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Gold Rates in Patna
Patna, in Bihar is a place that is heavily influenced by both the Northern and the Eastern cultures of India. As such, culinary experiences, varied festivals and numerous occasions come bundled with this trait. Patna is known to celebrate every major festival in India in a grand way. Gifting forms a major part of the gold buying, while certain festivities add to the already growing stock of gold with people in Patna. The gold rate in Patna is more or less the same as that around the globe, concerning the bullion rates, prices of coins, bars and jewellery.
Though not a primary mode of investing, gold jewellery and coins occupy a place in the gifting sector in Patna. With Diwali, Dussehra and Holi being predominantly the Eastern and Northern influence for gifting occasions, Teej and Chhath are the festivities central to Patna and are as important from a cultural and spending perspective. Artisans and jewellers from the North and East have made Patna a hub for themselves and thus one can find a hodge podge of variegated designs and work influence in the jewellery stores around Patna. That increases the choices of people wishing to invest in gold. Primarily, well-off families generally tend to do more of the gold investing in the region.
Trend of Gold Rate in Patna for December 2016 (rates per gram for 24karat gold)
December 2016 - Week 1 (1st to 4th)
- In Patna, gold traded at Rs.2,893 per gram on the 1st of December.
- Prime Minister Narendra Modi’s decision to de-value Rs.500 and Rs.1,000 notes still seemed to have an effect on gold sales as sales didn’t hit great numbers.
- Gold saw a small fluctuation as it sold for Rs.2,895 on the 2nd of December.
- For December 3rd and 4th though, gold rates went down to Rs.2,893 and remained the same during closing hours of the 4th.
Gold Rate Trend in Patna for July 2016 to September 2016 (per gram of 24 karat gold)
|1st day||Rs.3,252 per gram||Rs.3,271 per gram||Rs.3,218 per gram|
|Last day||Rs.3,292 per gram||Rs.3,237 per gram||Rs.3,244 per gram|
|Highest price||Rs.3,305 per gram on 7th July||Rs.3,287 per gram from 5th to 7th August||Rs.3,244 per gram from 7th September to 30th September|
|Lowest price||Rs.3,218 per gram from 27th July to 29th July||Rs.3,232 per gram on the 9th of August||Rs.3,200 per gram on 5th and 6th September|
Gold Rate Trend of Patna in July 2016
- Gold traded at Rs.3,252 per gram on 1st July.
- Prices rose consistently until the 4th of the month, after which fluctuations were in order.
- Marginal increases were written off by subsequent gains as the month progressed.
- Although prices fluctuated for large parts of the month, there were days on which stability was achieved.
- 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 Patna 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.
- A marginal decline on the 4th was followed by an increase which led to the highest recorded rate in August at Rs.3,287 per gram.
- Fluctuations ensued until the 12th of August, after which prices became stable at Rs.3,248 from the 13th to the 17th.
- 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 stable until the end of the month to record an overall decline of 1.4%.
Gold Rate Trend of Patna in September 2016
- Gold traded at Rs.3,218 per gram on 1st September and prices remained the same on the 2nd as well.
- Prices increased to Rs.3,239 on the 3rd and remained stable on the 4th.
- Rates then fell to Rs.3,200 and remained constant on the 6th. It was the lowest recorded rate in the month.
- On the 7th of September, prices rose to Rs.3,244 and remained unchanged until the month.
- The overall increase in rates between the start and end of September was just under 1%.
Gold Rate Trend in Patna 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 on June 1st|
|Last Day||Rs. 3,018 per gram||Rs. 3,003 per gram||Rs.3,221 per gram on 30th of June|
|Highest Price||Rs. 3,018 per gram on April 30||Rs. 3,157 per gram on May 7||Rs.3,259 per gram from 24th to 26th of June|
|Lowest Price||Rs. 3,018 per gram on April 1||Rs. 3,003 per gram on May 31||Rs.2,998 per gram on June 3rd|
Gold Rate Trend of Patna in April 2016
- The month of April was unusual in the sense that there were absolutely no fluctuations in the rate of gold throughout the entire month.
- This can be attributed to steady demand for the precious metal.Gold rates were quite high.
- The rate of gold remained Rs. 3,018 per gram for the entire month.
Gold Rate Trend of Patna in May 2016
- Gold rate traded at Rs. 3,018 per gram on the first day of the month.
- As the month progressed, a minor decline of 0.49% was observed.
- The lowest rate of gold in the entire month was on the last day of the month, at Rs. 3,003.
- The decline could be attributed to a jeweller’s strike.
Gold Rate Trend of Patna in June 2016
- Gold opened the month at Rs.3,015per gram on the 1st of June.
- The price increased as gold Rs.3,191 per gram on the 17th of June.
- Gold scored the highest for the month on 24tth of June at Rs.3,259 per gram.
- Gold closed the month at Rs.3,221 per gram on the 30th of June.
