The demand for Gold in the Andaman and Nicobar Islands
Gold is in high demand within the Andaman and Nicobar Islands, wherever it’s sold during a vary of the way to suit the city’s numerous wants and therefore the gold rate in Andaman and Nicobar Islands vary from time to time. for several Andaman and Nicobar residents, the dear metal is one of the simplest sources of long-run investment throughout times of bleak market prospects, low investment, slow economic process, currency devaluations, high inflation, and alternative kinds of money uncertainty. many voters like better to invest in gold to preserve their shopping for power throughout times of high inflation. Gold is often out there within the Andaman and Nicobar Islands within the type of trendy jewelry, items for ancient ceremonies, wedding and pageant gifts, and antique items. several shoppers favor ancient investment strategies and that they could be suspicious of bound money instruments, like government bonds and securities, for a spread of reasons, together with however not restricted to rising inflation, market irregularities, and corruption scams, among others. As a result, several shoppers intercommunicate ancient investment choices like precious metals, particularly gold, which is a lot cheap than silver.
Comparison of Gold Rate Today and Yesterday in the Andaman and Nicobar Islands
| Today | Yesterday | Rate Change | |
| Standard Gold (22 K) ( 1 gram ) | ₹ 4,210 | ₹ 4,239 | ₹ -29 ↓ |
| Standard Gold (22 K) ( 8 grams ) | ₹ 33,680 | ₹ 33,912 | ₹ -232 ↓ |
| Pure Gold (24 K) ( 1 gram ) | ₹ 4,421 | ₹ 4,451 | ₹ -30 ↓ |
| Pure Gold (24 K) ( 8 grams ) | ₹ 35,368 | ₹ 35,608 | ₹ -240 ↓ |
Gold Rate in the Andaman and Nicobar Islands for the last 10 days
| Date | Standard Gold (22 K) | Pure Gold (24 K) | ||
| 1 gram | 8 grams | 1 gram | 8 grams | |
| 12 Mar 2021 | ₹ 4,210 | ₹ 33,680 | ₹ 4,421 | ₹ 35,368 |
| 11 Mar 2021 | ₹ 4,239 | ₹ 33,912 | ₹ 4,451 | ₹ 35,608 |
| 10 Mar 2021 | ₹ 4,215 | ₹ 33,720 | ₹ 4,426 | ₹ 35,408 |
| 09 Mar 2021 | ₹ 4,183 | ₹ 33,464 | ₹ 4,392 | ₹ 35,136 |
| 08 Mar 2021 | ₹ 4,221 | ₹ 33,768 | ₹ 4,432 | ₹ 35,456 |
| 07 Mar 2021 | ₹ 4,216 | ₹ 33,728 | ₹ 4,427 | ₹ 35,416 |
| 06 Mar 2021 | ₹ 4,216 | ₹ 33,728 | ₹ 4,427 | ₹ 35,416 |
| 05 Mar 2021 | ₹ 4,181 | ₹ 33,448 | ₹ 4,390 | ₹ 35,120 |
| 04 Mar 2021 | ₹ 4,238 | ₹ 33,904 | ₹ 4,450 | ₹ 35,600 |
| 03 Mar 2021 | ₹ 4,293 | ₹ 34,344 | ₹ 4,508 | ₹ 36,064 |
22 Carat & 24 Carat Gold Rate In Andaman and Nicobar Islands Per Gram (INR)
| Gold Rate Today | Gold Rate Yesterday | Gold Rate Change(%) | |
|---|---|---|---|
| 22 Carat | 4200 | 4200 | 0.00% |
| 24 Carat | 4492 | 4492 | 0.00% |
Today 24 Carat Gold Rate In Andaman and Nicobar Islands (INR)
| Gram | 24 Carat Gold Yesterday | 24 Carat Gold Today | Daily Price |
|---|---|---|---|
| 1 GRAM | 4492 | 4492 | 0.00% |
| 8 GRAM | 35940 | 35940 | 0.00% |
| 10 GRAM | 44925 | 44925 | 0.00% |
| 100 GRAM | 4492488 | 4492488 | 0.00% |
Today 22 Carat Gold Rate In Andaman and Nicobar Islands (INR)
| Gram | 22 Carat Gold Yesterday | 22 Carat Gold Today | Daily Price |
|---|---|---|---|
| 1 GRAM | 4200 | 4200 | 0.00% |
| 8 GRAM | 33602 | 33602 | 0.00% |
| 10 GRAM | 42002 | 42002 | 0.00% |
| 100 GRAM | 4200196 | 4200196 | 0.00% |
22 & 24 Carat Gold Rate In Andaman and Nicobar Islands for Last 90 Days
| Date | Standard Gold – 22 K | Pure Gold – 24 K | ||
| 1 gram | 8 grams | 1 gram | 8 grams | |
| 2021-03-12 | 4,200 | 33,602 | 4,492 | 35,940 |
| 2021-03-11 | 4,200 | 33,602 | 4,492 | 35,940 |
| 2021-03-10 | 4,193 | 33,546 | 4,484 | 35,876 |
| 2021-03-09 | 4,133 | 33,065 | 4,420 | 35,363 |
| 2021-03-08 | 4,173 | 33,385 | 4,463 | 35,708 |
| 2021-03-07 | 4,173 | 33,385 | 4,463 | 35,708 |
| 2021-03-06 | 4,166 | 33,329 | 4,455 | 35,644 |
| 2021-03-05 | 4,145 | 33,161 | 4,433 | 35,467 |
| 2021-03-04 | 4,207 | 33,658 | 4,500 | 35,996 |
| 2021-03-03 | 4,263 | 34,106 | 4,560 | 36,476 |
| 2021-03-02 | 4,235 | 33,882 | 4,531 | 36,244 |
| 2021-03-01 | 4,280 | 34,242 | 4,578 | 36,621 |
