Gold Rate In Udupi

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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 2018 to December 2018 (per gram of 24 karat gold)

Factor	October	November	December
1st day	Rs.3,017 per gram	Rs.3,140 per gram	Rs.2,982 per gram
Last day	Rs.3,140 per gram	Rs.2,999 per gram	Rs.3,113 per gram
Highest price	Rs.3,140 per gram on 31 October	Rs.3,140 per gram on 1 November	Rs.3,140 per gram from 12-14 December
Lowest price	Rs.3,014 per gram on 2 October	Rs.2,999 per gram on 30 November	Rs.2,982 per gram from 1-3 December
Trend	Incline	Decline	Incline
Change	4.07%	-4.49%	4.39%

Gold Rate Trend in Udupi for October 2018:

• A steady rise in retail demand kept gold rates in Udupi stable in spite of waning industrial demand, with the metal trading at Rs.3,017 per gram on 1 October.
• A strong dollar rate reduced investor interest in bullion initially but fluctuating equity fortunes towards the middle of the month reversed this trend.
• Local demand rose due to the festive season as gold prices climbed steadily though a weak rupee capped gains to some extent.
• Prices steadied after a period of uncertainty as the month ended with gold trading at Rs.3,140 per gram on 31 October and recording a 4.07% rise in value.

Gold Rate Trend in Udupi for November 2018:

• Gold rates in Udupi were unchanged when markets opened on 1 November, trading at Rs.3,140 per gram but sharp dips in overall demand saw prices fall steadily.
• A falling rupee put off retail sales and jewellers also reduced offtake due to unfavourable market conditions.
• Volatile equity markets failed to entice investments in bullion as the possibility of further interest rate hikes boosted the dollar as global gold demand was affected.
• Prices dropped to a monthly low of Rs.2,999 per gram when the month ended on 30 November as gold lost 4.49% in value on overall poor demand.

Gold Rate Trend in Udupi for December 2018:

• Volatile equity markets and a recovering rupee boosted demand for gold and prices steadily rose after posting a weak opening of Rs.2,982 per gram on 1 December.
• Retail demand rose due to the wedding season and positive market cues but gains were capped as the fluctuating dollar impacted sales marginally.
• Markets fell steeply following the U.S. government shutdown as interest in bullion skyrocketed, resulting in gold rates in Udupi trading at Rs.3,113 per gram on 31 December.

Gold Rate Trend in Udupi for July 2018 to September 2018 (per gram of 24 karat gold)

Factor	July	August	September
1st day	Rs.2,993 per gram	Rs.2,935 per gram	Rs.2,984 per gram
Last day	Rs.2,940 per gram	Rs.2,959 per gram	Rs.3,017 per gram
Highest price	Rs.3,014 per gram on 7 July and from 10 - 11 July	Rs.2,964 per gram on 28 and 29 August	Rs.3,035 per gram on 26 September
Lowest price	Rs.2,940 per gram on 19, 25, 28, and 31 July	Rs.2,888 per gram on 17 August	Rs.2,972 per gram on 3 and 4 September
Trend	Decline	Incline	Incline
Change	-1.77%	0.81%	1.10%

Gold Rate Trend in Udupi for July 2018

• When trading commenced for gold in Udupi on 1 July, the metal was priced at Rs.2,993 per gram. The retail and industrial demand for the metal during the first week was steady amid poor trend overseas.
• On 7 July, the highest gold rate for the month was recorded. On this day, the precious metal traded at Rs.3,014 per gram. Strong demand for the metal clubbed with the declining value of the US dollar caused gold rates to incline on this day.
• As the US dollar continued to lose ground and the local demand for the metal remained unaffected, gold prices hit a monthly high of Rs.3,014 per gram again and remained unchanged from 10 to 11 July.
• After recording the highest gold rate for the month, the demand for the metal fell as the value of the US dollar started recovering.
• During the last few days of the month, the lowest gold rate was recorded as the price of the metal succumbed to poor demand and a strong US dollar. The lowest gold rate of Rs.2,940 per gram was recorded on 19, 25, 28, and 31 July
• Gold rates could not recover at the end of the month. Overall, the gold rates in Udupi for the month of July declined by 1.77%.

Gold Rate Trend in Udupi for August 2018

• A slight decline in gold rates was recorded when trading for gold commenced in Udupi for the month of August.
• The precious metal opened at Rs.2,935 per gram on 1 August. The demand for the metal was poor and the market trends weren’t positive when the month began.
• The demand for the metal kept declining in the following days as the US dollar rate declined and investors refrained from safe-haven assets. The retail and industrial demand for the metal also fell simultaneously.
• On 17 July, the gold rate in Udupi hit a monthly low and traded at Rs.2,888 per gram.
• However, in the following days, the demand for the metal inclined as the US dollar grew weaker.
• On 28 and 29 of the month, the highest gold rate was recorded in the city. On this day, gold traded at Rs.2,964 per gram.
• Overall, the trend of gold rates in Udupi inclined by 0.81%.

