Bangalore Gold Update: Major Decline In Gold Prices; 24K/100g Gold Cheaper By Rs. 14,700, Silver Slips

Gold price in Bangalore today underwent a massive decline as the US dollar continues to gain strength, rising to a near four-month high amid expectations of major policy changes under President Trump's administration. This drop in gold prices comes as a relief for buyers who were previously waiting for a dip, offering an opportunity to invest. The expected release of key economic indicators from the uS and the Federal Reserve's next move will likely have a major impact on gold prices in India.

24-carat gold rate in Bangalore, on 12th November, slipped by Rs. 14,70 per 10 grams to cost Rs. 77,290, while 22 carat gold fell by Rs. 1,350 per 10 grams to cost Rs. 70,750. On the other hand, the 18-carat gold rate in Bangalore currently stands at Rs. 57,970, dropping a massive Rs. 1100 per 10 grams.

On a similar note, 100 grams of 22-carat gold in Bangalore is currently priced at Rs. 7,72,900, which fell by Rs. 14,700, and 22-carat gold is now standing at Rs. 7,08,500, dropping Rs. 13,500.

Why Is The Gold Price Falling?

Gold has experienced significant volatility recently in both domestic and international markets. While gold prices in India saw a sharp rise earlier this month during the peak of the festive season, the market has been consolidating in recent days. However, market analysts believe this may be a short-term correction, with prices expected to rebound as demand picks up in the coming weeks, especially with the large number of weddings expected in India this year.

Globally, the recent victory of Trump has provided a strong boost to the U.S. dollar, which has reached a four-month high. The strengthening of the dollar is putting downward pressure on gold prices, especially amid the optimism in equity markets, which has diverted investors' attention. Investors are likely to focus on upcoming economic data releases this week, including the Consumer Price Index (CPI), Producer Price Index (PPI), and weekly jobless claims, which could influence market trends.

Gold Prices In Other 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	₹ 77,440	₹ 71,000
Mumbai	₹ 77,290	₹ 70,850
Chennai	₹ 77,290	₹ 70,850
Kolkata	₹ 77,290	₹ 70,850

Major Drop In Silver Prices In Bangalore:

1 kg silver rates in Bangalore slipped by Rs. 2000 and are currently priced at Rs. 91,000. Similarly, the 100-gram silver price in Bangalore has also fallen by Rs 200 to cost Rs. 9,100.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery are currently trading in the red, down by 0.39%, at Rs. 75,088 per 10 grams. Similarly, silver futures for the December 5th expiry are also facing a decline, down by 0.78%, trading at Rs. 88,484.

Spot Gold And Silver Rates In The Global market

According to a recent Reuters report, gold remained close to a one-month low on Tuesday as investors awaited important U.S. economic data and remarks from Federal Reserve officials for clearer guidance on interest rate decisions. At around 04:36 GMT, spot gold had fallen 0.1% to $2,617.15 per ounce, following its lowest point since October 10th on Monday. Meanwhile, U.S. gold futures rose 0.2% to $2,623.30. Spot silver also saw a decline, slipping 0.4% to $30.57.