Table of Contents

Overview:

In this article, I tell you the today's gold rate (price) in Muzaffarpur.

In addition to that, I also explained, how gold rate is decided and who decide it.

India is known for several beautiful things. For example, Food, Hospitality, Bollywood, Cricket, and several other things.

However, What many people don’t know – India is also known for Gold.

India is the largest consumer of Gold in the world.

The country has over two thousand tons of unused gold reserved.

We Indian’s are using Golds on special occasions like festivals, marriage, etc.

And, we purchase the Gold without even wondering who decides its rate.

Have you ever been curious to know, who decides the gold rate in India and what factors are kept in mind to decide the rate?

Well, in this article, I am going to talk about the same. In addition to that, I will also share with you today’s gold rate in Muzaffarpur.

So, without further ado let’s start.

Who decides the Gold Rate in India?

The Indian Bullion Jewellers Association (IBJA) decides the day-to-day gold rates in our country.

The International price might affect the national price, but, the national price might not be the same as the international price.

IBJA contains a member of the biggest gold dealers in India.

In India, Banks primarily import the gold and supply it to the dealers.

While supplying it to the dealer, the bank also adds its fee to the gold.

The IBJA decides the gold price based on the buy and sells quotes of the ten biggest gold dealers in the country.

The price then varies as per the local tax and rates.

Some dealers also decide the gold rate by adding import duties and taxes to the international rate.

So, now we learn who decides the gold rate in India by considering several factors, let’s learn now today’s gold price in Muzaffarpur.

Today on February 6, 2022, the price of 22 carat gold per gram is Rs. 4685.