Gold Rate in Vijayawada

• Team Antworks

Gold in Vijayawada is much sought-after due to several factors including its newfound status as a commercial hub of Andhra Pradesh. Vijayawada has gained increased significance post bifurcation of the erstwhile united Andhra Pradesh state. Residents of Vijayawada buy the yellow precious metal in the form of intricate jewelry including temple jewelry.

Trend of Gold Rate in Vijayawada for April 2018 (rates per gram for 24 karat gold)

April 2018- Week 1 (1st-7th)

• Vijayawada’s gold rates reflected trends seen across other major Indian cities, with prices peaking towards the middle of week on positive market cues.
• Gold was priced at Rs.3,072 per gram on 1 April backed by strong local demand and a rally by the metal in overseas markets.
• Gold price in Vijayawada surged to Rs.3,091 per gram on 3 April in early trading as the possibility of a trade war between the United States and China led to equity markets plunging.
• Investors sought to hedge losses through investments in safe-haven assets like bullion, which led to higher demand for the metal among industrial units.
• Gold rate in Vijayawada peaked at Rs.3,100 per gram on 4 April as investors short-sold dollars and Asian industry increased orders.
• A decline in demand was seen as the dollar recovered some of its losses after the publication of positive U.S. non-farms data, which pushed gold prices to Rs.3,064 per gram on 5 April.
• Stagnant local demand coupled with poor international cues saw gold prices fall to Rs.3,058 per gram on 6 April.
• A slight rise in price precipitated by increased demand from jewellers saw gold end the week at Rs.3,075 per gram on 7 April.

Trend of Gold Rate in Vijayawada for March 2018 (rates per gram for 24 karat gold)

Parameters	Gold price (24 karat)
Gold Rate on 1st March 2018	Rs.3,043 per gram
Gold Rate on 31st March 2018	Rs.3,072 per gram
Highest Rate in March	Rs.3,105 per gram on 24 and 25 March
Lowest Rate in March	Rs.3,030 per gram on 19 March
Overall Monthly Performance	Incline
Percentage Change	0.95%

March 2018 – Week 1 (1 – 5):

• March began with gold trading at Rs.3,043 per gram in Vijayawada as demand was more or less constant due to stable local demand.
• Equity markets were unsteady due to apprehension over monetary policy under the new Fed Reserve chief, leading to gold price in Vijayawada rising to Rs.3,049 per gram on 2 March.
• The surprise notice on new tariffs on steel and aluminium by the U.S. President led to markets crashing across the globe and gold prices rising to Rs.3,068 per gram on 3 March.
• Local demand was not affected significantly by the news, though the bourses did suffer a drop in value.
• Gold rate in Vijayawada remained unchanged as the week drew to a close, with the metal trading at Rs.3,068 per gram o 5 March.

March 2018 – Week 2 (5-11):

• When the week began in Vijayawada, gold was priced at Rs.3,064 per gram. But, this dropped to Rs.3,054 per gram the next day as demand fell amid a strong dollar.
• On the 7th gold rates rose to Rs.3,074 per gram as the dollar couldn’t remain stable whole the threat of a trade war between the US and Europe loomed.
• The 8th saw gold trade at Rs.3,061 per gram before falling to Rs.3,047 per gram as investor sentiments remained low.
• The 10th saw prices rise to Rs.3,067 per gram as domestic demand surged amid some poor wage gains in the US.
• When the week ended, gold was still seen trading at Rs.3,067 per gram, thanks to stable demand.

March 2018 – Week 3 (12 – 18):

• Trading opened in Vijayawada with the yellow metal priced at Rs.3,057 per gram on the 12th with the US dollar strengthening after the US jobs data reported an incline in US jobs during February.
• With the US dollar rising against other apex currencies amid possibilities of Fed rate hike next week, gold rate in Vijayawada dropped to Rs.3,047 per gram the next day.
• However, the greenback plunged after the abrupt dismissal of the US Secretary of State Rex Tillerson by the White House. This led to prices rebounding to Rs.3,062 per gram on the 14th.
• With markets bracing for a possible Fed rate hike next week, demand for the bullion declined. This resulted in the precious metal being priced at Rs.3,056 per gram on the 15th which dropped further to Rs.3,037 per gram on the 16th amid the poor trends overseas.
• The 17th, however, saw gold rates rising to Rs.3,040 per gram with demand for the metal picking up due to an increase in domestic purchased by retailers and jewellers.
• Firm overseas trends coupled with steady domestic local demand led to gold prices in Vijayawada closing at Rs.3,040 per gram on the 18th.

March 2018 – Week 4 (19 – 25):

• The fourth week of March saw gold open at Rs.3,030 per gram in Vijayawada as demand for the yellow metal rose on positive cues.
• With the Fed meeting on monetary policy due to take place, markets were wary of a more restrictive fiscal future leading to greater demand for gold.
• Gold rate in Vijayawada rose further as industrial demand increased due to a low dollar rate, especially from industry in Asia.
• Stock markets across the world reeled from news of trade tariffs and the possibility of trade wars, which led to greater demand for safe-haven assets like gold.
• Gold was priced at Rs.3,044 per gram on 21 March, with the price progressively rising during the week.
• Stable local demand also led to prices climbing, as gold traded at Rs.3,086 per gram on 23 March.
• A weak U.S. Dollar propelled gold to Rs.3,105 per gram as the week ended on 25 March.

