Massive Crash In Bangalore Gold Rate Today, Sept 11: 24K Gold Falls Rs 26,200/100g; Silver Down Too

Gold price tumbled sharply on Friday, September 11, with 24-carat gold crashing Rs 26,200 per 100 grams. Silver prices also plunged by up to Rs 10,000 as the sell-off swept across precious metals.

All three variants,the 24-carat, 22-carat, and 18-carat gold came under pressure, with rates in Bangalore, Mumbai, Chennai, and other major cities all recording the drop.

The trigger for the crash gold rate today is the sharp spike in crude oil prices, which are racing toward the $110 mark due to escalating West Asia tensions. This has raised the odds of a US Federal Reserve rate hike this month, which could typically hurt gold since higher interest rates make non-yielding assets like the yellow metal less attractive to hold.

Internationally, Spot gold slipped below the $4,350-an-ounce while MCX gold is struggling to hold the Rs 1.52 lakh level domestically.

Gold Price in Bangalore on September 11

As of today, gold rates in Bangalore today fell massively with the 22-carat gold rate to Rs. 1,40,150 per 10 grams, slipping by Rs. 2400. Similarly, the pure 24-carat gold rates in Bangalore per 10 grams crashed by Rs.2620 to cost Rs. 1,152,890. Just like that, 18-carat gold prices also rose by Rs. 1960 per 10 grams to cost Rs. 1,14,670 per 10 grams.

The 22-carat gold rate per 100 grams slips by Rs.24,000, bringing the prices to Rs. Rs.14,01,500. In a similar manner, the 24-carat gold per 100 grams surged by Rs. 26,200 to retail at Rs. 15,28,900.

Gold Price Analysis & Reason Behind The Fall

The yellow metal prices saw massive volatility this week, leading to a sharp drop in prices. In India, gold rates have been dropping despite the strong demand for gold ahead of the upcoming festive season.

"Gold and silver retreated as stronger-than-expected US PPI data boosted expectations of a Federal Reserve rate hike, with markets now awaiting today's CPI report for further clarity. The ECB added to the hawkish tone by raising rates as expected and flagging persistent upside inflation risks." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of IBJA. and Chairman at Jain International Trade Organisation.

"Geopolitical tensions also intensified after Houthi forces seized Yemen's Mocha port and pushed further along the Red Sea coast, even as Trump hinted the Iran conflict may only ease post-midterms. Technically, gold is expected to trade between $4,300-$4,500, while silver holds within $63-$68, with a breakout needed for a decisive directional move." he further added

Silver Prices in Bangalore

Bangalore silver prices today fell by Rs. 10000 per kg from the previous day's level. Currently, the price of 1 kilogram of silver stands at Rs.2,45,000 per kg, while 100 grams of silver is priced at Rs. 24,500 per 10 grams.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for October 5th delivery are trading in the green zone by 0.22%, at Rs. 1,52,656 per 10 grams. Similarly, the silver futures for the May 5th expiry are currently trading lower by 0.10%, trading at Rs. 2,33,854 per kg.
"MCX Gold October is expected to slip towards Rs. 150,000 as long as it stays under the Rs. 154,000 level. A move below Rs. 150,000 would weaken towards Rs. 149,000. MCX Silver December is expected to slip towards Rs. 230,000- Rs.232,000 levels as long as it trades below Rs. 239,000," an ICICI Commodity report stated.

Spot Gold Prices Today

As per Trading Economics, "Gold traded near $4,300 an ounce on Friday after falling nearly 2% in the previous session, as investors braced for the US consumer price index report that could reinforce expectations for a Federal Reserve rate hike next week. Data released Thursday showed US producer prices accelerated in August as the Iran war pushed wholesale energy costs higher."

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