Bangalore Gold Prices Extend Rally for 4th Session, Rates Soar Across All Purities; Check Rates Now!

Gold rates in Bangalore today extended gains for the fourth consecutive session due to renewed geopolitical tension between Russia and Ukraine, which has boosted the demand for the safe haven metals. Additionally, the sliding dollar value is currently providing support leading to a rise in gold prices in India.

24-carat gold price in Bangalore today rose by Rs. 300 to cost Rs. 77,950 per 10 grams, and 22-carat gold currently retails at Rs. 71,450 per 10 grams, which is up by Rs. 300. In a similar way, the 18-carat gold rates also spiked by Rs. 240 to cost Rs. 58,460.

For bulkier quantities, the price stands at Rs. 7,79,500 per 100 grams of 24-carat gold and Rs. 7,14,500 per 100 grams of 22-carat yellow metal.

Gold Maintains its Winning Streak

Gold prices in the Indian market have been steadily rising for the past four sessions. After witnessing sluggish demand last week, the market is now seeing a recovery, with the arrival of the wedding season in India, which is apparently driving the demand for the yellow metal.

On the global front, escalating geopolitical tensions between Russia and Ukraine, along with fears of a broader conflict involving the potential use of nuclear weapons, have prompted investors to seek refuge in gold as a safe-haven asset. Additionally, the U.S. dollar has weakened, dropping by 0.10% to 106, making gold more affordable for holders of other currencies. The possibility of a Federal Reserve interest rate reduction is another factor supporting the current upward momentum in gold prices.

Gold Prices In Other Major Indian Cities

Here are gold prices in some of the metropolitan cities in India:

Cities	24 carat	22 carat
Delhi	₹ 78,100	₹ 71,600
Mumbai	₹ 77,950	₹ 71,450
Chennai	₹ 77,950	₹ 71,450
Kolkata	₹ 77,950	₹ 71,450

Silver Rate in Bangalore Today

Silver prices in Bangalore remain unmoved today after registering gains for two sessions previously. At present, 1 kilogram of silver in Bangalore currently retails at Rs.92,000. Similarly, the price for 100 grams of silver stands at Rs. 9,200 on November 21, 2024.

Gold And Silver Future Price On MCX

Precious metal futures on the Multi Commodity Exchange (MCX) are currently trading in positive territory. Gold futures maturing on December 5th are currently trading at Rs. 76,232 per 10 grams, 0.26% higher than their previous close. Similarly, silver futures for the December 5th expiry are trading higher by 0.44%, at Rs. 90,483.

Spot Gold and Silver Rates in the Global Market

In a report dated November 21, Reuters highlighted that gold prices climbed for the fourth consecutive session on Thursday, fueled by safe-haven demand amid rising tensions in the Russia-Ukraine conflict. Investors are also closely monitoring comments from Federal Reserve officials regarding the interest rate trajectory. While a potential rate cut in December might pose a challenge for gold, the metal's long-term outlook remains optimistic. As of 02:38 GMT, spot gold increased by 0.3%, reaching $2,657.41 per ounce, marking its highest level since November 11. U.S. gold futures also rose by 0.3% to $2,660.00. Meanwhile, spot silver advanced 0.8% to $31.11 per ounce on Thursday.