Gold Rate Today in Patna

Gold Rate in Patna

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Today's Gold Rate in Patna

Gold is a sturdy addition to your investment portfolio. It offers low price volatility which makes it a good hedging tool for inflation, and it has historically outperformed fiat currencies, making it an investment that helps mitigate risk to a great degree. As a potential gold investor from Patna, it is important for you to know not only the gold price today in Patna but also the price in the past and in the future. In this article, we will break down the gold rate in Patna today, for the previous 10 days, and break down the advantages and disadvantages of investing in gold.

Gram

24 Carat Gold Rate Today

24 Carat Gold Rate Yesterday

Daily Price Change

1 Gram ₹ 4,887 ₹ 4,888 ₹ -1
8 Gram ₹ 39,096 ₹ 39,104 ₹ -8
10 Gram ₹ 48,870 ₹ 48,880 ₹ -10
100 Gram ₹ 4,88,700 ₹ 4,88,800 ₹-100

22 & 24 Carat Gold Rate in Patna for Last 10 Days

Here is a list of the gold price in Patna for the last 10 days. 

Date

STANDARD GOLD 22K

PURE GOLD 24K

1 Gram

10 Gram

1 Gram

10 Gram

Oct 22, 2021 ₹ 4,563.00 ₹ 45,630.00 ₹ 4,887.00 ₹ 48,870.00
Oct 21, 2021 ₹ 4,564.00 ₹ 45,640.00 ₹ 4,888.00 ₹ 48,880.00
Oct 20, 2021 ₹ 4,563.00 ₹ 45,630.00 ₹ 4,887.00 ₹ 48,870.00
Oct 19, 2021 ₹ 4,563.00 ₹ 45,630.00 ₹ 4,886.00 ₹ 48,860.00
Oct 18, 2021 ₹ 4,549.00 ₹ 45,490.00 ₹ 4,871.00 ₹ 48,710.00
Oct 17, 2021 ₹ 4,548.00 ₹ 45,480.00 ₹ 4,870.00 ₹ 48,700.00
Oct 16, 2021 ₹ 4,549.00 ₹ 45,490.00 ₹ 4,871.00 ₹ 48,710.00
Oct 15, 2021 ₹ 4,609.00 ₹ 46,090.00 ₹ 4,935.00 ₹ 49,350.00
Oct 14, 2021 ₹ 4,609.00 ₹ 46,090.00 ₹ 4,935.00 ₹ 49,350.00
Oct 13, 2021 ₹ 4,536.00 ₹ 45,360.00 ₹ 4,780.00 ₹ 47,800.00

How is the Purity of Gold Determined?

If you have ever purchased gold before, in the form of investment or as jewellery, you will notice that gold comes in various varieties, such as 10K, 18K, 22K and 24K. The ‘K’ stands for Karat or Carat, a unit of measurement that helps explain the type of gold alloy it is. 

 

That’s right, most gold you purchase, even if it is 24-carat gold, is not 100% pure gold, as the metal in its pure form is extremely malleable, making it unfit to be sold without being damaged. Thus, alloys that function as hardening agents are included. The ‘K’ therefore, signifies the amount of alloy in your gold. 

 

In order to ascertain the fineness and purity of gold, you must first divide the carat value by 24 (if it's 22K, divide this by 24). Then, take this value and multiply it by 100. In the case of 22K gold, this would give you 0.9166, or 91.66%. 

 

It is based on this calculation that the 24 carat gold price in patna, the 22 carat gold rate in patna today and the 18 carat gold price in Patna vary. 

Different Types of Purity Measure of Gold in Patna

Carat

Purity Percentage (percentage of gold in the alloy)

24 Carat 99.99%
22 Carat 91.7%
20 Carat 83.3%
18 Carat 75%
14 Carat 58.3%
10 Carat 41.7%

Points to Remember When Buying Gold in Patna

There are a number of things one should keep in mind while purchasing gold in Patna, that exceeds simply knowing the Patna gold rate today for the various purities of gold. Let’s take a look. 

 

  1. Ensure that you are always buying gold that is hallmarked. While it is possible that gold that isn’t hallmarked is just as pure, the mark of authenticity means you will have no problem selling your gold if and when you wish to for the correct gold price in Patna, and not less. 
  2. In case you realise upon reaching home that the weight of the gold is not appropriate, or there are other problems, you would like to return it hassle-free. Therefore, it is of paramount importance that before you buy the gold based on the current gold rate in Patna, and that you check the return and buyback terms for the gold. 
  3. Finally, in order for any of this to happen, you must have an invoice. Therefore, always make sure that you ask for an invoice of the current gold price in Patna at which you made your purchase. 

Gold as an Investment in Patna

Gold is often considered to be a valuable asset to one’s portfolio. If you can keep track of the gold rate in Patna over time, based on the current gold price in Patna you could invest at a good time. But, why invest in gold? 

 

  • Given that gold has a strong global valuation, it possesses the ability to weather inflation, one that fiat currencies do not. You can thus hedge your money in your gold investments to sit out a wave of inflation. 

  • In India, the demand for gold is high and seasonal. As an investor, you can use this to carry out a fundamental analysis to enter the market at a good time. For instance, before the wedding season. 