March 2018 – Week 5 (26 – 31):

• The week began with the yellow metal trading at Rs.3,095 per gram on the 26th amid firm overseas trends.
• With the US dollar losing against other emerging currencies amid the US-Russian spat, gold rates rose to Rs.3,098 per gram on the 27th.
• However, the US dollar regained lost ground the next day with concerns over possible trade war between the US and China diminishing after the negotiations between the two nations. This led to gold prices in Vijayawada dropping to Rs.3,084 per gram on the 28th which plunged further to Rs.3,067 per gram the next day amid poor overseas trends.
• The 30th saw the US dollar index holding strong from the previous session and the precious metal was priced at Rs.3,066 per gram on the 30th.
• The month came to an end with the bullion trading at Rs.3,072 per gram on the 31st following an increase in demand by local jewellers, retailers and industries to meet domestic demand.
• Gold rates in Vijayawada rose by 0.95% owing to positive global cues during the month.

February 2018 – Week 1 (1st – 4th)

• The month began in Vijayawada with gold trading at Rs.3,040 per gram amid the rising US dollar index and firmer equity markets.
• An increase in buying by local jewellers, retailers and industries despite the poor trend overseas led to gold rate in Vijayawada surging to Rs.3,071 per gram on the 2nd.
• The 3rd, however, saw gold price in Vijayawada dropping to Rs.3,050 per gram with the US dollar gaining against other apex currencies following the release of the positive payrolls and jobs data.
• With the US dollar and equities performing well in the global market, prices remained unchanged at Rs.3,050 per gram on the 4th with steady domestic demand for the metal.

February 2018 – Week 2 (5th -11th)

• Gold opened at Rs.3,035 per gram in Vijayawada when trading began for the second week of February.
• The 6th, i.e., the second day of the week, saw gold prices surge by Rs.31 to bring prices up to Rs.3,071 per gram. This was due to rising equity liquidation concerns around the world, which pushed safe-haven purchases to new levels.
• As the US dollar strengthened after a brief fall and the sudden demand from the previous day fall, gold rate in in Vijayawada fell to Rs.3,031 per gram on the 7th of February.
• With the US dollar gaining against other apex currencies, gold rates worldwide took a dip. This caused prices to hit Rs.3,003 per gram on the 8th.
• The 9th, however, as rates surge to Rs.3,018 per gram, thanks to increased demand from the domestic market.
• Due to local demand holding steady, gold rates went up again on the 10th to Rs.3,023 per gram. This happened despite the fact that the US dollar continued to gain against other currencies.
• The final day of this week saw gold continue at Rs.3,023 per gram as demand seemed to staturate.

February 2018 – Week 3 (12th – 18th)

• When trading began for the week, gold was priced relatively higher at Rs.3,025 per gram on the 12th after the US dollar declined ahead of the inflation data during the week.
• With markets waiting for the US inflation data to get an idea of the pace of interest rate hike during the year, the US dollar plunged further. This led to gold price in Vijaywada rising to Rs.3,030 per gram the next day.
• Gold rate in Vijaywada surged to Rs.3,103 per gram on the 14th with the bullion hitting one-week highs in the international trade amid the weakened US greenback and poorly performing equities.
• The dollar, however, regained lost ground and rose against a basket of other emerging currencies after the release of the highly expected inflation data. This led to gold prices in Vijayawada plunging to Rs.3,071 per gram on the 15th.
• The yellow metal prices rose to Rs.3,074 per gram on the 16th before surging to Rs.3,096 per gram on the 17th after investors gravitated towards the bullion to hedge against inflation.
• The week concluded with the precious metal holding firm at Rs.3,096 per gram on the 18th amid the strong trend overseas.

February 2018 – Week 4 (19th – 25th)

• When the fourth week of February began on the 19th, gold was priced at Rs.3,083 per gram
• However, gold rates were primed for some declines this week as the US dollar pushed back against other apex currencies after week of underperformance.
• On the 20th, gold rate in Vijayawada fell to Rs.3,068 per gram as the dollar surged and posted a significant growth.
• As the dollar continued to gain, gold price in Vijayawada dropped to Rs.3,057 per gram on the 21st of February.
• The yellow metal’s rates fell for the third consecutive day and a Rs.4 decline was recorded on the 22nd, bringing gold prices effectively down to Rs.3,054 per gram.
• However, local demand was boosted by a number of factors on the 23rd and the metal’s rates surged to Rs.3,060 per gram on this day.
• As domestic demand remained strong amid a well-performing dollar, gold rates in Vijayawada surged to Rs.3,067 per gram on the 24th of February.

