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Gold Price in Visakhapatnam
Residents of Visakhapatnam mostly view the yellow precious metal as a traditional form of investment. Gold rates in Visakhapatnam are subject to various developments in India and across the world. Gold prices in Visakhapatnam are, however, also dependent on the local taxes and transportation charges in addition to various additional costs charged by jewelry stores across the city.
Gold in Vizag is mostly bought during the wedding season, festivals such as Diwali and auspicious occasions such as Akshaya Tritiya which witnesses maximum rush with customers making a beeline at jewelry stores across the city to avail of the attractive discounts. Gold in Visakhapatnam is bought in the form of intricate wedding jewelry, gold coins and bars. Traditionally, South India has been the largest consumer of gold with prominent jewelry chains dotting across the region. There are over 300,000 jewelers across India including small businesses.
Gold as an Investment in Visakhapatnam
Jewelry - Jewelry in Vizag forms the major component of the overall demand for gold in the city owing to the tradition of buying the yellow metal during auspicious occasions. Most consider gold a safe investment. India's gold jewelry demand increased by 8 percent despite stricter import rules (some rules were done away with during the latter part of 2014).
Coin - According to experts, gold coins have lesser premium and can be redeemed at the market price during selling. Many investors buy gold coins from reputed jeweler owing to no risk of impurity. While banks sell gold, they don’t buy back coins even as a pledge. Post offices and non-bank financial agencies also sell gold coins. Consumers have to pay a VAT @ 1%.
Gold ETFs - One unit of ETF is equal to 1 gram of gold. Exchange Traded Funds (ETF) are like mutual funds that invest in gold. ETFs are gaining increasing popularity across the country owing to high liquidity, ease of investing (traded on the stock exchange) among many others. Also, there is no wealth tax involved which makes it an attractive investment option.
Trend of Gold Rate in Visakhapatnam for September 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (per 1 kg)|
|Gold rate on 1st September||Rs.2,995 per gram|
|Gold rate on 30th September||Rs.3,040 per gram|
|Highest Rate in September||Rs.3,100 per gram on 8 September|
|Lowest Rate in September||Rs.2,995 per gram on 1 September|
|Overall Monthly Performance||Incline|
September 2017 - Week 1 (1st - 10th)
- Gold prices in Visakhapatnam were on the conservative side when the first week of September began.
- Bullion rates saw a slight increased to Rs.2997 per gram on the 3rd as demand for the metal was relatively weak.
- The 4th, however, saw gold prices surge significantly to bring the metal’s rates up to Rs.3,073 per gram. This was due to the latest escalation between North Korea and the US, with the former conducting its biggest ever nuclear test in its history.
- Markets in the US remained volatile for the next few days, which led to gold demand remaining unusually high.
- Gold rates in the city went up to Rs.3,088 per gram by the 6th before increasing to reach a monthly high figure of Rs.3,100 per gram on the 8th.
- This latest increase was because of the confirmation provided by the Kim Jong Un administration about its nuclear test.
- Demand went down slightly on the 9th to bring gold rates to Rs.3,095 per gram. This rate remained the same till the closing hours of the week.
September 2017 - Week 2 (11th- 17th)
- Gold demand this week was on the weaker side because of an improving US dollar.
- On the 11th, gold was priced at Rs.3,074 per gram, which then dropped to Rs.3,051 per gram the next day as demand fell.
- Buoyed by local demand, gold prices rose briefly on the 13th to reach Rs.3,064 per gram before dropping to Rs.3,050 per gram on the 14th of September.
- The final three days of this week saw gold prices remain steady at Rs.3,050 per gram as demand declined owing to a number of global factors.
September 2017 - Week 3 (18th - 24th)
- The yellow metal opened for the week at Rs.3,041 per gram.
- But the strengthening of the US dollar—after the North Korean conflict subsided—led to gold rates going down to Rs.3,023 per gram on the 19th.
- Courtesy of the festive season, gold demand surged, pushing rates up to Rs.3,045 per gram on the 20th.
- Uneven domestic trading cues saw gold rates go down to Rs.3,018 per gram on the 21st before surging back up to Rs.3,042 per gram.
- As investments in jewellery increased, gold prices remained in the Rs.3,040-per-gram range for the remaining days of the week.
- When the week drew to a close, gold was priced at Rs.3,042 per gram.
September 2017 - Week 4 (25th - 30th)
- The final week of September saw gold prices fluctuate, with the figures going up and down consistently.
