Gold Rates in Bangalore Nosedive Rs.15,000 in 48 Hr, 22K Gold Slashes Rs.9,000/100g; Silver Tumbles Rs.1,000

Gold prices in Bangalore witnessed a significant decline today, with rates dropping by Rs.15,000 over the past two days, presenting an ideal opportunity for buyers to invest in gold, especially with the ongoing wedding season and festival demands.

On December 14, 2024, the price of 22-carat gold in Bangalore plunged by Rs.900 per 10 grams, now costing Rs. 71,400. Meanwhile, 24-carat gold saw a drop of Rs.980, bringing its price to Rs.77,890. Similarly, 18-carat gold prices decreased by Rs.740, now priced at Rs. 58,420.

For bulk purchases, the decline was even more pronounced. The cost of 100 grams of 22-carat gold now stands at Rs.7,14,000, reflecting a Rs.9,000 reduction, while 100 grams of 24-carat gold has fallen by Rs. 9,800, retailing at Rs.77,890.

Is This the Right Time to Buy Gold in Bangalore?

The yellow metal witnessed a significant decline in prices this morning, marking the second consecutive session of falling rates, making gold more affordable across the state. In Bangalore, gold prices dropped by over ₹15,000 per 100 grams, or approximately 2%, across all purities.

This price drop aligns perfectly with India's ongoing wedding season, which began in November and will continue until March next year, boosting demand for gold during this auspicious period.

The week initially started with gains in gold prices, but as the weekend approached, rates took a downward turn.

On the global front, spot gold prices dipped as the US dollar strengthened, closing at 106.95. Despite this decline, bullion saw a weekly gain of nearly 1%, driven by a series of US economic data releases. Mixed inflation data on both the consumer and producer sides created some market uncertainty, but the latest Initial Jobless Claims report encouraged investors to anticipate a potential rate cut by the US Federal Reserve in December.

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. 1000 to cost Rs. 92,500. Similarly, the price for 100 grams of silver experienced a significant dip of Rs. 100 to reach Rs. 9,250. This drop in silver prices is expected to impact both individual buyers and investors, especially as silver continues to be a popular investment option.

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 February 5, 2025, closed lower on Friday by 0.01%, priced at Rs. 77,130 per 10 grams. Meanwhile, silver futures set to mature on March 5, 2025, rose by 0.01% , and are closed around Rs. 91,916 per kilogram.

Spot Gold And Silver Rates On December 14

According to the latest Reuters report, spot gold prices declined by 1.1%, trading at $2,652.29 per ounce as of 01:43 p.m. ET (18:43 GMT), while U.S. gold futures closed 1.2% lower at $2,675.80. This drop comes as the U.S. dollar held steady at its strongest level in over two weeks, weighing on gold's appeal. Similarly, spot silver also faced a decline, falling 1.3% to $30.55 per ounce.

The dip in gold prices follows a more than five-week high reached in the previous session. Despite Friday's pullback, gold remains on track for a weekly gain of over 0.8%, buoyed by investor expectations of a potential rate cut by the Federal Reserve in its upcoming meeting. Bullion's performance this week showed its continued appeal as a hedge against economic uncertainty, with Thursday marking its highest level since November 6 as the report mentioned.