Gold Rate Today in Bikaner
Last updated on: 8th Mar 2023 06:30 AM
Bikaner is a historical city situated in northern Rajasthan. It is known for its royal connections and unique dunes. The regal past of the town displays its opulence through the grand palaces and forts. In addition, the region boasts some of the best riding camels in the world, earning it the title 'camel country.' Another unique aspect of the city is the buzzing markets. Besides colourful local merchandise, they trade in various commodities, including gold.
Gold Rate Comparison - 22K vs 24K
Who Decides the Gold Rates in Bikaner?
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Bikaner. IBJA consists of the country's most prominent gold dealers. They account for the lion’s share of gold that is sold and bought in the country and hence, has the power to determine the gold price across the country.
Banks are the largest importers of gold in the country. However, they add a fee to the imported gold before selling it to a supplier, increasing the purchase price at the source. By the time it reaches you, the price you pay for gold includes various charges. For instance, when you buy gold jewellery, you may also need to pay a making price.
Today's 22K & 24K Gold Rates Per Gram in Bikaner
| Gram | Yesterday | Today |
|---|---|---|
| 1 gram | ₹554.30 -1.00 (-0.18%) | ₹554.30 0.00 (0.00%) |
| 8 grams | ₹4,434.40 -8.00 (-0.18%) | ₹4,434.40 0.00 (0.00%) |
| 10 grams | ₹5,543.00 -10.00 (-0.18%) | ₹5,543.00 0.00 (0.00%) |
| 100 grams | ₹55,430.00 -100.00 (-0.18%) | ₹55,430.00 0.00 (0.00%) |
Gold vs. FD
Both gold and fixed deposits are popular investment instruments. However, both share some differences, too. To begin with, returns from FD are guaranteed and fixed. Market fluctuations or economic conditions don’t affect your interest income.
On the other hand, gold rates can fluctuate. This is because gold rates get decided daily. They could go up or down based on economic conditions. But per historical trends, gold rates have always gone up in the longer term.
Historical Gold Rate in Bikaner for Last 10 Days
| Day | 24K Gold | 22K Gold |
|---|---|---|
| 09 Mar 2023 | ₹5,543.00 0.00 (0.00%) | ₹5,081.27 0.00 (0.00%) |
| 08 Mar 2023 | ₹5,543.00 -10.00 (-0.18%) | ₹5,081.27 -9.17 (-0.15%) |
| 07 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
| 06 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
| 05 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
| 04 Mar 2023 | ₹5,553.00 0.00 (0.00%) | ₹5,090.44 0.00 (0.00%) |
| 03 Mar 2023 | ₹5,553.00 15.00 (0.27%) | ₹5,090.44 13.75 (0.23%) |
| 02 Mar 2023 | ₹5,538.00 16.00 (0.29%) | ₹5,076.68 14.67 (0.24%) |
| 01 Mar 2023 | ₹5,522.00 11.00 (0.20%) | ₹5,062.02 10.08 (0.17%) |
| 28 Feb 2023 | ₹5,511.00 -16.00 (-0.29%) | ₹5,051.93 -14.67 (-0.24%) |
How is the Purity of Gold Evaluated in Bikaner?
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.
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.
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.
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.
Top Factors Influencing Gold Prices in Bikaner
Numerous factors influence the gold rates in Bikaner. Let's look at some of them:
- International Gold Prices
Since India imports gold in significant quantities, any change in the international gold rates has a bearing on gold prices in India. If the global gold prices rise, the gold prices in Bikaner also tend to rise and vice versa. - Rupee Vs Dollar
If the Indian Rupee weakens against the US Dollar (USD), the gold prices in Bikaner will rise as gold is traded internationally in USD. Similarly, if the Indian Rupee strengthens vis-a-vis the US Dollar, the gold prices will fall. - Inflation
When inflation is high, gold prices tend to rise. Since gold is believed to be a hedge against inflation, people tend to hold on to gold in the face of a declining currency. - Seasonal Demand
The demand for gold increases during weddings and festivities. This surge in demand causes gold prices in the jewellery markets to rise. - Monsoon Season
Bikaner is surrounded by villages whose sustenance depends on agriculture. Hence, a good monsoon impacts gold rates in the city. A fruitful monsoon season leads to better agricultural yield, prompting farmers to invest in gold. This hike in demand drives up gold prices. - Interest Rates
Interest rates and gold prices share an inverse relation. When interest rates rise, people tend to sell their gold and invest in fixed-income instruments. As the demand for gold falls, the prices drop. Similarly, when interest rates go up, investors may prefer gold over fixed deposits, increasing the demand for gold and driving up prices.
Impact of GST on Gold Rate in Bikaner
The Goods and Services Tax (GST) has had a significant impact on the gold rate in Bikaner. Before GST implementation, buyers had to pay 1% service tax and 1% Value Added Tax (VAT). So, in total, they paid a 2% tax over and above the selling price of the jewellery.
After GST was implemented, the Government fixed the rate of GST on gold at 3%. So, although by a marginal scale, the gold rates in Bikaner did increase with GST implementation.
Moreover, if you want to make gold jewellery, an additional 5% GST on the making charges will apply.
So, GST has led to an increase in gold prices in Bikaner.
Impact of Central Bank Policies on Bikaner Gold Rate
Since the start of 2018, the Reserve Bank of India has introduced a series of policy initiatives that impacted the gold price throughout India, including Bikaner. These include raising interest rates and reducing the supply of Rupees in circulation, thus increasing the gold price.
Further, the Government of India has been trying to reduce its exposure to volatile financial markets by increasing its gold reserves. This has caused the gold rate to rise.
FAQs of Gold Rate in Bikaner
What are the various options I have for investing gold in Bikaner?
The people of Bikaner have invested in gold jewellery. However, today various other options are available, allowing you to explore opportunities beyond physical gold. These include digital gold, gold Exchange Traded funds (ETFs), gold mutual funds and Sovereign Gold Bonds (SGBs).
What is the meaning of 24-karat gold?
How many grams of gold are present in one 'tola' gold?
How do I verify the purity of gold in Bikaner?
Sovereign Gold Bond
2.5% p.a. + Gold price increase
- RBI issued bonds
- Best deals filtered for you
- Tax exempted when held till maturity
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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the prevailing rates are subject to change with market value and are provided on an as-is basis. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of the data contained on this website.