Gold Rate Today Bengaluru, Chennai & Hyderabad on the Weekend: Rally Pauses For 24K, 22K, 18K Gold Prices

Gold prices today made no major movement this weekend, as the prices remained constant for the last two days. This week has been exceptionally bearish for the bullion market, as the gold rate in India fell multiple times, which was good news for retail buyers who were under massive pressure due to rising prices.

The continuous rise in the gold rate in India has made it challenging for traditional buyers, especially during the ongoing wedding season in India.

Gold Prices in Bangalore Today

On August 16, the 22-carat gold rate in India steadied at yesterday's rate to cost Rs.1,42,200 per 10 grams. While the 24-carat gold price today is Rs.1,55,130 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs. 1,16,350.

In a similar line, 100 grams of 22-carat gold stand at Rs. 14,22,000. The 24-carat gold price in India per 100 grams is now retailing at Rs. 15,51,300.

Gold Rate Today In Chennai

Even in Chennai the 22-carat gold rate today in Chennai was available at Rs. 1,42,200 per 10 grams and 24-karat gold rate was Rs.1,55,130 per 10 gram. While the 18 karat gold rate is now available at Rs. 1,20,000.

Gold Rate Today In Hyderabad

The 22 karat gold rate in Hyderabad is at Rs. 1,42,200 per 10 grams, and the 24 karat gold rate today is at Rs. 1,55,130 per 10 grams.

MCX Gold and Silver Futures Update

Gold futures prices on the Multi Commodity Exchange (MCX), expected to mature on October 5th, closed 0.73% higher at Rs.1,54,590. Similarly, silver futures, with an expiry date of September 4th, jumped by 0.15% to settle at Rs. 2,36,272 per Kg.

Silver Price Movement in India

Silver prices in India on Sunday, August 16, showed no major movements, so 1kg of silver in India costs Rs. 2,55,000. While 100g of silver rates in India costs Rs. 25,500.

Market Outlook for Gold Prices

"Gold is holding near $4,350 an ounce and silver around $64.50 after retreating from multi-week highs on Thursday's profit-taking. Both remain supported by softer US inflation data, with subdued CPI and cooler July PPI readings reducing September Fed rate-hike expectations to about 35% from 55% a week earlier. Oil, however, has taken a different path, slipping below $81 after ending a five-session rally. The decline came despite the IEA doubling its supply-deficit forecast for this quarter to 1.8 million barrels a day, as US crude inventories unexpectedly jumped 17.4 million barrels, their biggest increase since January 2023," as per Akshat Siddhant, Lead quant analyst, Mudrex.

Spot Gold Prices + Spot Silver Price Today

Reuters, in its report, mentioned, "Spot gold was up 0.7% ​at $4,379.95 per ounce. U.S. gold futures settled 0.4% higher at $4,437.30. Spot silver climbed ⁠0.7% to $64.88 per ​ounce."