Gold Rate Today, July 11: Sharp Crash Ends 2-Day Rally; 22K Gold Prices Fall In Bengaluru, Chennai & Hyderabad

Gold Rate today fell sharply after two consecutive days of rise where the 100 g of 24-karat gold jumped by Rs. 16,900. The drop in gold prices in India is mainly because of the weakness in the international commodity market, where spot gold ended Friday's session down 1.5% at near $4100 per ounce.

Over the last five days this week, gold prices have seen a lot of fluctuations, bringing the cumulative drop to 22,200 per 100 grams in the 22 karat segment.

Gold Rate Today In Major Cities In India:

Gold Rate in Bangalore Today

On July 11, the 24-carat gold rate in Bangalore fell by Rs. 490 per 10 grams to cost Rs. 1,44,330per 10 grams. While the 22-carat gold prices in Bangalore today slipped by Rs. 450 and are currently retailing at Rs. 1,32,300per 10 grams. Similarly, the 18-carat gold rate today also dropped by Rs. 370 per 10 grams to cost Rs. 1,08,250.

Gold rate in Chennai today

Similarly, the 24-carat gold rate in Chennai fell sharply today by Rs. 550 per 10 grams, bringing the price lower to Rs. 1,45,090 per 10 grams. Meanwhile, the 22-carat gold price in Bangalore fell by Rs. 500, now retailing at Rs. 1,33,000 per 10 grams. The 18-carat gold also saw a drop of Rs. 500 per 10 grams, currently priced at Rs. 1,11,200

Gold rate in Hyderabad today

On July 11th, gold prices in Hyderabad fell across all purity levels. The 24 carat gold rate in Hyderabad fell by Rs. 490 per 10 grams and is now priced at Rs.1,44,330 per 10 grams. Meanwhile, the 22-carat gold price in Hyderabad today dropped by Rs. 450, bringing the rate to Rs. 1,32,300 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a drop of Rs. 370, currently retailing at Rs. 1,08,250per 10 grams.

Gold Prices On MCX

Trading on the Multi-Commodity Exchange closed today, gold futures prices closed flat at Rs. 1,43,480 per 10 gram. Silver futures prices ended the session at Rs. 2,22,680 per Kg.

Gold Price Outlook Ahead

"Gold climbed back above $4,100 and silver above $60 as markets weighed Middle East developments alongside Fed policy signals. Despite recent strikes and retaliation between the US and Iran, peace talks are set to continue, offering some relief. Fed minutes flagged rising inflation alongside a weakening labour market, keeping a possible rate cut on the table, a scenario that typically favours precious metals," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA and Chairman at Jain International Trade Organisation

"Technically, gold's next move hinges on US-Iran developments, with support at $4,040 and resistance at $4,160. Silver remains range-bound, with a break above $63 opening the path to $70-71, while a drop below $58 risks a slide toward $50-55," he further added.

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