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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 2017 to June 2017 (per gram of 24 karat gold)

Gold Rate Trend in Bihar for January 2017 to March 2017 (per gram of 24 karat gold)

Gold Rate Trend in Bihar for January 2017

• Gold prices in January increased during the course of the month owing to flourishing demand.
• On the 1st of January, gold prices were recorded at Rs.2,843 per gram and consistent demand ensured that they kept rising as days passed, except for an uncharacteristic decline on the 2nd.
• From the 3rd of January, gold prices were mostly on the incline thanks to sustained demand from international and local traders.
• The lowest price of the precious metal during the month of January was recorded on the 2nd as prices dropped to Rs.2,838 per gram.
• Gold rates hit their highest for the month of January on the 24th as they hit Rs.3,014 per gram owing to concerns regarding the US monetary policy.
• Gold prices declined marginally towards the end of the month and a few corrections saw the precious metal close the first month of the year at Rs.2,989 per gram, marking an increase of Rs.146 in comparison to the start of the month.
• The overall increase in prices between the first and last day of January was recorded at 5.13% as there was enough cash in the system following demonetisation and the lack of cash caused by the policy.

Gold Rate Trend in Bihar for February 2017

• The US Federal Reserve rate hike was the highlight for the month of February, which contributed to a decline in gold rates over the second half of the month.
• Gold prices were recorded at Rs.2,989 per gram on the 1st of February, but a slight decline on the 2nd of the month saw them drop to Rs.2,977 per gram which made it the lowest recorded rate over the course of the month.
• Fluctuations in demand over the next few days saw prices rise and fall as the month progressed, and rates changed almost regularly as the increase in fed rate pushed investors away from investing in the precious metal at the same intensity as before.
• The highest recorded rate of the precious metal during the month of February was recorded between the 20th and the 22nd when prices fell to Rs.3,010 per gram.
• Reduction in prices over the last few days of the month saw the precious metal close February at Rs.3,008 per gram.
• Although prices did increase between the first and last day of February, the incline was minimal at just Rs.19, contributing to an overall increase of just 0.63%.

Gold Rate Trend in Bihar for March 2017

• For the first time in history, the US Federal Reserve upped the interest rate for a second time in the span of two months in March. Prior to this, the interest rates were increased by the Federal Reserve just two times over a period of seven years.
• Owing to the increase in interest rates, gold prices went down as demand declined and the price of the precious metal on the first day of the month was recorded at Rs.3,030 per gram.
• Prices fluctuated over the course of the month as marginal increases were written off by subsequent declines as the month went on.
• On 1st March, gold was trading at Rs.3,030 per gram and hit its lowest point on 15th, when the metal was trading at Rs.2,945 per gram.
• The lowest recorded rate of the precious metal during the course of the month was recorded on the 15th when prices fell to Rs.2,945 per gram.
• A rally in prices saw the precious metal end the month at Rs.2,987 per gram, marking an overall decline of 1.45% between the first and last day of March.

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.

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