Gold Prices In Bangalore Drops By Rs 3,300 After Akshaya Tritiya, Latest 24K,22K,18K Gold Prices

Gold prices in Bangalore slipped back again after seeing an upsurge on the auspicious festival of Akshaya Tritiya. The price of the safe haven saw good sales yesterday even after the rise in price of gold by 15-17%. The recent developments in the middle east has also affected the price of gold in India and in the global market. The gold market is seeing fluctuations as the Israeli military has decided to expand its ground invasion in Rafah.

The 22K gold declined at the same rate. 100 grams went down by Rs.3,000 thus reaching Rs.6,72,500 against Rs.6,75,500. Similarly, 10 grams decreased by Rs.300 touching the mark of Rs.67,250 in contrast to Rs.67,550 the previous day. The 8 grams of gold shocked by Rs.240 reaching Rs.53,800 compared to previous day's closing of Rs. 54,040. Lastly, 1 gram of gold declined by Rs.30 to Rs.6,725 against Rs.6,755 the last day.

In the case of 18K, 100 grams got crumpled by Rs. 2,500 reaching Rs.5,50,200 compared to Rs.5,52,700 the previous day. Whereas, 10 grams of gold declined by Rs.250 reaching Rs.55,020 in contrast to Rs.55,270 the previous day. 8 grams of gold went down by Rs.200 reaching Rs.44,016 against Rs.44,216 the previous day. Lastly, 1 gram of gold declined by Rs.25 reaching Rs. 5,502 against Rs.5,527 in the previous day's closing.

The market experts in the commodity market anticipate that the ongoing escalation of war between Israeli forces and Palestine might have a substantial impact on the demand of the safe haven metal. Despite the fact that the Us dollar index is performing well, the gold market globally is reaching new highs everyday as the demand for safe haven assets is increasing. Even during the Russia-Ukraine war the gold prices surged and followed a similar trend.

Additionally, heightened risk aversion leads to investors prioritizing assets perceived as safer, and thus boosting gold demand. Moreover, disruptions to oil supplies, given the Middle East's significant role in oil production, can grow concerns about global economic stability ,again prompting investors to hedge against inflation and economic downturns by investing in gold.

Apart from this, other factors like central bank's policy, change in interest rates and monetary policy might have a significant impact on the price of gold in Bangalore.