Last updated on: 29th Jan 2023 9:00 AM
Muzaffarpur is a sub-metropolitan city in the Tirhut area of Bihar. the city is home to countless gold enthusiasts. Gold is a popular investment option for people of Muzzafarpur who typically like investing in jewellery, coins or bars. To cater to this ever-increasing demand, the city has many jewellers and skilled goldsmiths. However, the gold rates are rarely static and move up and down depending on various factors. To get the best out of your gold-buying deal, check the rates beforehand. Also, understand the factors that cause them to fluctuate.
Any global shift in the price of gold influences the yellow metal's price in India. When import prices fluctuate due to international price movements, the same is reflected in domestic gold prices.
Again, the value of money may plummet during geopolitical tensions. At such a time, gold is viewed as a haven by investors. As a result, the demand and price of gold grew during political upheavals as opposed to quiet periods.
Gold prices are influenced by interest rates and have an inverse connection with them. When interest rates drop, people don't get the expected returns on their deposits. Customers tend to acquire gold believing that gold may yield better returns. This leads to an increase in demand for gold, driving up its prices.
Jewellery in Muzzafarpur is a fashion accessory, an investment instrument and a means to display one's wealth. The demand for gold particularly rises during festivals or weddings. This increased demand leads to higher rates.
Gold rates tend to be directly proportional to inflation. In other words, higher levels of inflation generally result in a hike in gold prices. People tend to hold on to their gold during inflationary periods believing that the value of gold will remain stable even when currency declines. With rising demand and limited supply, gold prices skyrocket.
The Government of India sells and buys gold for its reserves through the Reserve Bank of India (RBI). The quantity of gold traded in by the government cause gold prices to rise or decrease.
Gold Exchange Traded Funds (ETFs)
Gold ETFs (Exchange Traded Funds) represent one gram of physical gold held in Demat (paper) format. These are traded on stock exchanges like regular shares.
BIS 916 gold is 22-karat hallmarked gold, with the number 916 signifying the purity of gold in the end product. Similarly, 958 gold represents 23-karat gold, and 750 gold represents 18-karat gold.
BIS stands for the Bureau of Indian Standards, a Government-backed institution that hallmarks gold in India. When purchasing gold jewellery, you must check for the BIS logo and mark and the jeweller's identification mark.
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|30 Jan 2023|
|29 Jan 2023|
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The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Muzaffarpur. 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.
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.
|Day||24K Gold||22K Gold|
|01 January 2023||5465||5205|
|30 January 2023||5691||5420|
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.
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 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.
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.
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