| 2021-02-28 | 4,280 | 34,242 | 4,578 | 36,621 |
| 2021-02-27 | 4,278 | 34,226 | 4,576 | 36,605 |
| 2021-02-26 | 4,345 | 34,763 | 4,648 | 37,181 |
| 2021-02-25 | 4,360 | 34,883 | 4,664 | 37,309 |
| 2021-02-24 | 4,378 | 35,027 | 4,683 | 37,461 |
| 2021-02-23 | 4,392 | 35,139 | 4,698 | 37,582 |
| 2021-02-22 | 4,340 | 34,723 | 4,642 | 37,133 |
| 2021-02-21 | 4,338 | 34,707 | 4,640 | 37,117 |
| 2021-02-20 | 4,331 | 34,651 | 4,633 | 37,061 |
| 2021-02-19 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-18 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-17 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-16 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-15 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-14 | 4,440 | 35,523 | 4,750 | 37,998 |
| 2021-02-13 | 4,435 | 35,483 | 4,744 | 37,950 |
| 2021-02-12 | 4,449 | 35,596 | 4,759 | 38,070 |
| 2021-02-11 | 4,498 | 35,988 | 4,811 | 38,486 |
| 2021-02-10 | 4,483 | 35,868 | 4,795 | 38,358 |
| 2021-02-09 | 4,478 | 35,828 | 4,790 | 38,318 |
| 2021-02-08 | 4,427 | 35,419 | 4,735 | 37,878 |
| 2021-02-07 | 4,423 | 35,387 | 4,731 | 37,846 |
| 2021-02-06 | 4,420 | 35,363 | 4,728 | 37,822 |
| 2021-02-05 | 4,384 | 35,075 | 4,689 | 37,509 |
| 2021-02-04 | 4,477 | 35,820 | 4,789 | 38,310 |
| 2021-02-03 | 4,488 | 35,908 | 4,801 | 38,406 |
| 2021-02-02 | 4,564 | 36,508 | 4,881 | 39,047 |
| 2021-02-01 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-31 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-30 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-29 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-28 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-27 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-26 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-25 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-24 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-23 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-22 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-21 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-20 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-19 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-18 | 4,482 | 35,860 | 4,795 | 38,358 |
| 2021-01-17 | 4,480 | 35,844 | 4,793 | 38,342 |
| 2021-01-16 | 4,485 | 35,884 | 4,797 | 38,374 |
| 2021-01-15 | 4,532 | 36,252 | 4,846 | 38,767 |
| 2021-01-14 | 4,544 | 36,348 | 4,860 | 38,879 |
| 2021-01-13 | 4,535 | 36,276 | 4,850 | 38,799 |
| 2021-01-12 | 4,551 | 36,404 | 4,867 | 38,935 |
| 2021-01-11 | 4,549 | 36,388 | 4,865 | 38,919 |
| 2021-01-10 | 4,549 | 36,388 | 4,865 | 38,919 |
| 2021-01-09 | 4,527 | 36,212 | 4,841 | 38,727 |
| 2021-01-08 | 4,720 | 37,758 | 5,048 | 40,384 |
| 2021-01-07 | 4,684 | 37,469 | 5,010 | 40,080 |
| 2021-01-06 | 4,786 | 38,286 | 5,118 | 40,945 |
| 2021-01-05 | 4,757 | 38,054 | 5,087 | 40,697 |
| 2021-01-04 | 4,652 | 37,213 | 4,975 | 39,800 |
| 2021-01-03 | 4,652 | 37,213 | 4,975 | 39,800 |
| 2021-01-02 | 4,652 | 37,213 | 4,975 | 39,800 |
| 2021-01-01 | 4,638 | 37,101 | 4,960 | 39,680 |
| 2020-12-31 | 4,641 | 37,125 | 4,963 | 39,704 |
| 2020-12-30 | 4,624 | 36,989 | 4,945 | 39,560 |
| 2020-12-29 | 4,626 | 37,005 | 4,947 | 39,576 |
| 2020-12-28 | 4,622 | 36,973 | 4,943 | 39,544 |
| 2020-12-27 | 4,619 | 36,949 | 4,940 | 39,519 |
| 2020-12-26 | 4,619 | 36,949 | 4,940 | 39,519 |
| 2020-12-25 | 4,634 | 37,069 | 4,956 | 39,648 |
| 2020-12-24 | 4,636 | 37,085 | 4,957 | 39,656 |
| 2020-12-23 | 4,617 | 36,933 | 4,937 | 39,495 |
| 2020-12-22 | 4,654 | 37,229 | 4,977 | 39,816 |
| 2020-12-21 | 4,643 | 37,141 | 4,965 | 39,720 |
| 2020-12-20 | 4,643 | 37,141 | 4,965 | 39,720 |
| 2020-12-19 | 4,641 | 37,125 | 4,963 | 39,704 |
| 2020-12-18 | 4,644 | 37,149 | 4,966 | 39,728 |
| 2020-12-17 | 4,581 | 36,645 | 4,900 | 39,199 |
| 2020-12-16 | 4,563 | 36,500 | 4,880 | 39,039 |
| 2020-12-15 | 4,512 | 36,092 | 4,825 | 38,599 |
| 2020-12-14 | 4,548 | 36,380 | 4,864 | 38,911 |
| 2020-12-13 | 4,548 | 36,380 | 4,864 | 38,911 |
How to invest in gold?
