Gold Rate Patna
Last updated on: 2nd Jun 2023 05:41 PM
Patna, the capital of Bihar, is the 5th fastest-growing city in India. Its rich past as the capital of the Mauryan Empire and promising future as a 21st-century metropolis make Patna an interesting mix of ancient and modern. Today, Patna serves as Bihar's central administrative, industrial, and educational nucleus. Its bustling markets are a testimony to the city's reputation as a business hub.
Gold is among the most traded commodities in Patna. From world-class showrooms to skilled craftsmen - a legion of specialists cater to the city's demand for gold. However, if you are a first-time investor, you must research the gold markets carefully. Most important, you should be aware of the ongoing gold rates in the city.
The IBJA (The Indian Bullion Jewellers Association) plays a vital role in determining the daily gold rates in Patna. 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.
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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.
Interest rates are inversely related to gold prices. For instance, when interest rates are low, the cost of gold decreases. This happens because people put their money in fixed deposits - a relatively safer option than gold. On the other hand, when interest rates go up, people turn to gold, believing that fixed deposits may not generate desired returns. This demand-supply imbalance caused by fluctuating interest rates impacts gold prices.
Since many people see gold as a hedge against inflation, they tend to hold on to their gold assets in the face of a declining currency. This directly increases the demand for gold and drives up its prices.
The cost of yellow metal in India is impacted by any changes in the price of gold on a global scale. India is one of the largest gold importers in the world; when import prices change due to a shift in global gold prices, the gold rates in India fluctuate.
During auspicious festivals or weddings, gold prices in Patna typically show an upward trend. With more people buying gold, the demand for this precious metal rises significantly. The increasing demand causes gold rates to go up.
Matching pace with the rest of India, Patna has not restricted itself to just investing in physical gold. The young investors in the city are particularly interested in digital or paper gold. These options help kickstart their gold investment journey without the fuss of owning gold in physical form. However, gold jewellery as a traditional investment mode is still in demand. So, let us now look at how Patna invests its gold.
Digital gold is a way of buying and selling physical gold online. Various online platforms allow investors to trade in digital gold. Further, this type of gold can be stored in secured vaults by the forum on behalf of the buyer.
Gold ETFs are units representing gold in dematerialised form. To start investing, you need a Demat account. Each team in a gold ETF is issued and traded for 0.01 grams, 0.5 grams, or 1 gram of actual gold, depending on the fund. Gold ETF costs fluctuate in lockstep with gold prices.
The Government of India launched the Sovereign Gold Bond Scheme in 2015. These are Government securities issued by the Reserve Bank of India valued in grams of gold. They serve as alternatives to holding actual gold. They come with a lock-in period of 8 years. However, investors can buy or sell the bonds only using cash.
How much pure gold does 22-karat contain?
22-karat gold is most commonly used to make jewellery items. It contains 91.6% pure gold in 100 grams alloy. The rest are metals like zinc, silver, nickel etc.
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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.