Feb 25
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Gold Rate in Visakhapatnam
Daily Gold Rates
| Date | Standard Gold (22 K) | Pure Gold (24 K) | ||
| 1 gram | 8 grams | 1 gram | 8 grams | |
| 25 Feb 2018 | ₹ 2,921 | ₹ 23,368 | ₹ 3,067 | ₹ 24,536 |
| 24 Feb 2018 | ₹ 2,921 | ₹ 23,368 | ₹ 3,067 | ₹ 24,536 |
| 23 Feb 2018 | ₹ 2,914 | ₹ 23,312 | ₹ 3,060 | ₹ 24,480 |
| 22 Feb 2018 | ₹ 2,909 | ₹ 23,272 | ₹ 3,054 | ₹ 24,432 |
| 21 Feb 2018 | ₹ 2,911 | ₹ 23,288 | ₹ 3,057 | ₹ 24,456 |
| 20 Feb 2018 | ₹ 2,922 | ₹ 23,376 | ₹ 3,068 | ₹ 24,544 |
| 19 Feb 2018 | ₹ 2,936 | ₹ 23,488 | ₹ 3,083 | ₹ 24,664 |
| 18 Feb 2018 | ₹ 2,949 | ₹ 23,592 | ₹ 3,096 | ₹ 24,768 |
| 17 Feb 2018 | ₹ 2,949 | ₹ 23,592 | ₹ 3,096 | ₹ 24,768 |
| 16 Feb 2018 | ₹ 2,928 | ₹ 23,424 | ₹ 3,074 | ₹ 24,592 |
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 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 January 2018 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st January 2018 | Rs.3,009 per gram |
| Gold Rate on 31st January 2018 | Rs.3,045 per gram |
| Highest Rate in January | Rs.3,129 per gram on 25 January |
| Lowest Rate in January | Rs.3,000 per gram on 4 January |
| Overall Monthly Performance | Incline |
| Percentage Change | 1.19% |
Trend of Gold Rate in Visakhapatnam for December 2017 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold Rate on 1st December 2017 | Rs.2,982 per gram |
| Gold Rate on 31st December 2017 | Rs.3,015 per gram |
| Highest Rate in December | Rs.3,015 per gram on 30 and 31 December |
| Lowest Rate in December | Rs.2,906 per gram on 13 December |
| Overall Monthly Performance | Incline |
| Percentage Change | 1.10% |
December 2017 – Week 1 (1st to 10th)
- Trading began in Visakhapatnam with the yellow metal priced at Rs.2,982 per gram on the 1st following the strengthened US dollar rates and firm equities in the world market.
- However, with the US tax reform bill stalled in the US Senate as a result of conflicting opinions between the House and the Republicans, the dollar weakened. This led to gold being priced at Rs.3,002 per gram on the 2nd.
- The Senate’s decision to set aside the political differences and green flag the US tax bill led to gold losing its luster. The precious metal prices were recorded at Rs.2,977 per gram on the 4th before plunging further to Rs.2,968 per gram on the 5th.
- Prices dropped further during the week with the dollar gaining on positive sentiments from the people on the newly passed tax bill. Gold was trading at Rs.2,957 per gram on the 6th which plummeted further to Rs.2,950 per gram on the 7th amid the poor trends overseas.
- Gold rate in Visakhapatnam dropped to Rs.2,920 per gram on the 8th with the bullion trade registering its lowest in four months amid the strong US dollar index and firmer equities.
- The week concluded with the yellow metal trading at Rs.2,927 per gram on the 10th with an increase in local demand by industries and jewellers despite the poor trends overseas.
December 2017 – Week 2 (11th to 17th)
- The second week commenced with the precious metal trading as low as Rs.2,911 per gram on the 11th with investors and stockists refraining themselves from purchases ahead of the upcoming Federal Reserve meeting.
- Gold price in Visakhapatnam were recorded at Rs.2,908 per gram on the 12th before dropping to Rs.2,906 per gram the next day amid the weak trends overseas.
- However, the interest rate hike by the Fed Reserve seemed to have a negative impact on the US dollar. This led to an increase in demand for the safe-haven metal and gold being priced at Rs.2,929 per gram on the 14th.
- When the week came to an end, the yellow metal prices had stabilized at Rs.2,927 per gram on the 14th owing to a stable demand from local jewellers, industries and retailers amid the positive overseas trends.
December 2017 – Week 3 (18th to 24th)
- Gold was priced at Rs.2,922 per gram when the week began on the 18th.
- Gold price in Visakhapatnam rose to Rs.2,933 per gram on the 19th despite the strong dollar rates and equity markets. This rise in rates can be attributed to the increase in domestic demand from local jewellers and retailers amid the ongoing wedding season.
