Bangalore Gold Rate Today Blows Minds Away on Anant Chaturdashi! 24K Skyrockets Rs 8,500 Beyond Rs 1 Lakh Mark

Bangalore Gold Rate Today: Shattering all hopes and expectations of retail gold buyers, the prices of gold in Bangalore skyrocketed on Saturday, September 6. The 24 karat gold rate in Bangalore stood around Rs 8,490 (approx 8,500) above the Rs 1 lakh mark per 10 grams on Anant Chaturdashi, which also marks Ganesh Visarjan after Ganesh Chaturthi celebration.

There has been a sharp surge in the prices of gold in last one week amid heightened geopolitical uncertainty, trade tensions and unfavourable macroeconomic conditions. Gold price in India has shattered nearly three to four records in just one week.

There were expectations of some relief in the gold rate after record rally in just five days of September, but the Saturday's surge in gold rate has wiped out all the hopes of investors and retail jewellery buyers. In Bangalore, the gold price surge is likely to dampen the festive buying spirit among retail jewellery buyers.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore surged around Rs 87 to Rs 10,849 per gram on Saturday, September 6. With this, 24k gold rate in Bangalore stood at Rs 1,08,490 per 10 gram today. Likewise, the price of 22 karat gold in Bangalore surged around Rs 80 per gram to Rs 9,945 per gram. Similarly, the price of 18 karat gold in Bangalore increased by around 65 per gram to Rs 8,137 today.

Bangalore gold rate has increased by around Rs 3,540 per 10 grams in six days since the beginning of September month. While, there was a mild decline in Bangalore gold rates on September 4, but its impact was nullified by the record surge in next two days.

Bangalore Silver Rate Today

Following gold price rally, the price of silver also surged significantly on Saturday, September 6. Bangalore silver rates increased to Rs 128 per gram and to Rs 1,28,000 per kilograms on September 6. Silver often appears as an affordable alternative to gold among investors as well as jewellery buyers. But the white metal has seen a sharp surge in its valuation over the past few months.

Apart from domestic gold prices, the rate of international gold jumped over 1% on Friday to create fresh record mark. The price of gold stood at $3,595 per ounce on Friday, according to Trading Economics. The sharp surge in gold prices has come amid boosted hopes of US Fed rate cut after weaker-than-expected US jobs report.

Additionally, weaker Rupee valuation against US dollar has further fuelled gold and silver rates in India. "Gold's bull market continues backed by large weekly flows into Gold Funds, $6.2 billion. Weekly gain for Gold is 3.1%.Rupee hit a new low on Friday vs. USD. This is in spite of near certainty of rate cut by the FED in September coupled with concerns around FED independence and rising political uncertainties in France," said Jyoti Prakash, Managing Partner. Equity and PMS at AlphaaMoney on Friday.

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