Bangalore Gold Rate Today: 24K Jumps Rs 14K Beyond Historic Rs 1 Lakh; Are We Heading Into 'Bubble Territory'?

Bangalore Gold Rate Today: Amid Navratri festive cheer and optimism over Goods and Services (GST) rate cut boosting consumption, retail gold jewellery buyers were left disappointed as prices continued their record-breaking rally. On Tuesday, September 23, gold in Bangalore climbed yet again, touching a fresh all-time high.

The sharp surge in gold rate today was driven by a range of factors, including increased, geopolitical uncertainty, US Fed's dovish stance, etc. Investors will be closely tracking speech of over a dozen Fed officials, macroeconomic data release, etc, gold prices are expected to remain in the bullish territory.

Meanwhile, gold buyers in Bangalore, aka Bengaluru, and other Indian cities, are eagerly waiting for a drop in gold rates so that can make the purchase during the ongoing Navratri festival.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore, aka Bengaluru increased by a whopping Rs 126 to Rs 11,433 per gram. Likewise, the price of 22 karat gold rate in Bangalore increased by Rs 115 per gram to Rs 10,480 per gram. SImilarly, the price of 18 karat gold rate in Bangalore surged by around Rs 94 per gram to Rs 8,575 per gram.

Gold rate in Bangalore and other Indian cities have surged sharply over the past few weeks, especially in September. The surge in the precious metal's rate is linked to the global trend around gold prices. The international gold prices have also continued to remain at their all-time high mark as investors continue to invest in the yellow metal. The sudden surge in gold price rally can be attributed to lower returns on US bond yields after US Fed announced rate cut few days ago.

Bangalore Silver Rate Today

The price of silver in Bangalore also increased significantly on Tuesday. The silver rate today in the Karnataka capital increased to Rs 140.5 per gram and to Rs 1,40,500 per kilogram.

"Silver has seen a rise on account of a favorable industrial demand and an increase in speculative interest, with silver currently priced around ₹1,32,869. The current price reflects a premium compared to earlier in the month. Reports have indicated excitement in the renewed spot buying, particularly in anticipation of the upcoming festival period, and as the backdrop of global monetary easing continues with ongoing de-dollarization, the metal's status as a destination of capital has clearly become favorable relative to gold," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

Are Gold, Silver Heading Into Bubble Territory?

With back-to-back rally in gold and silver rates in India and across the world, there are speculations that these commodities valuation is heading into the bubble territory. JPMorgan Chairman and CEO Jamie Dimon, recently warned that the rally across commodities, including gold and silver, could be a a part of broader bubble across the asset classes.

"We're getting in bubble stuff here. I'm not saying I don't know where we are, but there's a lot of positive sentiment out there driving a lot of asset prices - highest stock prices ever, highest gold ever, highest crypto ever," CNBC TV 18 quoted Dimon in an interview.

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