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Gold Rate in Patna

Patna is an important trade centre in the Northern side of India. The city is the capital of the state of Bihar, which is one of the highly demanding gold cities in the country. Teej and Chhath are one of the widely celebrated festivals in Patna which are commemorated by buying gold. People in Patna value gold immensely and are unaffected with the changing gold rates. Gold in Patna is not only purchased because it has ornamental value but also for investment purpose. Patna houses a good number of artisans who are involved in the business of gold jewellery making. Because of the high demand for gold, the gold trend in Patna is highly fluctuating. This fluctuation is caused due to a number of factors that play a key role in determining the gold rate today in Patna.

Factors That Affect Gold Rate Today in Patna

Gold rates today in Patna are linked with a number of factors that have a direct impact on it. Below are the few factors that affect the gold rate today in Patna.

  • Dollar fluctuations: If the dollar fluctuates, the gold rates in Patna witness an instant change. A weak dollar increases the demand for gold in India which eventually leads to a rise in the gold rate. While, a strong dollar rate decreases the demand for gold, eventually leading to a decrease in the gold rate. This is because people do not want to invest in a depreciating asset. So, a weak dollar increases the demand for gold that directly increases the Patna gold rate.
  • Increasing demand: If the demand for gold increases, the gold rates too rise as gold is imported in Patna in fewer quantities in comparison to high demand.
  • Production costs: If gold mining companies increase the production costs, Patna gold rates too increase.
  • Dollar and rupee equation: Gold in Patna is an imported commodity. Hence, if the rupee becomes strong against the dollar, the gold rates decrease; similarly, if the dollar becomes strong against rupees, the gold rate increase. This is because gold is traded in dollars and sold in rupees in the domestic markets.
  • Inflation: Gold in Patna is purchased to hedge against inflation that reduces an individual’s purchasing power. During the time of inflation, whatever little, people invest in gold as it offers steady returns and is a safe asset in comparison to other financial instruments. The demand for gold increases during the time of inflation, which eventually leads to an increase in the gold rate.

Various Gold Investment Options in Patna

Gold investment in Patna is primarily done through gold jewellery. However, there are various gold investment avenues in Patna that people don’t know about. So, here are various gold investment options one can look to invest in.

  • Gold coins: Investing in gold coins and bars is one of the most traditional ways of investing in gold in Patna. One can buy gold coins and bars from banks and jewellers.
  • Gold ETFs: One can buy gold without actually holding it physically. Gold ETFs are just like any other individual commodities listed on the stock exchange. Investment in Gold ETFs can be done by individuals who hold a Demat account.
  • Gold Mutual Fund: Investing in gold in Patna can be done through gold mutual fund that invests in various gold-related funds. One does not need to hold a Demat account to invest in gold mutual fund.
  • Gold ornaments: Gold ornaments are just not bought for the purpose of fashion, but also for investment. Purchasing gold jewellery includes making charges that are inclusive of the final price of the gold jewellery.

Things to Know Before Investing in Gold in Patna

To make sure your gold purchase is a transparent process in Patna, here are a few things to know before investing. The below points tell you about the things that you should check before shelling out your hard earned money on buying the precious yellow metal.

  • Check the cost per gram: Always check the cost per gram rate of gold as it gives you a fair idea of how much money you will have to pay to buy your favourite gold item. Gold coins, bars, ornaments are measured in grams and sellers sell it depending on the gold rate today in Patna. Gold rate today in Patna is determined on a daily basis by the IBJA.
  • BIS hallmark: If the jewellery item you are buying is not embodied with a BIS hallmark, then it’s advisable not to buy it. BIS hallmark denotes that the gold is pure and meets the prerequisite standards specified by the IBJA. Never buy gold without collecting the invoice: At the time of buying gold in Patna, always ensure that you collect the invoice from the jeweller. This is because it ensures that your jewellery purchase is transparent and is not ridden with any discrepancies.
  • Machine or manmade: Check if the gold item you are buying is machine or manmade. This is because machine-made gold items are cheaper than man-made ones.
  • Making charge: In simple terms, making charge is the labour charge involved in the making of the gold item. Making charges vary depending on the weight and purity of the gold item. Different jewellers have different making charges. So it is always imperative to check on the making charges before finally making a purchase.

Who Determines Gold Rate in Patna?

Patna gold rate is determined by the Indian Bullion. There is no such kingmaker in India that determines the gold rate. The Indian Bullion Association plays a key role in determining the rate of gold in India. The Indian Bullion and Jewellers Association Ltd. i.e. the IBJA plays an important role in determining the gold rate today in Patna. The IBJA consists of gold dealers and sellers who decide the gold rate today on the basis of the ‘buy’ and ‘sell’ quotes given by various jewellers. An average number is arrived on the basis of the ‘buy’ and ‘sell’ quotes given and the gold rate today is decided in Patna. While deciding the gold rate, other factors such as demand for gold, import duty, international gold price are also taken into consideration.

FAQs on Gold Rate in Patna

What is the gold rate today in Patna?

You can check the gold rate today in Patna online or at a jewellery store near you.

Can I buy gold without an invoice in Patna?

To make your gold purchase transparent and also ensure that there is no discrepancy involved, it is always advised to buy gold from a jeweller who is giving you an invoice for the purchase.

When is the gold rate in Patna the highest?

Gold rate in Patna is high during the time of festivals and wedding season.

Which are the well-known gold jewellers in Patna?

Few well-known jewellers in Patna are Ratnalaya jewellers, Rajlaxmi jewellers, PC Jeweller and others.

Can I buy gold online in Patna?

Yes, you can buy gold online in Patna.

Can I know gold rate today online in Patna?

Yes, you can easily know gold rate today online in Patna.

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