Big Drop In Gold Rates Today: 24K. 22K & 18K Gets Cheaper Ahead of Diwali In Bangalore, Chennai & Hyderabad

Gold prices in South India saw a sharp decline today, Friday, October 10, ahead of Diwali, following a record-breaking rise fueled by global tensions. But because of the central bank buying, robust ETF inflows, and anticipation of further Fed rate cuts, the yellow metal has risen more than 50% YTD. Following the Israel-Hamas ceasefire agreement, a stronger dollar and lessening geopolitical tensions have caused spot gold to drop below $4,000 per ounce on the global market.

Gold & Silver Rates In Bangalore Today

Today, 24 carat gold costs Rs 12,229 per gram, 22 carat gold costs Rs 11,210 per gram, and 18 carat gold costs Rs 9,172 per gram in Bangalore. In Bangalore, 24k of 10 grams of gold will cost Rs 1,22,290 today, a substantial drop of Rs 1,860 from yesterday's price of Rs 1,24,150. Similarly, Bangalore purchasers will see a cheaper rate difference of Rs 18,600 for 24k of 100 gm of gold.

Today, 22k of 10 grams of gold rates in Bangalore reached Rs 1,12,100 compared to Rs 1,13,800 representing a price drop of Rs 1,700, similarly 22k of 100 grams of gold will give Bangalore customers a price savings of Rs 17,000 today.

The price of 18k of 10 grams of gold in Bangalore dropped by Rs 1,390 to Rs 91,720 today from Rs 93,110 on Thursday.

Silver is still very much in demand despite sluggish trends in gold prices, as seen by the price of Rs 170 per gram and Rs 1,70,000 per kilogram in Bangalore today, compared to Rs 167 and Rs 1,67,000 yesterday.

Gold & Silver Rates In Hyderabad Today

The price of gold in Hyderabad today is Rs 12,229 per gram for 24 karat gold, Rs 11,210 per gram for 22 karat gold and Rs 9,172 per gram for 18 karat gold. Today 24k of 10 grams of gold will cost Rs 1,22,290 in Hyderabad compared to Rs 1,24,150 yesterday, indicating a price drop of Rs 1,860.

Gold rates in Hyderabad reached Rs 1,12,100 on Friday for 22k of 10 grams, which was Rs 1,13,800 on Thursday, representing a price drop of Rs 1,700. Gold prices in Hyderabad today stood at Rs 91,720 for 18k of 10 grams compared to Rs 9,31,100 yesterday, representing a price drop of Rs 1,390.

Silver costs Rs 180 per gram and Rs 1,80,000 per kilogram in Hyderabad today, compared to Rs 177 and Rs 1,77,000 yesterday.

Gold & Silver Rates In Chennai Today

Today, 24 carat gold costs Rs 12,284 per gram, 22 carat gold costs Rs 11,260 per gram, and 18 carat gold costs Rs 9,330 per gram in Chennai. In Chennai, 24k of 10 gms of gold will cost Rs 1,22,840 today, down Rs 1,800 from yesterday's price of Rs 1,24,640. As a result, 24k of 100 grams of gold will save Rs 18,000 for the customers of Chennai today.

In Chennai, the price of gold is Rs 1,12,600 for 22k of 10 gms today, compared to Rs 1,14,250 yesterday. This is a 1,650 rupee price decline, meaning that the price of 22k of 100 grams of gold has fallen by Rs 16,500.

In Chennai, the price of gold is Rs 93,300 for 18k of 10 gms today, down Rs 1,250 from yesterday's price of Rs 94,550. This means that 18k of 100 grams of gold will save Rs 12,500.

Today, silver costs Rs 180 per gram and Rs 1,80,000 per kilogram in Chennai, up from Rs 177 and Rs 1,77,000 yesterday.

MCX Gold Outlook Today

"On the technical front, MCX Gold continues to be in an uptrend with a strong bullish setup on the daily chart. However, in yesterday's session, it witnessed a sharp pullback, closing near the day's low with a bearish red candlestick pattern. The recent price action indicates significant supply at higher levels. Immediate support is placed at 119,877, while resistance is seen at 122,150-123,677. Traders can consider buying MCX Gold near 119,877 for a target of 122,150-123,677. Since a bearish candlestick formation appeared yesterday, traders should operate with light positions and a tight stop-loss," commented Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Disclaimer

The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred to as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.