Gold Rate Today, Aug 29: 24K Gold Crashes Rs 28900/100g; Check 22K,18K Price In Bangalore, Chennai & Hyderabad

This is another day of decline for the gold rate since the yellow metal ended the week on a softer note after a strong run.

The international spot gold slipped to around $4,560 an ounce on Friday, its lowest level in a week, as Federal Reserve Chair Kevin Warsh delivered a hawkish surprise at the Jackson Hole symposium.

In his first major address since taking charge in May, Warsh said inflation is not cooling fast enough and that the central bank still has work to do before it can be confident price pressures are easing, pushing up the odds of a September rate move to near 50% on CME FedWatch.

That knocked gold down about 2.39% for the week, even as it is still up over 11% on a monthly basis.

Gold Rate in Bangalore Today

As of August 29th, Saturday, 24-carat gold rates in Bangalore fell by Rs. 3220 per 10 grams to cost Rs.1,58,240. While the 22-carat gold price in Bangalore slipped sharply to Rs. 2,950 per 10 grams, it now costs Rs. 1,45,050. Similarly, the smaller 18-carat gold rates declined by Rs. 2950 to retail at Rs. 1,22,750 per 10 grams.

And just like that, 100 grams of 24-carat gold now retail at Rs 15,82,400, and the 22-carat gold rate per 100 grams now costs Rs 14,50,500.

Gold rate in Chennai today

Interestingly, the 22-carat gold rate in Chennai jumped today by Rs. 550 per 10 grams, bringing the price higher to Rs. 1,61,240 per 10 grams. Meanwhile, the 24-carat gold price in Chennai jumped by Rs. 500, now retailing at Rs. 1,47,800 per 10 grams. The 18-carat gold also saw a spike of Rs. 400 per 10 grams, currently priced at Rs. 1,24,000.

Gold rate in Hyderabad today

On August 29, gold prices in Hyderabad for the 22-carat gold slipped by Rs. 2950 per 10 grams and are now priced at Rs. 1,46,100 per 10 grams. Meanwhile, the 24-carat gold price in Hyderabad today spiked by Rs. 320, bringing the rate to Rs. 1,59,380 per 10 grams. Even the 18-carat gold rate in Hyderabad saw a jump of Rs. 250, currently retailing at Rs. 1,19,540 per 10 grams.

Silver prices today

Silver rates in Bangalore, Chennai & Hyderabad today finally fell after the white metal started stable for five consecutive days. On the 29th of August, 1 kg of silver in India cost Rs. 2,60,000, while 100 g of silver rates in India retail at Rs 26,000.

MCX Gold and Silver Prices

Due to weekend closure, trading is shut for today and tomorrow on the Multi Commodity Exchange. So October gold futures prices ended Friday's session at Rs. 1,56,400, declining by 1.63%. Similarly, silver futures prices set to mature on September 4th closed at Rs. 2,36,651 after dropping by 1.66%.

Spot Gold Prices Today

"Gold prices fell toward $4,560 an ounce on Friday, their lowest level in a week, as investors digested what was perceived as hawkish commentary from Federal Reserve Chair Kevin Warsh. In his first major speech since becoming chair in May, Warsh warned that inflation is not meaningfully slowing and said policymakers need to be confident that underlying price pressures are easing; otherwise, the central bank still has "work to do," as per Trading Economics.