Bangalore Gold Rate Falls Rs. 1300 In 3 Days Ahead Of Festive Season: Buy?

Gold rates in Bangalore are falling sharply ahead of the festive season. In the past three days, the 22-carat gold price fell by Rs. 1200/10 grams and the 24-carat gold price fell by Rs. 1300/10 grams.

In Bangalore, gold rates followed the same trend as the national markets. The 22-carat gold price in Bangalore was quoted at Rs. 46700/10 grams, and the 24-carat gold price was quoted at Rs. 50950/10 grams, falling by Rs. 250-270, respectively, today, on October 12.

Gold is considered an auspicious metal in India, and during the festive season of October-November Indians buy gold for good fortune. Additionally for the wedding season in December demand for gold increases sharply. Hence, a falling gold price helps the retail sales of gold to boost. Stressed gold rates at present will also help investors to gain higher long-term returns.

Indian gold prices depend on the global gold markets. Giving an outlook about the global situation, analyst Jim Wyckoff told Kitco News, "Gold and silver prices are lower in midday US trading Wednesday and feeling the heat of recently bearish outside markets that include rising US bond yields and a strong US dollar index. Lower crude oil prices today added to the bearish cocktail for the metals."