Big Fall In Gold Rates In Bangalore: 22K Gold Drops Rs.6,000/100g On Dec 13; Silver Slips Rs.3000

Gold Prices Bangalore Today saw a steep fall after the US dollar index rose to the month's high and the profit-taking seen after gold experienced multiple gains earlier this week.

On 13 December 2024, 22-carat gold in Bangalore fell by Rs. 600 per 10 grams to cost Rs. 72,300, while 24-carat gold rates in Bangalore slipped by Rs. 550 per 10 grams to retail at Rs. 78,870. Just like that, the cheaper variant of 18-carat gold rates in Bangalore costs Rs. 59,160 after dropping by Rs. 450 per 10 grams.

For those purchasing in bulk, 100 grams of 24-carat gold in Bangalore is now priced at Rs. 7,88,700, shedding Rs. 6,000, while 100 grams of 22-carat gold is priced at Rs. 7,23,000, down by Rs. 5,500.

Yellow Metal Gets Cheaper: Is It Time to Buy?

Gold prices in Bangalore have taken a dip after enjoying a bullish momentum earlier this week. Following three consecutive sessions of price increases, the current pullback is definitely an attractive buying opportunity for those waiting to invest during a dip. This correction could be a strategic entry point for investors aiming to capitalize on gold's long-term value.

On the global front, the U.S. Dollar Index has risen by 0.14% to 107.10, supported by several market developments. Notably, reports of China, the world's top gold consumer, resuming its gold purchases have boosted sentiment. Additionally, growing expectations of an interest rate cut by the Federal Reserve at its upcoming meeting on December 17-18 are influencing the precious metals market. Recent economic data releases of the U.S. Producer Price Index (PPI) and Consumer Price Index (CPI) for November exceeded expectations, further strengthening the bets on an interest rate reduction. A rate cut could weaken the dollar, making gold more attractive to global investors, which may eventually push prices higher.

Gold Prices in Major Indian Cities

Most of the Indian cities are experiencing a similar price drop. Here are gold prices in some of the major cities:

Silver Prices In Bangalore:

1 kilogram of silver in Bangalore dropped by Rs. 3000 to cost Rs. 93,500. Similarly, the price for 100 grams of silver experienced a significant dip of Rs. 300 to reach Rs. 9,350.

Gold And Silver Future Price On MCX

A sharp decline is being seen on the Multi Commodity Exchange (MCX) today, with both gold and silver futures experiencing significant losses. Gold futures for delivery on February 5, 2025, are trading lower by 0.13%, priced at Rs. 77,864 per 10 grams. Meanwhile, silver futures set to mature on March 5, 2025, are witnessing an even more substantial decline, down by 0.77% or Rs. 717, and currently trading around Rs. 91,916 per kilogram.

Spot Gold And Silver Rates On December 13

International gold prices have been experiencing major fluctuations recently, as is the dynamic nature of the market. According to Reuters latest report, spot gold recorded a modest increase of 0.3%, trading at $2,688.29 per ounce as of 03:20 GMT. Despite recent volatility, bullion is on track for a weekly gain, having risen by over 2% so far this week. In the U.S. market, gold futures remained steady, holding firm at $2,711.30. However, on Thursday, gold prices encountered a sharp decline of more than 1%, primarily due to profit-taking activities after the metal briefly touched a five-week high earlier in the trading session.