Gold Prices In Bengaluru Soar on Sept 16: Record High Rates for Gold & Silver Today; Check Latest Rates

Yellow metal touched fresh peaks across all purities this morning. Yesterday, there was a slight decline in gold rates in Bengaluru, giving buyers a sigh of relief. However, the subsequent rise in gold rates is making gold purchases difficult again for lower-income households. With the festive season just around the corner, the high gold rates are expected to impact buying trends, especially during major festivals.

In South India, gold is particularly important for festivals such as Dasara and Diwali, when demand surges. So the gold rate in Bengaluru is expected to inch even higher.

Another key factor influencing gold prices globally is the Federal Reserve's stance on interest rates. Any rate changes by the Fed in its upcoming meeting scheduled for Thursday, 17th September, can sharply affect gold prices in India and worldwide.

Gold rate in Bengaluru today

On Tuesday, 16th September, gold prices in Bengaluru for 22-carat gold are at Rs. 1,02,600 per 10 grams after rising Rs. 800. 100 grams of the same is available at Rs. 10,26,000.

Whereas the 24-carat gold rates in Bengaluru surged by Rs. 870 to cost Rs. 1,11,930 per 10 grams, while 100 grams of this premium variant are priced at Rs. 11,19,300

The more affordable 18-carat gold also jumped by Rs. 660 per 10 grams and is currently priced at Rs. 83,950 per 10 grams, with 100 grams of the yellow metal available at Rs. 8,39,500.

Silver Prices Today in Bengaluru

The white metal rates in Bengaluru stood at Rs. 1,34,000 per kg after rising Rs. 1000. Meanwhile, 100 grams of silver is currently priced at Rs. 13,400, adding Rs. 100.

MCX Gold and Silver Futures Update

Gold futures on the Multi-Commodity Exchange (MCX), scheduled for delivery on October 3rd, are trading at Rs. 1,10, 211 per 10 grams, rising by 0.03%. Similarly, silver futures, maturing on December 5th, have edged higher by 0.20% to Rs. 1,29,690 per kg.

Spot Gold and Spot Silver Rates

According to the spotgold.org website, spot gold was up 0.17% at $3,686.17 per ounce at the time of writing. Spot silver jumped by 0.49% at $42.74 per ounce.

"Spot Gold is likely to hold its gains and trade higher on the expectation that the US Federal Reserve will cut interest rates for the first time since December. Growing bets of multiple rate cuts in the coming months will boost gold's demand. Signs of a slowdown in the US labour market and steady US inflation numbers have strengthened the chances of more than a 50 bps rate cut this year. Additionally, safe haven buying and strong inflows into the ETF would also help the precious metals to trade higher." as per the ICICI Securities Commodity Report.

Gold Rate Chart In other TOP cities in India

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