BIG Fall in Gold Rates Today in Bengaluru & Chennai,Nov 18: 24K Gold Drops By Rs.17400/100g; Silver Falls Too

Gold rates today plunged sharply across all major cities, including Bengaluru and Chennai, after a slight rise seen yesterday. The yellow metal price has now fallen nearly 6.8% from the record high it touched in October, making current gold rates more attractive for buyers.

According to early updates, the 24K gold price today plunged by a massive Rs. 17,400 per 100 grams, one of the steepest single-day dips in recent weeks. Meanwhile, silver prices today also saw a major correction, dropping Rs. 5,000 per kg, making the white metal more affordable just ahead of the wedding season.

This drop in gold rates comes as a welcome opportunity for buyers, particularly with the Indian wedding season beginning this month, when demand for gold jewellery and silver ornaments typically spikes.

On the global front, spot gold also declined by over 1%, as expectations of a possible U.S. Federal Reserve rate cut next month weakened, putting pressure on precious metal markets worldwide.

City-Wise Gold and Silver Rates on 18th November

Bangalore Gold Price and Silver Price

Gold rates in Bangalore today declined sharply for 24-carat gold, which now costs Rs. 1,23,600 per 10 grams after slipping Rs. 1740 while 22-carat is retailing at Rs. 1,13,350 which fell by Rs. 1600 per 10 grams. Meanwhile, the 18-carat gold rate in Bangalore also declined by Rs. 1310 per 10 grams to cost Rs. 92,740

The silver rate in Bangalore today underwent major correction and now costs Rs. 1,63,000 after falling by Rs. 5000 while per 100 grams it costs Rs 16,300.

Chennai Gold Price and Silver Prices

On 18th November, the 22-carat gold rate in Chennai slipped by Rs. 1400 to Rs.1,14,000 and the 24-carat gold price fell by Rs. 1520 to Rs. 1,24,370 per 10 grams.

Silver prices in Chennai today also tumbled for the 4th day straight. Silver is currently priced at Rs. 1,70,000 after falling by Rs. 3000 while 100 grams of silver costs Rs. 17,000

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange (MCX), both gold and silver futures traded sharply lower on November 18. As of 11:36 AM, Gold December Futures were down by Rs. 1,627 or 1.32%, trading at Rs. 121,300 per 10 grams. Meanwhile, Silver December Futures slipped even further, falling Rs. 3,399 or 2.19% to Rs. 151,913 per kg.

Global Gold and Silver Spot Rates

As per Reuters, "Spot gold was down 1.5% at $4,019.12 per ounce, as of 03:13 p.m. ET (20:13 GMT). U.S. gold futures for December delivery settled 0.5% lower at $4,074.5 per ounce."

"Spot Gold is likely to move further south towards $3980 level amid strong dollar and rise in US treasury yields across the curve. Further, prices may slip as an increasing number of Fed policymakers have maintained hawkish stance on policy, dimming hopes for December rate cut. Additionally, investors fear that the longest government shutdown has created gaps in economic data and it will take time to gather and publish it. They are also worried over the quality of releases. As per CME FedWatch tool traders are now pricing a 42% chance of a rate cut in December, down from about 62% a week ago." as per ICICI Commodity report.

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