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 dont 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.
Demand for gold in Patna?
People in India generally buy gold during festive seasons or marriage ceremonies or as a gifting option to near and dear ones on special occasions. People in Patna are influenced by the culture of North and East India and hence they generally purchase gold mostly as a gifting option. People in Patna consume gold in the form of ornaments and jewelry. They depend on the locally available jewelry shops both small and large dealers for purchasing gold. Nowadays the demand for gold in Patna is scaling new heights. People want to invest in gold as a form of investment as well as purchase gold in the form of ornaments and jewelry. The demand for gold in Patna peaks up during festive season. Though there are several ways to invest in gold like bonds, gold ETF’s, e-gold; people prefer to buy physical form of gold. They consider buying gold in physical form to be the safest way of investing in gold. The government is using various techniques to discourage the people to buy the gold by levying heavy duties on import of gold, but it is not affecting the demand for gold in Patna. Whenever the price of the gold comes down due to the various external factors one can witness more demand for gold 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 NBFCs (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 ETFs 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 cant 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 nations 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 isnt 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 its 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 dont 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 dont 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 wont 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.
What are the different ways to buy gold?
There are different ways to buy gold they are Gold Exchange Traded Funds, Gold Bullion, and Coins, E-Gold, Gold Mining Funds, Physical Gold. The Gold Exchange Traded Fund is an instrument that is based on gold price in the gold bullion markets. It is sold on the main stock exchanges. It allows investors to participate in the gold market and it gives ease and transparency and security to investors. Gold coins help those who want to buy physical gold. It is made with a purest physical form of gold. E-Gold allows investors to invest in gold with much lower denominations than physical gold. We can buy e-gold electronically on the internet from the exchange. Gold Mining Funds invest in stocks of companies engaged in gold mining and production. Physical gold like jewelry and ornaments have always been the traditional way to buy gold.
Latest Updates on Patna Gold Rates
Gold Prices Jumps in Patna
The gold prices jumped in Patna following cues from the overseas markets amidst a drop in the U.S.
Treasury yields. The gold rates in Patna recorded at Rs 46,970 for 10 grams of 22 karats and Rs 47,970 for 10 grams of 24 karats.
In the global forum, spot gold traded at $1,809.30 per ounce; U.S. gold futures at $1,804.10 per ounce.
The benchmark 10-year Treasury yields touched their lowest in more than four months and reduced the opportunity cost of holding bullion.
Analysts note that the fall in the U.S. Treasury yields is the driver for the ornamental metal. But its revival has been slow and somewhat lacklustre considering its slump of 7% last month after the Fed hinted at a hawkish stance on monetary policy.
The Fed has kept the interest rates at near-zero levels since last year, to uplift the economy battered by the pandemic. The outbreak of the coronavirus had forced investors to park their investment in gold, the safe-haven asset during uncertainty.
The minutes from the Fed could provide more cues on the monetary policy stance.
Gold and bonds share an inverse relationship. The decline in the treasury yields has pressurized the ornamental metal to surge during Wednesday’s trade session.
In the international platform, the prices of the ornamental metal-edged higher and was on course for recording its sixth consecutive session of rising, driven by a fall in the U.S. Treasury yields ahead of the release of minutes from the U.S. Fed Reserve’s June meeting.
7 July 2021
Gold prices have declines in Patna
Gold prices have collapsed in Patna following trends in gold markets as attention shifted to inflation data in the United States. Gold prices in Patna traded at Rs.47,510/- for 10 grams of 22-carat gold and Rs.48,510/- for 10 grams of 24-carat gold.
In the international forum, spot gold stood at $ 1,900.20 an ounce; US gold futures at $ 1,884.60 per ounce.
Prices for the yellow metal fell on Monday as the US currency strengthened slightly, with investors focusing on US inflation data due to be released later this week. The data is likely to provide some indication of how long the US Federal Reserve will refrain from gradually reducing monetary policy support.
The outbreak of the pandemic crisis forced the Central Bank of the United States to roll out a monetary policy with lower interest rates and unprecedented stimulus support to help the struggling US economy.
Ornamental metal prices edged up over 1% in the previous session after a weaker-than-expected monthly US employment report that allayed investor fears that the monetary stimulus would be limited shortly.
7 June 2021
Gold prices in Patna edges up
Gold prices edged up in Patna following gold market indexes amid gloomy U.S employment data. Gold prices in Patna were trading at Rs.46,350/- for 10 grams of 22-carat gold and Rs.47,350/- for 10 grams of 24-carat gold.
In the global scenario, spot gold was $ 1,831.90 per ounce; US gold futures at $ 1,815.40 per ounce.
Weaker-than-expected US employment data rekindled concerns about the revival of the global economy, pushing the value of the dollar down, thus increasing the appeal of bullion.
The US currency fell from a more than two-month high on Friday after the US jobs report indicated a slower recovery from the impacts of the coronavirus. The weak dollar makes the precious metal less expensive for currency holders in other countries.
The jobs report on Friday showed job losses in two sectors - manufacturing and construction, which have supported the economy. The benchmark 10-year Treasury index hit high levels not seen in nearly a year, capping gold gains. Higher yields increase the opportunity cost of holding unproductive bullion.
8 February 2021
Gold prices in Patna slips
Gold prices in Patna slipped slightly despite stability in overseas markets as hopes faded over the new stimulus package. Gold prices in Patna traded at Rs.49,530/- for 10 grams of 22 carats and Rs. 50,530/- for 10 grams of 24-carat gold.
On the offshore platform, spot gold stood at $ 1,915.30 an ounce; US gold futures at $ 1,907.00 per ounce.
The United States is experiencing an economic downturn due to increasing pandemic cases and needs stimulus help to cushion the struggling economy. A disagreement between Republicans and Democrats over the size of stimulus aid halted its progress.
