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 Puja 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 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for December 2020:

• Prices of gold in Patna started off in the month of December at Rs.4,835 per gram for 24 karat gold.
• The rate of gold in Patna continued to rise steadily throughout the month, hitting the highest price point on 21 December at Rs.5,120 per gram.
• Patna gold prices showed an upward trend throughout the month of December, closing the month at Rs.5,063 per gram with the lowest price point being on the first day of the month itself, at Rs.4,835 per gram.
• The overall performance of gold in Patna in December was on a steady rise with a percentage change of 4.71% through the month.

Trend of Gold Rate in Patna for November 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for November 2020:

• Gold prices in Patna started off at the rate of Rs.5,222 per gram. The prices were steady for the first 4 days of the month followed by which the prices started dropping towards the end of the first week.
• The prices started increasing from the second week wherein it had recorded the highest price for the month standing at the rate of Rs.5,2257 per gram from 7th November to 9th November 2020.
• Gold rates in Patna started witnessing a declining trend during the second half of the month and it closed the month at the lowest recorded rate for the month. The lowest rates were recorded from 28th of November to 30th of November.
• The overall performance of prices of gold in Patna for the month of November witnessed a decline of –5.55%.

Trend of Gold Rate in Patna for October 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for October 2020

• The price of gold In Patna for the month of October opened at the rate of Rs.5,222 per gram.
• The gold price witnessed a fluctuating trend in the city over the next few days. The increase in the rates saw gold record its highest price for the month when a gram was retailing for Rs.5,287 on 13 October.
• Over the rest of the month, gold rate in Patna remained unsteady and recorded its lowest price for the month on 18 October, and 19 October when a gram of the 24-karat gold was being traded for Rs.4,914. Gold price closed the month at the same rate as the one recorded on the opening day at Rs.5,222 per gram. The overall performance of the yellow metal remained flat as there was no change in percentage rate.

Trend of Gold Rate in Patna for September 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for September 2020:

• Gold prices in Patna for the month of September opened at Rs.5,293 per gram and closed at Rs.5,198 per gram, respectively. Overall, gold saw its prices decrease by 1.79% over the course of the month. Over the first 23 days of the month, the prices of the yellow metal fluctuated in the city.
• Gold hit its highest rates for the month on 16 September and 17 September and was at Rs.5,345 for a gram. From 24 September to 29 September, gold prices fell in the city. Gold hit its lowest rate for the month on 29 September and was at Rs.5,130 per gram.

Trend of Gold Rate in Patna for August 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for August 2020:

• Price of gold in Patna opened at the month of August at Rs.5,513 per gram. There was an increase of Rs.82 for every gram when compared to the closing price of the previous month.
• The price of yellow metal increased in the city over the next few days. The increase in the rates saw gold record its highest price for the month on 8th, 9th, and 10th August when a gram was retailed for Rs.5,786.
• Over the rest of the month, gold rates fluctuated in the city and recorded its lowest price for the month on 29th August when a gram of the 24-karat gold was retailed for Rs.5,263. Gold price closed the month at Rs.5,293 per gram with the overall performance witnessing a declining trend. The percentage change stood at -3.99%.

Trend of Gold Rate in Patna for July 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for July 2020:

• July was a month of incline in the gold price in Patna, at 8.51%. It opened at Rs.5,005 per gram and closed at Rs.5,431 per gram.
• The highest gold rate in Patna was Rs.5,431 per gram on 30 and 31 July while the lowest price was Rs.4,961 per gram on 7 July.
• The price of gold in Patna was influenced by market forces impacted by the coronavirus pandemic. While news of vaccine trials boosted investor appetite for riskier investments like equities, the slip in the US dollar and the global economy taking longer to recover led to increase in prices of gold as investors preferred safe-haven investments.

Trend of Gold Rate in Patna for June 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for June 2020:

• During the month of June, the yellow metal opened at the rate of Rs.4,799 per gram in Patna. By the second week, the lowest price of gold was recorded for the month on 8, 9, and 10 June 2020 wherein it stood at the rate of Rs.4,788 per gram. For the rest of the month, the prices generally depicted an upward trend.
• The demand of the yellow metal increased multiple times as the number of COVID-19 positive cases kept increasing, especially in India and USA. The overall economy and business growth have been stunted owing to the same reason.
• The month of June ended with the price of the precious metal standing at the rate of Rs.5,005 per gram. This was the week when gold touched its highest for two consecutive days on 25 and 26 June at Rs.5,013. Over the month, there was a percentage increase of 4.29% in the performance of gold in Patna.