- On the 25th, gold prices were recorded at Rs.3,020 per gram.
- But, auspicious day gold purchase demand led to gold rates surging massively to hit Rs.3,081 per gram on the 26th of the month.
- As the high demand from the previous day couldn’t be sustained, gold rates fell to Rs.3,055 per gram on the 27th and then to Rs.3,036 per gram on the 28th.
- A small spike in demand on the last day of the month led to gold selling at Rs.3,040 per gram.
- Geopolitical concerns paired with a robust local demand saw gold prices incline by 1.5% for the month of September.
Trend of Gold Rate in Visakhapatnam for August 2017 (rates per gram for 24 karat gold)
|Parameters||Gold price (24 karat)|
|Gold Rate on 1st August||Rs.2,931 per gram|
|Gold Rate on 31st August||Rs.2,965 per gram|
|Highest Rate in August||Rs.2,980 per gram on 29 August|
|Lowest Rate in August||Rs.2,900 per gram from 5 and 7 August|
|Overall Monthly Performance||Incline|
August 2017 - Week 1 (1st-6th)
- The first week of August witnessed a decline in gold throughout the week due to drop in demand.
- Gold was traded at Rs.2,931 per gram on the 1st before being reduced to Rs.2,901 per gram on the 3rd due to low demand for gold.
- The 4th saw a subtle increase in demand, which led to gold being traded at Rs.2,913 per gram.
- The yellow metal trade hit the lowest monthly figure on the 5th at Rs.2,900 per gram due to subdued investor participation in the market.
- The gold rate in visakhapatnam continued to be at Rs.2,900 per gram on the 6th after the softened demand on the previous day.
August 2017 - Week 2 (7th-13th)
- Though the second week started off with gold being traded at Rs.2,900 per gram on the 7th, there was a slight incline in the prices through the week.
- The gradual increase in demand led to the yellow metal being sold at Rs.2,908 per gram on the 9th.
- Due to increased buying by local jewellers and retailers’ demand, prices shot up to Rs.2,944 per gram - a rise of Rs.36 per gram on the 10th.
- Steady demand from the local jewellers and investors led to an incline in the yellow metal’s trade at Rs.2,977 per gram on the 12th and 13th.
August 2017 - Week 3 (14th-20th)
- The third week saw a decline in prices with gold being traded at Rs.2,968 per gram on the 14th.
- The yellow metal’s rates remained same on the 15th at Rs.2,968 per gram.
- Demand for gold decreased due to consistent prices during the week.
- Prices dropped to Rs.2,951 per gram on the 16th, but progressed back at Rs.2,972 per gram on the 18th.
- The 19th and 20th saw a decline in prices again at Rs.2,951 per gram due to subdued demand from jewellers.
August 2017 - Week 4 (21st-27th)
- Though the week started off with a further decline in gold prices to Rs.2,944 per gram on the 21st, prices rose to Rs.2,958 per gram on the 23rd as demand increased with a drop in the US dollar.
- With consistent local demand from investors and jewellers, gold rates rose marginally to Rs.2,967 per gram on the 25th.
- Prices remained steady at Rs.2,967 per gram until the 27th due to continuous local demand.
August 2017 - Week 5 (28th-31st)
- Gold traded at Rs.2,942 per gram on the 28th as demand for the metal reduced.
- The 29th saw a significant rise in price, with gold hitting the month’s highest figure traded at Rs.2,980 per gram. The political tension between the US and North Korea resulted in the US market crashing and weakening of the US dollar.
- Gold price in Visakhapatnam came down to Rs.2,965 per gram on the 30th after a decline in prices.
- The last day of August saw gold being traded at Rs.2,965 per gram.
- The month ended with an incline of 1.16% in gold prices in Visakhapatnam.
|Parameters||Gold price (24 karat)|
|July 1 Rate||Rs.2,950 per gram|
|July 31 Rate||Rs.2,920 per gram|
|Highest Rate in July||Rs.2,950 per gram on 1 & 2 July|
|Lowest Rate in July||Rs.2,800 per gram on 14 July|
|Overall Monthly Performance||Decline|
July ‘17- Week 1 (1st - 9th)
- The price of gold in Visakhapatnam in the first week of July was on the decline due to market conditions.
- Gold opened the week at Rs.2,950 per gram on 1 July before falling to Rs.2,914 per gram on 4 July as demand dropped in the run-up to American Independence Day.
