Bangalore Gold Rates Drop Across All Purities on Nov 12: Check Today's 24k,22k,18k Gold & Silver Prices

Bangalore gold rates dropped slightly again after a two-day rise that was seen yesterday. Gold rates this week have risen by 3% as the stronger dollar continued to weigh on gold prices. The expectations of a small interest rate reduction by the Federal Reserve in the next policy meeting are also fuelling this volatility in the gold rate.

Currently, gold is priced lower than it was in October during the peak festive season when the gold prices spiked to record high level. This decline is beneficial for retail shoppers, as the gold price in India has become slightly more affordable due to falling prices. With a large number of weddings scheduled in India in the coming weeks, especially in regions like Bangalore, demand for gold jewellery is expected to surge as people rush to make their purchases. On the other hand, spot gold has pulled back today by 0.5% while the US dollar continues to exert pressure on gold prices

Gold Rate In Bangalore Today

22 carat gold rate in Bangalore today dropped Rs. 300 per 10 gram to cost Rs. 1,15,350, while the 24 carat gold prices dipped by Rs.330 to retail at Rs. 1,25,510, and the 18 carat gold rate decreased by Rs. 250 to cost Rs. 94,130.

Similarly, 100 grams of 24-carat gold in Bangalore is currently priced at Rs. 12,55,100, which fell by Rs.3300, and 22-carat gold is now standing at Rs. 11,53,500, dropping Rs. 3000.

Gold Prices In Major Indian Cities

Here are gold prices in some of the major cities in India, which are experiencing a similar drop:

Silver Prices In Bangalore

1 kilogram of silver in Bangalore jumped for the third consecutive day currently stands at Rs.1,62,000. Similarly, the price for 100 grams of silver cost Rs. 16,200. .

Gold And Silver Future Price On MCX

Gold futures for the December 5th expiry on the Multi Commodity Exchange (MCX) is currently trading at Rs. 1,24,131 per 10 grams, rising by 0.18%. Meanwhile, silver futures also experienced a surge of 0.75%, or Rs. 1163 to settle at Rs. 1,55,850 per kilogram.

Spot Gold And Silver Rates On November 12

According to a latest report by Reuters, "Spot gold was down 0.5% at $4,107.41 per ounce, as of 0421 GMT, after hitting its highest since October 23 on Tuesday. U.S. gold futures for December delivery edged 0.1% lower to $4,113.80 per ounce. Meanwhile spot silver fell 0.4% to $51.05 per ounce."

"Spot Gold is likely to rise towards $4170 level amid weakness in dollar and softening of US treasury yields across curve. Further, re-opening of US government will unleash a flood of economic data, which may provide much needed clarity on the state of economy. If the data continues to point slowing economy, then it would increase bet for another rate cut by US Fed in December meeting. As per CME FedWatch tool traders are now pricing a 68% chance of a rate cut in December, up from about 62% day ago. " as per ICICI Commodity Report.

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