Gold Rate Trend in Udupi for September 2018

• Gold prices saw an incremental increase in price as market forces and the impending wedding season resulted in higher order volumes from local industrial units and jewellers.
• The yellow metal opened the month at Rs.2,984 per gram and rose steadily in spite of a falling rupee, as overseas trends mitigated subdued retail demand.
• Fears of the impact of Brexit and the ongoing Sino-U.S. trade dispute rattled markets, as investors sought safe-haven assets like bullion.
• Gold prices in Udupi rose to Rs.3,035 per gram on 26 September but dropped to Rs.3,017 per gram when trading closed on 30 September to record a 1.10% rise in value.

Gold Rate Trend in Udupi for April 2018 to June 2018 (per gram of 24 karat gold)

Factor	April	May	June
1st day	Rs.3,019 per gram	Rs.3,060 per gram	Rs.3,066 per gram
Last day	Rs.3,077 per gram	Rs.3,061 per gram	Rs.3,014 per gram
Highest price	Rs.3,098 per gram on 19 and 20 April	Rs.3,103 per gram on 14 May	Rs.3,134 per gram on 27 May
Lowest price	Rs.3,005 per gram on 7 April	Rs.3,045 per gram on 4 and 22 May	Rs.3,008 per gram from 23 to 25 May
Trend	Incline	Incline	Decline
Change	1.92%	0.32	-1.69

Gold Rate Trend in Udupi for April 2018:

• In the coastal city of Udupi, Karnataka, gold was priced at Rs.3,019 per gram when trading began for April.
• Demand this month was on the rise thanks to positive cues after the US dollar fell amid the joint US-NATO attack on Syria.
• Markets remained weak and gold rates as a result surged, hitting a monthly high of Rs.3,098 per gram on the 19th and 20th of the month.
• The month ended with gold rates holding at Rs.3,077 per gram, which helped price trends rise by 1.92% in the city.

Gold Rate Trend in Udupi for May 2018:

• When trading began for the month of May in Udupi, gold was priced at Rs.3,060 per gram.
• This month had a comparatively lower demand as cues from the global market was on the weaker side after the US dollar surged.
• Gold was at its highest on the 14th when it traded at Rs.3,103 per gram while the lowest rates were recorded on the 4th and 22nd, when it was priced at Rs.3,045 per gram.
• The month ended with gold being priced at Rs.3,061 per gram on the 31st and a 0.32% incline was recorded this month, thanks to a slightly better local demand.

Gold Rate Trend in Udupi for June 2018:

• When trading commenced on the 1st of June, gold was priced at Rs.3,066 per gram. Demand this month was significantly lower as the US dollar surged continuously amid an increase in the dollar index.
• The metal wastraded at its lowest from the 23th to the 25th when it traded at Rs.3,008 per gram - owing to a very poor demand.
• Most of the fall this month could be attributed to the strong jobs data which, coupled with possible Fed rate hike concerns, pushed gold rates down significantly.
• When the month ended, the yellow metal was priced at Rs.3,014 per gram to make it a 1.69% decline this month.

Gold Rate Trend in Udupi for January 2018 to March 2018 (per gram of 24 karat gold)

Factor	January	February	March
1st day	Rs.2,953 per gram	Rs.2,998 per gram	Rs.3,014 per gram
Last day	Rs.2,998 per gram	Rs.3,014 per gram	Rs.3,019 per gram
Highest price	Rs.3,032 per gram on 25 January	Rs.3,031 per gram on 20 February	Rs.3,045 per gram on 25, 26, 28 and 29 March
Lowest price	Rs.2,947 per gram on 4 and 5 January	Rs.2,951 per gram on 8 February	Rs.2,977 per gram on 19 March
Trend	Incline	Incline	Incline
Change	1.52%	0.53%	0.16%

Gold Rate Trend in Udupi for January 2018:

• When the first month of Q1 2018 began in Bellary, gold was priced at Rs.3,002 per gram.
• Due to a weak demand, brought about by a strong dollar, gold rates dropped to Rs.3,001 per gram on the 4th - the month’s lowest rates.
• From this point on, gold was largely on the incline albeit with quite a few fluctuations recorded in brief spells throughout.
• By the 20th, gold rates in Udupi had surged to Rs.3,084 per gram - the month’s highest rates - as local demand increased amid strong global cues.
• The rise happened due to a poorly performing US dollar, which help investors improve their positions.
• Over the final ten days, gold rates declined steadily as demand eased amid decreased sales and a rising dollar.
• When the month ended, gold prices were recorded at Rs.3,045 per gram.
• A change of 1.43% was recorded this month, thanks to a strong demand from local investors.

