Bangalore Gold Rate Update: Prices Slip for 4th Day, 24K/100g Drops Rs.12,000, Silver Dips Rs 1,500

Gold prices in Bangalore are observing a major decline today. Over the last four sessions, gold has become much cheaper, primarily due to the strengthening U.S. dollar, which continues to rise and is currently trading at its highest level this year. The increase in U.S. Treasury yields has also added pressure on gold prices in India, especially amidst uncertainty surrounding the Federal Reserve's potential rate cut next month.

On November 14th, 24-carat gold prices in Bangalore dropped by Rs. 1,200 per 10 grams, now priced at Rs. 75,650. Similarly, 22-carat gold is trading at Rs. 69,350, having fallen by Rs. 1,100 per 10 grams. The 18-carat gold rate also declined by Rs. 900, bringing it to Rs. 56,740 per 10 grams.

For those purchasing in bulk, 100 grams of 24-carat gold in Bangalore is now priced at Rs. 7,56,500, shedding Rs. 12,000, while 100 grams of 22-carat gold is priced at Rs. 6,93,500, down by Rs. 11,000.

Stronger Dollar Weighing On Precious Metal

This week has been highly bearish for the gold market, with prices falling for four consecutive sessions in both domestic and global markets. The sharp decline in gold prices in India is primarily due to the sluggish demand following the recent surge in prices. However, this drop may provide an opportunity for buyers to enter the market at lower levels.

The U.S. Dollar Index is currently hitting a record high, fueled by strong investor sentiment following Donald Trump's presidential win. The release of key U.S. economic data is expected to influence the gold market further. Investors are awaiting the upcoming PPI index and weekly unemployment data, as these will provide insights into the Federal Reserve's potential rate cut decision during its December meeting.

Gold Prices In Major Indian Cities

Most of the Indian cities are experiencing a similar price drop. Here are gold prices in some of the major cities:

Cities	24 carat	22 carat
Delhi	₹ 75,800	₹ 69,500
Mumbai	₹ 75,650	₹ 69,350
Chennai	₹ 75,650	₹ 69,350
Kolkata	₹ 75,650	₹ 69,350

Silver Prices In Bangalore:

1 kilogram of silver in Bangalore dropped by Rs. 1500 to cost Rs. 89,500. Similarly, the price for 100 grams of silver experienced a significant dip of Rs. 150 to reach Rs. 8,950.

Gold And Silver Future Price On MCX

A notable decline is being seen on the Multi Commodity Exchange (MCX) today, with both gold and silver futures experiencing significant losses. Gold futures for delivery on December 5th are trading lower by 0.85%, priced at Rs. 73,852 per 10 grams. Meanwhile, silver futures are witnessing an even more substantial decline, down by 1.15% or Rs. 1,030, and currently trading around Rs. 88,167 per kilogram.

Spot Gold And Silver Rates On November 14:

International gold prices have been under significant pressure recently. According to a Reuters report, gold fell for the fifth consecutive session on Thursday, hitting its lowest level in eight weeks. This decline was driven by a stronger U.S. dollar and rising Treasury yields, as uncertainty surrounds the pace of the Federal Reserve's interest rate cuts. As of 02:44 GMT, spot gold was down 0.6% at $2,559.39 per ounce. Similarly, spot silver also fell 0.9% to $30.05 per ounce after reaching its lowest point since September 19 earlier in the session. U.S. gold futures dropped 0.9% to $2,564.00, while.