Gold Rate In Patna
Teej and Chhath are well-known festivals celebrated in the city of Patna, the capital city of Bihar. Both these festivals involve gifting, and the most popular option is gold. The people of Patna look forward to purchasing gold, not for its advantages as an investment but for its ornamental purposes. There is Eastern as well as Northern influences in the region, and one can find plenty of artisans making their livelihood by designing and making artisan gold jewelry.
Gold as an investment is mostly considered by the rich in the city, and because of this, the trend in gold rate in Patna is often found fluctuating more than in other cities in India. Today gold rate in Patna is stable, maintaining the steady increase since last week. However, last month had seen a significant decline in the price of gold. Although the main purpose of buying gold is ornamental use, some of them do invest in gold as coins, bullion, buy market shares, and opt for other trading options such as Exchange Traded Funds, Spot contracts, and Future contracts.
Gold Price in Patna
Patna is an important trade center in northeast India. The city movements a substantial amount of gold, and the metal plays a central part in Bihars culture and traditions.
Gold is commonly gifted in festivals like Diwali and Chitragupta Pooja. In these periods, demand is high, and the gold price in Patna raises.
What Influences the Gold Rate?
Gold rates in Patna are linked with international gold rates. The dollar fluctuation plays a major role in the gold value. And although an Association fixes the gold price daily, global conditions dictate the rates.
Prices have been growing in the last few years. As the rates increase, gold demand in Patna reduces. Apart from some small rallies, the demand for gold is running slow in Patna and India.
How to trade Gold in Patna?
There are different ways to invest in gold. Jewelry shops are the most common, but the commissions are high. Merchants add up to 30% of charges to the gold rate.
Another way is to buy shares of a company that produces gold. Since their gains rely on the gold price, its an indirect way to invest in the metal.
Its also possible to invest in gold funds (ETF). You can buy the metal without actually owning the gold. The deal occurs virtually, in the Bombay Stock Exchange.
Here you can check the gold rates in Patna and prepare your investment strategy: