Gold Rate In Patna

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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.

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

Gold Rate Trend in Patna for January 2017:

• Bihar’s capital Patna saw one of the highest increases in gold prices for the month of January.
• On 1st, gold was trading at Rs.2,843 per gram but went down to Rs.2,838 per gram on 2nd due to a brief fall in demand.
• Rates seen on the 2nd seemed to be an anomaly as bullion trading picked up to not fall till the end of the month.
• By the end of 9th, gold prices in Patna had gone up to Rs.2,885 per gram and kept increasing as they went to Rs.2,910 per gram on 10th and then to Rs.2,926 per gram on 11th.
• All the positive growth in bullion prices could be attributed to the availability of more cash in the system, which had become a hassle over the last quarter of 2016.
• Gold rates showed no signs of letting off as they had gone up to Rs.2,977 per gram by 20th and then to Rs.3,010 per gram on 23rd.
• Despite some fluctuations over the last week, gold prices ended strongly at Rs.2,989 per gram on 31st.
• The month saw gold prices incline at the rate of 5.02% owing to a massive upsurge in demand.

Gold Rate Trend in Patna for February 2017:

• Despite being on the positive side, gold prices in Patna took a massive hit during the month of February.
• On 1st February, gold was trading at Rs.2,989 per gram, which fell to Rs.2,980 per gram due to a fall in domestic demand.
• While rates seemed to increase in almost every other city, Patna saw its fortunes turned as bullion market was crashing.
• After trading at Rs.2,980 per gram till the 12th, gold prices went up to Rs.2,991 per gram on 13th and continued at the same price till the 19th.
• On 20th, prices increased to Rs.3,010 per gram - which also happened to be the highest gold rate for the entire month.
• By the end of the month, gold prices had fallen slightly to end at Rs.3,008 per gram.
• Price trends changed by 0.63% for the month of February.

Gold Rate Trend in Patna for March 2017:

• Like all the other cities in the country, gold prices took a hit in the month of March.
• The fall in gold prices was due to the US Federal Reserve increasing its interest rate, which subsequently increased the dollar value.
• On 1st, gold was trading at Rs.3,030 per gram but as demand went down, gold prices went down to Rs.2,997 per gram by the 9th
• Bullion rates kept falling as they went from Rs.2,980 per gram on 10th to Rs.2,978 per gram on 20th as fluctuations increased.
• Prices seemed to pick up and fall over the last ten days as demand fluctuated considerably.
• The month ended with gold trading at Rs.2,987 per gram, marking a negative price trend of -1.41%.

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

Factor	October	November	December
1st day	Rs.3,244 per gram	Rs.3,130 per gram	Rs.2,884 per gram
Last day	Rs.3,130 per gram	Rs.2,926 per gram	Rs.2,843 per gram
Highest price	Rs.3,244 per gram from 1st-11th October	Rs.3,190 per gram on 3rd & 4th November	Rs.2,963 per gram on 1st & 2nd December
Lowest price	Rs.3,100 per gram on 18th October	Rs.2,919 per gram on 27th November	Rs.2,749 per gram from 24th-26th December
Trend	Decline	Decline	Decline
Change	-3.51%	-6.51%	-1.42%

Gold Rate Trend for Patna in October 2016

• Gold prices in Patna remained stable when October began but began to fall then the 2nd half of the month approached due to a fall in demand.
• Gold was seen trading at Rs.3,244 per gram on 1st, as the arrival of the festive season was imminent.
• The end of the month saw a decrease in demand as the retail sector went through a blip.
• October ended with gold trading at Rs.3,130 per gram, thereby bringing in a change of -3.51% with regard to price trends.

Gold Rate Trend for Patna in November 2016

• Gold prices went through a massive wave of decrease as major policy decisions were taken in India while some big events took place around the world.
• The beginning of the month saw prices soar as uncertainty rose due to Donald Trump winning the US Presidential election.
• On 1st, gold traded at Rs.3,130 per gram which later increased to Rs.3,190 per gram on 3rd November.
• Prices further saw fluctuations as the Narendra Modi-led government announced the demonetisation of Rs.500 and Rs.1,000 currencies in India, leading to a boost in demand.
• However, prices tended to fall due to a decrease in industrial demand slowed as markets stabilised after the upheaval of the first two weeks. Lack of cash also played a major part in the falling demand for gold.
• When the end of November struck, gold was seen trading at Rs.2,926 per gram.
• Overall, Patna, like many of its neighbouring cities, saw gold price trends change by a massive -6.51% during the month of October.

Gold Rate Trend for Patna in December 2016

• When December began, demand for gold remained lower than expected as cash shortage still lingered in the economy.
• On 1st, gold was seen trading at Rs.2,884 per gram but prices seemed to fluctuate significantly as demand too remained low.
• The weeks approaching Christmas also saw a decline in gold demand as there was massive sales while brought about a stabilization in the market.
• On 24th, gold prices fell to a quarterly low of Rs.2,749 per gram as there was a major decrease in the retail sector.
• At the end of the month, gold prices rose marginally as a fear of economic slowdown in in Asia took charge, leading to an increase in investor sentiments.
• At the end of the month gold traded at Rs.2,843 per gram.
• All in all, the last month of Q4 saw gold prices fluctuate by -1.42% compared to November.

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

Factor	July	August	September
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
Trend	Incline	Decline	Incline
Change	+1.23%	-1.4%	+0.8%

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

Factor	April	May	June
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
Trend	No change	Decline	Rising
Change	0	-0.49%	+6.83%

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.

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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)

Factor	January	February	March
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
Trend	Rise	Rise	Decline
Change	+4.05%	+10.76%	-2.33%

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.

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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.