Gold Rate In Bihar

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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 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.

Gold Rate Trend in Bihar for October 2016 to December 2016 (per gram of 24 karat gold)

Gold Rate Trend for Bihar in October 2016

• The price of gold in Bihar was steady due to sustained demand from the industrial sector as the month began, though prices dropped towards the end of the month.
• Gold was priced at Rs.3,244 per gram on 1st October, with the price remaining constant for the next 2 weeks due to steady demand both domestically as well as internationally.
• The festive season led to increased demand from jewellers, which kept prices stable as industrial demand fluctuated based on U.S. Dollar rates.
• Prices began to dip from 12th October onwards, as demand fell as stock markets rallied.
• Gold ended the month trading at Rs.3,130 per gram on 31st October, recording a loss of over 3.5% due to a slump in demand.

Gold Rate Trend for Bihar in November 2016

• Gold prices dropped significantly the month of November due to stagnating demand after initially making gains.
• Gold was priced at Rs.3,130 per gram on 1st November but made gains during the week as markets were unstable due to uncertainty over the upcoming U.S. presidential elections, which led gold to rally and record a monthly high of Rs.3,190 per gram on 3rd & 4th November.
• The surprise announcement of the demonetisation of large currency notes threw Indian markets into turmoil, which kept demand for gold high.
• As markets recovered from the previous week’s losses, demand for gold began to fall as industrial demand slumped due to fewer orders from Asia.
• The shortage of cash in the aftermath of demonetisation led to lower retail demand in India, which impacted prices negatively.
• Gold prices fell to a monthly low of Rs.2,919 per gram on 27th November as prices continues to drop.
• The price of gold recovered marginally to trade at Rs.2,926 per gram on 30th November, as prices dipped by 6.51% during the month.

Gold Rate Trend for Bihar in December 2016

• The month of December saw the price of gold continue to trade lower than expected due to unfavourable market conditions.
• Gold was priced at Rs.2,884 per gram on 1st December as the U.S. Dollar traded high on strong sales before Christmas.
• Domestic demand was also poor as exports became more expensive due to a strengthening U.S. Dollar, which led to a dip in price.
• Prices fell to a low of Rs.2,749 per gram on 24th December as demand dropped significantly during Christmas, as Asian markets also reduced their appetite for the metal.
• Prices rose marginally as the month ended, with gold trading at Rs.2,843 per gram on 31st December to record a monthly loss in value of 1.42%.

Gold Rate Trend in Bihar for July 2016 to September 2016 (per gram of 24 karat gold)

Gold Rate Trend of Bihar in July 2016

• Gold traded at Rs.3,252 per gram on 1st July.
• Marginal increases were written off by subsequent gains as the month progressed and prices remained stable for large parts of the month.
• The highest recorded rate in the month of July was recorded on the 7th when prices hit Rs.3,305 per gram.
• Gold closed the month at Rs.3,392 per gram, and the overall increase in prices between the first and last day of the month was just 1.23%.

Gold Rate Trend of Bihar in August 2016

• The rate of gold per gram on the 1stt of August was recorded at Rs.3,271, and prices increased consistently for the next two days.
• The highest recorded rate in August was Rs.3,287 per gram between the 5th and the 7th of the month.
• Prices achieved stability at Rs.3,248 between the 13th and the 17th of August.
• Stability was also achieved between the 18th and 28th at Rs.3,277.
• Prices then fell to Rs.3,237 on the 29th and remained unchanged until the end of the month to record an overall decline of 1.4%.

Gold Rate Trend of Bihar in September 2016

• Gold traded at Rs.3,218 per gram on 1st September.
• Rates fell to Rs.3,200 and remained constant on the 6th, making it the lowest recorded rate in the month.
• Rates rose to Rs.3,244 on the 7th and remained unchanged until the month. It was the highest rate for the month of September.
• The overall increase in rates between the start and end of September was a little less than 1%.

Gold Rate Trend in Bihar for April 2016 to June 2016 (per gram of 24 karat gold)

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.

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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