Sharp Crash in Gold Rate in Bangalore, Chennai, Hyderabad On June 28: Check 24K, 22K, 18K Gold & Silver Prices

Gold rate today declined sharply for the fifth straight session this week, with prices falling by Rs.30,500 per 100 grams. This decline in gold prices is mainly because of Weak domestic demand long with global market trends. Spot gold dropped nearly 2%, hitting a one-month low in the last trading session as positive developments in the U.S.-China trade agreement boosted global risk appetite.

Many Indian gold buyers are happy with the recent fall in gold prices in India , as it feels like a good time to buy. Just a few days ago, gold had crossed Rs.1 lakh per 100 grams, making it tough for most people to afford. But now, with gold and silver rates dropping again, more people are thinking of investing.

Gold rate in Bangalore today

On June 28th, the 22-carat gold rate in Bangalore stood at Rs. 89,300 per 10 grams after dropping Rs. 550. Meanwhile, the 24-carat gold price in Bangalore dropped below 1 lakh and is now retailing at Rs 97,420 per 10 grams, which slipped by Rs 600. Meanwhile, the 18-carat gold is currently priced at Rs. 74,070, falling Rs. 450.

Gold Rate in Chennai Today

Similarly, the 22-carat gold price in Chennai fell by Rs. 550, and it currently stands at Rs. 89,300 per 10 grams, while 24-carat gold has now slipped Rs. 450, currently retailing at Rs. 97,420 per 10 grams. On the other hand, the 18-carat gold rate is priced at Rs 73,070, offering more affordable options for budget-conscious buyers.

Gold rate in Hyderabad today

On Saturday, gold prices in Hyderabad also declined across all purity levels. The 22-carat gold rate in Hyderabad dropped by Rs. 550 per 10 grams, now priced at Rs. 89,300 per 10 grams. Meanwhile, the 24-carat gold price in Hyderabad today fell by Rs. 600, bringing the rate down to Rs. 97,420 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a dip of Rs. 450, currently retailing at Rs. 73,070 per 10 grams.

Gold Target Price Ahead

"Gold prices are expected to correct. Traders can sell at 96700 with a stop loss of Rs. 97,100 for the target at Rs. 96,300-96,000." as per the Nirmal Bang Securities report.

"Spot Gold is expected to consolidate in the band of USD 3290 and USD 3350 ahead of the key US inflation number. Softer dollar and weakness in the treasury yields would support the bullions. Only a move below USD 3290 would turn it weaker towards USD 3250. The addition of OI in ATM and OTM call strikes indicates the price is to face stiff resistance near USD 3350. On the downside, the 3200 strike put holds maximum OI, which might act as strong support." as per the commodity report by ICICI Direct.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures slated to mature on August 5 closed on Friday at Rs 95,524 after declining 1.61%. Similarly, silver futures, which are set to expire on July 4, 2025, also declined 1.36% before settling at Rs. 1,05,300 on Friday, 27th June.

"MCX Gold Aug is expected to face a hurdle near Rs. 98,200 and move lower towards Rs. 96,400. MCX Silver July is expected to move in the band of Rs. 105,400 and Rs. 108,200. Only below Rs. 105,400 it would turn bearish." according to the ICICI Direct Commodity Research Report.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold eased 1.5% to USD 3,277.17 per ounce by 02:00 p.m. EDT (1800 GMT), after dropping 2% to its lowest level since May 29 earlier in the session. Bullion was down for a second straight week, slipping 2.8% so far. U.S. gold futures settled 1.8% lower at USD 3,287.6. Spot silver slipped 1.4% to USD 36.10"

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