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Gold Rate in Patna (23rd February 2017)

Patna is the capital of the state of Bihar and an important centre from which we have a good demand for the precious metal. It is a good idea to check gold prices in Patna for 22 karats live, before you buy gold in the city.

Today 22 Carat Gold Price Per Gram in Patna (INR)

Gram 22 Carat Gold
Today
22 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 2,821.80 ₹ 2,828.70 ₹ -6.90
8 gram ₹ 22,574.40 ₹ 22,629.60 ₹ -55.20
10 gram ₹ 28,218 ₹ 28,287 ₹ -69
100 gram ₹ 2,82,180 ₹ 2,82,870 ₹ -690

Today 24 Carat Gold Rate Per Gram in Patna (INR)

Gram 24 Carat Gold
Today
24 Carat Gold
Yesterday
Daily Price Change
1 gram ₹ 3,007.40 ₹ 3,014.40 ₹ -7
8 gram ₹ 24,059.20 ₹ 24,115.20 ₹ -56
10 gram ₹ 30,074 ₹ 30,144 ₹ -70
100 gram ₹ 3,00,740 ₹ 3,01,440 ₹ -700

Gold Rate in Patna for Last 10 Days (10 g)

Date 22 Carat 24 Carat
Feb 22, 2017 ₹ 28,218 ₹ 30,074
Feb 21, 2017 ₹ 28,287 ₹ 30,144
Feb 20, 2017 ₹ 28,318 ₹ 30,174
Feb 17, 2017 ₹ 28,429 ₹ 29,930
Feb 16, 2017 ₹ 28,016 ₹ 29,873
Feb 15, 2017 ₹ 28,065 ₹ 29,924
Feb 14, 2017 ₹ 28,097 ₹ 29,952
Feb 13, 2017 ₹ 28,178 ₹ 30,033
Feb 11, 2017 ₹ 28,018 ₹ 29,873
Feb 10, 2017 ₹ 28,392 ₹ 29,298

Weekly & Monthly Graph of Gold Price in Patna

Historical Price of Gold Rate in Patna

  • Gold Price Movement in Patna, January 2017
  • Gold Rates 22 Carat 24 Carat
    1 st January rate Rs.28,228 Rs.30,082
    31st January rate Rs.26,988 Rs.28,888
    Highest rate in January Rs.28,378 on January 18 Rs.30,233 on January 18
    Lowest rate in January Rs.0 on January 16 Rs.0 on January 16
    Over all performance Falling Falling
    % Change -4.39% -3.97%
  • Gold Price Movement in Patna, December 2016
  • Gold Price Movement in Patna, November 2016
  • Gold Price Movement in Patna, October 2016

How Gold Rates in Patna Move?

Live gold rates movement in Patna, depend on a host of factors, the biggest of these being international gold prices. This in turn depends on how the dollar moves against the rupee, inflation rates and interest rates movement. However, for those buying gold in Patna, one of the top factors to reply upon would be the gold prices along with other things like making charges.

Today, one must remember that making charges of gold could be as high as 10 per cent of the value of the gold jewellery. Therefore, it becomes a necessity to check gold rates in Patna along with making charges, before you buy into the precious metal. Another important factor to keep in mind while making the purchases is that you take a receipt for the gold that you buy. If you wish to exchange the gold at a alter stage, the receipt would hold you in good stead.

Places to Shop for Gold in Patna

There are a number of places to buy gold in Patna. For example, there is the popular Tanishq showrooms where you can shop for the precious metal. P C Jeweller the renowned chain also has a shop at Boring Road in Patna. In Fact, there are a number of shops at Boring Road in Patna where you can buy gold jewellery. Interestingly, most of these jeweller shops in the city sell 22 karats hallmarked gold. We are stretching on the need to buy hallmarked gold because these are always considered as pure gold.

Hidden Charges When Buying Gold In Patna

There are few hidden charges on gold, so if you have plans to buy gold jewellery in Patna, it is better to know these charges, which are called making charges, wastage charges etc. So for not letting jewellers to fool us its better to have a good understanding about such kind of charges.

Few jewellers in Patna give offers that they will not add any wastage charge but without any intimation they increase the making charges 20% to 30% depending upon the jewellery.