Trend of Gold Rate in Patna for May 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for May 2020:

• In the month of May, the price of gold in Patna opened at Rs.4,699 per gram and closed at Rs.4,799 per gram. Overall, gold prices increased by 2.12% over the course of the month in the city. The main reasons for the increase in the prices were the tensions between China and the US over the coronavirus outbreak and the fears of a global recession. On 2 May 2020, gold rates hit its lowest for the month and were at Rs.4,646 per gram. Gold prices decreased in the first week as investors moved to riskier assets. Gold rates closed the week at Rs.4,678 for a gram.
• Gold opened the second week at Rs.4,678 per gram. Gold prices increased over the course of the week. The weak economic data and recession fears were the reasons for the prices to increase. On 11 May and 12 May, the prices of gold remained the same and were at Rs.4,694 for a gram. On 13 May, gold prices increased by Rs.47 and were at Rs.4,741 per gram. Gold prices decreased slightly the next day, before recovering and closing the week at Rs.4,841 for a gram.
• On 17 May, the price of gold remained the same when compared to the previous day and was at Rs.4,841 per gram. Over the next two days, gold hit its highest rate in May and was at Rs.4,883 for a gram. The tensions between China and the US over the coronavirus outbreak was the main reason for the prices to increase. From 20 May to 22 May, the prices of the yellow remained the same and were at Rs.4,851 for a gram. Gold prices closed the week at Rs.4,841 per gram.
• On 24 May 2020, the price of gold was at Rs.4,841 per gram. Over the next five days, gold prices reduced in Patna and were at Rs.4,788 by 30 May 2020. The easing of the lockdown restrictions in several countries was the main reason for the prices to increase. On the last day of the month, the price of gold slightly increased and was at Rs.4,799 for a gram.

Trend of Gold Rate in Patna for April 2020 (rates per gram of 24 karat gold)

Trend of Monthly Gold Rate in Patna for April 2020:

• The price of gold in Patna in April started at Rs.4,263 per gram for 24 Karat. This would continue to be the same for the whole of the first week of April. With almost every country under lockdown and reeling from the economic downturn due to the coronavirus pandemic, precious metals took on a greater appeal as a safe-haven investment. Equities continued to suffer losses in Asian and other markets worldwide. However, the prices of gold were kept in check, and not allowed to rise exorbitantly, because of the US dollar that was strong on the back of several economic measures announced by the US Federal Reserve. Central banks around the world were also quick to release stimulus packages to counter the effects of the coronavirus on the economy, which also helped to stabilize gold prices in the midst of an extremely volatile stock market.
• In the second week of April, the price of gold continued to remain constant at Rs.4,263 per gram for 24 Karat. The overall decrease in deaths related to coronavirus made investors pull back a bit towards equities, but fears around a global recession helped to keep prices of safe haven investments higher than usual. Even though there were lesser covid-19 related deaths, the threat of a second or third wave of infections kept countries in lockdown, severely impacting the local economy which led to stock markets crashing.
• In the third week of April also the price of gold remained at Rs.4,263 per gram for 24 Karat, which incidentally also happened to be the lowest price for the metal for the month of April in Patna. By the end of the week, however, on 21 April, fortunes started turning with gold taking a sudden upward trend to Rs.4,842 per gram. This was around the time that US crude oil futures hit a new low leading to further volatility in the stock market. The release of the US payroll data further confirmed the dreary economic scenario, leading to even more insecurity around equities generally and increased interest in bullions over equities, which led to the price of gold continuing to rise in the coming weeks. This would lead to a pause in the prices of gold remaining the same for the previous 3 weeks.
• By the last week of April, gold continued to increase in price, rising up to Rs.4,846 gram per 24 Karat, which was also the highest for the month of April. This was on 29 April. With the coronavirus pandemic continuing unabated, and the US dollar weakening with no sight of the lockdown getting eased in many countries, investors were staring at a potential global recession, leading to even more of an interest in gold and other precious metals as a safe-haven investment in an unpredictable economic climate. The upward trend for gold in Patna in the month of April was 11.68%. It was obvious that the impact of the coronavirus pandemic on global market trends had also affected the prices of gold in Patna as lockdowns continued in India in every state as well.