- The U.S. dollar also recovered from previous losses, which accounted for a decrease in demand for gold.
- Prices continued to fall as the week progressed, trading at Rs.2,910 per gram on 6 July before dropping to Rs.2,892 per gram on 7 July.
- Local demand decreased due to higher import costs associated with the rising dollar rate, as gold traded at Rs.2,869 per gram on 8 & 9 July.
July ‘17- Week 2 (10th - 16th)
- Gold prices continued to fluctuate in the second week of July, as the U.S. dollar and markets were unstable due to continued tensions between the United States and North Korea.
- The yellow metal traded at Rs.2,867 per gram on 10 July and fell to Rs.2,815 per gram on 12 July due to a steep drop in demand from domestic as well as overseas markets.
- Jewellers reduced demand due to the added cost as a result of GST, while Chinese imports were also sluggish.
- Prices fell to Rs.2,800 per gram on 14 July as the dollar surged on positive cues from U.S. jobs data, but soon recovered to trade at Rs.2,818 per gram on 16 July.
July ‘17- Week 3 (17th - 23rd)
- The third week saw an increase in demand for gold which led to prices rising, with the metal opening the week at Rs.2,822 per gram on 17 July.
- Gold jumped to Rs.2,850 per gram on 19 July as industrial demand as well as domestic demand rose as the dollar rate plummeted.
- Demand for gold was consistent as markets across Europe dipped following the G20 summit and the renewal of geopolitical crises in the United States, as gold traded at Rs.2,892 per gram on 21 July.
- Prices continued to rise, trading at Rs.2,917 per gram on 22 July as low dollar rates led to increased demand from overseas markets, especially Asian markets.
- The week ended with gold priced at Rs.2,917 per gram on 23 July as demand stabilised.
July ‘17- Week 4 (24th - 31st)
- The last week of July saw the price of gold fluctuate as demand was muted, with gold opening the week at Rs.2,916 per gram on 24 July.
- Prices dipped to Rs.2,899 per gram on 26 July as there was a momentary dip in local demand as markets were stable and investor demand for safe-haven assets fell.
- Gold rebounded and rose to Rs.2,920 per gram on 27 July as demand from the United States stimulated global demand.
- Minor fluctuations were observed for the rest of the week, with gold trading at Rs.2,926 per gram on 29 July.
- Prices dropped as the month ended as the dollar regained some of its value, resulting in gold trading at Rs.2,920 per gram on 31 July to record a 1.01% loss in value.
|Parameters||Gold price (24 karat)|
|June 1 Rate||Rs.2,985 per gram|
|June 30 Rate||Rs.2,967 per gram|
|Highest Rate in June||Rs.3,030 per gram on 7 June|
|Lowest Rate in June||Rs.2,940 per gram on 20 June|
|Overall Monthly Performance||Decline|
June ‘17- Week 1 (1 to 4)
- The price of gold in Visakhapatnam fluctuated in the first week of June due to conflicting cues from markets and the U.S. dollar rate.
- Gold was priced at Rs.2,985 per gram on 1 June but fell to Rs.2,964 the next day as demand dropped as a rally by the markets led to reduced interest in bullion.
- Gold rate in Visakhapatnam recovered to trade at Rs,2,998 per gram on 3 June, with the price remaining the same as the week ended on 4 June.
June ‘17- Week 2 (5 to 11)
- The second week of June saw prices increase due to favourable market conditions as well as a weak U.S. dollar.
- Gold traded at Rs.3,012 per gram on 5 June as industrial demand rose due to a dip in the dollar rate, which made imports cheaper.
- Local demand was also high in spite of the wedding season ending, as jewellers and retailers stocked up in anticipation of higher rates after the implementation of the new GST tax model.
- Gold price in Visakhapatnam reached Rs.3,030 per gram on 7 June as demand soared but prices began to settle as the week drew to a close.
- Gold prices dipped marginally, trading at Rs. 2,987 per gram on 9 June before falling to Rs.2,981 per gram on 11 June.
June ‘17- Week 3 (12 to 18)
- The third week saw the price of gold continue to dip due to a rally by the markets as well as declining interest from Asian markets.
- Gold was priced at Rs.2,975 per gram on 12 June as local demand continued to be high, which led to prices rising to Rs.2,979 per gram on 14 June.
- A sharp decline in international demand led to a drop in gold prices universally, as the yellow metal traded at Rs.2,965 per gram on 15 June.
