Gold Rate Today in Bihar _{Last Updated : 02 Dec 2022}

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Todays 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.

Trend of Gold Rate in Bihar for October 2022

September 2022 Gold Rate in Bihar

Trend of Monthly Gold Rate in Bihar for September 2022

• In Bihar, gold prices opened the month of September standing at the rate of Rs.5,035 per gram of 24 karat gold. Over the month of September, the precious yellow metal witnessed some fluctuations in its price and displayed an overall decline in its performance.
• The highest price for the month was Rs.5,061 per gram on 6 September. Gold prices in Bihar recorded their lowest for the month on 27 September when a gram of 24 karat gold was being traded for Rs.4,930. Thus, the overall performance of the yellow metal witnessed a declining trend wherein the percentage change stood at –0.41%.
• The price of gold for the month of September closed at Rs.5,014 in Bihar.

August 2022 Gold Rate in Bihar

Trend of Monthly Gold Rate in Bihar for August 2022

• On 1 August, a gram of 24 karat gold was priced at Rs.5,108 in Bihar. However, as the month progressed, the prices of gold declined by 0.09% and closed the month at Rs.5,103 per gram.
• The highest price of the precious metal was noted on 14 and 15 August wherein a gram of 24 karat gold was being sold at Rs.5,208. Gold was trading at its lowest price point of Rs.5,087 per gram on 23 August.
• Thus, the overall performance of gold prices in Bihar was that of a decline and the percentage change stood at –0.09% for the month of August.

Gold Rate Trend in Bihar from April 2022 to June 2022

Quarterly Gold Rate in Bihar from April 2022 to June 2022

• In Bihar, a gram of gold costs Rs.5,192. Over the month of April, the prices of the yellow metal have witnessed an inclining trend where the percentage change was recorded at –1.20%.
• In Bihar, the price of gold for the month of May opened at Rs.5,255 per gram. The gold price reached its highest point at Rs.5,255 on 1 May. The market has witnessed a declining trend with a percentage change being –0.13%.
• In Bihar, the price of gold in June opened at Rs.5,161 per gram. The month ended with the price standing at Rs.5,072 per gram. The lowest price of gold for the month of June is Rs.5,072. The overall performance of gold in Bihar saw a declining trend in the month by -1.75%.

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.

FAQs on Gold rate in Bihar

1. Which gold is best to invest in Bihar?

   If you are looking forward to long term investment in Bhubaneshwar then 24 karat gold is the best option. If you are looking forward to making jewellery, then investing in 22 karat or 18 karat gold would be a better option.

2. What precautions should be taken while purchasing gold jewellery in Bihar?

   While purchasing gold jewellery in Bihar, you need to make sure to check for purity, negotiate making charges, and cross check the price of the yellow metal. You must know that the price varies based on the purity of gold.

3. Where to buy gold in Bihar?

   When buying gold in Bihar, make sure that you are buying from a well-established and certified dealer. Ensure that the gold is marked, stamped, engraved or in some way certified and determined to be authentic gold of whichever purity you choose – 22 karat or 24 karat.

4. Which factors affect the gold price in Bihar?

   The gold prices in Bihar are affected by various external factors such as the rate of Indian currency with respect to US dollar, price of oil, important political events, etc. The internal factors such as the policies introduced by the government, interest rate, the demand for gold, etc., also have an impact on gold prices in India.

5. How can I check whether the Bihar gold that I have purchased is authentic?

   One of the easiest ways to check the authenticity of your gold is to conduct the float test. Take your gold ornament and put it in a bowl of cold water. If the gold item sinks to the bottom of the bowl, then it is real gold since the precious metal’s density is high.

6. Why is 24 karat gold not used for making jewellery in Bihar?

   The 24-karat gold is of the highest purity and is very soft. This softness allows the yellow metal to be easily drawn into wires and beaten into sheets. Because of this exceptional softness, it is difficult for a jeweller to craft intricate jewellery pieces with 24 karat gold.

7. Which composition of Bihar gold is more durable, 22 karat or 24 karat?

   As 22 karat gold has other metals blended, it is considered more durable than 24 karat gold.