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.

Trend of Gold Rate in Patna for February 2019 (rates per gram for 24 karat gold)

Gold Rate Trend in Patna for February 2019:

• Despite fluctuations in demand and declining interest from Asian markets, gold prices in Patna rose marginally during the month after posting an opening of Rs.3,431 per gram.
• Prices rose to Rs.3,455 per gram on 6 February after the dollar dropped on fears of another government shutdown, prompting a rise in both local as well as overseas demand for the yellow metal.
• As equity markets stabilised and the dollar recovered, retail demand dropped due to the high costs and the metal slipped to Rs.3,399 per gram on 15 February.
• Ongoing Sino-U.S. trade talks bolstered equities and saw a slight rise in demand from Asia which helped gold prices climb to Rs.3,497 per gram on 21 February but a drop in local offtake saw gold end the month at Rs.3,460 per gram. 

Trend of Gold Rate in Patna for January 2019 (rates per gram for 24 karat gold)   

Gold rate trend in Patna for January 2019:

• On 1 January 2019, gold rate opened at Rs.3,282 per gram and was steady till 2 January 2019. The price of the metal increased throughout the month due to weakened dollar trends as well as increased local demand.
• Due to the tension in the United States of America with the U.S. Federal government, there was a fall in the market, resulting in the decreasing trend of the dollar against other currencies. As the dollar fell, the value of the rupee increased which in turn resulted in the positive trend in the price of gold.
• In Patna, the demand of gold amongst local jewellers also showed positive trends which played a factor in the increasing trend of gold prices in the city.
• On 31 January, gold was priced at its highest at Rs.3,428 per gram resulting in a percentage incline of 4.44.

Trend of Gold Rate in Patna for December 2018 (rates per gram for 24 karat gold)

Gold Rate Trend in Patna for December 2018:

• In Bihar’s capital, Patna, gold was priced at Rs.3,166 per gram when trading began on the 1st of December. This month recorded some of the biggest incline in the Indian market and was close to the levels reached during the days of demonetisation back in November 2016.
• The 2nd and 3rd recorded the lowest gold prices this month as the metal traded at Rs.3,164 per gram as demand slowed down briefly owing to a strong dollar.
• However, as the dollar began to fall amidst weak markets, gold rates in Patna began to surge over the remainder of the month.
• On the 30th and 31st of December, gold was priced at Rs.3,284 per gram – the highest gold rate for the month, as demand surged ahead of increased buying from investors. Price trends changed by 3.72% this month, thanks to a solid demand for the metal in the city.

Trend of Gold Rate in Patna for November 2018 (rates per gram)

Trend of Gold Rate in Patna for October 2018 (rates per gram)

Trend of Gold Rate in Patna for September 2018 (rates per gram)

Trend of Gold Rate in Patna for August 2018 (rates per gram)

August 2018 - Week 1 (1 - 5):

• Gold in Patna for the month of August commenced trading at Rs.3,079 per gram. During this time, the metal experienced positive trends globally along with steady demand.
• The Federal Reserve released a statement during the start of the month. Subsequently, the US dollar value rose over the following few days in comparison with other currencies which led to the decline in demand for the metal.
• On 2 August, the metal in Patna was priced at Rs.3,072 per gram, which then subsequently dropped to Rs.3,060 the very next day.
• Ahead of the Federal Reserve’s monetary policy, the dollar strengthened further which caused the price of gold in Patna to dip further. On 4 August, gold rate stood at Rs.3,046 per gram, and at the end of the week, on 5 August, it was recorded at Rs.3,059 per gram.

August 2018 - Week 2 (6 - 12):

• The gold price in Patna for the second week of August commenced at Rs.3,059 per gram on 6 August. Around this time, there was subdued but steady demand from jewellers, retailers and local industries.
• However, during the subsequent days, the US dollar lost ground in comparison to other currencies, while statistics also indicated that jobs that contributed to the development of the US economy dipped substantially.
• This led the gold price in Patna to drop slightly to Rs.3,056 per gram and Rs.3,058 per gram on 9 and 10 August respectively.
• Steady investor demand clubbed with a weakened dollar was recorded during the end of week 2. This did not substantially affect the price of the metal in Patna as it was recorded at Rs.3,052 per gram on 12 August.