- Gold price in Visakhapatnam fell to Rs.2,951 per gram on 17 June as local stock markets rose, which led to demand for gold dropping.
- The week ended with gold trading at Rs.2,955 per gram on 18 June.
June ‘17- Week 4 (19 to 25)
- The downward trend in the price of gold continued as the precious metal opened the week trading at Rs.2,949 per gram on 19 June.
- Prices dipped to Rs.2,940 per gram on 20 June, their lowest for the month as demand from jewellers was not enough to keep prices stable.
- As the U.S. dollar fluctuated due to domestic tensions, there was a marginal increase in demand for gold which pushed prices to Rs.2,956 per gram on 22 June.
- Gold prices ose for the remainder of the week, spurred on by increased demand from Asia as well as relatively volatile stock markets, trading at Rs.2,964 per gram as the week ended in 25 June.
June ‘17- Week 5 (26 to 30)
- Price of gold in Visakhapatnam fluctuated in the last week of June, with gold initially opening strongly before prices fell due to demand vagaries.
- Gold traded at Rs.2,977 per gram on 26 June but prices dropped to Rs.2,940 per gram on 27 June due to poor industrial demand.
- A revival of interest from retailers before the onset of the new tax regime led to demand rising, as gold traded at Rs.2,967 per gram on 28 June.
- Demand was steady as the month ended, with gold trading at Rs.2,967 per gram on 30 June as gold lost 0.60% of its value over the course of the month.
|May 1st Rate||Rs.2,984 per gram|
|May 31st Rate||Rs.2,963 per gram|
|Highest Rate in May||Rs.2,984 per gram on the 1st May|
|Lowest Rate in May||Rs.2,890 per gram on 15th May|
May 2017 - Week 1 (1st-7th):
- In Visakhapatnam, gold prices declined as the month progressed as there was not enough domestic offtake despite some positive changes globally.
- The month began in Visakhapatnam with gold priced at Rs.2,984 per gram - which also happened to be the highest rate of gold for the month.
- Rates seen on the 1st were the highest gold rate for the entire month - which meant that gold trading didn’t particularly go well this month despite some significant ups and downs.
- On the 2nd, gold prices dipped by Rs.29 as local demand took a hit.
- Prices fell again on the 3rd to go down to Rs.2,950 per gram as demand went further down.
- On 4th, gold took a second sub-20 rupee hit in the same week to go down to Rs.2,922 per gram.
- It was all downhill the next two days as well as prices went to Rs.2,910 per gram on the 5th and then to Rs.2,899 per gram on the 6th.
- On the last day of the week i.e., the 7th gold prices stabilised as demand picked up lightly.
May 2017 - Week 2 (8th - 14th):
- When the second week began on 8th, gold rates had appraised to Rs.2,903 per gram as there was a slight increase in demand towards the weekend.
- Rates were the same on the 9th as well but fell to Rs.2,899 per gram on the 10th as demand again went down after that brief incline.
- Gold prices went down on the 11th to Rs.2,889 per gram as there was little to no demand for the precious metal in the local circles.
- However, there was just a teeny bit of increase in demand on the 12th as it went up to Rs.2,890 per gram.
- After that minor increase broke the fall, gold rates went up again on the 13th, albeit by Re.1, to reach Rs.2,891 per gram.
- As a fall in the US dollar saw prices increase everywhere, prices surged slightly in the local markets on the 14th.
- When the second week of May drew to a close, gold prices were still holding at Rs.2,891 per gram.
May 2017 - Week 3 (15th - 21st):
- Like in the previous week, gold prices opened on a negative note as prices had gone down to Rs.2,890 per gram.
- On the 15th, however, gold prices surged to Rs.2,894 per gram and then to Rs.2,910 per gram on 17th as demand in the city went for the first time in half a month.
- The 18th again saw gold prices surge, but this time by a rather significant margin as they increased by Rs.46 to end at Rs.2,956 per gram.
- A sudden increase on the 18th was followed by a drop on the 19th as gold prices went down to Rs.2,949 per gram.
- Prices went up again on the 19th as there was some increase in local demand to reach Rs.2,954 per gram and remained unchanged on the 21st as well.
May 2017 - Week 4 (22nd - 28th):
- Prices had fallen by Rs.7 when week 4 began as gold was seen trading at Rs.2,947 per gram on the 22nd.