  • The returns offered by gold are just as competitive as other avenues of investments, whilst still offering more stability than high-risk equity investments. 

How You Can Make Gold Investments in patna

Purchasing bricks of gold proves to be quite inconvenient for someone looking to invest in it. In recognition of this, the market responded with a number of gold-related investment options that allow you to purchase gold at the current gold price in Patna, without having to physically buy the gold. Let’s see what other forms of gold investments you can make at the current gold rate in Patna. 

  1. You can invest in the metal itself.

  2. This offers some advantages such as not needing a Demat account, and no paperwork required to invest. However, the gold can be stolen and you might have to put in more effort to sell.

  3. Gold Funds.

  4. Created by large scale mining companies, these funds can be purchased without a Demat account, however, they also require you to pay a fee to maintain the fund.

  5. Gold ETF

You buy a representational amount of gold, but not the metal itself. You require a Demat account to do this, but it alleviates the need to buy and sell physical gold. 

Importing Gold into patna

The import of gold into India is controlled and regulated by the RBI. As a result, if you wish to import gold into Patna, regardless of the gold Rate in Patna, you would have to follow certain guidelines. For instance, gold cannot be imported into the country in the form of medallions or coins, though bars are allowed. However, you will be required to route all your imports through a warehouse that is customs bonded, alongside having to provide a certified licence from the Directorate General Foreign Trade. 

Why Do Gold Rates in Patna Fluctuate?

There are a number of reasons that affect the price of gold, and one can safely assume that these factors have an impact on the gold rate in Patna as well. Let’s take a look at what some of these factors are. 

  1. Inflation

  2. Gold has a peculiar relationship with inflation rates, in that the prices are inversely related. Meaning, if inflation in the country is high, then the gold price in Patna will increase as well. Why? Because the price of gold has a strong global value, and does not depreciate as fiat currencies do. Parking your money in gold therefore can be a good tool to wait on a wave of inflation. 

  3. The National Reserves

  4. The government maintains a level of gold reserves in order to control and influence the gold price in Patna and around the country. If the government wishes to increase its reserves, therefore, it will create more demand for gold, and thus push the prices up.

  5. Global Factors. 

Being one of the largest importers of gold, the import cost factors into the current gold rate in Patna and the country. Therefore, if there is an increase in import costs, this will impact the price of gold. If there is a reduction in import costs, the gold price in Patna will go down.

Factors that Affects Gold Prices in Patna

  1. Interest Rates

    When interest rates go up, the gold Price in Patna is likely to go down. The opposite is possible as well.

  2. Seasonal demand

    India experiences seasonal demand for gold. Based on the time of year, upcoming festivals etc, the price fluctuates due to this seasonal demand.

  3. Inflation

    Given that gold has the ability to weather inflation, the price of gold is likely to go up in Patna if inflation is high, as people have more faith in the price of gold than in their fiat currency. 

GST Impact on Gold Rate in patna

When you invest in gold based on the current gold rate in Patna you are hoping that the gold price will go up, and you can sell for a return of a certain percentage. However, you must account for taxes that could eat into your earnings. Here is how GST affects the price of gold.

Tax

Before GST

After GST

Price of 10 grams ₹ 45,000 ₹ 45,000
Customs Duty ₹ 4,500 ₹ 4,500
Service Tax and VAT ₹ 990 ₹ 0
GST on GOLD ₹ 0 ₹ 1,485
Total gold value ₹ 50,490 ₹ 50,895
Making charge ₹ 3,000 ₹ 3,000
GST on Making charge ₹ 0 ₹ 150
Final Price of gold after GST ₹ 53,490 ₹ 54,135

Difference between KDM and Hallmarked Gold in patna

Gold that is bought and sold at a certain price, be it the 22 carat gold rate in Patna today or the 18-carat gold rate in Patna today, is an alloy made up of gold and other metals to make it more rigid. However, knowing what is mixed into your gold is of paramount importance. To meet this need, the BIS standard was created. This stamp assures you that the gold you are purchasing is authentic. 

 

Previously, some gold ornaments were put together using an alloy of gold and Cadmium. Gold created through this process was known as KDM gold. It was soon found however that this is harmful to the health of the artisans, and KDM gold was subsequently banned from circulation by the BIS. 

Gold ETF vs Sovereign Gold Bonds

Over time, investors and the market at large have recognised the inconvenience and infeasibility of investing in gold in its physical form. In order to overcome this hurdle, therefore, a number of financial instruments have been created that allow investors to invest in and ‘own’ gold, without having to have it in physical possession. Sovereign Gold Bonds and Gold ETFs are but two examples of these instruments. While a gold ETF is set up with the objective of allowing investors to own gold and buy it through their Demat account, the sovereign gold bond was created by the government in order to meet the demand for gold as an investment. But, which one should you invest in? Let’s break down their various facets.

Parameter

Gold ETF

Sovereign Gold Bond

Tenor None 8 years
Payment Digital format Upto 20,000 in cash, then cheque, DD etc.
Where to Purchase From demat account Post office, stock holdings, Agents and Banks
Minimum investment amount 1 unit 4,662 per gram
Maximum investment amount No limit present 4KG per family member
Lock in Period None 5 years

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