August 2018 - Week 3 (13 - 19):

• Gold in Patna was priced at Rs.3.052 per gram at the start of week 3. At this time, both greenbacks and equities weakened, affecting gold rates in Patna.
• Favorable market trends coupled with solid global demand helped catapult the price of gold in Patna to Rs.3,075 per gram on 14 August, but declined slightly the next day to Rs.3,062 per gram.
• On 17 August, gold rate in Patna hit a monthly low at Rs.3,032 per gram as the US dollar strengthened and dominated other currencies.
• Poor domestic demand coupled with weak overseas trends led the gold price in Patna to remain relatively stable at Rs.3,043 per gram at the end of the week.

August 2018 - Week 4 (20 - 26):

• Gold in Patna was recorded at Rs.3,043 per gram on the 20th when the week began amid favourable trends overseas.
• On 22 August, the gold rate in Patna surged to Rs.3,056 per gram after a drop in the dollar value that also led to an increase in investor demand for the metal.
• With the US President criticizing the Fed Reserve’s decision to raise the US interest rates, the dollar value dropped further.
• Strong global demand coupled with positive market trends led to gold price in Patna closing at Rs.3,063 per gram on 26 August.

August 2018 - Week 5 (27 - 31):

• During the final week of August, gold rate in Patna rose considerably on account of strong trends overseas which increased the demand of gold worldwide.
• Gold in Patna was priced at Rs.3,063 per gram on 27 August when the week began.
• With domestic bullion markets capitalising on the US dollar that had dipped in value, gold price in Patna surged considerably in the following days.
• With investors and market participants refraining from making purchases ahead of the Federal Reserve Chairman’s statement on the US interest rate hike, the dollar value plunged. This led to gold rate in Patna to rise considerably to Rs.3,107 per gram on the 28 and the 29 August.
• The month concluded with gold price in Patna being recorded at Rs.3,103 per gram on 31 August, the highest price during August. The city also registered an incline of 1.20% in gold rates during the course of the month.

Trend of Gold Rate in Patna for July 2018 (rates per gram)

July 2018- Week 1 (1-6)

• The price of gold in Patna was on the decline in the first week as the falling rupee affected imports.
• The precious metal was priced at Rs.3,146 per gram when trading opened for the month, with industrial demand keeping prices steady.
• There was a steep fall in demand as short selling by investors led to prices crashing, with gold priced at Rs.3,130 per gram on 4 July.
• Fluctuations across stock markets over trade war fears led to a spike in demand for safe-haven assets like gold, as prices rose to Rs.3,159 per gram on 5 July.
• The price of gold fell marginally as the first week ended, trading at Rs.3,156 per gram on 6 July.

July 2018- Week 2 (7-13)

• The week began with gold reaching a monthly high of Rs.3,165 per gram as the falling dollar gave impetus to bullion, as local and international demand was strong.
• Prices were more or less stable during the week as mounting pressure from falling markets led to the dollar falling.
• Local demand was boosted by positive overseas trends, though the falling rupee continued to dent import volumes.
• Gold traded at Rs.3,163 per gram on 11 July before prices plunged to Rs.3,153 per gram as the week ended on 13 July.

July 2018- Week 3 (14-20)

• Demand for gold was on the decline as retailers stayed away due to the rising costs associated with a falling rupee, with industrial demand also sluggish.
• Gold was priced at Rs.3,120 per gram as the week opened, with market performance falling as a result of escalating trade tensions between the U.S. and China.
• In spite of poor markets, demand for gold was muted as investors were wary of an impending interest rate hike and stayed away from buying bullion.
• Prices dropped over the course of the week, trading at Rs.3,089 per gram on 20 July due to poor demand.

July 2018- Weeks 4 and 5 (21-31)

• The last two weeks saw gold rates in Patna show some signs of recovery but the overall trend remained one of decline in prices.
• Gold traded at Rs.3,090 per gram on 21 July before prices rose to Rs.3,105 per gram on 24 July after market trends led to higher interest in the metal.
• The possibility of an interest rate hike led to investors short selling bullion, which once again pushed prices low, as gold traded at Rs.3,088 per gram on 26 July.
• Some stability across the Eurozone boosted gold’s fortunes, but prices were stagnant, with gold ending the month at Rs.3,082 per gram.