The lack of stimulus until the end of the US presidential election, scheduled for next month, allowed gold to trade today. The dollar index slipped around 0.1% today. Still, the index set for a weekly gain.
Meanwhile, US President Donald Trump announced yesterday that he is ready to increase his offer of $ 1.8 trillion for humanitarian aid to Democrats in Congress. But his proposal was rejected by Senate Majority Leader - Mitch McConnell.
16 October 2020
The price of gold in Patna has slips
The price of gold in Patna has slipped following cues in the bullion market after reaching a record level in eight years after an increasing number of cases and a strong dollar. The price of gold in Patna has seen at Rs.46,620/- for 10 grams of 22 carats and Rs.47,620/- rupees for 10 grams of 24 carats. In foreign markets, spot gold was recorded at $ 1,794.70 per ounce and American gold futures at $ 1,785.70 per ounce. Investors signed up for profits as the rise in the number of pandemic cases spurred the rise of the precious metal and hit an eight-year record in the previous session. Analysts note that, despite the presence of solid underlying support, demand is still on the rise. But the downside risks are limited and a weak dollar should help the jewellery metal to climb to $ 1,800. The increasing number of cases in India has reduced the demand for gold as many investors are currently refraining from buying metal due to its exorbitant prices and its uncertain situation.
7 July 2020
Gold prices in Patna moves up
Gold prices in Patna reached the highest level today following indications from the world market amid the impact of the coronavirus epidemic. On the national market, the prices of yellow metal in Patna were negotiated at Rs.43,780/- for 10 grams of 22-carat gold and Rs.44,780/- for 10 grams of 24-carat gold. On the foreign market, spot gold rose 0.4% to $ 1,722.02 an ounce and U.S gold futures rose 0.9% to $1,755.50 an ounce. The precious metal rebounded in the international market as weak retail sales and manufacturing data in the United States heightened fears of a deep global recession from the coronavirus. Governments and central banks around the world have launched unprecedented fiscal and monetary stimulus and other support for economies wiped out by the pandemic. While gold generally benefits from reduced risk appetite, the metal has occasionally moved in tandem with stock markets recently, with strong sales in broader markets that have led investors to sell precious metals for cover their losses elsewhere.
16 April 2020
The Gold rates in Patna unmoves
The gold rates in Patna remained unchanged today despite inched up in the bullion market amid a softer dollar. The precious metal prices in Patna were seen trading at Rs.38,200/- per 10 grams of 22-carat gold and Rs.39,200/- per 10 grams of 24-carat gold. In the bullion market, spot gold has gained 0.2% to $1,519.75 per ounce and U.S gold futures have down 0.1% at $1,522.40.
US President Donald Trump said on Tuesday that the Phase 1 trade deal with China would be signed Jan. 15 at the White House, although investors are still awaiting details of the deal.
The dollar started the new year under pressure as investors bet that the US economic out performance could end as optimism about trade brightens global growth prospects. A weaker dollar makes gold cheaper for holders of other currencies and also pushed the yellow metal to scale up in the international market.
2 January 2020
Gold Prices in Patna Dips
The gold prices in Patna dipped following the course of the bullion markets as two major economies are willing to sign the trade settlement deal by this year-end to end the bitter trade war. The gold rates in Patna were seen at Rs 37,200 for 10 grams of 22 karats and Rs 38,200 for 10 grams of 24 karats. The U.S. and China have expressed concerns and willingness to sign the trade deal agreement by the year-end boosting the market sentiments which has driven the investors to move back to higher risk assets read stocks. The move has led to the drop in gold rates which gained over 14% during this year alone as the trade war between the U.S. and China turned ugly. Asian stock markets and European equity markets surged up following reports which mentioned that Washington and Beijing were very close to the Phase One trade deal. Investors are waiting to see the speech from the U.S. Federal Reserve Chair – Jerome Powell which is scheduled later today to know more cues on the future outlook for rates amidst better than expected manufacturing output and services activity data in the United States of America.
25 November 2019
The gold rates in Patna rises
Gold prices in Patna have gained slightly following cues in the international market in the face of the weak dollar. In the domestic market, Patnas yellow metal prices were trading at Rs.37,600/- per 10 grams of 22-carat gold and at Rs. 38,600/- per 10 grams of 24-carat gold.
In the global market, spot gold gained by 0.5% to $1,500.35 per ounce and U.S gold futures increased by 0.1% to $ 1,505.90 per ounce.
Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer are expected to resume trade talks at the highest level on Thursday, in anticipation of a scheduled increase in U.S tariffs on $ 250 billion on October 15.
Investors are waiting for the minutes of the September meeting of the U.S Open Market Committees September meeting to see if the Fed will cut interest rates at its next meeting, which could be its third cut in interest rates for the year.
8 October 2019
Gold rates in Patna stands flat
The gold rates in Patna steadied today following global cues amidst the weaker dollar. The gold rates in Patna was seen at Rs.32,350/- per 10 grams for 22-carat gold and Rs.33,350/- per 10 grams for 24-carat gold. Spot gold was jumped 1.7% at $1,382.70 per ounce and U.S gold futures also inched up 2.8% to $1,386.30 an ounce.
This is the highest gold price recorded in this month. The U.S dollar was trading low against a basket of six major traded currencies in the previous session. The Lower interest rates reduces the opportunity cost of holding non-yielding bullion and weigh on the dollar.
The dollar is weaker due to the rate cut expectations by the Fed and a lot of short-covering due to the sudden jump in prices are behind the sharp move. Even as the United States central bank left its benchmark interest rate unchanged for now, the shift in sentiment since its last policy meeting weighed on the dollar and U.S. Treasury yields.
20 June 2019
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.
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