920 per gram|
|Last day||Rs.2,945 per gram||Rs.2,918 per gram||Rs,2,933 per gram|
|Highest price||Rs.2,990 per gram on 15 and 16 April||Rs.2,945 per gram on 1 May||Rs.2,965 per gram on 8 June|
|Lowest price||Rs.2,905 per gram per gram on 10 April||Rs.2,840 per gram from 11-14 May||Rs.2,895 per gram on 20 June|
Gold Rate Trend in Udupi for April 2017
- In Karnataka’s coastal city Udupi, gold prices began at Rs.2,910 per gram when Q2 of 2017 started.
- Prices fluctuated significantly during the first ten days hitting a high of Rs.2,935 per gram on the 5th, while maintaining a low of Rs.2,910 per gram from the 1st to the 3rd.
- As demand changed constantly, gold prices went up to as much as Rs.2,960 per gram on the 12th- a Rs.45 increase from 13th April’s closing rates.
- Due to gold prices increasing on a national level, gold rates reached Rs.2,990 per gram on the 15th - which as it turned out - was the highest gold rate for the month.
- Concerns over US President Donald Trump’s administration seemed to have some implications in the local market as well.
- When the 19th came to an end, gold prices in Udupi were recorded at Rs.2,985 per gram.
- Over the last ten days of April, however, gold prices fell considerably - reaching a 14-day city low of Rs.2,920 per gram on the 26th as investors backed out of any purchases.
- The last three days saw demand rise slightly, thereby helping gold rates rally to reach Rs.2,930 per gram on the 28th.
- During the last two days of April, i.e., gold was seen trading at Rs.2,945 per gram, meanwhile recording a Rs.35 increase from the first day’s prices.
- Overall, gold rate trend increased at a rate of 1.20% in Udupi.
Gold Rate Trend in Udupi for May 2017
- The month of May saw gold demand take a fall in Udupi - a firm reflection of a nationwide trend.
- When trading started on the 1st of May, gold was priced at Rs.2,945 per gram.
- On 2nd, prices dropped to Rs.2,905 per gram and dropped again to Rs.2,875 per gram on the 5th as dollar value rallied in the US.
- The next day gold rates fell by Rs.25 per gram to reach Rs.2,850 per gram as demand reached saturation levels given the market performance.
- By the 11th, gold prices had gone down to Rs.2,840 per gram - the lowest for the month - and remained unchanged till the 14th of May.
- Prices increased marginally to Rs.2,845 per gram on the 17th before increase by a massive Rs.60 per gram the next day as domestic investors flocked outlets to make purchases.
- Rates fluctuated during the next 10 days before ending the month at Rs.2,918 per gram as demand dipped after Asian stock prices rose.
- The month saw gold rate trends change by -0.91% for the month.
Gold Rate Trend in Udupi for June 2017
- The month of June started with gold in Udupi trading at Rs.2,933 per gram.
- Trading this month was mostly affected by the performance of the US dollar which had a knock-on effect in India and most of its cities.
- Prices price in Udupi fell mostly over the first few days of the month as the US dollar’s strong performance led to a decrease in domestic demand.
- Gold rate in Udupi were recorded at Rs.2,940 per gram on the 9th but gradually dropped down to Rs.2,905 per gram on the 19th.
- The 20th saw gold rates reach their lowest for the month of Rs.2,895 per gram as demand didn’t pick up.
- When the month came to an end, gold was trading at Rs.2,920 per gram - a Rs.13 less compared to the rates on the 1st of June.
- Despite some late flourishes, gold rates fell by 0.44% for the month of June.
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.
|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.
|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.
|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
Also Check Gold Price in NearBy Cities of Udupi
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