Gold Rate in Guntur
Why is gold important in Guntur?
Located nearly 40 miles north of the Bay of Bengal, Guntur is one of the major commercial hubs of Andhra Pradesh. Gold is considered to be a scared metal in Guntur. It is used to make beautiful temple jewelry which is offered to the gods and goddesses of the local temples and is also worn by the people of Guntur during special events and festivities. Gold is purchased by all classes of citizens of Guntur regardless of the gold rates in Guntur especially during auspicious occasions such as weddings.
How is gold purchased in Guntur?
The gold may be physical in the form of jewelry, coins or bars as well as electronic in the form of Gold ETFs. While physical gold has a sentimental value attached to it also may be used to secure loans, by using it as security. Gold ETFs, on the other hand, are more liquid, do not pose a security risk and have lower costs involved that physical gold.
What Factors Determine Gold Prices In Guntur?
Todays Gold rates in Guntur are decided by domestic and international factors such international gold price, exchange rates and the domestic duties and levies. Gold rates in Guntur are volatile and may fluctuate depending upon the change in domestic and international cues hence one must check the before price of gold in Guntur purchasing or selling.
Gold Price in Guntur
Situated down the eastern part of Bay of Bengal in Andhra Pradesh, the city of Guntur is one of the important commercial hubs of this state. It is a major hub for business and industry.
Storing and Importing of Gold in Guntur
Gold is purchased in huge quantities in Guntur. It is purchased in many different forms such as gold jewelry, gold idols, gold ornaments, etc. It is widely purchased for temple jewelry that is offered to the idols in temples. Besides this, it is bought for auspicious festivals and weddings.
Gold Price Movement in Guntur
The gold price in Guntur depends on the gold rate in India and across the globe. Today gold price in Guntur is affected by other factors such as inflation in the country, import duties, current account deficit, situation of the economy and the strength of the US dollar. The gold rate has increased in the global markets by 16% in 2016.
Gold as an Investment in Guntur
Gold is considered to be a very safe investment in Guntur. The most common way of investing in gold in this commercial city is through gold bars. The other ways are:
Physical Gold: Jewelry, gold coins, gold bars, etc. are a common way of investing in gold. Kalyan Jewelers, Malabar gold and Tanishq are a few of the most renowned gold jewelers in Guntur.
Market Avenue:Gold is purchased through MCX (Multi Commodity Exchange), NCDEX (National Commodity and Derivatives Exchange) and NSEL (National Spot Exchange).