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Gold Rate 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, 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 April 2016 to June 2016 (per gram of 24 karat gold)
|1st day||Rs.3,018 per gram||Rs.3,018 per gram||Rs.3,015 per gram|
|Last day||Rs.3,018 per gram||Rs.3,003 per gram||Rs.3,221 per gram|
|Highest price||Rs.3,018 per gram throughout the month||Rs.3,157 per gram from the 7th to 11th of May||Rs.3,259 per gram from June 24th to 27th and on June 29th|
|Lowest price||Rs.3,018 per gram throughout the month||Rs.3,003 per gram from the 27th to 31st of May||Rs.2,988 per gram on 4th of June|
Gold Rate Trend of Bihar in April 2016
- There were no changes whatsoever in gold prices during the entire month as they remained stable at Rs.3,018 between the first and last day of the month.
Gold Rate Trend of Bihar in May 2016
- Gold prices remained unchanged on the first day of May, at Rs.3,018.
- Prices fluctuated during the first week of May, but increased marginally on the 7th and remained unchanged until the 11th at Rs.3,157, which was also the highest recorded rate in the month of May.
- Fluctuations continued over the month and the lowest price recorded in May was between the 27th and 31st when they plunged to Rs.3,003 and closed the month at Rs.3,018.
- The overall decline in prices when comparing the first day of May to the last was only Rs.15.
Gold Rate Trend of Bihar in June 2016
- Gold prices were recorded at Rs.3,015 on the 1st of June and fluctuated over the course of the month.
- The highest recorded rate in June was between the 24th and 27th as well as the 29th when prices soared to Rs.3,259.
- The overall increase in prices between the first and last day of the month was Rs.206.
Gold Rate Trend in Bihar for January 2016 to March 2016 (per gram of 24 karat gold)
|1st day||Rs.2,587 per gram||Rs.2,692 per gram||Rs.3,090 per gram|
|Last day||Rs.2,692 per gram||Rs.3,067 per gram||Rs.3,018 per gram|
|Highest price||Rs.2,692 per gram from January 8th to 31st||Rs.3,092 per gram on February 26th||Rs.3,090 per gram from March 1st to 18th|
|Lowest price||Rs.2,587 per gram from January 1st to 5th||Rs.2,692 per gram on 1st February||Rs.3,018 per gram from 22nd to 31st of March|
Gold Rate Trend of Bihar in January 2016
- Gold traded at Rs.2,587 per gram on the 1st of January and remained unchanged until the 5th following which there were fluctuations for the next two days.
- Prices climbed to Rs.2,692 on the 8th of January and remained constant until the end of the month.
- The overall increase in prices between the first day and the last day of January was Rs.105.
Gold Rate Trend of Bihar in February 2016
- Gold prices were recorded at Rs.2,692 per gram on the 1st of February, as there were no changes in rates from the last day of the previous month.
- Prices increased gradually over the course of the month, and although there were slight declines on certain days, they were written off by subsequent gains.
- The highest rate recorded in the month of February was Rs.3,092, on the 26th, while the lowest was Rs.2,692 on the 1st.
- A steady rise in prices over the 29 days meant that gold closed the month at Rs.3,067 per gram, with an overall increase of Rs.375.
Gold Rate Trend of Bihar in March 2016
- Gold prices were recorded at Rs.3,090 on the 1st of March, and they remained unchanged until the 18th of the month.
- Prices declined to Rs.3,019 on the 19th and remained stable for the next two days after which a further decline by Re.1 saw prices plunge to Rs.3,018 and remain there until the end of the month.
- The overall decline in prices between the first and last day of March was just Rs.72.
Details of Gold Price in Bihar(22 Karat & 24 Karat) - Till August 2015
24 karat gold – Gold coins and bars generally contain 24 karat gold, as it is the purest form of gold one can purchase. It is not used in jewellery as it is too soft to be moulded into shape. Lack of additives or impurities make it an expensive buy, with 1 gram of 24 karat gold costing Rs 2,522 in Bihar (as of August 11, 2015). Gold rates in Bihar have dipped by over 10.9% in the last year, with a 4.5% decrease in the last month alone. Gold rates have been on a tumultuous ride, having reached peaks of Rs 3,360 per gram in August 2013, with the rates hovering around the Rs 3,000 per gram mark till March 2014. Gold rates have been on a downward trend ever since, with prices ranging between Rs 2,600 to Rs 2,800 per gram. Prices dropped close to Rs 2,500 in July this year, with experts expecting a further decline in rates over the coming months.
22 karat gold – 22 karat gold is widely used in jewellery and contains only 92% pure gold, which makes it cheaper than 24 karat gold. Individuals wishing to purchase 1 gram of 22 karat gold in Bihar would have to shell out Rs 2,361 (as of August 11, 2015). 22 karat gold rate trends are closely related to 24 karat rates, with the rates dropping by almost 11% in the last one year. 1 gram of 22 karat gold could be purchased for around Rs 2,800 in January 2014, with rates dropping steadily over the year. Prices began to fall below the Rs 2,500 mark towards the end of 2014, with July 2015 seeing them touch a 5 year low.
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.
|Also Check: Gold Rate in Patna|
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News About Gold Rate In Bihar
Gold Imports Decrease by 8 per cent in 2015 - 16
Gold imports decreased by around 8 per cent in 2015 - 16 to $ 31.72 billion due to a variety of factors including weak global prices. In 2014 - 15, gold imports stood at $ 34.38 billion. The decline in prices of precious metals in domestic and global markets is seen as a major factor for the plunge. India is currently the largest importer of gold globally and the imports meet the demand of jewellry industry. The exports of jewellry and gems have been affected by the dip in gold imports and the jewellry export saw a rise of just 4.6% to $ 3.61 billion in March.
26th April 2016
- For more related news /update on gold price visit: Gold News