BIG Fall In Bangalore Gold Rate Today! 24K Price Slips By Rs 2,200/100 Gm On September 17

Bangalore Gold Rate Today: There was a sharp decline in the price of gold in Bangalore on Wednesday, September 17. The decline in gold prices has come a day after the precious metal surged to a record high mark amid buzz around US Fed rate cut.

Gold prices today declined due to a possible profit booking by investors. The decline in gold rates in Bangalore was in sync with falling gold prices in India as well as across the world. Here are all the details you need to know.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore declined by Rs 22 to Rs 11,171 per gram. With this, fall the overall decline in the price of 24 karat gold was Rs 2,200 per 100 gram on Wednesday. Likewise, the price of 22 karat gold declined by Rs 20 to Rs 10,240 per gram. Rate of 18 karat gold in Bangalore fell by Rs 17 per gram to Rs 8,378 today.

Wednesday's decline in gold rate has come as a breather for retail jewellery buyers who are planning to buy gold ahead of the festive season. However, experts, believe that the relief will be short-lived as gold rates will continue to rise amid rising geopolitical uncertainty, global trade tensions, and other macroeconomic factors.

"Gold prices hovered near all-time highs as expectations for a Federal Reserve interest rate cut later in the day dented the dollar and U.S. bond yields, boosting demand for the precious metal," noted Manav Modi, Analyst - Precious Metal -Research, Motilal Oswal Financial Services Ltd, highlighting that the gold prices continue to remain close to their all-time high mark despite mild decline today.

"All eyes today will be on Federal Reserve's policy meeting scheduled later tonight, where a much-awaited rate cut could be announced of 25 bps. Along with that, comments from Governor Powell, dot plot and economic forecasts will also be under radar, possibly triggering volatility in market. U.S. President Trump called for Fed Chair Powell to enact a "bigger" cut to benchmark interest rates via social media post," Modi added.

Bangalore Silver Rate Today

The price of silver in Bangalore defied the trend set by gold on Wednesday. Silver prices increased today and continued to remain close to their all-time high mark. Bangalore silver rate increased by Rs 3.2 to Rs 137.2 per gram and by Rs 3,200 to Rs 1,37,200 per kilogram.

Rising silver rates is the result of strong industrial demand for the precious metal. Additionally, silver is also receiving strong demand from retail investors because of its attractive valuations compared to gold.