On Patna, Bihar, India, the price of 24‑carat gold slipped to ₹134,154 per 10 grams on October 18, 2025 – a 2.54% drop from the previous day. The dip came just weeks before the festive rush of Diwali, a period that usually fuels a surge in gold buying. Analysts say the swing reflects a blend of global market jitters, a wobbling US dollar, and local investors scrambling to lock in rates before the holiday.
Recent Price Movements in Patna
According to ABP Live, the 24‑carat rate fell from ₹137,650 to ₹134,154 per 10 grams between October 17 and 18, while 22‑carat slipped from ₹123,592 to ₹121,096. The 18‑carat tier hovered around ₹101,121, down a modest ₹2,636. Goodreturns reported a slightly different picture, quoting 24‑carat at ₹12,082 per gram on October 17‑18 – roughly $1,200 per ounce, mirroring the global rally past $3,900 an ounce.
Data from BankBazaar shows the 22‑carat range oscillated between a low of ₹10,870 per gram on Oct 3 and a high of ₹11,500 on Oct 13, a 2.77% climb in the first half‑month. Meanwhile, Indian Express noted that nationwide rates held steady on Oct 16, with 24‑carat at ₹12,944 per gram.
Why Gold Is Volatile This October
The international arena is anything but calm. The price of an ounce breached the $3,900 mark, buoyed by investors seeking a safe‑haven amid lingering US‑China trade tensions, the Russia‑Ukraine conflict, and speculation of a U.S. government shutdown. The US dollar index lingered near 98.02, making gold relatively cheaper for foreign buyers and nudging up demand.
Local factors add another layer. The Indian rupee has slipped about 1.3% against the dollar since the start of the month, giving Indian buyers a marginal edge when converting foreign‑sourced gold. Add to that the traditional Diwali rush – families view gold as both a luxury gift and an inflation hedge – and you get the perfect storm for price twitching.
Local Buying Channels and Practical Tips
In Patna, most gold purchases happen through jewelry outlets rather than bullion exchanges. The major players include Titan Company Limited’s Tanishq, Alankar, Hira Panna, Jagmohan La Shivratan Lal, Ratnalaya, Khatri & Sons, and Nakshatra Universe. Only a handful of banks – notably Kotak Mahindra Bank and HDFC Bank – offer limited bullion trading desks.
Customs duty permits up to 1 kg of gold to be imported with a 12.5% levy; gifted jewelry is exempt. GoldInforma advises buying when the rupee is weak, then stashing the metal in a bank locker rather than a home safe – Patna recorded a 7.2% theft rate for valuables in 2023.
- Track live rates on regional sites, especially in neighboring Nepal, for cross‑border price checks.
- Consider locking prices with a trusted jeweler before Diwali to avoid end‑of‑month spikes.
- Weigh the 24‑carat option for pure investment; 22‑carat and 18‑carat are better suited for ornate pieces.
Expert Views on Diwali Demand
"We usually see a spike in orders as families start planning their Diwali purchases," said Ramesh Kumar, manager at Tanishq’s Patna branch. He added that the current dip might actually lure more buyers looking for a bargain before the festival.
Market strategist Priya Singh of Goodreturns warns, "If the US dollar rebounds sharply, we could see a quick reversal. But the cultural momentum of Diwali often overrides short‑term macro shocks." She predicts a modest 1‑2% uptick in 24‑carat rates by early November.
Looking Ahead: What Traders Expect
The upcoming Diwali 2025India is set for November 1. Historically, gold prices edge upward 3‑5% in the week preceding the festival. However, if geopolitical tensions ease and the US Federal Reserve signals softer policy, the rally could be muted.
For now, traders advise a cautious approach: monitor the dollar index, keep an eye on RBI’s reserve data, and lock in rates early if you’re buying for gifting rather than long‑term storage.
Key Facts
- 24‑carat gold in Patna: ₹134,154 per 10 g on Oct 18, 2025.
- Price change: –2.54% from previous day.
- Global spot price: > $3,900 per ounce.
- US dollar index: ~98.02.
- Diwali 2025 date: November 1, 2025.
Frequently Asked Questions
How will the Diwali season affect gold prices in Patna?
Historically, Diwali drives a 3‑5% rise in gold rates as families buy gifts and invest. In Patna, the surge may be tempered by the recent dip and a strong dollar, but most analysts expect at least a modest increase before November 1.
Which places in Patna sell gold bullion?
Bullion can be bought at the limited desks of Kotak Mahindra Bank and HDFC Bank. Most retail shoppers rely on jewellers such as Tanishq, Alankar, and Hira Panna.
What customs duty applies to imported gold in India?
Importers can bring in up to 1 kg of gold with a 12.5% duty. Gifted jewelry is exempt, making personal imports a cost‑effective route for high‑net‑worth individuals.
Is storing gold at home safe in Patna?
Patna’s 2023 theft rate for valuables stood at 7.2%, according to police records. Experts therefore recommend using bank lockers, which offer better security and insurance coverage.
How does the US dollar index influence Indian gold prices?
A stronger dollar makes gold cheaper for foreign buyers, boosting global demand and pushing prices up. Conversely, a weaker dollar eases pressure on Indian buyers, often leading to price dips, as seen in the recent Patna market.
