Gold rate in Srikakulam
gold rate in srikakulam

24K Gold/ 10gm
57,490.00
0.00(0.00%)
22K Gold/ 10gm
54,750.00
0.00(0.00%)

Last updated on: 3th Feb 2023 10:00 AM

Situated in the northeastern part of the Indian state Andhra Pradesh, Srikakulam is a low-lying city along Nagavali and Vamsadhara. It served as a capital for the Northern Circārs (Northern Sarkārs) in the 16th century. Currently, it holds significant importance in the agriculture sector as the majority of the population is dependent on it. In addition, the industrial sector employs a small percentage of the population of the city.
The demand for gold has always been high in the city. Accordingly, the gold rate in Srikakulam has always been high, owing to the high demand, transportation charges, and high prices of other metals. There are many ways to invest in gold other than purchasing physical gold. Let us have a look at some of these options.
Before we delve into the investment schemes, let us examine the gold prices in Srikakulam.

22K & 24K Gold Rates Per Gram in Srikakulam

24K
DownArrow
GramYesterdayToday
1gm
5,749.00
0.00 (0.00%)
5,749.00
0.00 (0.00%)
8gm
45,992.00
0.00 (0.00%)
45,992.00
0.00 (0.00%)
10gm
57,490.00
0.00 (0.00%)
57,490.00
0.00 (0.00%)
100gm
5,74,900.00
0.00 (0.00%)
5,74,900.00
0.00 (0.00%)

Factors that affect the value of gold in Srikakulam

Purity

According to the World Gold Council, 24-karat gold is the purest form. It has a purity of 99.9%. However, 22-karat gold is made up of 91.7% gold, along with small amounts of copper, silver, and zinc.

Colour

The colour of 24-karat gold is yellow. However, 22-karat gold is available in yellow and rose colours.

Cost

The higher the karats, the higher the cost. 24-karat gold is costlier than 22-karat gold.

Available forms

24-karat gold is available in bars, coins, and bullion. However, 22-karat gold is available in the form of bullion and jewellery. 24-karat gold is not usually used for producing ornaments and jewellery as it is delicate and not suitable for daily usage.

Historical gold rates in Srikakulam in last 10 days

1 gram
DownArrow
Day24K Gold22K Gold
04 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
03 Feb 2023
5,749.00
0.00 (0.00%)
5,475.00
0.00 (0.00%)
02 Feb 2023
5,749.00
121.00 (2.15%)
5,475.00
115.00 (2.15%)
01 Feb 2023
5,628.00
23.00 (0.42%)
5,360.00
22.00 (0.42%)
31 Jan 2023
5,605.00
-13.00 (-0.23%)
5,338.00
-12.00 (-0.22%)
30 Jan 2023
5,618.00
0.00 (0.00%)
5,350.00
0.00 (0.00%)
29 Jan 2023
5,618.00
0.00 (0.00%)
5,350.00
0.00 (0.00%)
28 Jan 2023
5,618.00
6.00 (0.11%)
5,350.00
5.00 (0.10%)
27 Jan 2023
5,612.00
-37.00 (-0.65%)
5,345.00
-35.00 (-0.65%)
26 Jan 2023
5,649.00
37.00 (0.66%)
5,380.00
35.00 (0.66%)

Gold Schemes to Invest in Srikakulam

Although physical gold is one of the major ways to invest in gold, you need to take care of storage and security. These concerns restrict you from owning an enormous quantity of gold. In this case, you can consider the following different gold investment schemes:

Gold exchange-traded funds (ETFs)

Investing in gold ETFs is like purchasing gold in an electronic form. You can invest in any gold ETF similarly as you invest in stocks. These ETFs track the gold prices in the domestic markets and offer returns based on your investment. You can invest in gold ETFs listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India (NSE). You can track gold prices in the domestic market and purchase and sell gold ETFs accordingly. This factor will offer flexibility in investments.

Sovereign Gold Bonds

Sovereign gold bonds (SGBs) are debt bonds or securities. The Reserve Bank of India issues these bonds on behalf of the Government of India. You can own gold in a dematerialised form by buying a sovereign gold bond. They are issued on a per-gram basis. The minimum investment in SGBs is 1 g, and the maximum is 4 kg for an individual investor. The investment tenure is fixed at eight years, and the interest rate is fixed at 2.5% per annum. The interest is credited on half yearly basis to your bank account. You can use the investment in these bonds as collateral against loans. Premature withdrawals are allowed five years from the date of issue.

Gold Funds

If you do not have a Demat account, you can invest in digital gold through gold funds such as HDFC Gold Fund and Aditya Birla Sun Life Gold Fund. The investments made in gold funds are further invested in gold ETFs. Therefore, you need to spend more if you choose to invest in gold funds than gold ETFs, as the fund managers charge you for managing the gold funds and ETFs on your behalf.

Weekly & monthly gold rate in Srikakulam
1 gram
DownArrow

7 Days
30 Days
3 Months
6 Months
24K GOLD
22K GOLD

Comparative Analysis: Gold Vs FD


Investment in gold is one of the most prominent gold investment options. It provides great returns over the long term and offers a hedge against inflation. On the other hand, a fixed deposit (FD) scheme provides assured returns based on the pre-determined interest rate for a specific tenure. Therefore, let us compare these investment options:


Returns and Risks

Both investment schemes offer great returns if invested for the long term. In the case of FD, the longer the term, the higher the interest rate. Hence, you will gain a higher income through interest amount. For gold investment, gold rates may be variable in the short term. However, long-term investments may offer higher returns.

Profitability


Investing in gold can offer a hedge against inflation. The prices are variable and may fluctuate up or down at any time. Once prices surge, you will gain higher profitability if you buy the instrument at a lower rate. Conversely, the profits from FDs are guaranteed as you invest based on a pre-determined interest rate. However, this rate of interest may not compensate for the rate of inflation.

Wealth Generation


Gold is considered an asset for building wealth over the long term. However, FDs provide regular income as you can avail of the interest amount at regular intervals.


Liquidity


Investments in gold are easy to liquidate. In the case of FD, the investment is fixed for a specific duration. If you want to withdraw the investment amount before maturity, you need to pay a penalty fee.

Trend of Gold rates in Srikakulam

1 gram
DownArrow
Day24K Gold22K Gold
01 February 202356285360
05 February 202300
Highest57495475
Lowest56285360

How is the Purity of Gold Evaluated in Srikakulam?

Gold is valuable only when it is pure. There are instances where customers are duped with impure gold. Hence, confirming the purity of gold is crucial.

The Bureau of Indian Standards (BIS) is a government authority that certifies the purity of gold. According to BIS, the following factors are to be kept in mind when buying gold.

  1. BIS Mark

    Jewellery hallmarked by BIS will have a BIS logo on it. Remember that since BIS is the only authorized laboratory in India for gold certification.

  2. Karat

    Karat is a scale to gauge gold's purity. While 24 karat gold is the purest, it is too soft for use. Hence, other metals are added and the gold available in the market is often 22 Karat.

  3. Jewellers Identification Mark

    The gold you buy should also carry an identification mark by an authorized jeweller. This helps ensure the gold is from a credible source. The mark can also be helpful in the case of disputes.

FAQs of Gold price in Srikakulam

Which are the top gold jewellers in Srikakulam?

DownArrow

Which factors impact the gold rates in Srikakulam?

DownArrow

What are the things to consider before purchasing gold jewellery in Srikakulam?

DownArrow

Are there any discounts on purchasing sovereign gold bonds?

DownArrow