Bangalore Gold Rate Today, Oct 8, Takes Giant Leap! Forget 24,22K, Even 18K Is Nearing Rs 1 Lakh Before Diwali

Bangalore Gold Rate Today: The price of gold and silver continued their record-breaking rally for the third consecutive day on Wednesday, October 8. The massive surge was driven by geopolitical uncertainty, trade tariff tensions, and US Fed rate cut expectations. The price of gold in Bangalore and other Indian cities has reached to record highs.

The surge in prices has sparked concerns among gold jewellery buyers who were hoping for some price corrections this week to purchase gold ahead of Diwali celebrations this month.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore surged by Rs 115 per gram to Rs 12,317 per gram. Likewise, the price o 22 karat gold in Bangalore jumped by Rs 105 to Rs 11,290 per gram. Similarly, the rate of 18 karat gold in Bangalore spiked by Rs 86 to Rs 9,238 per gram.

Few months ago, the 24 karat gold rate crossed the inimaginable Rs 1 lakh mark for the first time in history. As investors were digesting the new normal for gold rate in India, the price of 18 karat gold also surged past Rs 1 lakh mark. AS of now 10 gram of gold (24K and 18K) is priced way above Rs 1 lakh mark. Meanwhile, the 18 karat gold rate is also inching closer to the Rs 1 lakh mark. The price of 18K gold (10 gram) increased to Rs 92,380 per 10 gram.

Bangalore Silver Rate Today

The price of silver in Bangalore remained stable and was recorded at Rs 157 per gram and to Rs 1,57,000 per kilogram. Silver rate remained close to its all-time high mark amid strong industrial demand and its attractive price valuation.

Will Gold PRice Rally Continue?

"Given it is festive season, there is an additional layer to the increased price: the tradition within the festival of buying gold and other precious metals could provide an additional element of ongoing momentum given buying precious metals is perceived as "auspicious" to buy "victorious" assets. Given uncertainty surrounding the geopolitical backdrop, gold remains a compelling hedge asset and could push even further in the weeks ahead," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

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