- On the 23rd, gold prices rose significantly to Rs.2,979 per gram - a Rs.32 increase from the previous day.
- As the demand couldn’t be sustained on the 24th, prices went down to Rs.2,963 per gram and remained at the same rate on the 25th.
- Bullion rates dropped again on the 26th to go down to Rs.2,958 per gram before going back to Rs.2,979 per gram on the 27th.
- When the week came to an end, price of gold was holding at Rs.2,979 per gram.
May 2017 - Week 5 (29th - 31st):
- Gold rates fluctuated over the last three days of the month as US Labour Department released a report about the unemployment rate in the country.
- On 29th, when trading began, gold was priced at Rs.2,977 per gram before increasing by Rs.7 to go up to Rs.2,984 per gram.
- Rates dropped by Rs.19 on the last day of the week to Rs.2,963 per gram as demand in the local market wasn’t strong enough.
- In Visakhapatnam, gold prices went down by 0.70% for the month of May.
|April 1st Rate||Rs.2,956 per gram|
|April 30th Rate||Rs.2,984 per gram|
|Highest Rate in April||Rs.3,040 per gram on the 15th and 16th|
|Lowest Rate in April||Rs.2,954 per gram from 8th to 10th|
April 2017 - Week 1 (1st - 9th):
- Gold prices in Vizag rose, fell and rose again over the course of April, owing to a number of factors.
- The month began on 1st with gold trading at Rs.2,956 per gram, which remained unchanged on the 2nd as well.
- As demand went up slightly, gold rates went up to Rs.2,962 per gram on 3rd and again increased to Rs.2,977 per gram as tensions grew in North Korea and the Middle East.
- Rates went up to Rs.2,983 per gram on 5th as dollar value took a brief hit due to several geopolitical issues directly concerning the US.
- When the week drew to an end, gold rates had gone down slightly - as the surge in demand went down - to Rs.2,977 per gram.
April 2017 - Week 2 (10th - 16th):
- The second week of April was possibly the most productive of the entire month as prices went up significantly due to a slump in dollar prices.
- On the 10th, gold was priced at Rs.2,954 per gram - which happened to be the lowest for the month.
- But, as US dollar weakened as a result of its involvement with North Korea and Syria, gold prices went up to Rs.2,968 per gram on 11th.
- The 12th saw the biggest of increases in gold prices when the US used Tomahawk missiles to attack ISIL hideouts.
- As market grew highly volatile, gold rates jumped to Rs.3,010 per gram - leading to an increase of Rs.42 per gram.
- On 13th, prices went up slightly to Rs.3,014 per gram but increased to Rs.3,031 per gram on the 14th as traders began investing more and more in the bullion market.
- The 15th saw gold prices reach their highest of the month at Rs.3,040 per gram as tensions reached an all-time high.
- When the week came to an end on 16th, gold was still trading at Rs.3,040 per gram.
April 2017 - Week 3 (17th - 23rd):
- On 17th, when trading began for week 3, gold prices had depreciated to Rs.3,034 per gram as demand went down slightly after a significant surge the previous week.
- Prices took a hit on 18th due to some corrections to go down to Rs.3,021 per gram but bounced back again to finish at Rs.3,031 per gram on the 19th.
- However, as there was no clear cut demand for bullion, prices kept fluctuating over the next few days.
- Rates went to Rs.3,020 per gram on 20th and then to Rs.3,035 per gram on the 22nd.
- On 23rd, prices of gold remained the same as there was no change in demand.
April 2017 - Week 4 (24th - 30th):
- The last week of April saw gold prices drop as US dollar stabilised after a fall which lasted for much of the month.
- On 24th, gold was trading at Rs.3,012 per gram - a Rs.23 per gram drop from the previous day.
- As demand kept going down in global as well as domestic circles, gold prices also went down.
- By the end of the 25th, gold prices had hit Rs.2,998 per gram, which then went down to Rs.2,964 per gram.
- The last three days of the month, however, saw prices rally to end at Rs.2,884 per gram.
- Overall, the month of April saw gold prices incline at a rate of 0.96% in Visakhapatnam.
|March 1st Rate||Rs.2,990 per gram|
|March 31th Rate||Rs.2,940 per gram|
|Highest Rate in March||Rs.2,990 per gram on March 4thand 5th|
|Lowest Rate in March||Rs.2,900 per gram on March 15th|
March 2017 - Week 1 (1st - 5th):
- In Visakhapatnam Gold opened at Rs.2,990 per gram of 24 Carat Gold for the month of March 2017.
