HUGE Crash In Bangalore Gold Rate today, June 8: 24K Gold Price Drops Over Rs. 1,000 Ahead of US Fed Meeting

Yellow metal prices in Bangalore today fell sharply, hitting their lowest levels in months. The 24k Gold price plunged sharply on June 8, after falling by 43,100 last week from June 1 to June 6, as safe-haven demand decreased as oil prices surged higher due to a fresh escalation in the US-Iran war, fueling concerns about inflation and interest rates.

Investors are now looking forward to the outcome of the US Federal Open Market Committee (FOMC) meeting on June 16-17. While no rate cuts are expected, the committee's commentary will be closely monitored.

Meanwhile, 22 carat yellow metal price in Bangalore today fell by Rs 950 to Rs.139,050 per 10 grams and 100 grams of 22k gold slipped by Rs 9500 to Rs. 13,90,500 in the city.

24K Bangalore gold rate today dived by Rs 1040 to Rs 1,51,690 per 10 grams and 100 grams of 24 carat gold price declined by Rs 10,400 to Rs. 15,16,900.

The price of 10 grams of 18 carat gold in Bangalore turned cheaper by R. 780 to Rs. 1,13,770 and 100 grams of 18K yellow metal will cost Rs. 11,37,700 in Bangalore today.

Silver Prices in Bangalore Observed Sharp Crash

Silver prices also fell massively in the city today and those who want to buy 1 kg silver, need to pay Rs. 2,60,000 as the prices are down by Rs. Meanwhile, 100 grams of silver is retailing at Rs. 26,000.

Gold & Silver Futures

Gold futures, maturing on August 5 quoted at Rs. 1,53,850 per 10 grams on the MCX, after registering a big decline of Rs 1761 or 1.13%. On the other hand, silver futures, maturing on July 5 recorded a decline of Rs. 5,057 or 2.03% and stood at Rs 2,43,480 per kg on the MCX.

Spot Gold Prices

US gold prices edged down on Monday as a steady US dollar made bullion less affordable for overseas buyers. As per Trading Economics, Spot gold declined 0.4% to $4312 per ounce as of 10:52 IST. While Spot Silver was trading 0.53% higher at $67.6 at around the same time.

"Rising expectations of Fed rate hikes are exerting downward pressure on gold prices. Immediate support lies near the strong $4,200 zone, where a key long-term trendline converges with the annual average, creating an important support cluster. During phases of mean reversion, major moving averages often act as price magnets. If gold breaks and sustains below $4,200, the correction could extend toward the next support cluster at $3,900-4,000. On the upside, resistance remains firm in the $4,500-4,530 zone." as per Kotak Commodity Report.

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