Gold Rate Trend in Udupi for February 2018:

• When trading for the month of February began, gold was priced at Rs.2,998 per gram. This rose to Rs.3,019 per gram on the 2nd as demand surged amid a sudden shift in equity markets.
• On the 8th, gold rates dropped to Rs.2,951 per gram - the lowest for the month - as local demand plummeted due to poor cues.
• Gold regained its lost ground as the US dollar fell and the metal traded at Rs.3,017 per gram on 15th February.
• As demand rose, gold rates reached Rs.3,031 per gram - the month’s highest rates. This, however, dropped as demand couldn’t be sustained.
• The next two weeks saw gold prices fluctuate considerably hitting Rs.3,014 per gram on the 20th before falling to Rs.2,993 per gram by the 23rd.
• Gold recovered to trade at Rs.3,008 per gram on 25th and surged slightly to end the month at Rs.3,014 per gram.
• A surge of 0.53% in price trends were recorded this month - thanks to the steady rise seen during the second and third weeks.

Gold Rate Trend in Udupi for March 2018:

• Gold prices had fallen to Rs.2,987 per gram - a Rs.27 decline - when markets opened for trading for the month of March.
• This was due to subpar demand from the domestic market and the steadily performing US dollar.
• The worst was yet to come for the month - and it did arrive during the fourth week - leading to gold trading at Rs.2,977 per gram on the 19th of this month.
• Gold traded at a monthly high figure of Rs.3,045 per gram from the 25th to the 29th as the US dollar underwent some turbulent times.
• The month ended with gold prices falling to Rs.3,019 per gram, recording a 0.16% surge in trends.

Gold Rate Trend in Udupi for October 2017 to December 2017 (per gram of 24 karat gold)

Factor	October	November	December
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
Trend	Decline	Incline	Incline
Change	-1.90%	0.16%	0.30%

Gold Rate Trend in Udupi for October 2017:

• Gold in Udupi was priced at Rs.2,985 per gram, when the month of October began.
• Gold rates in Udupi this month were on a decline owing to poor domestic demand in spite of major festivals.
• The metal’s rates fluctuated considerably over the first two weeks before hitting the month’s highest rate of Rs.2,995 per gram on the 16th of October.
• Gold hit its lowest rate for the month on the 27th of the month when it traded at Rs.2,932 per gram.
• The final two days of this month saw gold prices increase slightly to end at Rs.2,942 per gram on the 31st of October.
• A strong US dollar performance and the subsequent low demand for gold led to rates falling by 1.90% this month.

Gold Rate Trend in Udupi for November 2017:

• Due to weak local cues, gold rate in Udupi opened at a previously seen Rs.2,942 per gram on the 1st of November.
• A poor investor sentiment led to gold price in Udupi dropping to a monthly low rate of Rs.2,907 per gram on the 6th of the month.
• Prices seemed to increase from the 7th as the US dollar index seemed to weaken against other currencies.
• Gold traded at its highest on the 20th of November, when it was priced at Rs.2,981 per gram.
• However, as demand seemed to remain flat over the final few days, gold rates began to consolidate. This led to the metal trading at Rs.2,947 per gram on the last day of this month.
• There was a 0.16% incline in price trends this month, which was brought about by strong local sales during the second half of the month.

Gold Rate Trend in Udupi for December 2017:

• When the month of December began, gold in Udupi was priced at Rs.2,932 per gram. This rose to Rs.2,942 per gram on the 2nd - the month’s highest rate - as demand was high.
• US president Donald Trump’s rather controversial tax update strengthened the US dollar briefly, which pushed gold rates down.
• Gold rates in Udupi were at their lowest on the 13th of December when it traded at Rs.2,859 per gram. This happened due to strong equity markets and weak local demand.
• When the month came to an end, gold was last seen trading at Rs.2,941 per gram.
• Overall, gold price trends saw a slight incline of 0.30% over this month.

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Gold Rate Trend in Udupi for July 2017 to September 2017 (per gram of 24 karat gold)

Factor	July	August	September
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
Trend	Decline	Incline	Incline
Change	-2.57%	2.71%	0.97%

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)

Factor	April	May	June
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
Trend	Incline	Decline	Incline
Change	1.20%	-0.91%	0.44%

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)

Factor	January	February	March
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
Trend	Incline	Incline	Decline
Change	3.90%	2.03%	-3.49%

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 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.