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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 August 2016 (rates per gram for 24k Gold)
|First Day||Rs.3,215 per gram|
|Last Day||Rs.3,148 per gram|
|Highest Price||Rs.3,224 per gram on 3rd August|
|Lowest Price||Rs.3,148 per gram on 31st August|
August '16 - Weeks 1 (1st to 7th)
- Gold prices were high at the beginning of the month on account of a weak dollar.
- The U.S. economic growth was slow and this gave gold prices a boost.
- Gold traded at Rs.3,215 per gram on 1st August, and closed at Rs.3,171 per gram on 7th gram.
- Subdued demand in the domestic market led to prices falling again.
- The trend for this week was a decline of 1.3%.
August '16 - Week 2 (8th to 14th)
- As the dollar weakened, a Fed rate hike seemed impossible this month and speculation was to put rest.
- Gold traded at Rs.3,168 per gram on 8th August and fluctuated through the week.
- Trends in the domestic market indicated steady demand from jewellers and coin makers.
- Gold prices rose to Rs.3,197 on 10th August which was the highest for the week.
- Prices dropped but held steady at Rs.3,181 per gram towards the end of the week.
August '16 - Week 3 (15th to 21st)
- Demand for gold surged in week 3 as jewellers prepared for the auspicious festivals coming soon.
- On 15th August, gold was seen trading at Rs.3,181 per gram.
- Prices started to climb hitting Rs.3,207 per gram on 18th August, the highest rate for this week.
- By the end of the week, gold rates had dropped and closed at Rs.3,200 per gram.
- Gold rates are expected to drop as the economic data from the U.S. is gaining strength.
August '16 - Week 4 (22nd to 28th)
- Gold rates started declining as the U.S. economy’s job related data was positive.
- Demand in the domestic market started decreasing as the prices went up.
- Gold traded at Rs.3,182 per gram on 22nd August.
- The decline in prices can be attributed to a firm dollar as expectations of an interest rate hike sprouted again.
- Prices dropped to as low as Rs.3,161 per gram this week.
August '16 - Week 5 (29th to 31st)
- A gloomy global market coupled with muted domestic demand led to a significant dip in gold rates.
- Gold reached its lowest rate for the month on 31st August, trading at Rs.3,148 per gram.
- In the global market, prices are expected to fall as a Fed rate hike might be inevitable in the coming months as the U.S. policy makers are confident that the economy can handle it.
- At the same time, gold prices are expected to rise in India in the second half of 2016 as demand will increase in light of the upcoming festivals.
|1st July Rate||Rs.3,127.50 per gram|
|31st July Rate||Rs.3,214 per gram|
|Highest Rate in July||Rs.3,214 per gram on 30th and 31st July|
|Lowest Rate in July||Rs.3,115 per gram on 21st July|
|Overall Performance||Increase in price|
|% Change||+2.76% increase|
July'16 - Week 1 (1st to 3rd)
- The price of gold declined in the first week due to lowered demand from the domestic market.
- Internationally, demand was high as the markets were recovering from the aftermath of the Brexit vote.
- Gold traded at Rs.3,124.50 per gram at the end of the week.
July'16 - Week 2 (4th to 10th)
- Prices increased as demand was strong and markets were still recovering.
- As equities became stronger, the Dollar rose and gold demand fell.
- Gold traded at Rs.3,162 per gram at the end of the week, an increase of Rs.26 from the start of the week.
July'16 - Week 3 (11th to 17th)
- Prices began to slide as demand dipped due to a strong Dollar and stock markets.
- Domestic demand also fell, mimicking overseas trends.
- Gold retailed at Rs.3,146 per gram, a decrease of Rs.25 from the beginning of the week.
July '16 - Week 4 (18th to 24th)
- Prices were stable at the start of the week but fell as the Dollar strengthened.
- Equity markets made gains, pushing the price of gold lower as demand weakened.
- Gold traded at Rs.3,130 per gram.
July‘16 - Week 5 (25th to 31st)
- The initial trend of falling rates persisted, but prices rose as the week ended.
- Unsatisfactory data concerning the U.S. economic growth led to the Dollar falling.
