Gold Rate DROP Today, November 4: Prices Crash by Rs. 10,900/100g in Bangalore, Chennai, and Hyderabad

Gold prices saw a sharp drop today, November 4, undergoing a sharp reversal after last week's gains. Gold rates fell by as much as Rs. 10,900 per 100 grams for 24-carat gold in major cities such as Bangalore, Chennai, and Hyderabad on the second day of this week. The sudden dip in gold prices today has caught many by surprise, especially after steady gains were seen in the previous sessions. Analysts suggest that the current correction may offer short-term selling opportunities.

City-Wise Gold and Silver Rates on November 4th.

Bangalore Gold and Silver Prices

Gold rates in Bangalore today declined sharply for 24-carat gold, which now costs Rs. 1,22,460 per 10 grams after slipping Rs. 710, while 22-carat is retailing at Rs. 1,12,250, which fell by Rs. 650 per 10 grams. Meanwhile, the 18-carat gold rate in Bangalore also declined by Rs. 540 per 10 grams to cost Rs. 91,840.

The silver rate in Bangalore today fell by Rs 3000 and now costs Rs 1,51,000, while per 100 grams it costs Rs 15,100.

Chennai Gold and Silver Prices

On 4th November, the 22-carat gold rate in Chennai slipped by Rs. 1000 to Rs. 1,12,500, and the 24-carat gold price fell by Rs. 1090 to Rs. 1,22,730 per 10 grams.

Silver prices in Chennai today also fell by Rs. 3000, just like in Bangalore, which is currently priced at Rs. 1,65,000 while 100 grams of silver cost Rs. 16,500.

Hyderabad Gold and Silver Prices

Gold prices in Hyderabad also dropped on November 4, and 24-carat gold fell by Rs. 710 to Rs. 1,22,460 per 10 grams, and 22-carat gold decreased by Rs. 650 to Rs. 112,250. The 18-carat gold rate also declined by Rs. 540, standing at Rs. 91,840 per 10 grams.

Silver prices in Hyderabad today are priced at Rs. 1,65,000 which fell by Rs. 3000, and 100 grams of silver is retailing at Rs. 16,500.

Gold and Silver Future Price on MCX

On the Multi Commodity Exchange, Gold December Futures fell by 0.99% to Rs 120,202 per 10 grams. While the Silver December Futures also crashed sharply today by 1.63% to Rs 145,346 per kg on November 4th.

Spot Gold and Silver Prices Today

According to Reuters' latest report, "Spot gold was down 0.4% at $3,984.49 per ounce as of 0501 GMT. U.S. gold futures for December delivery lost 0.5% to $3,994.40 per ounce. Spot silver edged 0.1% lower to $48.05 per ounce."

"Gold hovered around $4,000 an ounce on Monday as traders assessed an end to China's long-standing tax rebate for some retailers that could weigh on demand in one of the world's largest precious-metals markets. Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices dropped as a trio of Federal Reserve policymakers stopped short of endorsing another interest-rate reduction next month, with a gauge of the US dollar trading near a multi-month high." According to a report by the India Bullion & Jewellers Association.

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