Gold Prices in Bangalore Slide for Third Straight Day; 22K/100g Yellow Metal Drops Rs. 4000, Silver Stable

Gold prices in Bangalore have dropped for the third consecutive session today, due to weak domestic demand and the strengthening of the US dollar, which is currently exerting pressure on gold. This week has been particularly bearish for the yellow metal, with significant profit booking observed in the market. Due to the ongoing volatility in global markets, gold prices in India are expected to remain on the downside for the coming days.

At present, the price of 24-carat gold in Bangalore has fallen by Rs. 440 per 10 grams, now priced at Rs. 76,850, while 22-carat gold has dropped by Rs. 400, settling at Rs. 70,450. The 18-carat variant also saw a decline, falling by Rs. 330 to retail at Rs. 57,640.

In terms of larger quantities, 100 grams of 24-carat gold have decreased by Rs. 4,400, currently priced at Rs. 7,68,500, while 100 grams of 22-carat gold have slipped by Rs. 4,000, now costing Rs. 70,450. With market conditions remaining uncertain, the trend of falling gold prices is likely to continue in the short term.

Bullion Market Loses Its Shine:

Gold has seen a nearly 3% decline this week, majorly due to a huge drop in demand during the month. The major factor influencing gold prices in India is the international market, where gold is struggling amid the strengthening US dollar. The US presidential election has had a notable impact on the dollar index, which surged to multi-month highs, putting pressure on gold prices. Additionally, the upcoming release of US inflation data is expected to provide more clarity on the potential direction of the Federal Reserve's monetary policy next month, further influencing the market.

The recent sharp rally in US equity markets has also contributed to the decline in gold prices. As investors shift their focus toward stocks, gold has seen reduced demand as a safe-haven asset, exacerbating the downward pressure on its value.

Gold Prices In Other Major Indian Cities

Most of the Indian cities are experiencing a similar price drop. Here are gold prices in some of the major cities:

Cities	24 carat	22 carat
Delhi	₹ 77,000	₹ 76,600
Mumbai	₹ 76,850	₹ 70,450
Chennai	₹ 76,850	₹ 70,450
Kolkata	₹ 76,850	₹ 70,450

Silver Prices In Bangalore Steady:

1 kilogram silver rate in Bangalore observed no movement today after dropping by Rs. 3,000 in the last two days and is currently standing at yesterday's pricing of 91,000. Similarly, the price for 100 grams of silver also remained steady at Rs. 9,100.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery are Trading up higher by 0.21%, or Rs. 154. At Rs. 75.055 per 10 grams. Like wise, the silver futures for the December 5th expiry are also trading in green, up by 0.78%, trading at Rs. 90,024.

Spot Gold And Silver Rates On November 13:

Spot gold rose by 0.5% to $2,610.99 per ounce by 0437 GMT, recovering from its lowest point since September 20, reached on Tuesday, according to a recent Reuters report. U.S. gold futures gained 0.4%, reaching $2,617.20, while spot silver increased by 1%. Gold prices edged higher on Wednesday as investors took advantage of the previous session's sharp declines, while attention shifted toward upcoming U.S. inflation data, which could offer insights into the Federal Reserve's future monetary policy direction. Additionally, U.S. Producer Price Index (PPI) data, weekly jobless claims, and retail sales figures are expected later this week. Investors are also closely monitoring statements from Fed Chair Jerome Powell and other central bank officials, Reuters reported.