- Gold prices increased on renewed demand, with gold trading at Rs.3,214 per gram as the month ended.
|1st June rate||Rs.2,918|
|30th June rate||Rs.3,103|
|Highest rate in June||Rs.3,180 per gram on 27th June|
|Lowest rate in June||Rs.2,911 per gram on 3rd June|
Jun'16 - Week 1 (1st to 4th)
- Gold opened at Rs.2,918 per gram on the 1st which was also one of the lowest rates for the month.
- Prices fluctuated slightly although they stayed within the Rs.2,000 range which proved to be beneficial for buyers.
- Although there was a slight increase in price to Rs.2,927 per gram on the 2nd, the rate of gold decreased again the following day to Rs.2,911 per gram.
- Gold closed at Rs.2,974 per gram which was also the highest for the week, although it was still low as compared to the rest of the month.
Jun'16 - Week 2 (5th to 11th)
- There were minor fluctuations in the rate of gold during the first half of the second week of june but increased steadily after.
- The opening rate for the week was Rs.2,974 per gram which was a continuation of the previous week and rates decreased slightly from there, touching Rs.2,970 on the 6th and falling even lower the next day.
- Gold traded at Rs.2,973 per gram which was a slight increase as compared to the previous day.
- In the last three days of the week, the price of gold touched Rs.3000 and above.
- On the 11th of June, the final day of the week, the price of gold was Rs.3,039 per gram.
Jun'16 - Week 3 (12th to 18th)
- The rate of gold increased steadily from week 2, staying above Rs.3,000 the entire week.
- Gold traded at Rs.3,039 per gram on the 12th and increased Rs.3 the next day to trade at Rs.3,042 per gram.
- The rate of gold increased steadily from thereon to amount to Rs.3,110 per gram on the 16th of June which was also the highest for the week.
- However, the price of gold fell slightly over the next two days and the rate of gold was Rs.3,087 per gram on the last day of the week.
Jun'16 - Week 4 (19th to 25th)
- The rate of gold was quite steady during week 4 except for a few variations here and there.
- Although gold opened at Rs.3,087 per gram on the 19th, it reduced slightly to stay steady at Rs.3,070 per gram on the 20th and 21st.
- Price of gold decreased even further over the next two days, trading at Rs.3,049 per gram and Rs.3,023 per gram.
- There was an increase noted in the price of gold as the week progressed. The rate of gold on the 24th was Rs.3,156 per gram and closed at Rs.3,165 per gram at the end of the week.
Jun'16 - Week 5 (26th to 30th)
- The rate of gold was steady at Rs.3,165 per gram and increased even more the next day, trading at Rs.3,180 per gram.
- However, the price of gold steadily declined, although it stayed around Rs.3,000 per gram.
- On the 28th and 29th of June, the price of gold was Rs.3,113 per gram and Rs.3,122 per gram respectively.
- On the last day of the week, the rate of gold reduced slightly, closing at Rs.3,103 per gram.
|1st May rate||Rs.3,069|
|31st May rate||Rs.2,916|
|Highest rate in May||Rs.3,073 on the 7th and 8th of May|
|Lowest rate in May||Rs.2,900 on the 30th of May|
|Overall performance||Loss / Negative|
May'16 - Week 1 (1st to 7th)
- Gold rates fluctuated during the first week of May.
- Prices were recorded at Rs.3,069 on the 1st day of the month and Rs.3,073 on the 7th.
- Gold rates declined by Re.1 on the second day of trading and remained unchanged until the third day after which they fell by Rs.20 on the fourth day and remained the same on the fifth.
- A decline of Rs.3 was recorded in prices on the sixth of the month, followed by an increase of Rs.28 on the last day of the week to close at Rs.3,073.
May ‘16 - Week 2 (8th to 14th)
- Gold rates remained unchanged on the first day of the second week and prices were recorded at Rs.3,073 on the 8th of May.
- A decline by Rs.21 on the second day of the week saw prices fall to Rs.3,052.
- Prices fell by Rs.30 on the third day of the week and then increased by Rs.18 on the fourth day and then fluctuated for the next three days to close the week at Rs.3,051.
