The pandemic has brought in an inflated economic crisis, with stock market profits underperforming. It is a difficult task at the moment to liquidate assets without having to bear a financial loss. Moreover, NBFCs and banks have adopted a go-slow procedure on loans making it challenging to raise funds for medical bills, emergency expenditures, business capital etc. That’s where gold can play a vital role and can be easily liquidated at the current gold rate in Jharkhand. Especially during this time, it pays to know how rural and urban investors can use the present gold rate in Jharkhand and their gold investments well.

Jharkhand in Eastern India was part of Bihar and came into existence in November 2000. People here look to gold and its present gold rate in Jharkhand as the perfect hedge against inflation and consider gold the haven for investments.  

 What is the Gold Rate Today in Jharkhand?

The current gold rate in Jharkhand as of 20th April 2024, or the 22-carat gold rate in Jharkhand today, is Rs  6975/gm and the 24-carat gold rate in Jharkhand is Rs 7324/gm of 24K gold. 

Gold Rate in Jharkhand For The Past 10 Days

Here’s how the 22k gold rate today in Jharkhand and the 24-carat gold rate in Jharkhand have performed over the last 10-days.

Historical Prices of Gold Rate Today in Jharkhand

Take a quick look at the 10gm gold prices over the last 3 months.

 Factors Affecting the Gold Rate in Jharkhand

Here are the important factors that affect the 22k gold rate today in Jharkhand.

• Import Duty: The demand for gold in Jharkhand is high and causes a change in the import duties and the gold rate in Jharkhand today, directly affecting the selling prices or today's gold rate in Jharkhand.
•  Dollar prices:  Approximately 50% of gold price movements in  India from 2002 are dollar-related meaning the falling rupee rates, fluctuating USD prices and the rising import prices of gold cause today’s gold rate in Jharkhand to fluctuate.
• Demand-Supply positions: In India, the Southern states contribute to 40% of the demand, Western states around 30% , Eastern states around 15% and the northern states 25%. The Indian jewellery consumption is 0.4gm on the per capita base while 90% of its gold consumed has to be imported against payments in USD. Hence today’s gold rate in Jharkhand is directly affected.
• Investments in jewellery: In India, wedding seasons and religious festivals see a buying spree of gold, driving the gold rate today in Jharkhand to new highs especially around Dhanteras, Ugadi, Sankranti and Akshaya Tritiya.
• Inflationary market conditions: The high lending rate of the Central Bank and the lower deposit interest rates push the demand for gold and the 22-carat gold rate in Jharkhand today goes up.
• Government Reserves:  The prices and today’s gold rate in Jharkhand either rises or falls when the government reserves and quantity of gold traded in by the Government are impacted. India has approximately more than 300,000 jewellers according to a World Gold Council study with about 23 banks and trading agencies also having import licences approved for gold.

Gold Rate Today in Jharkhand and Jewellery

Gold rates differ from the daily rates and Jewellers. The final price of gold jewellery can be calculated as follows. 

The final jewellery price is equal to [Gold Weight in grams multiplied by the 22K today’s gold rate in Jharkhand or 18-carat gold rate in Jharkhand today plus the wastage and making charges and 3% GST on the final price]. 

Tip: Indian imports gold in US Dollars, with 50% going into jewellery making. In comparison, its gold production is just 1% of the global production annually.

Gold Investment 

Gold is a long-term investment asset. But if you wish to have better returns, try the modern gold investment options.

• Physical Gold: You can buy jewellery or bullion (coins/bars) at the 916 gold rate in Jharkhand at banks, jewellery shops etc.
• Gold ETFs: Gold  ETFs( Exchange Traded Funds), Mutual Funds at the 22k gold rate in Jharkhand help you invest at low risk and are traded on the stock market. 
• SGBs or Gold Sovereign Bonds are government-guaranteed bonds and have an 8-year term with 2.5% returns. They are like fixed deposits.
• Futures are contracts that specify that a certain fixed quantity of gold will be traded at a selected future date at today’s gold rate in Jharkhand live.
• Derivatives and trading in gold as a commodity at the current gold rate in Jharkhand is riskier and involves trading on the stock market.

Tip: Digital gold is bought on a digital platform like Khatabook, which allows you to start saving small and accumulating physical pure gold in an insured locker till delivery. 

Comparative Analysis of Gold Investment Options

Let's quickly understand how gold investments compare with digital gold and the mutual funds investing in gold. 

