Gold Price in Patna

The capital city of Bihar, Patna, is a mix of the North Indian and East Indian cultures. This has made it a melting point of various cultures regarding foods, festivals, and grand celebrations of almost all occasions. Gold is an essential part of these celebrations, as it is used as a token of gift, and other items being used are associated with gold. Presently, the price of gold in Patna is ₹7219.00 for 22K pure gold and ₹7875.00 for 24K pure gold.

How to Purchase Gold in Patna?

Purchasing gold in Patna can be done through several avenues:

Jewellery Stores

The city has many jewellery shops selling ornaments that are authentic to North and East Indian designs. Some of the leading stores are Tanishq, Alankar, Hira Panna, Jagmohan La Shivratan Lal, Ratnalaya, Khatri & Sons, and Nakshatra Universe. These stores offer gold in different forms, including rings, necklaces, bracelets, and earrings, among others, and they are mainly made of 22K gold.

Banks

Kotak Mahindra Bank and HDFC Bank are two major banks that offer gold in the form of bullion or coins. They also guarantee purity and provide certificates of origin, which can be relied upon when buying gold.

Market Trade

Investors can also choose to invest in gold through trading options such as spot, futures, and options and exchange-traded funds (ETFs). The two firms through which one can trade gold in Patna are Kotak Securities and SBI Gold Fund. They are special financial instruments that let those who want to invest in gold do it without direct ownership of gold bars or coins.

Factors that Impact Gold Rate in Patna

Several factors influence the gold rate in Patna:

International Gold Prices

International market prices for gold somewhat influence the rates in Patna. Economic factors like exchange rate fluctuations of the US dollar, political instabilities, and alterations in the global market demand and supply levels affect local prices.

Indian Rupee Exchange Rate

The exchange rate of the rupee against the US dollar is another crucial factor influencing the overall cost. Since gold is priced internationally in dollars, a weaker Indian rupee raises the local price of gold, including in Patna.

Import Duties

A very significant part of gold consumed in India is imported, and therefore, changes in import duties directly impact gold prices. Higher import duties result in higher prices being passed on to the consumer.

Local Demand and Supply

During festive seasons and weddings, people, especially in Patna, prefer to buy gold, leading to an increase in prices. On the other hand, this leads to low quantity demand, hence low prices in the market.

Inflation

Gold is perceived as an inflation hedge. When inflation rates go up, investors turn to gold as a haven, thereby increasing its demand and, therefore, prices.

Best Gold Investment Strategies in Patna

Jewellery and Coins

Purchasing gold jewellery and coins is also common in Patna to take advantage of the rising prices of the asset in the future. Unlike modern electronic gold, it enables one to own the gold physically, and they can use this gold for personal use, such as jewellery or give it out as a gift.

Gold ETFs and Mutual Funds

Investors who wish to invest in gold but do not wish to own physical gold can opt for gold ETFs and mutual funds. These financial products give exposure to gold prices, and they have liquidity and trading flexibility.

Sovereign Gold Bonds

Sovereign Gold Bonds are safe as the Government of India launches them. They pay a fixed interest and the additional feature of capital value related to the price of gold.

Digital Gold

Digital gold platforms enable investors to purchase gold in small portions held with the service provider at an insured storage facility. This method has the advantage of being able to trade and store gold without the need for physical assets.

In Patna, How is the Purity of Gold Evaluated?

Hallmarking

Hallmarking is done to check the purity of gold in Patna. Hallmarking is regulated by another government agency known as the Bureau of Indian Standards (BIS), which is responsible for checking the purity of gold and affixing the hallmarked stamp.

Karat Measurement

The purity of gold is usually measured in terms of karats, with the highest being 24-karat gold. Usually, jewellery is produced from 22K gold, which consists of 91. 6% pure gold.

Acid Test

When it comes to identifying the purity of gold, most jewellery stores conduct an acid test. This includes putting a small drop of acid on the gold and then observing the reaction to determine the purity of the gold.

Electronic Testing

There are other more sophisticated techniques, such as electronic gold testers, that use conductivity and resistance of the metal to arrive at the exact percentage of gold.