Mostly individuals in Patna sell their ancestral jewelry or old model jewellery to make new model jewellery. At that time it is better to go for some reputed jewellery merchants or shops than going to a gold smith. Reputed jewellers will give offers such as zero making charges and wastage charges. Mostly importantly they will provide you a detailed bill.

Most of the reputed jewellers will be in the committe who fix gold rates in Patna.

Reputed jewellers use computerized testing due to which they don't need to melt your jewellery for testing and will give great offers due to which you can get the satisfactory exchange for your old or ancestral jewellery. Before selling or buying you must know what is the price of gold in Patna. To check the best gold price in Patna visit goodreturns and check for goldrates in Patna.

Who fixes gold Rate in Patna?

In every city gold rates is fixed by an association. Mostly they will be the top jewelers in the particular city and the tend to help and provide all kinds of association to their members. They jointly fix the gold rates everyday. There is an association in Patna as well to fix gold rates in Patna.

The factors that are considered to fix the gold price in Patna are few local conditions and as well few global conditions. Local conditions are as local levies, transportation charges and for other duties, there are different prices in every city. These are the reasons which brings a slight difference in gold rates city to city and which forces the associations to arrive at one final price for each city.

Actual things that affect gold rates in Patna are the global conditions which bring huge differences in gold rates day to day. Gold rates are also determined based on the MCX (Multi Commodity Exchange of India Ltd) futures prices and the other is currency moment. MCX futures are an independent commodity exchange based in Indi. It offers futures trading in bullion, non-ferrous metals, energy, and a number of agricultural commodities by basing those numbers there will be a lot of change in gold rates and also the moment of currencies world-wide affects the gold rates in Patna.

How to invest in gold in Patna?

There are various options for investing in gold in Patna and few of them are as follows:
The most popular ways are:
1. Buying gold directly in the form of bars or coins.
2. Buying or investing in shares in a company that produces gold.
3. Investing in gold futures and options.
4. Investing in gold ETFs.

Buying gold directly in the form of bars or coins is one of famous forms of investing in gold most individuals invest in physical form because there is one very big advantage of investing in physical form that is one can take a gold loan against the physical gold in banks as well as NBFC's (Non Banking Financial Services).

Buying or investing in shares in a company that produces gold is a smart method of investing one can invest in companies such as Barrick Gold, Newmont Mining, AngloGold Ashanti and etc. Their profit and loss are completely based on gold rate changes. So investing in these companies means investing in gold.

Investing in gold futures and options is one of the methods of investing in gold. Excluding the physical form, all the other remaining methods are investing on gold in electronic form including gold ETF.

Is Gold a Bad Investment in Patna?

In some cases it is yes, because firstly gold is not as productive as fixed deposits or dividends or real-estate. Safety of gold is also a problem when it comes to investment in the physical form of gold. But for ETF's that is not an issue.

Even Investment in gold is not a tax friendly method, As one has to pay capital gains tax if they are earning profits by investing in gold. which will reduce your returns.

In last few years gold has gone up by due to the fluctuations in the value of US Dollar against rupee which may or may not happen in future.

Even selling physical gold is not an easy thing to day. There are banks where we can buy gold coins or bars but can't sell them back not only banks there are few jewelers where we can buy or exchange but cannot sell the jewelry. Even if some jewelers buy but they may pay you less than the gold rates in Patna on that day.

By being aware of tax implications and expecting returns reasonably one can go for investing in gold. Because is an asset which acts as a hedge during situations such as economic breakdowns or Inflation.

The relation between stock market and gold prices in Patna?

Ups and downs in stock market are due to lot of reasons but economic conditions plays major role. There is a relation between economy and gold rates in Patna as well. Gold rates in Patna is inversly proportional to the economy. So we can say gold rates in Patna are inversly proportional to the Stock Market.

Economy is based on currency and stock market reflects how our nation's businesses and corporations are working. If the stock market is good or bullish which means that the businesses and corporations are working well. If the market is bearish means the stock market is'nt working well as simple as that.

If the the stock market declines due to recession or any other cause, the investors start looking for something to safe gaurd themselves in such conditions.

Most of the investors know that Gold is the perfect hedge in such conditions and always keep 20 to 30 per cent of gold in their portfolio as refugee.

