Gold Rate Today in Bangalore Explodes! 24K Gold Jumps Rs 1.39 Lakh/100 Gm Overnight, Silver Shines | May 13

Gold Rate Today in Bangalore: Prices of 24 karat, 22 karat, and 18 karat gold in Bengaluru, Karnataka, witnessed a sharp surge on Wednesday, May 13. The strong rally in gold prices coincided with the Indian government's decision to hike import tariffs on gold and silver. Meanwhile, silver prices in Bangalore, aka Bengaluru,also recorded a significant jump on Wednesday, reflecting broader momentum in the precious metals market.

The sharp surge in gold rate today in Bengaluru, has emerged as a massive setback for gold and silver jewellery buyers in the Karnataka capital. Here are latest details about gold and silver rates in Bangalore.

Gold Rate Today in Bengaluru

The rate of 24 karat, 22 karat and 18 karat gold in Bengaluru saw a humungous surge on Wednesday. The rate of 24 karat gold in Bengaluru surged by Rs 1,391 per gram to Rs 16,789 per gram on Wednesday, May 13. The rate of per 100 gram of 24 karat gold in Bengaluru became expensive by Rs 1,39,100 to Rs 16,78,900. The rate of 22 karat gold in Bengaluru rallied by Rs 1,275 per gram. Likewise, the rate of 18 karat gold in Bengaluru jumped by Rs 1,043 per gram to Rs 12,592 per gram.

Silver Rate Today in Bengaluru

Silver rate today in Bengaluru also saw a sharp jump on Wednesday. Silver price today skyrocketed by Rs 20 per gram to Rs 310 per gram. Likewise, per kilogram of silver in Bengaluru jumped by Rs 20,000 per kilogram to Rs 3,10,000.

Centre Hikes Import Tariffs on Gold, Silver

The central government has hiked import tariffs on gold and silver to 15% from 6%, Reuters reported on Wednesday, May 13. The increase in import tariffs on the precious metals comes as one of the measures to cut gold imports and curb the current account deficit (CAD). The move is also likely to support the Indian currency, which has been hitting fresh all-time lows almost every week.

The higher duties can put pressure on gold and silver jewellery prices in the domestic market and even dampen demand in the world's second-largest consumer of precious metals. The central government's move has come days after Prime Minister Narendra Modi urged Indians to avoid buying gold for nearly a year. The move may also support the rupee, which is one of Asia's worst-performing currencies, Reuters reported.

Gold Price Outlook

"The outlook remains bullish, supported by favorable structural and cyclical fundamentals. Any meaningful correction should be viewed as an accumulation opportunity. Overall, we believe the prevailing environment continues to support gold as a strategic, long term portfolio allocation. Additionally, watch out for potential policy frictions between the US administration and the Federal Reserve, which could pressure the dollar and provide an incremental near term tailwind to gold prices. Further, progress toward a ceasefire in the Iran conflict could help keep gold prices supported," as per Tata Mutual Fund report.