February 2018 – Week 5 (26th – 28th)

• When the final week began in Vijayawada, the precious metal was recorded trading at Rs.3,069 per gram on the 26th.
• With markets and investors eyeing on Fed Chairman Jerome Powell’s first congressional testimony to the nation, gold rates were recorded holding steady at Rs.3,069 per gram on the 27th.
• However, the US dollar gained ground against a basket of other emerging currencies after Jerome Powell vowed to prevent the nation’s economy from any further crisis while continuing to raise the interest rates as planned.
• Gold was priced at Rs.3,046 per gram on the 28th with Vijayawada registering an incline of 0.19% in bullion trade during the month.

Trend of Gold Rate in Vijayawada for January 2018 (rates per gram for 24 karat gold)

Parameters	Gold price (24 karat)
Gold Rate on 1st January 2018	Rs.3,005 per gram
Gold Rate on 31st January 2018	Rs.3,045 per gram
Highest Rate in January	Rs.3,086 per gram on 16 January
Lowest Rate in January	Rs.3,000 per gram on 4 January
Overall Monthly Performance	Incline
Percentage Change	1.33%

January 2018 – Week 1 (1st – 7th)

• Gold opened at a relatively weak note in Vijayawada for the new year. On the 1st of January, gold was priced at Rs.3,005 per gram.
• As the international market showed some positive changes, gold rate in Vijayawada went up slightly to Rs.3,008 per gram on the 2nd and then to Rs.3,014 per gram the next day.
• However, a surge in dollar rates and the subsequent announcement of the latest US payrolls’ data affected gold trading globally and in India. Gold price in Vijayawada dropped to Rs.3,000 per gram on the 4th as a result of this.
• Gold rates went back up to Rs.3,015 per gram on the 5th. Reports suggested that “today’s gold rate” saw an increased as the job data was on the weaker side.
• This led to gold rates rising to Rs.3,021 per gram on the 6th, and continue at this rate till the closing hours of the week.

January 2018 – Week 2 (8th – 14th)

• When the week began, the yellow metal was recorded trading at Rs.3,015 per gram on the 8th following a marginal decrease in domestic demand from local jewellers and retailers.
• Gold price in Vijayawada rose to Rs.3,021 per gram on the 9th but dropped to Rs.3,009 per gram the next day with the equities market performing well amid a strong dollar index.
• The dollar, however, lost against a basket of other major currencies the next day and gold price in Vijayawada rebounded to Rs.3,030 per gram on the 11th.
• A weakened dollar coupled with the poorly performing equity markets led to gold rates rising to Rs.3,045 per gram on the 12th.
• Strong global trends coupled with increased local demand from industries and domestic jewellers led to prices hitting their highest since September at Rs.3,068 per gram on the 13th.
• The week concluded with the precious metal prices holding steady at Rs.3,068 per gram on the 14th amid the positive overseas trends.

January 2018 – Week 3 (15th – 21st)

• In Hyderabad, gold opened on a relatively subdued note with the metal priced at Rs.3,071 per gram.
• A rise in global demand helped improve domestic sentiments. This pushed gold price in Vijayawada up to Rs.3,086 per gram on the 16th of January.
• The US dollar index improved against a basket of other currencies and as a result of this, gold rates dropped to Rs.3,082 per gram on the 17th.
• With the US treasury yields offering some increased returns, gold rates dropped to Rs.3,061 per gram on the 18th of the month.
• Demand for gold surged amid rising concerns over a possible US government shutdown. Gold markets around the world, as well as India, climbed to new levels as a consequence.
• On the 19th, the metal traded at Rs.3,064 per gram, which then rose to Rs.3,084 per gram the next day after the US government shut shop.
• When the week ended, gold rate in Vijayawada was holding at Rs.3,084 per gram.

January 2018 – Week 4 (22nd – 28th)

• When trading for the week began on the 22nd, gold was priced at Rs.3,022 per gram.
• The 23rd saw gold open at Rs.3,030 per gram and close at Rs.3,026 per gram as demand remained mostly on the flatter side.
• Significant increases in gold price in Vijayawada were witnessed from the 24th onwards, as the US dollar hit new lows while gold hit 16-month high figures.
• On the 25th, the yellow metal opened at Rs.3,072 per gram as demand from jewellers in and around the city surged.
• But, demand slowed down slightly and gold rate in Vijayawada seemed to consolidate towards the end of the week.
• At the time of the week’s closing, gold was priced at Rs.3,068 per gram.

January 2018 – Week 5 (29th – 31st)

• When trading began for the last week, gold rate in Vijayawada relatively lower at Rs.3,043 per gram on the 29th of January.
• With the US dollar gaining other emerging currencies and the equities performing well in the market, gold rates plummeted to Rs.3,030 per gram on the 30th.
• The US dollar, however, plunged the next day with investors and traders cautious ahead of President Trump’s annual State of the Union address and Federal Reserve’s monetary policy meeting during the week. The bullion was priced at Rs.3,045 per gram on the 31st.
• The month concluded with Vijayawada recording a profit of 1.33% during the course of the month.