- Sustained buying from local merchants saw a marginal increase in the price of Gold, which climbed to Rs.2,994.
- A strengthened US Dollar due to an expected US Federal Interest Rate hike saw Gold fall to Rs.2,972 per gram by the end of the week.
March 2017 - Week 2 (6th - 12th):
- A weakened global trend saw Gold further drop to Rs.2,949 per gram of 24 Carat Gold on March 7th.
- An increase in demand from local merchants saw Gold recover to Rs.2,970 per gram on March 8th.
- A stronger US Dollar saw Gold prices fall to Rs.2,933 per gram on March 10th.
- Steady improvements in the global market saw Gold close the week at Rs.2,945 per gram.
March 2017 - Week 3 (13th-19th):
- An expected hike in the US Federal Interest Rate dropped Gold to a 30-day low of Rs.2,900 per gram of 24 Carat Gold.
- Sustained buying from local jewelers due to prevailing prices saw Gold climb to Rs.2,935 per gram on March 17th.
- Gold remained relatively stable and close the week at Rs.2,940 per gram.
March 2017 - Week 4 (20th - 26th):
- Sustained demand saw Gold open the fourth week of March at Rs.2,947 per gram of 24 Carat Gold.
- As the US Dollar plunged Gold hit a two-week high of Rs.2,972 per gram on March 23rd.
- Sustained demand kept Gold relatively stable till the end of the week to close at Rs.2,964 on March 26th.
March 2017 - Week 5 (27th - 31st):
- Gold prices remained steady and opened the fifth week of March at Rs.2,977 per gram of 24 Carat Gold.
- Gold prices buoyed as equities fell due to uncertainty over US President’s economic agenda.
- A drop in demand saw Gold prices fall to Rs.2,940 per gram on March 31st.
|February 1st Rate||Rs.2,965 per gram|
|February 28th Rate||Rs.3,003 per gram|
|Highest Rate in February||Rs.3,014 per gram on 25th and 26th February|
|Lowest Rate in February||Rs.2,944 per gram on 4th and 5th of February|
February ‘17 - Week 1 (1st to 5th)
- There was a rise in the demand for this precious metal in both domestic as well as international markets during the month of February.
- The price of gold in Visakhapatnam on the 1st of February was Rs.2,965 per gram.
- However, due to varying rates, the price of gold reduced the next day to trade at Rs.2,954 per gram.
- The price of gold steadily decreased to trade at Rs.2,953 per gram on the 3rd of February.
- Due to a decrease in demand for gold, the rate of this metal reduced to a monthly low of Rs.2,944 per gram.
February ‘17 - Week 2 (6th to 12th)
- Price of gold in Visakhapatnam in the second week of February also saw an increase due to continuing demand from the industrial sector and coin manufacturers with gold opening the week at Rs.2,955 per gram on 6th February.
- Prices increased even further to trade at Rs.2,980 per gram on the 7th of February and reduced slightly the next day to trade at at Rs.2,979 per gram.
- Rate of gold increased to Rs.2,982 per gram on 9th February, and continued this way thanks to fluctuation in markets leading to a rise in the demand for gold. However, gold price dropped quite a bit the next day.
- This metal traded at Rs.2,964 per gram on 11th of February as a slight dip in demand led to prices falling initially and then rising due to market recovery.
- There was a slight recovery as the week ended, with gold trading at Rs.2,964 per gram on 12th February.
February ’17- Week 3 (13th to 19th)
- Rate in the third week of the month was subject to market fluctuations due to varying cues from domestic markets.
- Gold traded at Rs.2,959 per gram on 13th February and decreased to Rs.2,953 the next day due to market fluctuations.
- Rate of gold in Visakhapatnam continued to decrease the next day as well due to very low demand.
- Prices steadied in the next few days, as gold traded at Rs.2,975 per gram on the 16th February.
- Price of gold increased to Rs.2,988 per gram on the 17th due to positive market cues in both international and national markets.
- Due to stable market and demand, price of gold stabilised to Rs.2,980 per gram on the final two days of the week.
February ’17- Weeks 4 & 5 (20th to 28th)
- Gold was steady at the start of the fourth week due to consistent demand but varied later due to the market fluctuations.
- Gold traded at Rs.2,976 per gram on 20th of February, before reducing to Rs.2,973 per gram on the 21st and 22nd of February due to a spike in the demand.