- The overall decline in prices when comparing the first day with the last day of the week was just Rs.22.
May ‘16 - Week 3 (15th to 21st)
- Gold prices remained unchanged on the first day of the third week of May at Rs.3,051 and remained unchanged for another day.
- Prices then increased by Rs.2 to Rs.3,053 on the 17th after which a decline of Rs.5 on the 18th saw prices rise to Rs.3,048.
- Rates fell by Rs.24 on the 19th and remained at Rs.3,018 until the 20th after which a decline of Rs.6 was recorded on the 20th.
- Prices fell by Rs.3 on the last day of the week and the price of the precious metal at the close of the seven-day period was recorded at Rs.3,015.
- Gold prices recorded a further decline at the end of the week in comparison with the first day of the week.
May ‘16 - Week 4 (22nd to 31st)
- Gold prices remained constant on the first day of the fourth week of May, after which marginal increases were written off by subsequent losses until the 27th when prices were recorded at Rs.2,920.
- Prices then fell by Rs.4 to Rs.2,916 on the 28th of the month and remained constant for another day.
- The lowest price of gold in May was recorded on the 30th of the month as prices fell to Rs.2,900 after which an increase of Rs.16 saw the precious metal finish the month at Rs.2,916 per gram.
- Gold prices fell by Rs.153 between the first and last day of May.
|1st April rate||Rs 2,894|
|30th April rate||Rs 3,069|
|Highest rate in April||Rs 3,069 on 30th|
|Lowest rate in April||Rs 2,876 on 4th|
|% Change||+ 6.05%|
Apr ‘16 - Week 1 (1st to 3rd)
- The month began on a high, with protests by jewellers in the previous month having little impact on gold rates.
- Gold traded at Rs 2,894 on 1st, dropping marginally over the week.
- Prices fell to Rs 2,877 and stayed at this mark till the 3rd.
Apr ‘16 - Week 2 (4th to 10th)
- An increase in gold rates was observed during the second week.
- Gold traded at Rs 2,876 on 4th and Rs 2,944 on 10th.
- Increase in demand from investors and a weak dollar helped gold rates inch up.
Apr ‘16 - Week 3 (11th to 17th)
- Gold's good performance continued into the third week.
- Prices increased from Rs 2,958 on 11th to Rs 2,963 on 12th, before dropping marginally.
- Rates fell to a low of Rs 2,934 during the week, before rallying back again.
- The week ended with gold trading at Rs 2,957, a marginal drop from its opening value.
Apr ‘16 - Week 4 (18th to 24th)
- Multiple fluctuations were observed in this week, as prices rose and fell.
- Gold traded at Rs 2,958 on 18th, dropping to Rs 2,951 before picking up again.
- A high of Rs 2,981 was witnessed during the week, post which rates fell.
- The week ended with gold trading at Rs 2,960 on 24th.
Apr ‘16 - Week 5 (25th to 30th)
- Gold rates appreciated during the final week of April.
- The week started with gold trading at Rs 2,965.
- Prices increased steadily, crossing the Rs 3,000 mark on 29th.
- The month ended with gold trading at Rs 3,069, the highest in April.
|1st March rate||Rs 2,994|
|31st March rate||Rs 2,883|
|Highest rate in March||Rs 2,994 on 1st and 2nd|
|Lowest rate in March||Rs 2,871 on 28th|
Mar'16 - Week 1 (1st to 6th)
- Gold costed Rs 2,994 in the city on 1st March.
- Prices fell to Rs 2,976 on 3rd, following which they remained constant for the week.
- Gold trading was impacted as jewellers protested the changes in gold excise duty.
- An overall depreciation was witnessed from the start of the week.
Mar'16 - Week 2 (7th to 13th)
- Protests against the excise duty hike continued in the second week, as trading came to a standstill.
- Prices jumped to Rs 2,980 on 7th and Rs 2,991 on 8th.
- Prices remained static at Rs 2,991 for the rest of the week, with an appreciation in values witnessed during the week.
Mar'16 - Week 3 (14th to 20th)
- Prices dropped to Rs 2,950 on the 14th, as protests continued.
