KKN Gurugram Desk | The gold and silver market in Patna has witnessed a notable surge in prices, with 24-carat gold rising by ₹3,000 per 10 grams and silver seeing an increase of ₹3,500 per kilogram. These price hikes come in the wake of market movements influenced by geopolitical factors and seasonal demands. This article explores the reasons behind the price surge, the current rates, and the impact of seasonal factors like weddings and festivals on the precious metals market in Patna.
Gold and Silver Prices Surge Following Global Market Trends
Gold prices in Patna saw a significant spike recently, as 24-carat gold prices rose by ₹3,000 per 10 grams. Similarly, silver prices also saw an upward shift, with a ₹3,500 per kilogram increase. The surge in gold and silver prices came after a brief respite in the U.S. tariff policies, which led to a rebound in global markets.
On April 9, following a 90-day break in the U.S. tariff policy, the U.S. markets saw a 12% surge. This led to a considerable increase in gold and silver prices globally, which was reflected in Patna’s bullion market on April 10. However, after this rise, the U.S. market experienced a 3% decline on April 10, and minor fluctuations in gold and silver prices are expected today.
Wedding Season and Akshay Tritiya Boost Precious Metal Prices
According to Mohit Goyal, the convenor of the Price Determination Committee of the Patliputra Sarrafa Association, the upcoming wedding season will likely drive up the demand for gold and silver. As weddings typically lead to a higher demand for precious metals, an increase in prices is expected. Additionally, the festival of Akshay Tritiya, a key occasion for purchasing gold, also contributes to the upward trend in prices.
Current Gold and Silver Prices in Patna
As of today, gold prices have seen a substantial rise. The price of 24-carat gold has surged by ₹3,000 per 10 grams, bringing the price to ₹92,400 per 10 grams. When GST is included, the price rises to ₹95,172 per 10 grams. Similarly, 22-carat gold, without GST, is priced at ₹86,000 per 10 grams, up from ₹83,100 per 10 grams. 18-carat gold is now priced at ₹72,700 per 10 grams, compared to ₹70,000 per 10 grams previously.
Current Silver Rates in Patna
Silver prices in Patna have also seen a sharp increase. The price of silver has risen from ₹89,500 per kilogram to ₹93,000 per kilogram. After including GST, silver prices stand at ₹95,790 per kilogram. The price of hallmark silver jewelry has also increased, with rates rising from ₹87 per gram to ₹91 per gram.
Exchange Rates for Gold and Silver Jewelry
The exchange rates for gold and silver jewelry have also fluctuated. Today, 22-carat gold jewelry can be exchanged at ₹83,500 per 10 grams, while 18-carat gold jewelry is being exchanged at ₹70,200 per 10 grams. For silver, the exchange rate for hallmark jewelry stands at ₹88 per gram, while non-hallmark jewelry is being exchanged at ₹86 per gram.
Factors Affecting the Surge in Precious Metal Prices
Several factors have contributed to the recent surge in gold and silver prices in Patna:
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Global Market Trends: As mentioned, global factors such as the suspension of U.S. tariffs for 90 days have positively impacted gold and silver prices. The U.S. market’s recovery, followed by the price fluctuations, has contributed to the increase in local prices in Patna’s bullion market.
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Seasonal Demand: The upcoming wedding season is expected to drive up the demand for gold and silver. Wedding season purchases typically lead to a surge in the market, as families and individuals buy jewelry for weddings, leading to an increase in prices. Additionally, Akshay Tritiya, which is considered an auspicious day for buying gold, further adds to the demand.
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Local Economic Conditions: Local factors, including inflation and the economic conditions in Patna, also play a significant role in determining the prices of precious metals. The Indian market often sees price hikes in gold and silver when the demand outweighs supply, particularly around festivals and weddings.
What Can We Expect in the Coming Days?
Given the rising demand for gold and silver, especially with the wedding season and Akshay Tritiya approaching, experts predict that the prices of these precious metals may continue to rise in the short term. However, the U.S. market’s fluctuations, particularly in response to global trade policies, could also lead to some instability in the prices. As of now, gold and silver prices in Patna are likely to remain volatile, with minor adjustments expected based on international trends.
The Role of GST in Precious Metal Prices
It is also important to note that GST plays a significant role in the final price of gold and silver in Patna. For instance, 24-carat gold, priced at ₹92,400 per 10 grams, increases to ₹95,172 per 10 grams after adding GST. Similarly, silver’s price is affected by GST, making it crucial for buyers to account for these taxes when purchasing precious metals.
The surge in gold and silver prices in Patna reflects a broader trend driven by global market factors, seasonal demand, and local economic conditions. With the wedding season and Akshay Tritiya approaching, the demand for gold and silver is expected to rise further, leading to potential price hikes. However, market fluctuations, particularly in response to global trade policies, could result in minor adjustments in the coming days.
For investors and buyers looking to purchase gold or silver, it is important to stay updated with the latest market trends and understand the impact of factors such as GST and seasonal demand on prices. The upcoming months will be crucial for the precious metal market in Patna, and buyers should be prepared for both price surges and fluctuations.