Gold Funds: Gold funds add a nominal charge as fund management charges to the 916 gold rates in Jharkhand today. The paper gold suffers no risk of theft. These require much paperwork when investing, and the fund certificate is needed when trading it in at the maturity value.  

Digital Gold: The investment is made in digital gold and can be of any value. So you can start small and keep accumulating units of gold, where 1 unit=1 gm of physical gold. It has no risk of theft since it is in digital form. You can however convert it into physical gold. The paperwork is simple, and gold is kept in insured vaults until it gets delivered. The gold rate in Jharkhand 916 affects the price directly. Buy units of digital gold on a reputed platform like Khatabook.

Comparative Analysis of Gold Versus Modern Investment Options

Gold is a safe and preferred investment in India. Here’s the performance comparison of gold investments.

Important Factors When Buying Gold Jewellery

Are you planning to buy jewellery at today’s gold rate in Jharkhand 916? Here’s what to check.

• Hallmarking and BIS Certification: The BIS certificate certifies the purity of gold. The Hallmark certifies the gold quality and includes logos, purity, etc. Both benchmarks for gold jewellery are quoted at the 22-carat gold rate in Jharkhand today.
• Rate fluctuations: Gold rates vary daily, across locations and even by the moment on the commodities market. Before investing in gold, do take a look at today's gold rate in Jharkhand, the 22k gold rate today in Jharkhand, and if buying 18K gold, refer to the 18-carat gold rate in Jharkhand today. 
• Trading terms: The buy-back terms are essential. Remember you have to sell gold to a jeweller and when you sell gold back you lose the cost of making charges, wastage, stone weight etc which even at the prevailing gold rate in Jharkhand is substantial even for the exchange of gold jewellery on a gram-to-gram basis.
• Gold types and limits: In India, the holding of gold per family has recently been recently limited. Gold jewellery is generally 22K though other varieties like 18K, white/rose gold etc are tempting buys. Read up on the various types and limits on purchases before making one.
• Hidden costs: Wastage and Making Charges can account for 7 to 25% of the gold ornament bought at today’s gold rate in Jharkhand 916. Plus GST is applicable at 3% of the total purchase price.  

Types of Gold

Here’s a comparative chart of 24K, 22K, and 18K gold.

Digital Gold:

Digital gold is a new global gold currency system that has no manipulations or variations on the exchange rate. It permits investors to easily buy, sell or trade pure gold, anywhere in the world without any fear and without touching it. You can even procure fractions of gold units thereby not needing large investments when buying gold. Such gold is free from theft and stored in insured lockers till the time of delivery with no restrictions on investments or conversions to physical gold in the form of jewellery. In India, the platform Khatabook is well-known.

Buying, Selling and Trading Digital Gold:

All you need is a mobile phone and to go online. You can use the app for digital gold to buy as little as 0.10 gm of pure gold online with a few clicks. Selling is also easy as all you need to do is enter the weight of the gold and choose the buy/ sell option. You can liquidate your gold by buying physical gold and have it home-delivered if you wish.

What is a Gold Loan?

Have an emergency situation and need money urgently? Physical gold, jewellery etc., can raise 90% of today’s gold rate in Jharkhand as a secured loan.  In Jharkhand, the Jharkhand Rajya Gramin Bank offers gold loans even in rural locations.

• The interest rate is 7% pa.
• Processing fees are applicable and are the lesser of 1% or Rs 1000.
• With income proof, you can avail of a gold loan of up to Rs 1 Crore.
• Preclosure charges may vary from 0 to 1%.

The loan is offered pan India by most banks, NBFCs etc., with gold as the collateral. It is repaid with 11 to 13% bank interest within a specified time. This way your gold-holding never dwindles. Beware of defaulting as the lender may auction the gold collateral. Digital gold needs to be converted to physical gold and used for loan purposes.

Locations to Buy Gold in Jharkhand

Gold jewellery can be bought at today’s gold rate in GRT Jharkhand, across its major cities, which have reputed jewellery stores. 

The Bottom Line

Jharkhand in North India is well-known for its culture. People are simple and look to gold investment in jewellery at weddings and religious festivals like Dhanteras. Most women here like to flaunt their gold jewellery. It is also considered auspicious to make or buy gold during celebrations to invoke the diety’s blessings. Gold is regarded as the safest investment in Jharkhand. The gold rate in Jharkhand varies depending on many factors. Rates also differ daily and across locations since gold is a traded commodity. Be smart and learn all about investing safely in digital gold using a trusted platform like Khatabook.