Bangalore Gold Prices Shine Bright: 22K/100g Gold Rises Rs.6000, Silver Holds Ground for 4th Session

Gold prices in Bangalore have risen today after dropping by more than 4.6% last week. The gold market in India saw some light as the week began. This rise in prices comes due to the pause in the dollar's rally. Investors are now looking forward to the Federal Reserve's upcoming decision on interest rates in its next policy meeting.

On November 18, 2024, the 24-carat gold price in Bangalore rose by Rs.660 per 10 grams, reaching Rs.76,310. Similarly, the 22-carat gold rates in Bangalore increased by Rs.600 per 10 grams, now standing at Rs.69,950.

For bulkier quantities, a similar decline was seen as 100 grams of 22-carat yellow metal now costs Rs. 6,99,500, which has risen by Rs. 6,000, while the 100 grams of 24-carat gold is now priced at Rs. 7,63,100 with an increase of Rs. 6,600.

What Led To The Slump In Gold Prices?

The previous week was relatively favorable for retail gold buyers as gold prices in India dropped considerably. Reports indicated that gold rates in India were comparatively lower than those in Middle Eastern countries such as the UAE, Qatar, and Singapore. The decline in prices came as demand for gold in India fell greatly after the festive season.

Meanwhile, the US market also saw a major drop in spot gold prices, which were pressured by a strong rally in the dollar throughout the week. Spot gold retreated from the $2,600 level but is slowly consolidating as trading begins this week. The US Dollar Index is currently at 106.67, showing a slight dip of 0.02% after a 1.6% rise last week, according to Reuters.

Looking ahead, the next major push for gold prices in Bangalore and across India will be the wedding season, which typically sees a significant increase in demand for retail gold. As a result, gold prices are expected to rise further.

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	₹ 76,460	₹ 70,100
Mumbai	₹ 76,310	₹ 69,950
Chennai	₹ 76,310	₹ 69,950
Kolkata	₹ 76,310	₹ 69,950

Silver Prices in Bangalore On Nov 18:

Silver rates in Bangalore today observed no movement for the 4th consecutive session, and 1 kilogram of silver currently retails at Rs.89,500. Similarly, the price for 100 grams of silver costs Rs. 8,950.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery are also up by 0.86%, currently at Rs.74,581 per 10 grams. Similarly, silver futures for the December 5th expiry are trading in green, up by 0.90%, trading at Rs. 89,220.

Spot Gold and Silver Rates in the Global Market

Reuters, in its latest update, reported that spot gold rose 1% to $2,587.49 per ounce by 01:50 GMT, recovering from its worst week in over three years, which ended on Friday. U.S. gold futures gained 0.9%, reaching $2,592.00. Spot silver also climbed 1.1%, trading at $30.53 per ounce. Gold prices rebounded on Monday following significant declines last week, as the dollar's rally paused. Market participants are now awaiting comments from Federal Reserve officials this week for further insights into the U.S. interest rate outlook.