Gold Prices Suddenly Crash After 4-Day Rally: 22K Gold Rate Nosedives By Rs. 20500/100g In Bangalore & Chennai

After four days of a continuous rally, the gold rate today experienced a massive crash on Friday. The 22K gold price dropped by Rs. 20,500 per 100 grams of the yellow metal providing major relief to jewellery buyers.

Gold prices in big metro cities like Bangalore and Chennai are now available at lower rates, which comes as good news for people planning to buy jewellery before prices rise again.

Despite the recent fall in international bullion prices, gold prices in India had surged sharply over the past few weeks after the government increased import duty from 5% to 10%. This triggered panic buying among retail consumers who feared gold would become even more expensive in the coming days. However, after the sharp rally, the market has now corrected significantly.

On the MCX front, both gold and silver prices declined heavily in early trade on Wednesday morning. Gold futures fell 1.5%, while silver futures plunged 4.33%.

Meanwhile, spot gold continued its losing streak for the fourth consecutive session. According to a Reuters report, spot gold was down 0.6% at $4,619.61 per ounce by 04:11 GMT, hitting its lowest level since May 6. Bullion prices have fallen nearly 2% so far this week.

Gold prices In Bangalore Today, May 15

Gold rates in Bangalore today for the 10 grams of 22 karat gold are currently at Rs. 1,46,750 after sliding by Rs. 2050 per 10 grams. The 24-carat gold rates in Bangalore also dropped by Rs. 2240 per 10 grams to cost Rs. 1,60,090. The cheaper variant, or the 18-carat gold, now costs Rs. 1,20,070, which fell by Rs. 1680 per gram.

100 grams of 24-carat gold rates in Bangalore are now at Rs. 16,00,900 after witnessing the decline of Rs. 22,400, while the 22-carat gold in Bangalore slipped by Rs. 20,500 to cost Rs. 14,67,500.

Gold prices In Chennai Today, May 15

As of today, the 22-carat gold price in Chennai for 10 grams fell by Rs. 1000, bringing it to Rs. 1,49,500. The 24-carat gold price also corrected, decreasing by Rs. 1090 per 10 grams to stand at Rs. 1,63,090. Similarly, 18-carat gold experienced a significant decline today, falling by Rs. 1000 per 10 grams to reach Rs. 1,24,700.

Gold & Silver Crash on MCX

On the Multi-Commodity Exchange, both precious metals remained under heavy selling pressure on Friday morning. MCX Gold June 5 futures fell Rs. 2,902 or 1.79% to trade at Rs. 1,59,076 per 10 grams. Meanwhile, MCX Silver July 3 futures crashed Rs. 17,466 or 6% to Rs. 2,73,636 per kg, mirroring the weakness in both domestic retail and international bullion markets.

According to ICICI Direct Bullion Outlook, "MCX Gold June is expected to move in the range of Rs. 160,000-Rs. 163,000. Only a move below Rs. 160,000 it would slip towards Rs. 158,000. However, a weaker rupee could limit downside in domestic bullion prices. On the other hand, MCX Silver July is expected to weaken towards Rs. 280,000-Rs. 278,000 level as long as it stays under Rs. 298,000 level "

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