Bangalore Gold Rate Crash: Gold Prices Drop Rs. 36500/100g In Only 2 Days; Check Today's 24K, 22K & 18K Rates

Gold buyers in Bengaluru have received welcome relief as gold prices extended their decline for the second consecutive day on June 24. The 24K gold price has fallen by Rs. 3,650 per 10 over the past two days, pulling down 22K gold rate and 18K gold rates as well.

The sharp correction is because of the decline in global gold prices amid easing geopolitical tensions, a rise in the US dollar index which surged to a 1-year high of 101. 48.

Bengaluru Gold Rate Today, June 24

24K Gold Price Today In Bangalore:

22K Gold Price Today In Bangalore:

18K Gold Price Today In Bangalore:

Gold Prices Have Fallen Rs. 3,650 In Just Two Days

This is the second day of decline in Bangalore Gold Rate, where the 24k gold rate fell by a cumulative of 3,650 per 10 grams in 2 days. On June 23, the price of pure gold plunged by Rs 3,380 per 10 grams, followed by another drop of Rs 270 on June 23, taking the total two-day decline to Rs 3,650.

Why Are Gold Prices Falling? Should You Buy Now?

"Gold fell below $4,150 and Silver edged toward $63 as rising Federal Reserve rate hike expectations drove investors into the US Dollar, which hit a one-year high against major peers" said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

"Sterling weakened on UK political uncertainty while speculative yen selling continued. Washington's 60-day oil licence for Iran and rising Strait of Hormuz shipments, including over 30 million barrels from Iran last week, lifted global supply optimism, pressuring metals further. The CME FedWatch tool now shows an 89% probability of a December Fed hike, up from 61% pre-FOMC," he further added.

According to Kothari, "Key support for Gold lies at $4,050-$4,100; Silver eyes the $60-$61 zone."