Bangalore Gold Rates Drop Across All Purities on Nov 16, Silver Steady; Check Current Rates

Bangalore gold prices dropped slightly again after a small rise that was seen yesterday. Gold rates this week have declined by 4.6% as the stronger dollar continued to weigh on gold prices. The expectations of a small interest rate reduction by the federal reserve in the next policy meeting is also fuelling this drop in gold rate. The US treasury yield along with the dollar continued to extend gains this entire week which made gold less attractive.

22 carat gold rate in bangalore today slipped by Rs.100 per 10 gram to cost Rs. 69,350 while the 24 carat gold prices dipped by Rs.110 to settle at Rs.75,650 and the 18 carat gold rate decreased by Rs. 80 to cost Rs. 56,770.

Similarly, 100 grams of 24-carat gold in Bangalore is currently priced at Rs. 7,56,500, which fell by Rs. 1,100, and 22-carat gold is now standing at Rs. 6,93,500, dropping Rs. 1,000.

Is Gold losing Its Allure?

Over the past 10 days, gold prices in India have shed around 5.8 % of its value. Currently, gold is priced much lower than it was in late October during the peak festive season. This decline is beneficial for retail shoppers, as the gold price in India has become slightly more affordable due to falling prices. With a large number of weddings scheduled in India in the coming weeks, especially in regions like Bangalore, demand for gold jewelry is expected to surge as people rush to make their purchases.

On the other hand, spot gold has pulled back from its $2600 level, while the US dollar, which is at a multi-month high, continues to exert pressure on gold prices. The impact of Trump's administrative policies is expected to have some major effect on gold prices in the long run, unless there is a major intervention from the Federal Reserve, such as an interest rate reduction, which could support gold prices.

Gold Prices In Major Indian Cities

Here are gold prices in some of the major cities in India which are experiencing a similar drop:

Cities	24 carat	22 carat
Delhi	₹ 75,800	₹ 69,500
Mumbai	₹ 75,650	₹ 69,350
Chennai	₹ 75,650	₹ 69,350
Kolkata	₹ 75,650	₹ 69,350

Silver Prices In Bangalore:

1 kilogram of silver in Bangalore observed no movement and currently stands at Rs.89,500. Similarly, the price for 100 grams of silver cost Rs. 8,950. White metal prices have shown stability for the past two days following consecutive declines earlier this week.

Gold And Silver Future Price On MCX

Gold futures for the December 5th expiry on the Multi Commodity Exchange (MCX) ended the trading session on a negative note on Friday, closing at Rs. 74,072 per 10 grams, marking a decrease of 0.11%. Meanwhile, silver futures also experienced a decline, dropping by 0.34%, or Rs. 304, to settle at Rs.88,167 per kilogram.

Spot Gold And Silver Rates On November 16:

According to a latest report by Reuters, spot gold dropped by 0.1% to $2,565.49 per ounce, while spot silver decreased by 0.4% to $30.32 per ounce at the fridays close. Marking a decline of over 4% for both metals so far this week. The US dollar was on track for its largest weekly gain in more than a month, which made gold more expensive for holders of other currencies. At the same time, US Treasury yields continued to rise after data revealed that retail sales in the US had increased more than expected last month.