Gold Rate In Bangalore Crashes Today, Sept 9; 24K, 22K, 18K Gold Prices Fall Ahead Of Festive Season

The festive season in India is just around the corner, beginning with Ganesh Chaturthi celebrations next week, and the demand for gold is rising. However, the good news is that gold rates today in Bengaluru have declined, bringing major relief to buyers who were postponing their purchases due to high prices.

Gold prices have undergone major ups and downs over the last ten days and have fallen a cumulative 1.5%. Even in the international market, gold prices fell for two sessions straight and are trading below $4400 per ounce.

As per Trading Economics, "Gold is pressured by rising oil prices that heightened inflation concerns and strengthened expectations for interest rate hikes. Oil prices continued to climb after US forces destroyed five Iranian crude tankers near Kharg Island, the country's main oil export hub, in retaliation for attempted missile attacks on a US warship. Investors also braced for key US inflation readings this week for further signals on the Federal Reserve's next policy move."

Gold Rate In Bengaluru For 10 Gram Of 24k, 22k & 18k

22-carat yellow metal prices in Bangalore today slipped by Rs. 1040 and are available at Rs. 141,450 per 10 grams. The 24-carat gold rate in Bangalore today is currently at Rs 154,310 per 10 grams, which fell by Rs 950. The 18-carat gold rate in Bangalore is now available at Rs. 115,730 per 10 grams.

Silver Prices in Bangalore

Silver prices also stay for 1 gram in the city today, and those who want to buy 1 kg of silver need to pay Rs. 250,000. Meanwhile, 100 grams of silver is retailing at Rs. 25,000.

Gold & Silver Futures

Gold futures prices today for the October 5th expiry are trading 0.12% higher at Rs. 152,769 per 10 grams, while silver futures with December 4th expiry jumped 0.18% to Rs. 239,849 per kg.

Gold Price Analysis & Target Ahead

"Gold and silver gained as the dollar weakened, with traders awaiting inflation data for clues on the Fed's next move. Gold remains range-bound as buyers and sellers stay evenly matched. Iran's threat of "economic warfare" and claims of firing on U.S. warships added a fresh geopolitical edge, days after both sides clashed. " said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd., and Chairman at Jain International Trade Organisation.

"The CME FedWatch Tool shows a 60% chance of a rate hike next week, a factor that could pressure non-yielding gold. Markets now await tomorrow's PPI and CPI prints. Technically, gold is eyed between $4,300 and $4,500, while silver faces key levels at $65 and $67," he further added.

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