Big Fall in Bangalore Gold Prices: 22K/100g Gold Dips Rs.6,500, Silver Down Rs. 500

Gold prices in Bangalore witnessed a sharp drop today, marking a cautious start to the week. The decline comes as global gold rates softened, with the strengthening U.S. dollar .Adding to the pressure, many investors chose to book profits following recent gains in gold prices, further contributing to the downward trend. Meanwhile, market participants are closely monitoring the release of key U.S. economic data, which is expected to provide critical insights into the Federal Reserve's monetary policy outlook.

As of 2nd December 2024, 22-carat gold prices in Bangalore Slipped by Rs.600 to cost Rs. 70,900 per 20 grams , While 24k-carat Gold rate Decreased byRs.650 to retail at Rs, 77,350. The cheaper variant of gold, 18 carat gold also dropped by Rs. 490 to cost Rs. 58,010.

For bulkier Quantities 100 gram of 24 carat gold is now priced at Rs, 7,73,500 after dropping By Rs, 6,500 and The22 carat gold per 100g slipped by Rs. 6,000 to cost Rs. 7,09,000.

Gold Prices Under Pressure

In India, the seasonal demand for gold is usually high during this time of the year. However, this year, the retail market is witnessing subdued demand. Despite a large number of weddings scheduled, which typically boost gold purchases, prices that were expected to remain bullish are now showing a bearish trend.
Key international factors are influencing this situation, particularly the strengthening U.S. dollar, which is exerting downward pressure on gold prices. Additionally, investors are closely monitoring updates from the Federal Reserve regarding potential rate changes, as these decisions are expected to further impact market sentiment.

Gold Prices In Other Major Indian Cities

All cities in India are observing a similar decline in Yellow metal prices. Here are rates in some of the major cities:

Silver Prices in Bangalore Today

Silver rates In Bangalore today Have dropped Slightly by Rs. 500 per kg now costing Rs. 91,000 and the 100g of white metal cost Rs. 9,100 which also fell by Rs. 50

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery observed a decline by 0.96% and is currently trading Rs. 75,643. And just like that Silver futures dropped remarkably 1.16% to trade at Rs. 87,854

Spot Gold and Spot Silver Rates

According to a recent report by Reuters, spot gold fell 0.7% to $2,636.38 per ounce as of 02:04 GMT, while spot silver also declined by 0.7% to $30.39 per ounce. U.S. gold futures followed a similar trend, slipping 0.8% to trade at $2,658.80. The dip in gold prices comes amid renewed strength in the U.S. dollar and the profit-taking after the recent rally, applied downward pressure on the precious metals market. Investors are now closely monitoring upcoming U.S. economic data releases, which are expected to provide clearer signals about the Federal Reserve's future monetary policy stance. Market participants are likely to keep a close watch on broader macroeconomic trends and data releases for further cues on price direction in the coming days.