- A further drop was witnessed, as rates stayed static at Rs 2,929 for three days.
- Rates moved up to Rs 2,964 before dropping to Rs 2,940 to end the week.
Mar'16 - Week 4 (21st to 27th)
- As the protest reached its final stages, a number of jewellers reopened stores for business.
- Gold rates fell to Rs 2,924 on 21st and a steady decline was witnessed through the week.
- Prices ended at Rs 2,896 on 27th, indication an overall depreciation of rates.
Mar'16 - Week 5 (28th to 31st)
- Prices fell further on 28th, ending at Rs 2,871.
- This was a mixed week for gold, as rates changed daily.
- Prices went to a high of Rs 2,906 on 30th, before dropping to Rs 2,883 on 31st.
|1st February rate||Rs.2,720|
|29th February rate||Rs.2,964|
|Highest rate in February||Rs.2,987 on 26th|
|Lowest rate in February||Rs.2,720 on 1st|
Feb '16 - Week 1 (1st to 7th)
- Gold rates were up in the 1st week.
- Prices were Rs.2,720 on 1st and Rs.2,823 on 7th.
- Gold rose consecutively during the week, as strong global cues and domestic demand spurred rates up.
- Gold appreciated by an overall amount of Rs.103 over the week.
Feb '16 - Week 2 (8th to 14th)
- Gold rates declined in the 2nd week.
- Prices were Rs.2,820 on 8th and Rs.2,934 on 14th.
- Gold fluctuated in the 2,800s till 11th before breaching the 2,900 mark on 12th and ending the week on a high of Rs.2,934.
Feb '16 - Week 3 (15th to 21st)
- Gold rates were stable on the whole in the 3rd week.
- Rates were Rs.2,906 on 15th and Rs.2,973 on 21st.
- Gold dropped to Rs.2,871 on 16th but rallied over the next 5 days to settle at Rs.2,973 for the week.
Feb '16 - Week 4 (22nd to 29th)
- Gold appreciated again in the last week.
- It was priced at Rs.2,917 on 22nd and Rs.2,964 on 29th.
- Gold traded stably in the 2,900s through the week, touching a high of Rs.2,987 on 26th.
|4 th January rate||Rs.2,547|
|31 st January rate||Rs.2,710|
|Highest rate in January||Rs.2,727 on 28th|
|Lowest rate in January||Rs.2,547 on 4th|
- Gold rates appreciated in the 1st week.
- Prices were Rs.2,547 on 4th and Rs.2,635 on 10th.
- Gold prices rose consistently over the week with no negative sessions as domestic demand from jewellers and strong global cues brought rates up.
- Gold rates declined in the 2nd week.
- Prices were Rs.2,640 on 11th and Rs.2,607 on 17th.
- Gold prices hovered around Rs.2,640 till 13th before settling at Rs.2,607 for the rest of the week.
- Gold rates were stable on the whole in the 3rd week.
- Rates were Rs.2,658 on 18th and Rs.2,660 on 24th.
- Gold dropped to Rs.2,647 on 19th before rising to Rs.2,670 by 22nd and settling at Rs.2,660 on 24th.
- Gold gained value in the last days of January.
- It was priced at Rs.2,668 on 25th and Rs.2,710 on 31st.
- Gold rose consecutively toll 28th to touch Rs.2,727 before dropping to Rs.2,703 by 30th.
- Prices were marginally up on 31st to Rs.2,710.
|1st December rate||Rs.2,556|
|31st December rate||Rs.2,566|
|Highest rate in December||Rs.2,605 on 14th|
|Lowest rate in December||Rs.2,548 on 19th and 20th|
- Gold rates appreciated in the 1st week.
- Prices were Rs.2,556 on 1st and Rs.2,599 on 7th.
- Gold gained to Rs.2,574 by 3rd before losing Rs.11 on 4th.
- Prices gained by Rs.35 on 5th to rise to Rs.2,598 before ending the week at Rs.2,599 on 7th.
- Gold rates rose again in the 2nd week.
- Prices were Rs.2,596 on 8th and Rs.2,605 on 14th.