- Prices steadied over the rest of the week, as demand reduced slightly with gold trading at Rs.2,995 per gram on 24th of February.
- A rise in industrial demand from Asia led to gold prices shooting up to Rs.3,014 per gram on the 25th and 26th February. This was also the highest rate at which gold traded for the month of February.
- At the end of the month, gold rate in Visakhapatnam closed at Rs.3,003 per gram and recorded a rise of 1.28% in gold rates throughout the month.
|January 1st Rate||Rs.2,821 per gram|
|January 31st Rate||Rs.2,954 per gram|
|Highest Rate in January||Rs.2,976 per gram on 24th January|
|Lowest Rate in January||Rs.2,821 per gram on 1st January|
January 2017 - Week 1 (1st - 7th)
- Contrary to the previous quarter, gold prices were on the rise during the first week of January 2017.
- On the 1st, gold was trading at Rs.2,821 per gram, which was also the lowest rate recorded during the month.
- An increase by Rs.3 on the 2nd was followed by an increase of Rs.12 on the 3rd, taking prices to Rs.2,836 per gram.
- Rates rose to Rs.2,846 on the 4th and stood at Rs.2,846.
- An increase by Rs.15 on the 5th of the month saw prices rise to Rs.2,861 per gram, followed by another increase by Rs.7 which saw rates soar to Rs.2,868 per gram.
- The precious metal closed the week on a high as another increase meant that the value of gold on the last day of the week was Rs.2,872.
January 2017 - Week 2 (8th - 14th)
- Gold prices remained unchanged from the previous week and rates were recorded at Rs.2,872 on the 8th of January.
- Prices rose marginally by Rs.4 and settled at Rs.2,876 on the 9th.
- Prices were recorded at Rs.2,892 on the 10th and increased for the next two days in succession.
- Rates dropped on the 13th of January and stood at Rs.2,922 before an increase by Rs.19 saw them rise to Rs.2,941 at the close of the week.
January 2017 - Week 3 (15th-21st)
- Prices continued rising in the third week of January as rates were recorded at Rs.2,941 per gram.
- An increase by Rs.13 on the 16th saw prices rise to Rs.2,954 per gram, after which another incline by Rs.9 saw them soar to Rs.2,963.
- Prices increased again on the 18th and settled at Rs.2,9754 per gram.
- The 19th and 20th of January saw prices fall to Rs.2,951 per gram as global demand declined.
- On 21st, prices rose by Rs.11 and closed the week at Rs.2,962 per gram.
January 2017 - Week 4 and 5 (22nd - 31st)
- The end of the months was full of days with fluctuating prices and the rate of gold was valued at Rs.2,962 on the 22nd of the month
- Prices then rose by Rs.16 to Rs.2,978 on the 23rd before a decline by Rs.2 took them down to Rs.2,976 on the 24th.
- Prices fell for the next three days in succession and settled at Rs.2,913 on the 27th of January.
- On the 28th of the month, prices rose slightly to Rs.2,934 per gram and remained stable for another day.
- Prices then rose by Rs.3 on the penultimate day of the month, before an increase of Rs.2,954 on the last day saw gold close the month on a high.
News About Visakhapatnam Gold Rate
Price of gold continues to increase
Gold continued to stay in a sweet spot for the second day as price increased by another Rs.150 to Rs.29,150 per 10 grams, which was in line with a global uptrend and local jeweller’s attachment to this metal. Silver was also in a similar position and increased by Rs.200 at Rs.41,200 per kg due to increased offtake by coin makers and industrial units.
As per trends overseas that were firm amidst a reduction in the value of the US dollar after US Fed increased rates, the price of gold continued to rise.
20th March 2017
Gold Translates To Spare Cash For Indian Shoppers
Most Indian expats buy gold in Dubai and sell it in India due to a gap between the price of buying a gram of gold from Dubai and the price that could be fetched for the same in India. Apart from customs duty and sales tax, weakening of rupee in India also increases cost of gold for Indian buyers.
In the month of July, gold cost an average of Dh153.29 per gram in Dubai and sold for Rs.2,889 per gram in India which roughly equalled to Dh158.21. A decent payback can be procured for the difference of 5 dirhams and is also advantageous to individuals who buy-sell gold in Gulf. Bullion imports into the UAE does not attract import duty and are reflected in showroom prices of gold.
21st July 2016