Gold Rate In Bihar Today

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Gold Price In Bihar

Bihar occupies a unique place in Indian history and tradition, with a culture steeped in heritage, a culture in which gold has played an intrinsic role. Gold is considered auspicious by residents of Bihar and forms an integral part of all celebrations and festivals. Gold rates in Bihar are largely dependent on international gold rates, as there are no gold mines in the state and a good portion of gold used comes from other parts of the country or abroad. The demand for gold in Bihar peaks during festivals like Diwali, Chhath Puja, Teej and Chitragupta Pooja, which are celebrated across the state with great enthusiasm and fervour.

Bihar doesn’t account for a large portion of gold consumption in the country despite its large population, with most residents owning just small quantities of it. Gold jewellery continues to be the most popular form of owning gold in Bihar, with other options like bars and coins restricted to the elite.

Gold Rate Trend in Bihar for October 2020 to December 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Bihar from October 2020 to December 2020:

• The prices of gold in Bihar for the month of October opened and closed at Rs.5,222 and Rs.5,222 for a gram, respectively. The highest rate that the yellow metal touched for the month was on 13 October and was at Rs.5,287 per gram. The lowest rate that gold touched in October was Rs4,914 for a gram.
• In November, the prices of the yellow metal opened and closed at Rs.5,222 and Rs.4,932 for a gram, respectively. The highest and lowest rats that gold touched for the month were Rs.5,257 and Rs.4,932 per gram. Overall, gold rates declined by 5.55% over the course of the month.
• On 1 December, the price of gold in Bihar was at Rs.4,835 per gram. However, by the end of the month, gold rates increased by 4.71% and closed at Rs.5,063 for a gram. The lowest rate that the yellow metal hit in the month was on 1 December.

Gold Rate Trend in Bihar for July 2020 to September 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Bihar from July 2020 to September 2020:

• The price of gold in July in Bihar opened at Rs.5,005 per gram and closed at Rs.5,431 per gram. The gold prices had grown by 8.5% for this month. The outbreak of Covid-19 all over the world and the stimulus measures introduced by governments and central banks ensured that gold rates rose significantly.
• On 1 August 2020, the price of gold was at Rs.5,513 for a gram. By the end of the month, gold rates had reached Rs.5,293 per gram. Prices of gold in Bihar had dipped as many countries decided to reopen their economies. Gold rates declined by 3.99% in August.
• In September, the rates of the precious metal had fallen by 1.79%. Gold prices dropped due to the increase in appetite for riskier products. The gold prices in Bihar for the month of September opened at Rs.5,293 and closed at Rs.5,198.

Gold Rate Trend in Bihar for April 2020 to June 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Bihar from April to June:

• For the month of April 2020, gold opened at the rate of Rs.4,253 per gram in Bihar. The price remained steady at this rate till the 20th of April 2020. The prices went up after that and recorded the highest price on the second last day of the month wherein it stood at the rate of Rs.4,846 per gram. It closed at the rate of Rs.4,761 per gram. There was a hike of 11.94% in the overall performance of the metal.
• Opening the month of May 2020 at the rate of Rs.4,699 per gram, gold prices in Bihar witnessed an overall incline for the month. The highest price of the yellow metal was recorded on the 18th and 19th of May wherein it stood at the rate of Rs.4,883 per gram. The month came to an end with the price of the precious metal standing at the rate of Rs.4,799 per gram. The overall performance increased by 2.12%.
• The price of the yellow metal opened the month of June 2020 at the rate of Rs.4,799 per gram and showed an overall inclining trend of 4.29% with risk appetite amongst investors increasing. The month came to a close with the highest price of gold being recorded from 8 to 10 June where it stood at the rate of Rs.5,013 per gram. Gold closed at the rate of Rs.5,005 per gram for the month.

Gold Rate Trend in Bihar for January 2020 to March 2020 (per gram of 24 karat gold)

Quarterly Gold Rate in Bihar from January 2020 to March 2020:

• The prices of the yellow metal in Bihar had stood at Rs.4,027 per gram on 1 January. The weakening of the U.S. dollar coupled with a lot of progress having been made on the US-China trade deal, gold had become cheaper for all those who held currencies other than the U.S. dollar. The yellow metal had touched its highest price at Rs.4,251 by 9 January, as the fears about the US-Iran conflict had started to dilute. The overall performance for January had been an incline of 4.27% because the tensions about the US-Iran conflict and US-China trade deal had subsided.
• The price of the yellow metal in Bihar had stepped foot into February being priced at Rs.4,199 per gram and had then shown a continuous fluctuating trend during this month. With a lot of inclines in the rates during the second week of February, the demand for the yellow metal had been reduced during the first week of the month. After gold had hit its lowest price for the month, the rates had then bounced back and stood at Rs.4,209 per gram on 9 February. The metal had held steady rate on 10 February. With less new cases having been reported about the coronavirus, the investors had shifted their interest to the stock market and had a higher risk appetite. This had led to a decrease in demand for gold. On 13 February, gold prices had decreased to Rs.4,181 per gram. By 14 February, the rates of the precious metal had recorded a hike and stood at Rs.4,212 per gram. By 17 February, the rates of the metal had been Rs.4,239 per gram. During the last week of this month, prices of the metal recorded a declining trend. With the increase in the prices of gold, investors had started to book profits. Due to this, the rates of the metal had slipped. The metal had closed at Rs.4,377 per gram by 29 February and the incline was by 4.23%.
• In March, the price of gold had witnessed a dip in its rates by 0.9% from Rs.4,303 per gram on the first day of the month to Rs.4,263 per gram by 31 March. Gold had then seen a hike in its price on 3 March (by Rs.34) and the metal was priced at Rs.Rs.4,337 per gram. Climbing up from a huge price fall that was led by the traders hoping that the U.S. Federal Reserve would cut interest rates, gold had seen an increase in its price. The very first week of March had seen gold close at Rs.4,565 per gram. By 18 March, the yellow metal had reached its lowest price for the month. The precious metal had been sold at Rs.4,158 per gram. This dip in the gold prices has been associated with all traders liquidating their positions in the precious metal. This was done in spite of all the measures by the central banks for combatting the impact coronavirus. On 31 March, one gram of gold had been priced at Rs.4,263 per gram.

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Gold investment avenues in Bihar

Bihar is opening up to the idea of gold being more than an auspicious purchase, with investors purchasing gold in a bid to diversify their investment portfolios.

Over-the-counter – Jewellery has been the preferred investment option in gold, with it accounting for a majority of gold purchases and investments. Bigger cities like Patna, Gaya and Bhagalpur have a large number of jewellery stores, which cater to the gold requirements of residents. Gold coins and bars are also gaining prominence, with banks and big jewellers selling them at international rates. Gold purchased by banks are generally a tad more expensive, owing to their quality assurance, though gold can be purchased easily across the state, with shops catering to different budgetary needs of customers.

Market trade – E-gold, ETFs (Exchange Traded Funds) and futures contracts are a few popular trading options for gold investors. Market trade has not gained much prominence in Bihar but is slowly finding takers, with ETFs being considered a safe investment thanks to their solid returns and their ability to be traded on the Bombay Stock Exchange. E-gold offers investors the flexibility of physically owning the gold and can be traded through the National Spot Exchange Limited. Investors opting for futures contract can take delivery of gold on a predetermined rate, which could protect them from market fluctuations.

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