- Gold settled at Rs.2,572 by 12th before clocking in two gainful sessions that brought prices up to Rs.2,605 by 14th.
- Gold rates were lower in the 3rd week.
- Rates were Rs.2,583 on 15th and Rs.2,563 on 21st.
- Gold lost value continuously till 20th when it was priced at Rs.2,548.
- Prices rose by Rs.15 on 21st to end the week at Rs.2,563.
- Gold rates fell marginally in the last days of December.
- It was priced at Rs.2,572 on 22nd and Rs.2,566 on 31st.
- Gold rates were stable in the range of Rs.2,560-2,570 for the remaining part of the week once prices dropped to Rs.2,563 on 24th.
|1st November rate||Rs.2,676|
|Highest rate in November||Rs.2,734 on 3rd|
|Lowest rate in November||Rs.2,567 on 19th|
- Gold rates depreciated in the 1st week.
- Prices were Rs.2,676 on 1st and Rs.2,608 on 7th.
- Gold rose to Rs.2,734 by 3rd before losing out the gains continuously over the next 4 days to settle at week ending rate of Rs.2,608.
- Gold rates depreciated again in the 2nd week of November.
- Prices were Rs.2,608 on 8th and Rs.2,582 on 14th.
- Gold had 4 days of positive trading in the week that brought prices up to Rs.2,636 by 13th.
- Prices dropped on 14th by Rs.54 to settle at Rs.2,582.
- There was a marginal drop in rates in the 3rd week.
- Rates were Rs.2,582 on 15th and Rs.2,570 on 21st.
- Gold rose to Rs.2,633 on 16th before losing out continuously till 19th to rest at Rs.2,567.
- Gold rose to Rs.2,577 on 20th but fell to Rs.2,570 on 21st.
- Gold rates declined in the final days of the month.
- It was priced at Rs.2,571 on 22nd and Rs.2,568 on 30th.
- Prices stayed between Rs.2,576 and Rs.2585 all through the week.
- Prices dropped to Rs.2,568 on 30th.
Gold Price Trends in Visakhapatnam in 2015
22 karat prices: One gram of gold is currently pegged at Rs. 2,539 in Visakhapatnam. The price of gold is undergoing minor fluctuations in that the rate of the yellow metal stood at Rs. 2,552.00 in the month of May. Gold rates in Vizag have been varying from Rs. 2,568 in the month of April to Rs. 2,481 by the end of March. Gold rates stood at Rs. 2,532 and Rs.2,665 in February and January respectively.
24 karat prices: One gram of gold is currently pegged at Rs.2,715 in Visakhapatnam. The price of gold has been fluctuating in that one gram was priced at Rs. 2,729.00 in May. Likewise, gold rates have been witnessing either a minor increase or decrease over the past few months. For instance, gold rate in April stood at Rs. 2,747. One gram of gold was priced at Rs. 2,654, Rs. 2,708 and Rs. 2,850 in March, February and January respectively.
Where to buy Gold in Vizag?
There are several jewelry stores across the city such as Khazana jewellers, Vaibhav jewellers, Manchukonda jewellers, Joyalukkas Jewellers, GRT jewellers and CMR jewellers among many others. Most of the jewelry shops are dotted across the Asilmetta Road, Waltair Uplands, Siripuram and VIP Road among others. For many besides the fact that gold has an intrinsic value, it is only considered a status symbol.
- Also Check:Gold Rate in Andhra Pradesh
Also Check Gold Price in NearBy Cities of Visakhapatnam
|Gold Rate In Hyderabad||Gold Rate In Vijayawada||Gold Rate In Guntur|
|Gold Rate In Nellore||Gold Rate In Kurnool||Gold Rate In Rajahmundry|
|Gold Rate In Kakinada||Gold Rate In Proddatur||Gold Rate In Warangal|
|Also Know: Silver Rate in Visakhapatnam|
Read more on Gold
- Akshaya Tritiya – An Auspicious Day to Buy Gold
- How to get Gold Loan
- Marking On Gold
- Global Demand for Gold
- Gold and Weddings
- India’s Love for Gold
- Gold Investment
News About Visakhapatnam Gold Rate
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