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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 July 2017 (rates per gram for 24 karat gold)
|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|
Trend of Gold Rate in Visakhapatnam for June 2017 (rates per gram for 24 karat gold)
|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.
|December 1st Rate||Rs.2,893 per gram|
|December 31st Rate||Rs.2,821 per gram|
|Highest Rate in December||Rs.2,892 per gram on the 2nd|
|Lowest Rate in December||Rs.2,767 per gram on the 22nd|
December 2016 - Week 1 (1st to 4th):
- Thanks to Christmas and New Year, gold prices in Visakhapatnam didn’t see as much of a decline when compared to November.
- When the first day of the month began, gold was trading at Rs.2,893 per gram.
- The 2nd saw prices climb marginally to Rs.2,895 per gram, which happened to be the highest gold rate for the entire month.
- On 3rd and 4th, gold prices slumped down slightly for the metal to trade at Rs.2,890 per gram.
December 2016 - Week 2 (5th to 11th):
- When the second week began on the 5th, gold was seen trading at Rs.2,893 per gram - an increase of Rs.3 from the previous end-of-the-week price.
- Rates were the same on the 6th too and stood at Rs.2,893 per gram.
- The 7th, however, saw gold prices drop significantly by Rs.29 to bring rates down to Rs.2,864 per gram.
- On 8th, prices increased slightly to Rs.2,871 per gram, before slumping down to Rs.2,851 per gram on the 9th.
- Prices decreased yet again on the 10th to Rs.2,836 per gram, which remained the trading rate at the end of the week on the 11th.
December 2016 - Week 3 (12th - 18th):
- As the US Federal Reserve was looking at gold rate cuts, prices dropped in India too.
- Business day on the 12th began with gold trading at Rs.2,836 per gram, the same price as the last day of the previous week.
- The 13th and 14th saw prices decrease slightly to Rs.2,834 per gram before resulting in a major slump to reach Rs.2,803 per gram on the 15th.
- On 16th, prices went down further more to Rs.2,783 per gram - a Rs.20 decrease from the previous day.
- The 17th, however, saw prices increase positively for gold to trade at Rs.2,791 per gram, which was the price during the closing hours of the week on 18th.
December 2016 - Week 4 (19th - 25th):
- When trading began on the 19th, gold prices were down a little more compared to the previous week to Rs.2,787 per gram.
- Prices increased by Re.1, however, the subsequent day to trade at Rs.2,788 per gram and to Rs.2,789 on the 21st.
- However, prices slipped up massively on the 22nd to trade at Rs.2,768 per gram - a decline of Rs.21 and remained the same on the 23rd.
- The last two days of the week on the 24th and the 25th, gold was seen trading at Rs.2,773 per gram.
December 2016 - Week 5 (26th - 31st):
- Courtesy of the post-Christmas period, gold prices increased during the last week of the year.
- Barring a slump on the 26th, as prices went down to Rs.2,767 per gram, the rest of the week saw some positive growth.
- On 27th, gold prices went up by Rs.16 to trade at Rs.2,783 per gram and by Rs.21 to trade at Rs.2,804 on the 28th.
- The 29th again saw prices increase for gold to trade at Rs,2,819 and to Rs.2,834 on the 30th.
- On the last day of the month and year, prices went down slightly as gold traded at Rs.2,821 per gram.
- Overall, for the month of December, gold prices declined by -2.48%.
|1st Day||Rs.3,065 per gram|
|Last Day||Rs.2,942 per gram|
|Highest Price||Rs.3,166 per gram from 9th November|
|Lowest Price||Rs.2,914 per gram on 25th November|
November ‘16 – Week 1 (1st-6th)
- Gold traded at Rs.3,065 per gram on 1st November, with a slight increase in price the next day.
- On the 2nd of November, 2016, price of gold increased to Rs.3,101 per gram and increased further the next day.
- There were minor variations noted in the price of gold over the next few days.
- On the last day of the week, the price of gold was Rs.3,119 per gram.
November ’16- Week 2 (7th-13th)
- There was a minor decline noted in the price of gold during the second week of November as compared to the first.
- Prices dropped down to Rs.3,095 per gram and declined further thereafter although the price drop was quite minor.
- This could be attributed to a decline in gold prices due to increase in market strength.
- Rate of gold declined even further with the precious metal closing at Rs.3,059 per gram on the last day of the week. There was a marginal improvement in the price of gold during the second week as compared to the first.
November ’16- Week 3 (14th-20th)
- On the first of day of the third week of November, the price of gold declined slightly to trade at Rs.3,054 per gram.
- Due to sustained demand, gold rate increased by Rs.11 the next day.
- However, this demand did not continue and the price of gold dropped the next day and declined steadily thereafter.
- Gold traded at Rs.2,986 per gram on the last day of the month.
- Decline in gold rates could be attributed to the recent demonetization ruling.
November ’16- Week 4 (21st-27th)
- Low gold rate was sustained until the 21st of November after gold traded at Rs.2,974 per gram which was a slight increase as compared to the previous week.
- There were very minor fluctuations noted during the week.
- There was a decline in the rate of gold after the 22nd and on the last day of the week, gold traded at Rs.2,936 per gram.
- The lowest rate of gold was noted on the 25th, which was Rs.2,914 per gram.