Gold Rate Trend in Patna for January 2016 to March 2016 (per gram of 24 karat gold)
|1st Day||Rs. 2,587 per gram||Rs. 2,769 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 on January 7.||Rs. 3,092 per gram on February 26||Rs. 3,090 per gram on March 1|
|Lowest Price||Rs. 2,587 per gram on January 1.||Rs. 2,708 per gram on February 1||Rs. 3,018 per gram on March 31|
Gold Rate Trend of Patna in January 2016
- Gold traded at Rs. 2,587 per gram on the first of the month.
- There were very minor fluctuations seen in the rate of gold throughout the entire month.
- A an increase of 4.05% was seen in the rate of gold at the end of the month, closing at Rs. 2,692 per gram.
Gold Rate Trend of Patna in February 2016
- The rate of gold rose by 10.76% as the month of February progressed.
- The highest rate was seen on the 26th of February, at Rs. 3,092 per gram.
- Gold rates closed at Rs. 3,067 per gram on the 29th of February.
Gold Rate Trend of Patna in March 2016
- Due to expectations of rate hike by the U.S. Fed, there was a decline in the rate of gold as the month of March progressed.
- Gold rate touched its lowest during March on the last day, at Rs. 3,018.
- A decline of 2.33% in the rate of gold was seen.
Details of Gold Price in Patna (22 Karat & 24 Karat) - Till August 2015
The rates of gold in Patna have been more or less stable after the massive decline in March 2015 and another drop in July 2015. The overall rates of gold in Patna have dropped by Rs. 1200 per 10 grams as compared to July 2015.
22 Karat (10 grams) - The lower purity of the precious metal has a rate of Rs. 23,680 for ten grams in August 2015. The price has dropped and risen consistently over the past few days albeit in units ranging from as low as Rs. 40 to as high as Rs. 220. That is still a reasonably stable level of fluctuation. The same can be attributed to the fact that the 22 Karat gold is a relatively impure quality of gold and despite the global trend of falling prices of gold, people are still interested in buying gold for the upcoming line of festivities, Teej being the first in the queue.
24 Karat (10 grams) - The elder and purer sibling of commercially available gold has a current rate of Rs. 25,280, which has shot up by Rs. 190 from just Rs. 25,090 on 7th August, 2015. That was the lowest rate 24 Karat gold has encountered in August 2015 till now. Upcoming festivals and a fast approaching Teej could be the calling card for the recent surge in rates, nevertheless it’s still a lower rate compared to the one in July 2015.
Investing in Gold in Patna
Gold investing in Patna happens primarily through buying jewellery. Though avenues for investing in bullion and stocks are available, the populace leans towards coins and jewellery for any spends or investment concerning gold.
Over-the-counter - Jewellery and coins are the primary modes of gold investment in Patna. Bullion exchange is very minimal and can be done through Kotak Mahindra Bank as well as HDFC Bank branches. The primary jewellery stores in Patna are Tanishq, Alankar, Hira Panna, Jagmohan La Shivratan Lal, Ratnalaya, Khatri & Sons, Nakshatra Universe among others.
Market trade - Through spot contracts, future contracts and exchange-traded funds, people invest in gold on the market. Kotak Securities and SBI Gold Fund are the two options available in Patna to trade in gold. Spot contracts can be bought and delivered very quickly, and are quite volatile in nature. Future contracts are the same, just the delivery is deferred and thus, the risk of volatility is lessened. Gold ETFs are traded on the national and international stock exchanges. They are pivotal in tracking the price of gold.
- Also Check:Gold Rate in Bihar
Also Check Gold Price in NearBy Cities of Patna
|Gold Rate In Jamshedpur||Gold Rate In Ranchi||Gold Rate In Kolkata|
|Gold Rate In Siliguri||Gold Rate In Varanasi||Gold Rate In Allahabad|
|Also Know: Silver Rate in Patna|
Read more on Gold
- Buying Gold This Akshaya Tritiya
- Auspicious Days To Buy Gold In 2016
- Gold Rates Fluctuation
- Lack Of Credibility In India’s Hallmarked Jewelleries
- Things To Remember Before Buying Gold Jewellery
- What Do The Markings On Gold Mean?
News About Patna Gold Rate
Price of Gold Hits 2 Week Low
Price of gold continued to plummet to trade at Rs.30,550 for 10 grams which was a two week low. Demand from domestic jewellers was also quite low ensuring that the price of gold remained low. Silver decreased by Rs.240 due to declined off-take by coin makers and industrial units.
Globally, gold became weaker post US economy gaining some traction hinting to the possibility of the US Federal Reserve hiking interest rates. Demand as safe haven has also diminished and gold traded at a percent lower than USD1,323.83 per ounce in Singapore.
In Delhi, 99.9% purity and 99.5% purity gold reduced by Rs.200 and in Saturday’s trade had reduced by Rs.50. Silver also reduced by Rs.200.
21st July 2016