- Though gold rates dropped to Rs.2,931 per gram on the 20th, prices rebounded to Rs.2,937 per gram on the 22nd with the US dollar losing against other apex currencies.
- Prices rose to Rs.2,956 per gram on th4e 23rd with stockist and investors speculating over the final result of the tax overhaul on the country’s economic growth.
- Strong global, as well as domestic demand amid the positive overseas trends, led to gold rates holding steady at Rs.2,956 per gram for the rest of the week.
December 2017 – Week 4 (25th to 31st)
- When the last week commenced, the yellow metal was trading at Rs.2,945 per gram on the 25th.
- Thanks to a positive trend overseas, demand for the metal surged. This led to gold prices rising to Rs.2,957 per gram on the 26th.
- On the 27th, rates surged to Rs.2,964 per gram following a decline in the US dollar coupled with the poorly performing equities market.
- With global demand for the metal touching near one-month highs, gold price in Visakhapatnam surged further to Rs.2,985 per gram on the 28th.
- Rates rose marginally to Rs.2,988 per gram on the 29th before stabilizing at Rs.3,015 per gram on the 30th amid the continued political tensions between the US and North Korea.
- The bullion was recorded trading at Rs.3,015 per gram on the 31st with Visakhapatnam registering a profit of 1.10% in gold trade during the course of the month.
Trend of Gold Rate in Visakhapatnam for November 2017 (rates per gram for 24 karat gold)
| Parameters | Gold price (24 karat) |
| Gold rate on 1st November 2017 | Rs.2,974 per gram |
| Gold rate on 30th November 2017 | Rs.2,996 per gram |
| Highest Rate in November | Rs.3,030 per gram 18 to 20 November |
| Lowest Rate in November | Rs.2,974 per gram on 1 and 6 November |
| Overall Monthly Performance | Incline |
| Percentage Change | 0.73% |
November 2017 – Week 1 (1st – 5th)
- The gold price began with a declining trend on the first day of the week in Visakhapatnam. The metal traded at Rs.2,974.
- The price was marginally up on the second day since the USD slightly dropped against the INR and the commodity was priced at Rs.2,987 per gram.
- Gold rates in Visakhapatnam dropped to Rs.2,983 because of a slowdown in domestic demand from investors and jewellers.
- The gold price in Visakhapatnam variations for the entire week can be attributed to the fluctuations in the exchange rate of the USD against the INR.
- At the time of closing on 5 November, the price of the commodity was recorded at Rs.2,977.
November 2017 – Week 2 (6th – 12th)
- When the second week of November began on 6, gold traded at Rs.2,974 per gram.
- Gold price in Visakhapatnam jumped to Rs.2,997 per gram on 7 November as domestic demand increased amid positive global cues.
- The price of gold continued to move up on 08 November and reached Rs.3,005 as demand continued to climb.
- With the dollar index remaining volatile against a basket of other currencies, gold rate in Visakhapatnam surged to Rs.3,015 per gram on 10 November.
- Demand remained steady over the next two days, and the yellow metal continued to trade at Rs.3,015 per gram till the end of the week.
November 2017 – Week 3 (13th-19th)
- Gold opened at Rs.3,007 on 13 November and witnessed a falling trend.
- The price further grew to Rs.3,012 since the demand for the commodity was marginally up.
- Over the next two days, gold price in Visakhapatnam were stable at Rs.3,018 per gram because of steady demand and the USD/INR exchange rate.
- The commodity was priced at Rs.3,030 at the end of the third week.
November 2017 – Week 4 (20th-26th)
- The last week began with a constant trend where the commodity was sold at Rs.3,030 per gram on 20 November with the USD continuing to dominate apex currencies.
- Since the USD gained against the INR, gold rate in Visakhapatnam fell to Rs.3,004 per gram on 21 November and further fell to Rs.2,996 the next day.
- A strong global trend pushed the commodity rate to Rs.3,015 per gram and remained the same on 24 November.
- An uneven demand for the yellow metal caused the price to fall down to Rs.3,004 per gram for the rest of the week.
November 2017 – Week 5 (27th-30th)
- The final week commenced with the precious metal trading at Rs.3,013 on 27 November amid strong global trends.
- However, on 28 November, prices declined to Rs.3,009 per gram after Trump’s tax reform plan was produced in the US Senate.
- Though gold price in Visakhapatnam recovered to Rs.3,011 per gram on 29 November, strong dollar rates coupled with firmer equities market led to the bullion prices plunging to Rs.2,996 per gram on the last day.