Gold is mainly purchased in the Andaman and Nicobar Islands as a relatively safe investment that has seen substantial appreciation in the past. Despite the fact that Indians invest in other investment channels on a large scale, such as property, gold remains a major part of their investment portfolio.
In the Andaman and Nicobar Islands, gold is traditionally kept in the form of coins, bars, and jewelry. However, in recent years, new gold investment sources have opened up, giving investors new ways to trade gold. Gold-related stocks and mutual funds are now open to investors. ETFs (Exchange Traded Funds), for example, are simple financial instruments that combine the pliability of stock investing with the flexibility of gold investing. Following are some of the more common gold investment options in the Andaman and Nicobar Islands:
Purchasing gold jewelry is the most common way to invest in gold. On festive and auspicious occasions, citizens of all economic classes commonly shop for gold because it is historically seen as a safe and straightforward investment. The one downside to buying gold jewelry is that you must also purchase the making charges, which can add up to another 10% to the price. Furthermore, fashion and style recognition shift with time, and you might not be able to get an equal price for your jewelry if you plan to sell it.
Purchasing gold jewelry for immediate use is a viable choice, but if you wish to keep it as a long-term investment, there are other more appropriate choices.
Factors That Determine Gold Prices in the Andaman and Nicobar Islands
Mentioned below are a number of the main factors that affect the worth of gold in the Andaman and Nicobar Islands:
The U.S. Dollar’s Performance
The higher the value of the US Dollar, the lower the gold prices in the Andaman and Nicobar Islands would be. Rather than investing in gold, investors in this union territory prefer to invest in the currency. If the US Dollar falls even marginally, banks would invest in gold rather than the US Dollar.
Economic Stability
Gold’s value rises after the Great Depression because it is one of the easiest ways to invest in one’s future. The logic is that when investors get a hint that a recession is coming or that the country’s economic conditions are changing, they will invest their money in gold as a safe haven, resulting in increased demand for the metal.
Varying Price
During wedding seasons, holidays, and other auspicious occasions, the rate of gold appears to increase, resulting in a rise in the price of gold.
Import Costs
The Andaman and Nicobar Islands’ gold and jewelry industry operate by importing gold from a variety of states and countries. This implies that the industry is responsible for an additional cost known as import prices. As import prices increase, the gold industry is forced to raise the price.
Fixed Deposit Interest Rates
In India, the majority of people prefer to invest in a hard and easy deposit rather than gold. Investing in gold is normally a backup plan because, when the bank’s fixed rate of interest falls, the next best way to earn an honest return is to buy gold. As a result of the increased demand for metal, the price of gold could rise as well.
Supply and demand
In contrast to other countries, gold production in the Andaman and Nicobar Islands is relatively poor. As a result, there might not be enough gold supply when demand rises. As a result, the industry will be forced to import gold from other countries, increasing the value of the metal.
State and Local Taxes
Since various states within the union territory have different taxes, the tax imposed on gold can have an effect on its price.
Fee for transportation
Since the Andaman and Nicobar Islands import gold, transportation costs to carry gold in from other port cities will speed up the process.
Prices from around the world
When the price of gold increases in the foreign market, it has an impact on the market as well. When banks buy gold as a hedge against inflation, the price of gold increases.
FAQs
✅ What are the benefits of taking out a gold loan?
Answer: In general, interest rates on these loans are lower than personal loans because the lenders are taking a lower risk by holding the gold as collateral.
✅ What should I bear in mind before purchasing gold?
Answer: Always check the purity of gold jewelry before purchasing it. Looking for hallmarking is the simplest way to search for purity. The official proportion of the metal is revealed by a hallmarked piece of jewelry.
✅ Is it appropriate to verify the lender’s legitimacy?
Answer: It is crucial to research the different lenders and pick one with a strong reputation. Several nationalized and private banks, in addition to these NBFCs, offer gold loans.
