Gold Rate Today in Muzaffarpur

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.

What Factors Affect the Price of Gold in Muzaffarpur?

Global Movement

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.

Interest Rates

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 Markets

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.

Inflation

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.

Government Reserves

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.

Investment Options for Gold in Muzaffarpur

• Digital Gold
  In recent years, digital gold has evolved as a popular gold investment option. It is a way to invest in physical gold via virtual platforms. Investments can start for as little as Re 1. The best part is that the seller can store the gold on your behalf in an aptly secured vault.
• Physical Gold 
  Physical gold is gold that can be touched and felt. Most common examples of physical gold include jewellery, coins and bars. It can be bought from jewellers, financial institutions and online platforms.
• Sovereign Gold Bonds
  Sovereign gold bonds are Government securities denominated in grams of gold. It is an excellent way to own gold without any of the hassles of storing it.

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.

Understanding 916 Hallmarked Gold Prices in Muzaffarpur

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.