Trend of Gold Rate in Patna for March 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Patna for March 2020:

• In Patna, the gold rates for March had seen a decline by 0.49% from Rs.4,303 per gram to Rs.4,263 per gram. The gold had seen an increase in its price by Rs.34 on 3 March and stood at Rs.Rs.4,337 per gram. Emerging from a major price decline that had been led by traders hoping for the U.S. Federal Reserve to cut the interest rate, the gold saw a hike in its rates. The first week of the month had seen the gold close in at Rs.4,565 per gram.
• On 11 March, the rates of this gold had fallen by Rs.42 to Rs.4,523 per gram. After a lot of fluctuations during the week, the price of one gram of the gold had cost Rs.4,265 on 16 March. The price of the gold had dipped as traders started entering into a selling spree. They sold all their gold to hoard liquid cash. This was a major move made by investors to meet their margin calls of the stock market. On 18 March, the gold had touched the lowest rate for the month. On this day, the gold was priced at Rs.4,158 per gram. The drop in the gold rates can be associated with traders having liquidated their positions in the gold. This had been done despite of the central banks’ measures for combatting the wide-spread coronavirus that had been impacting the global economy. On 21 March, the gold price had risen by Rs.58 to Rs.4,216 per gram. The announcement of monetary stimulus and fiscal measures by banks for cushioning the effects of the coronavirus was made to help a weak international economy.
• The last week of March had been the traders fearing an economic fallout driven by the pandemic. The price of gold had remained stagnant from 22 March to 31 March. On these days, the gold had been priced at Rs.4,263 per gram.

Trend of Gold Rate in Patna for February 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Patna for February 2020:

• Gold rates in Patna opened the month of February at Rs.4,199 per gram and showed a fluctuating trend throughout the month. With slight inclines in prices for the second week of the month, demand for gold muted momentarily in the first week of the month and in the third week due to increased risk appetite. However, at the end of the month, the metal closed with an inclining trend with a percentage increase of 4.23. After opening at Rs.4,199 per gram, the metal held steady until 3 February. Post this, the metal’s prices decreased with investors with a higher risk appetite shifting to the stock market. On 7 February, the metal hit the lowest price in the month at Rs.4,160 per gram.
• After hitting the monthly low, gold prices bounced back and was Rs.4,209 per gram 9 February, holding steady till 10 February. However, with lesser new cases being reported on Coronavirus, investors shifted to the stock market with higher risk appetite. Due to this, the demand for metal decreased substantially. By 13 February, the metal’s price had reduced to Rs.4,181 per gram. On 14 February, gold prices recorded an incline at Rs.4,212 per gram and this increasing trend in its prices was holding until the end of the week. On 17 February, the price of gold was Rs.4,239 per gram.
• The price of the metal decreased immediately after 17 February and a gram of gold was valued at Rs.4,226 per gram on 18 February. This decline in its price was momentary as from 19 February, the inclining trend of the metal began in the global market. On 19 February, the metal was valued at Rs.4,230 per gram increasing substantially to Rs.4,282 per gram on 20 February and Rs.4,293 per gram on 21 February. The price of the metal showed a continuous inclining trend with investors sticking to the bullion market due to the effect of the Coronavirus on the economy. On 25 February, the metal hit its monthly high at Rs.4,436 per gram.
• However, in the last week of the month, gold prices tracked a declining trend. With the rise in gold prices, investors took to book their profits. Due to this, the price of the metal dipped. At the end of the month, gold closed at Rs.4,377 per gram on 29 February with a percentage incline of 4.23.

Trend of Gold Rate in Patna for January 2020 (rates per gram for 24 karat gold)

Gold Rate Trend in Patna for January 2020:

• Gold prices in Patna opened at Rs.4,027 per gram, with progress on the US-China trade deal and the weakening dollar leading to the metal becoming cheaper for holders of currencies other than the dollar.
• The precious metal reached its highest price of Rs.4,251 on 9 January, just as fears around the US-Iran conflict started to subside.
• The lowest price for the month of January in Patna remained Rs.4,027, on 1 January.
• The overall performance for the month was an upward trend of 4.27% as tensions around the US-China trade deal and the US-Iran conflict decreased substantially.

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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.