Trend of Gold Rate in Patna for June 2018 (rates per gram)

June 2018 - Week 1 (1st - 10th):

• Bihar’s capital Patna saw gold rates in Patna fall significantly like most other cities in the country. This decline was due to a strong dollar and positive investor sentiments.
• When the month began, gold was priced at Rs.3,216 per gram. This was also the highest gold rate for the month - which gave an indication to the fall that would occur over the course of the month.
• On the 2nd, gold price in Patna fell to Rs.3,194 per gram as demand for the metal dropped after strong US payroll data pushed the dollar up.
• Gold rates in Patna fell to Rs.3,177 per gram on the 3rd as demand dropped further after investor sentiments remained buoyant and talks about a possible Fed rate hike gripped the market.
• The 4th and 5th saw gold rates in Patna continue at Rs.3,177 per gram before falling slightly to Rs.3,176 per gram on the 6th due to weak cues.
• On the 7th, local demand surged a little bit, which caused gold rate in Patna in Patna to go up to Rs.3,183 per gram.
• As demand continued to rise steadily, gold rates in Patna surged to Rs.3,204 per gram on the 9th before continuing at the same rate on the 10th as well.

June 2018 - Week 2 (11th - 17th):

• When trading began on the 11th of June, gold was priced at Rs.3,204 per gram, which then dropped to Rs.3,199 per gram as the US-North Korea summit went ahead as planned.
• The summit, held in Singapore, faced numerous hurdles from but turned out to be highly successful for all parties involved.
• This caused gold rate in Patna to fall to Rs.3,194 per gram on the 13th and hold at this rate on the 14th.
• A rise in demand pushed gold rates in Patna up, albeit for a brief period, to Rs.3,210 per gram on the 16th of June.
• The final day of the week, however, saw prices drop slightly due to poor demand.

June 2018 - Week 3 (18th - 24th):

• The third week of June opened for trading on the 18th, during which gold was priced at Rs.3,192 per gram.
• This fell to Rs.3,182 per gram the next day as demand was uneven before rising back to Rs.3,193 per gram on the subsequent day.
• Gold continued to trade at Rs.3,193 per gram over the 22nd and 23rd as demand seemed to hold steady ahead of slightly weaker cues.
• On the penultimate day of the week, gold rate in Patna fell to Rs.3,155 per gram as demand hit a significant low point amid concerns that the Fed Reserve would hike interest rates soon.

June 2018 - Week 4 (25th - 30th):

• When the final week of June began, gold in Patna was priced at Rs.3,161 per gram, which then rose to Rs.3,163 per gram the next day.
• As cues began to improve and local demand was marched towards stability, gold rates in Patna remained at Rs.3,163 per gram on the 27th as well.
• Gold rate in Patna dropped to Rs.3,161 per gram on the 28th before continuing on its roller coaster ride to trade at Rs.3,163 per gram on the 29th.
• The final day of June 2018 closed with gold rates in Patna holding at a meager Rs.3,146 per gram - a Rs.17 per gram decline.
• A strong dollar and an even stronger market pushed gold demand down for most of the month in Patna. Another reason for the fall was a below par demand, and the lack of any real festivities in the Indian subcontinent.
• Price trends recorded a decline of 2.17% this month due to the aforementioned reasons and factors.

Trend of Gold Rate in Patna for May 2018 (rates per gram for 24 karat gold)

May 2018 - Week 1 (1st - 6th)

• Trading commenced for the month with the yellow metal priced at Rs.3,231 per gram on the 1st before a decline in investor demand led to prices dropping over the next over the next couple of days.
• On the 3rd, gold was recorded trading at Rs.3,209 per gram with investors and traders refraining from making purchases ahead of the US Federal Reserve monetary policy meeting.
• Gold rate in Patna remained on the weaker side over the next two day before a drop in the US dollar value led to an increase in retail demand from the domestic market.
• The week came to an end with gold closing at Rs.3,221 per gram on the 6th following an increase in Asian demand brought about by the weakened US dollar and equities.