November ‘16 – Week 5 (28th-30th)
- Gold traded at Rs.2,951 per gram on 28th of November, after which prices declined further.
- On the 29th, gold traded at Rs. 2,946 per gram.
- Gold rate closed at Rs.2,942 per gram on the last day of the month which was a decline as compared to the beginning of the month.
- There was a decline of 4.45% in the rate of gold as compared to the beginning of the month.
|Highest Price||Rs.3,152 on 1st and 2nd October|
|Lowest Price||Rs.3,023 on 17th October|
October 2016 – Weeks 1 and 2 (1st to 9th)
- Though the interest rate hike by the U.S. Federal Reserve has been put on hold till December, expectations have sprouted again as a further delay in the hike could lead to other problems for the economy.
- Gold rates were recorded at Rs.3,152 on the 1st of October and remained stable on the 2nd.
- Prices dropped to Rs.2,138 on the 3rd, after which another decline ensued to push prices down to Rs.3,136 per gram on the 4th.
- Prices then increased to Rs.3,060 on the 5th after which another decline on the 6th saw them plunge to Rs.3,040 per gram.
- On the 7th of October, prices dropped to Rs.3025, and to rose to Rs.3,026 on the 8th after which they gained stability to close the week at Rs.3,026 per gram.
October 2016 – Week 3 (10th to 16th)
- Gold rates grew stronger this week as prospects of the U.S. Fed rate hike moved at a slow pace.
- Rates were recorded at Rs.3,038 per gram at the start of the third week of October.
- Prices then fell by Rs.15 on the 11th and increased to Rs.3,035 on the 12th.
- On the 13th of October, prices rose by Rs.2 and then declined for two consecutive days before gaining stability and closing the week at Rs.3,021 per gram.
October 2016 – Week 4 (17th to 23rd)
- There was little talk of the interest rate hike by the U.S. Federal Reserve this week.
- Prices declined by Rs.2 at the start of the week and the rate of gold per gram was Rs.3,023 on the 17th of the month.
- Prices then began increasing on a consistent basis until the 20th when they hit Rs.3,053 per gram.
- A decline on the 21st was followed by an increase on the 22nd and prices remained stable on the final day of the week to close at Rs.3,046.
October 2016 – Week 5 (24th to 31st)
- Gold prices rose this week as festive demand picked up in the domestic market.
- Gold was valued at Rs.3,040 on the 24th of October after which fluctuations were in order until the 27th of the month when the precious metal was valued at Rs.3,050 per gram.
- A minor increase on the 28th saw rates rise to Rs.3,058 and another increase on the 29th saw them climb to Rs.3,067 and gain stability to close the month at the aforementioned rate.
- The overall decline in prices between the first and last day of October was 2.7%.
|1st Day||Rs.3,132 per gram|
|Last Day||Rs.3,169 per gram|
|Highest Price||Rs.3,195 on 8th September|
|Lowest Price||Rs.3,132 on 1st September|
September '16 – Week 1 (1st to 4th)
- The month of September for Gold started at Rs.3,132 per gram.
- With the rate hike being put aside owing to weak U.S. economic data, buyers regained interest towards investment in gold.
- On the other side, the festive season added to the stability in gold prices.
- Gold recorded its lowest at Rs.3,132 per gram on 1st of September, while it went on to increase to Rs.3,150 per gram on 3rd and 4th September.
- Therefore, the overall trend in gold prices was recorded to be an incline.
September '16 – Week 2 (5th to 11th)
- On 5th of September, gold traded at Rs.3,150 per gram.
- The yellow metal reached its highest on the 8th of this week at Rs.3,195per gram.
- After reaching the peak, gold experienced a slight dip by reaching to Rs.3,181 per gram on 10th and 11th of the month.
September '16 – Week 3 (12th to 18th)
- Week 3 experienced a continuous dip in gold rates. The rates may remain volatile in the coming months.
- On 12th September, gold traded at Rs.3,171 per gram and closed at Rs.3,146 per gram on 18th September.
- Gold lost its investment appeal in the domestic and overseas markets
- Demand for gold from jewellers, stockists, retailers, and consumers remained dull in the domestic market.
September '16 – Week 4 (19th to 25th)
- As the U.S. Federal Reserve set aside plans for a rate hike owing to presidential elections coming near, gold rates bounced back.
- The hike may be expected in December.
- The overseas market displayed a brighter trend and bullish tendencies were on the rise.
- On 19th September, gold traded at Rs.3,160 per gram and rose to Rs.3,186 gram on 24th and 25th of September.
- Gold rates improved owing to positive trend overseas with increased domestic demand.
- With the festival season around the corner, the domestic gold market experienced a stable demand.
September '16 - Week 5 (26th to 30th)
- Gold opened week 5 of September at Rs.3,185 per gram.
- As sentiments in the global market turned bearish, gold rates took a hit this week.
- Dollar gained strength as a result of the U.S. presidential elections.
- On 27th September, gold closed at Rs.3,180 per gram and dropped to Rs.3,155 per gram on 28th September.
- Despite a fall in gold rates this week, overall month of September recorded an incline of 1.18%.
|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
- Which Day Is Good To Buy Gold in Year 2017
- PAN Card Mandatory to Buy Gold Worth Rs.2 Lakh or More
- 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
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