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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.

How to Invest in Gold in Patna?

If one wants to purchase physical gold, all that he or she has to do is go to a nearby jewellery shop and buy gold jewellery and/or gold coins. Buyers are advised to give preference to coins, since jewellery involves making costs, which cannot be recovered by the individual when selling. Besides physical gold, one can opt to buy gold ETFs. They are funds that primarily invest in gold, and can be bought and sold on the exchange. For dealing with gold ETFs, an individual can simply ask the broker to buy it after opening a broking and trading account. Sovereign gold bonds are also listed, and users can buy them in the same way as listed shares are bought.

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.
  • Level of purity: The precious metal is available in different purity levels. Its purity is generally expressed on the basis of Karat and fineness. The level of purity has an impact on the price of gold.

6 Months Gold Rate in Patna

Trend of Gold Rate in Patna for August 2019

Gold Rates22 Carat24 Carat
1st August rateRs. 33,800Rs. 34,800
31st August rateRs. 37,650 Rs. 38,650
Highest rateRs. 37,950 on August 8 Rs. 38,950 on August 8
Lowest rateRs. 33,800 on August 1 Rs. 34,800 on August 1
Overall performanceRisingRising
% change+11.39%+11.06%

Source: GoldPriceIndia

Trend of Gold Rate in Patna for July 2019

Gold Rates22 Carat24 Carat
1st July rateRs. 33,200Rs. 34,200
31st July rateRs. 34,050Rs. 35,050
Highest rateRs. 34,400 on July 19 Rs. 35,400 on July 19
Lowest rateRs. 32,700 on July 2 Rs. 33,700 on July 2
Overall performanceRisingRising
% change+2.56%+2.49%

Source: GoldPriceIndia

Trend of Gold Rate in Patna for June 2019

Gold Rates22 Carat24 Carat
1st June rateRs. 31,450Rs. 32,450
30th June rateRs. 33,200 Rs. 34,200
Highest rateRs. 33,650 on June 25 Rs. 34,650 on June 25
Lowest rateRs. 31,450 on June 1 Rs. 32,450 on June 1
Overall performanceRisingRising
% change+5.56%+5.39%

Source: GoldPriceIndia

Trend of Gold Rate in Patna for May 2019

Gold Rates22 Carat24 Carat
1st May rateRs. 30,700Rs. 31,850
31st May rateRs. 31,000 Rs. 32,000
Highest rateRs. 31,600 on May 15 Rs. 32,600 on May 15
Lowest rateRs. 30,600 on May 3 Rs. 31,750 on May 3
Overall performanceRisingRising
% change+0.98%+0.47%

Source: GoldPriceIndia

Trend of Gold Rate in Patna for April 2019

Gold Rates22 Carat24 Carat
1st April rateRs. 31,110Rs. 32,650
30th April rateRs. 31,250Rs. 32,250
Highest rateRs. 31,400 on April 1 Rs. 32,650 on April 1
Lowest rateRs. 30,800 on April 12 Rs.31,800 on April 12
Overall performanceRisingFalling
% change+0.45% -1.23%

Source: GoldPriceIndia

Trend of Gold Rate in Patna for March 2019

Gold Rates22 Carat24 Carat
1st March rateRs. 32,750Rs. 35,026
31st March rateRs. 31,100 Rs. 32,640
Highest rateRs. 32,750 on March 1Rs. 35,026 on March 1
Lowest rateRs. 31,100 on March 18Rs. 32,640 on March 18
Overall performanceFallingFalling
% change-5.04%-6.81%

Source: GoldPriceIndia

Importance of Checking Gold Rate in Patna

Noting down the price of gold is important because even a minute variation in gold rate can result in a major loss. The rates of gold today are very high when compared with that of a decade ago. Individuals are advised to compare the current gold rate of one jeweller with that of the others in the city. The well-established jewellers are likely to charge higher in making charges for gold purchase. If one finds that the making charges of gold is significantly greater in one jewellery store, it is recommended to factor in the rate charged by goldsmiths or jewellers. By doing so, the individual might be able to find one whose rate fits his or her budget.

How GST Impacts Gold Rate in Patna

Before the implementation of GST, the tax on gold was - 1% service tax and 1% VAT. Now, the GST charged on gold is 3%. Additionally, gold has a 5% making charge. The GST council had earlier planned to levy 18% as gold making charges. However, when the new tax regime came into effect, the council decided to keep it at 5%.

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.

How to Buy Gold after Checking Gold Price in Patna?

The different ways by which a user can buy gold include:

  • Buying gold ornaments from a jewellery store
  • Investing in gold coins and bars offered by jewellers, banks, non-banking finance companies and e-commerce websites
  • Buying Gold ETFs from the stock exchange (after opening demat and trading accounts)
  • Availing Sovereign Gold Bonds that have been issued by the government
  • Investing in firms involved in the mining, extracting and marketing of gold

What is BIS Hallmarked Gold?

Gold jewelleries that have been hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This is evidence that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It should, however, be noted that BIS hallmarking is not obligatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Before buying gold jewellery, it is important to check with the jewellers whether or not they offer BIS hallmarked ornaments.

Conclusion

Gold is a worthwhile investment since it acts as a hedge against inflation. Overtime, it would yield returns that are in line with the rate of inflation. Financial experts recommend this investment route is because gold is negatively correlated to equity investments. From 2007, it was seen that the equity markets did not perform too well, whereas gold did. Thus, making gold part of one’s portfolio mix can help reduce the overall volatility of the portfolio.

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.

What is per gram Gold Rate in Patna?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,781 per 1 gram.

What is 10 gram Gold Rate in Patna?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 37,810 per 10 grams.

What is 100 grams Gold Rate in Patna?

According to the Good Returns website, the gold price for 24 karat gold is Rs. 3,78,100 per 100 grams.