May 2018 - Week 2 (7 th- 13th)

• The second week began with gold rates in Patna holding at Rs.3,221 per gram on the 7th with steady demand from local jewellers, retailers and industries amid positive global cues.
• Firm trend overseas coupled with strong industrial demand for the metal resulted in prices surging to Rs.3,233 per gram on the 8th.
• Rates remained untouched at Rs.3,233 per gram on the 9th before dropping to Rs.3,232 per gram on the 10th.
• However, with the US dollar and equities tumbling amid rising tensions between the US and Iran, demand for the bullion surged. This led to gold prices rising to Rs.3,238 per gram on the 11th.
• The rest of the week saw the precious metal prices holding steady at Rs.3,238 per gram as the US backed off from a nuclear deal with Iran at the international front.

May 2018 - Week 3 (14th- 20th)

• When the week began in Patna, the bullion was recorded trading at its highest monthly figure of Rs.3,254 per gram on the 14th amid strong global cues.
• Gold price in Patna dropped to Rs.3,248 per gram on the 15th and continued trading at the same rate on the 16th as the local demand stabilised amid the recovering US greenback.
• The 17th witnessed gold prices plunging to Rs.3,214 per gram after an incline in the US treasury bond yields coupled with geopolitical tensions in Italy led to the dollar rising against a basket of other emerging currencies.
• With the US dollar capitalising on its previous session’s gains, demand continued to drop and gold was recorded trading at Rs.3,197 per gram - the lowest monthly figure - on the 18th amid the poor trend overseas.
• Demand, however, picked up towards the end of the week owing to an increase in demand from local jewellers and retailers despite the poor trend overseas.
• The week came to an end with the precious metal priced at Rs.3,216 per gram on the 20th.

May 2018 - Week 4 (21st - 27th)

• The fourth week saw gold prices in Patna influenced by political uncertainties in the US that pushed the dollar lower against other apex currencies.
• The week opened with the bullion trading at Rs.3,216 per gram on the 21st with markets tracking a firm trend from the previous session.
• Gold rate in Patna dropped to Rs.3,204 per gram on the 22nd with the US greenback hovering at its highest level in five months at the international level.
• Demand picked up over the next couple of days with investors backing off from making stock purchases amid the ongoing trade tensions between the US and China. This led to gold being priced at Rs.3,209 per gram and Rs.3,217 per gram on the 23rd and the 24th respectively.
• Firm trends overseas coupled with an increasing global demand led to gold prices rising to Rs.3,235 per gram on the 25th.
• Gold rates rose further to Rs.3,242 per gram on the 26th before dropping to Rs.3,225 per gram on the 27th after Trump’s announced that the recently turned down US-North Korean summit would go ahead as planned.

May 2018 - Week 5 (28th - 31st)

• The last week began with gold prices holding steady at Rs.3,225 per gram on the 28th with renewed market sentiments ahead of the US-North Korean summit.
• The next couple of days saw rates remaining unaltered at Rs.3,225 per gram with local demand held in check by the strengthened US dollar index and well-performing equity markets.
• Trading concluded for the month with the precious metal priced relatively lower at Rs.3,217 per gram on the 31st, recording a drop of 0.43% in gold prices during the course of the month.

Trend of Gold Rate in Patna for April 2018 (rates per gram for 24 karat gold)

April 2018- Week 1 (1st -7th)

• Gold prices rose sharply in the first week of April in Patna, with the metal opening the month at Rs.3,159 per gram.
• Strong local demand coupled with rising international demand led to gold prices increasing to Rs.3,188 per gram on 4 April.
• The escalating tensions between the U.S. and China led to panic across equity markets and increased demand for gold, but local demand was muted.
• Gold price in Patna fell as the week ended, trading at Rs.3,162 per gram on 7 April.

April 2018- Week 2 (8th-15th)

• There was an increase in the precious metal’s value in the second week due to higher local demand and positive international cues.
• Gold rate in Patna was at Rs.3,169 per gram on 8 April as fears of a trade war between China and the U.S. led to renewed interest in safe haven assets like bullion.
• Prices jumped to Rs.3,201 per gram on 12 April as the attack in Syria sent global equity markets tumbling.
• The possibility of a U.S. strike on Syria and U.S. inflation data led to the dollar weakening and higher demand for gold from Asia.
• The precious metal traded at Rs.3,228 per gram on 14 April before dropping to Rs.3,212 per gram at the end of the week.

