Bangalore Gold Rate Today: 24K Nears Rs 1.43 Lakh; Will Iran-US Tensions, Central Bank Buying Fuel Rally?

Bangalore Gold Rate Today: The price of 24-karat, 22 karat and 18-karat gold in Bangalore recovered on Thursday, after seeing sharp corrections in the last two trading sessions. In contrast, silver rate today in Bangalore declined on Thursday. The mild upside in gold prices in Karnataka capital contradicted the bearish sentiment prevailing across the global market.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore surged by Rs 11 per gram to Rs 14,324 per gram, as per Goodreturns data at 11:45 am on Thursday, July 9. The rate of 22 karat gold in Bangalore increased by Rs 10 per gram to Rs 10 per gram to Rs 13,130 per gram. Likewise, the rate of 18 karat gold in Bangalore surged by Rs 8 per gram to Rs 10,743 per gram.

Bangalore Silver Rate Today

The price of silver in Bangalore declined by Rs 10 per gram to Rs 235 per gram on Thursday, and by Rs 10,000 per kilogram to Rs 2,35,000 per kilogram. While the white metal is seeing range bound movement over the past few weeks, silver prices saw massive fluctuation in January and February.

International Gold Price Today

While domestic gold rates saw a mild upside trend, international gold prices continued to decline amid renewed tensions between Iran and the US. International gold rate today fell below $ 4,100 per ounce, as per Trading Economics data on July 9. The recent uptick in international gold price came amid renewed concerns about Iran-US tensions and revival of gold buying by central banks.

"We believe uncertainties over US -Iran peace deal, US Fed rate dilemma, stronger dollar and higher yields may keep gold prices in current range forming the base for the investors to
accumulate gold as a long term investment. The increased probabilities for US FED rate hike may keep some pressure on gold for short term with higher yields," as per Tata Mutual Fund report.

What Should Indian Investors Do?

For Indian investors, rupee depreciation may cushion the downside and keep domestic gold prices in a tighter range compared to international market, something that explains the divergence in domestic and international gold prices on Thursday.

"We reiterate our medium-to-long-term outlook as structural bull market over supportive structural and cyclical fundamental factors. Investors may look for accumulation on any decline in the prices," explained Tata Mutual Fund in its latest report.