Gold Rates in Bangalore & Chennai Nosedive Rs. 70,500/100g in 6 Sessions; Check 24K, 22K, 18K Prices On Oct 23

Gold prices in Bangalore & Chennai are in a significant decline today, with rates dropping by Rs. 70,500 per 100 g over the past six days, giving an ideal opportunity for buyers to invest in gold, especially with the ongoing festival season and massive demands.

Gold Rate in Bangalore

On October 23. The 22-carat gold rate in Bangalore plunged by Rs. 750 per 10 grams, now costing Rs. 114,650. Meanwhile, 24-carat gold saw a drop of Rs. 810, bringing its price to Rs. 125,080. Similarly, 18-carat gold prices decreased by Rs., now priced at Rs. 58,420.

The cost of 100 grams of 22-carat gold in Bangalore now stands at Rs. 1,146,650 with a Rs. 7,500 reduction, while the 100-gram price of 24-carat gold in Bengaluru has fallen by Rs. 8,100, retailing at Rs. 1,250,800.

Gold Rate In Chennai

Similarly, the gold rate in Chennai Also Crashed sharply. The 24-carat gold rate also crashed today, declining by Rs. 430 to cost Rs. 125,460. While the 22-carat rate fell by Rs. 400 to cost Rs. 115,000.

Is This the Right Time to Buy Gold in Bangalore & Chennai?

The yellow metal saw a huge decline in prices this morning, which is the fifth consecutive session of falling rates, making gold more affordable across the state. In Bangalore & Chennai, gold prices dropped by over Rs.8,100 per 100 grams, or approximately 2%, across all purities.
This drop in the gold rate today gave much-needed relief to buyers in the festive season and the upcoming wedding season, which will begin in November and will continue until March next year, boosting demand for gold during this auspicious period.

On the global front, spot gold prices retreated for the 2nd day in a row and lost almost 5% this week amid a strong recovery in the dollar and profit booking after a rally of almost 60% this year. The US Dollar Index moved above the 99 mark on Wednesday, easing US-China trade tension.

Silver Prices in Bangalore

1 kilogram of silver in Bangalore dropped by Rs. 1000 to cost Rs. 159,000. Similarly, the price for 100 grams of silver experienced a dip of Rs. 100 to reach Rs. 15,900.

Silver Prices in Chennai

The silver rate in Chennai dropped by Rs. 1000 to cost Rs. 174,000. Similarly, the price for 100 grams of silver experienced a dip of Rs. 100 to reach Rs. 17,400.

Gold And Silver Future Price On MCX

A sharp decline was seen on the Multi Commodity Exchange (MCX) today, with both gold futures experiencing significant losses. Gold futures for delivery on December 5th rose today by 1.27%, priced at Rs. 123,404 per 10 grams. Meanwhile, silver futures set to mature on December 5th rose by 1.52% and are trading around Rs. 147,777 per kilogram.

Spot Gold And Silver Rates On October 23

According to the latest Reuters report, "Spot gold was down 0.1% at $4,089.21 per ounce as of 0502 GMT. U.S. gold futures for December delivery climbed 1% to $4,104.70 per ounce. Spot silver rose 0.1% to $48.56 per ounce."

"Spot Gold is likely to trade lower amid easing US-China trade tension and a strong dollar. Growing bets of a trade deal between the US and China ahead of next week's meeting between US President Donald Trump and Chinese President Xi Jinping would ease further safe haven demand. Meanwhile, dovish comments from the US Fed members on concerns over the US labour market would fuel the prospects of loose monetary policy. Traders will keep an eye on key US economic numbers to get further clarity on the quantum of rate cuts this year. Prices would also get support from economic uncertainty and the ongoing US government shutdown. Spot gold is likely to face a hurdle near $4130 and move lower towards $4020. Only a move below $4020 would it turn weaker towards $3950." as per the ICICI Commodity Report

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