Major Crash in Gold Rate Today In Bangalore, 24 March: 24K/100g Gold Sinks Rs. 1.6 Lac in 6 Days; Silver Gains

Gold rate in Bangalore today recorded another sharp decline on March 24, taking its losing streak for the sixth consecutive session. Today's drop, 24-carat gold has become cheaper by nearly Rs. 1,62,500 per 100 grams.

Similarly, standard 22-carat gold and 18-carat gold prices also corrected sharply, due to weakness in the bullion market. Overall, gold prices are now trading nearly 21.5% below their record high levels.

In the global market, gold rate today declined by more than 1%, pressured by a stronger US dollar and declining expectations of interest rate cuts by the US Federal Reserve.

However, before closing in the previous session, spot gold and silver prices saw high volatility, recovering most of their earlier losses after a surprise announcement by US President Donald Trump to pause potential strikes on Iranian energy infrastructure.

Bangalore Gold Rates on March 24

Gold rates in Bangalore today declined sharply for 24-carat gold, which now costs Rs. 1,40,350 per 10 grams after slipping Rs.2940, while 22-carat is retailing at Rs. 1,28,650, which fell by Rs. 2,700 per 10 grams. Meanwhile, the 18-carat gold rate today in Bangalore also declined by Rs. 2,210 per 10 grams to cost Rs.1,05,260.

Silver Rate In Bangalore Today

The silver rate in Bangalore today rose slightly after 5 days of continuous decline where it fell by 45,000 per Kg. Today 1Kg of Silver costs Rs. 2,35,000, while per 100 grams it costs Rs 23,500.

MCX Gold & Silver Futures Performance

On the Multi-Commodity Exchange, Gold April Futures fell by 1.09% to Rs. 1,37,744 per 10 grams. While the Silver May Futures declined today by 3.21% to Rs. 2,17,948 per kg as of 11:20 AM on March 24.

Global Gold and Silver Spot Rates & Outlook

"Spot gold is hovering in a broader range of $4200 and $4500 after yesterday's sharp sell off. We expect price to find its floor near $4200 and stabilize on early sign of negotiations to end the conflict. However, Tehran denied that any negotiations were underway, while Israel continued its attacks on Iran. The outcome of any talks and the potential reopening of the Strait of Hormuz remain uncertain, keeping inflation risks elevated. Moreover, hawkish central bank comments and massive sell-off from gold ETFs could restrict upside in price. SPDR Gold Shares, plummeted 10.4% last week and reduced its individual holdings by 82,680 ounces" as per ICICI Direct CommodityOutlook

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