April 2018- Week 3 (16th-22nd)

• Uncertainty led to increased volatility across equity markets which impacted demand for the yellow metal.
• Gold price in Patna was at Rs.3,212 per gram on 16 April as the dollar recouped its losses and local demand fell.
• A steady rise in demand saw gold trade at Rs.3,231 per gram on 18 April even though equity markets rose overseas.
• Overseas demand was muted due to a rising dollar, though demand from Asia and local demand was on the increase in spite of higher import costs.
• In contrast to trends seen overseas, there was a jump in gold prices as the metal reached a monthly high of Rs.3,243 per gram from 20-22 April.

April 2018- Week 4 (23rd-30th)

• The last week of April saw gold prices fluctuate marginally due to conflicting cues from overseas trends.
• The week opened with gold priced at Rs.3,243 per gram on 23 April but prices began to fall due to a gradual drop in local demand.
• Jewellers also reduced orders due to falling retail sales as gold traded at Rs.3,231 per gram on 25 April.
• Prices jumped to Rs.3,242 per gram from 26-29 April as tensions in the Korean peninsula led to a drop in equity markets.
• As fears of a trade war reduced and the dollar strengthened, demand for gold fell to Rs.3,231 per gram on 30 April.

Gold Rate Trend in Patna for January 2018 to March 2018 (per gram of 24 karat gold)

Gold Rate Trend in Patna for January 2018:

• Gold opened at Rs.3,090 per gram when trading commenced for the first month of Q1 2018.
• The US dollar was weak during the first few days of the month, which caused gold rate in Patna to surge to Rs.3,103 per gram by the 4th.
• However, the announcement of US jobs data caused gold rates to plummet to Rs.3,088 per gram - the month’s lowest rates - on the 5th of January.
• After the jobs data turned out to be weak, gold bounced back to trade at Rs.3,107 per gram on the 6th.
• Gold fluctuated largely over the first three week before seeing significant surges towards the fourth and fifth week of the month.
• On the 25th, gold traded at Rs.3,172 per gram - the month’s highest rate - as dollar went through a torrid phase and gold investors capitalised on that.
• When the month came to an end, gold was priced at Rs.3,127 per gram and a 1.19% incline was recorded over this month’s trading.

Gold Rate Trend in Patna for February 2018:

• The metal opened at Rs.3,146 per gram when the second month of Q1 2018 began. Gold price in Patna were on the incline this month as well, thanks to steady local demand and a poorly performing dollar.
• Gold rates fluctuated largely for much of the month before recording the month’s lowest rate between the 10th to the 13th of the month when it traded at Rs.3,103 per gram.
• During the Valentine’s day - which also happened to be the wedding season- gold prices surged. This was due to increased buying from retailers.
• As demand kept improving during the 3rd week, gold rates went up to a monthly high figure of Rs.3,191 per gram on the 18th and the 19th of this month.
• However, as demand subsided, gold rates declined to close at Rs.3,163 per gram on the final day of the month.
• Gold rate in Patna saw a 0.53% incline this month, thanks to steady local demand brought about by the wedding season.

Gold Rate Trend in Patna for March 2018:

• Gold price in Patna had dropped by Rs.20 when trading for the month of March began.
• On the 1st, gold was priced at Rs.3,143 per gram - as opposed to Rs.3,163 per gram  at the time of previous month’s closing.
• Rates fluctuated quite a bit this month for the first three weeks before a rising dollar pushed rates down to Rs.3,117 per gram on the 20th - the lowest for the month.
• However, the resurgence of the dollar decline halted and gold rate in Patna went down to a monthly high rate of Rs.3,198 per gram over the 25th and the 26th.
• Gold consolidated over the final five days of March and close at Rs.3,159 per gram when the quarter came to an end.
• Price trends saw a 0.50% incline this month, thanks to a rise seen towards the final few days of March 2018.

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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.