Gold maintains it's value as it is not subject any kind of systematic risk as the stock market faces. So whenever there is a market decline, stocks moves downward at that time gold becomes more desirable.

What are the parameters in a bill on gold jewellery in Patna?

It is very important to take a bill for the gold jewellery you are buying in Patna because if you want to exchange or sell your gold jewelry in future this will help a lot as it is the proof how genuine is the gold jewelry you are buying. So, you must be checking few parameters while buying gold jewelery.

1. Check if the date is on the bill.
2. What is the variant of gold jewelry you are buying. Gold jewelers will have a different set of alphabets and number for every variant of jewellery they are selling.
3. Product Type - Product type describes what is the jewel you are buying such as a ring, ear rings, bangles, necklace etc.
4. Quantity - This parameter explains the number of jewels you are buying like if you are buying two bangles then it will show quantity as two.
5. Price - This parameter explains the price of the jewel will be as per the gold rates in Patna on that day.
6. Gross weight - It describe the weight of the jewel. Mostly which will be in grams.
7. Making or Wastage charges - This parameter explains the wastage or making charges but few reputed jewelers don't charge this.
8. Taxes - Taxes parameter explains different taxes such as VAT and Sales Tax etc.
9. Total Amount - This is the final price which you will be paying.

The impact of heavy investment in gold in Patna?

There will be a negative impact on the economy because of the heavy buying of gold in Patna. As the money which is spent on a commodity such as gold become immovable that stops the growth of the economy. The impact of heavy purchasing gold in Patna can be explained by the occurrence of certain events.

Due to heavy investment in gold, the demand for designing gold jewellery will get affected.

Currency value will be affected indirectly due to the large investment in gold. As India is not manufacturing gold much, the consumer needs the government to bring it from foreign countries. This cause loss to India because gold is a non-productive and wealth yielding asset.

If individual investors continue to invest in gold. It will reach a point where the demand will stop raising and seep down. Then the bullion owned by the government will become cheap, and it will not be enough to trade on.

So investors should start investing smartly by spending money on multiple things. For example, 30 per cent should be invested in gold, 60 per cent on stocks and remaining on mutual funds.

What happens to damaged gold jewelry in Patna?

Damaged gold jewelry can be exchanged or sold which is not a big deal. One can visit the jeweler in their neighborhood and can sell it. There are few jewelers who buy ancestral gold jewelry or damaged gold and make new models by using gold in it and sell it for higher rates then they bought. Normally most of the ancestral gold jeweler will not have few parameters which represent the genuity of the gold ornament.

If you don't have these few parameters you can sell your damaged or ancestral gold ornaments but not as per gold rates in Patna on that day. The chances are very high that you will get less money than the gold prices in Patna on that day.

The first thing that should be available on that ornament is BIS hallmark. Without BIS hallmark most of the jewellers won't buy. As it the proof for the Genuity of the gold given by the government. If BIS hallmark is not available jewelers do the few tests on jewelry due to which jewelry can be damaged. Even the jeweler would charge you for testing the jewelery.

Bill is also a very important parameter, you may have a bill for damaged gold jewelry but for most ancestral jewelry one will not have a bill.

Latest Updates on Patna Gold Rates

Gold rates in Patna set to rise on January 23, 2017

Gold rates in Patna are set to open higher on January 23, 2017, as investors will buy into the precious metal on declines. Gold prices in Patna are seeing a sustained rally as investors buy into the precious metal on declines. The precious metal which saw a good decline in the month of December has seen a good rally this year. It is likely that we may continue to see buying at lower levels. The city of Patna has also been seeing good demand since the beginning of the year. However, when there is a sharp rally its is likely that we may see some fall in the demand for the precious metal. On January 23, 2017, there maybe some reaction to the election of Donald Trump as the US President, we have to see how far that goes. Sometime if that reaction goes to far, we may see the demand fof gold in the city increasing.

22 January 2017

Disclaimer: The gold rates are sourced from local jewellers in the city. There maybe variance in rates and prices. GoodReturns.in has made every effort to ensure accuracy of information provided; however, Greynium Information Technologies Pvt Ltd, its subsidiaries and associates do not guarantee such accuracy. The rates are for informational purposes only. It is not a solicitation to buy, sell in precious gold. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates do not accept culpability for losses and/or damages arising based on gold information provided.