Gold Rate in Patna

Gold rates today in Patna are linked with a number of factors that have a direct impact on it. Below are the few factors that affect the gold rate today in Patna.

• Dollar fluctuations: If the dollar fluctuates, the gold rates in Patna witness an instant change. A weak dollar increases the demand for gold in India which eventually leads to a rise in the gold rate. While, a strong dollar rate decreases the demand for gold, eventually leading to a decrease in the gold rate. This is because people do not want to invest in a depreciating asset. So, a weak dollar increases the demand for gold that directly increases the Patna gold rate.

• Increasing demand: If the demand for gold increases, the gold rates too rise as gold is imported in Patna in fewer quantities in comparison to high demand.

• Production costs: If gold mining companies increase the production costs, Patna gold rates too increase.

• Dollar and rupee equation: Gold in Patna is an imported commodity. Hence, if the rupee becomes strong against the dollar, the gold rates decrease; similarly, if the dollar becomes strong against rupees, the gold rate increase. This is because gold is traded in dollars and sold in rupees in the domestic markets.

• Inflation: Gold in Patna is purchased to hedge against inflation that reduces an individual’s purchasing power. During the time of inflation, whatever little, people invest in gold as it offers steady returns and is a safe asset in comparison to other financial instruments. The demand for gold increases during the time of inflation, which eventually leads to an increase in the gold rate.

Gold investment in Patna is primarily done through gold jewellery. However, there are various gold investment avenues in Patna that people don’t know about. So, here are various gold investment options one can look to invest in.

• Gold coins: Investing in gold coins and bars is one of the most traditional ways of investing in gold in Patna. One can buy gold coins and bars from banks and jewellers.

• Gold ETFs: One can buy gold without actually holding it physically. Gold ETFs are just like any other individual commodities listed on the stock exchange. Investment in Gold ETFs can be done by individuals who hold a Demat account.

• Gold Mutual Fund: Investing in gold in Patna can be done through gold mutual fund that invests in various gold-related funds. One does not need to hold a Demat account to invest in gold mutual fund.

• Gold ornaments: Gold ornaments are just not bought for the purpose of fashion, but also for investment. Purchasing gold jewellery includes making charges that are inclusive of the final price of the gold jewellery.

To make sure your gold purchase is a transparent process in Patna, here are a few things to know before investing. The below points tell you about the things that you should check before shelling out your hard earned money on buying the precious yellow metal.

• Check the cost per gram: Always check the cost per gram rate of gold as it gives you a fair idea of how much money you will have to pay to buy your favourite gold item. Gold coins, bars, ornaments are measured in grams and sellers sell it depending on the gold rate today in Patna. Gold rate today in Patna is determined on a daily basis by the IBJA.

• BIS hallmark: If the jewellery item you are buying is not embodied with a BIS hallmark, then it’s advisable not to buy it. BIS hallmark denotes that the gold is pure and meets the prerequisite standards specified by the IBJA. Never buy gold without collecting the invoice: At the time of buying gold in Patna, always ensure that you collect the invoice from the jeweller. This is because it ensures that your jewellery purchase is transparent and is not ridden with any discrepancies.

• Machine or manmade: Check if the gold item you are buying is machine or manmade. This is because machine-made gold items are cheaper than man-made ones.

• Making charge: In simple terms, making charge is the labour charge involved in the making of the gold item. Making charges vary depending on the weight and purity of the gold item. Different jewellers have different making charges. So it is always imperative to check on the making charges before finally making a purchase.

• Level of purity: The precious metal is available in different purity levels. Its purity is generally expressed on the basis of Karat and fineness. The level of purity has an impact on the price of gold.

6 Months Gold Rate in Patna

Trend of Gold Rate in Patna for August 2019

Source: GoldPriceIndia

Trend of Gold Rate in Patna for July 2019

Source: GoldPriceIndia

Trend of Gold Rate in Patna for June 2019

Source: GoldPriceIndia

Trend of Gold Rate in Patna for May 2019

Source: GoldPriceIndia

Trend of Gold Rate in Patna for April 2019

Source: GoldPriceIndia

Trend of Gold Rate in Patna for March 2019

Source: GoldPriceIndia

The different ways by which a user can buy gold include:

• Buying gold ornaments from a jewellery store
• Investing in gold coins and bars offered by jewellers, banks, non-banking finance companies and e-commerce websites
• Buying Gold ETFs from the stock exchange (after opening demat and trading accounts)
• Availing Sovereign Gold Bonds that have been issued by the government
• Investing in firms involved in the mining, extracting and marketing of gold

What is BIS Hallmarked Gold?

Gold jewelleries that have been hallmarked by the Bureau of Indian Standards shall bear the BIS logo. This is evidence that the purity of the gold has been verified in one of the bureau’s licensed laboratories. It should, however, be noted that BIS hallmarking is not obligatory - not all jewellers offer hallmarked BIS jewellery. Some offer their in-house hallmarking of jewellery which is not verified by the national standards body of India. Before buying gold jewellery, it is important to check with the jewellers whether or not they offer BIS hallmarked ornaments.