Major Drop In Gold Rates Today In Bengaluru+Chennai: Big Rs.35000 Fall in Just 2 Sessions Due to Huge Sell off

Gold Rates Today experienced a big crash for the second day in a row with 24-karat yellow metal falling by nearly Rs. 35,000 per 100 grams.

As a result, gold rates in Bengaluru and gold rates in Chennai are now available at comparatively lower levels, creating a potential buying opportunity for retail consumers before prices possibly rise again.

Despite today's drop, the overall trend this week has remained largely bullish, as gold has surged by around Rs. 44,000 per 100 grams during the first four days. Market experts believe that profit-booking by investors following the strong rally has led to the current correction in prices.

"Gold and silver traded under mild pressure yesterday as global cues turned cautious ahead of key US inflation data, with expectations of delayed Fed rate cuts weighing on sentiment. MCX silver slipped below the crucial Rs. 2.6 lakh mark, trading near Rs. 2.59 lakh/kg after sharp selling pressure. COMEX gold remained above major psychological support levels, indicating underlying safe-haven demand despite short-term volatility. Market participants are closely watching upcoming macroeconomic indicators for directional cues. Overall, gold shows consolidation with downside protection," said Gaurvav Garg, Lemonn Markets Desk

Gold Rate in Chennai Today

On February 13th, the 24-carat gold rate in Chennai declined by Rs. 2190 per 10 grams to cost Rs. 1,57,090 per 10 grams. While the 22-carat gold prices in Chennai today fell by Rs. 2000 and are currently retailing at Rs. 144,000 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs 2000 per 10 grams to cost Rs 124,900.

Gold rate in Bangalore today

The 22-carat gold rate in Bangalore fell by Rs. 2400 per 10 grams, bringing the price down to Rs. 142,800 per 10 grams. Meanwhile, the 24-carat gold price in Bangalore dropped by Rs. 2620, now retailing at Rs. 155,780 per 10 grams. The 18-carat gold also saw a decline of Rs. 1960 per 10 grams, currently priced at Rs. 116,840.

MCX Gold Futures Prices Today

Despite the gold price drop today in the retail counters. The MCX gold futures slated to mature on April 4th are trading higher at 0.59% at Rs.153,736 per 10 grams.

Spot Gold Prices + Spot Silver Price Today

Spot gold prices today are trading with gains but are currently below the $5000 per ounce mark. As per goldprice.org, spot gold is hovering at $4950.46 per ounce with a 0.48% gain.

"Spot gold is likely to trade with a negative bias amid a recovery in the dollar and a rise in US treasury yields. A recent batch of economic data from the US showed resilience in the labour market, giving space for the US Federal Reserve to keep rates steady in the near term. As per the CME FedWatch tool, the market is pricing in a 94% chance that the Fed will leave rates unchanged at its next meeting, as per the commodity report by ICICI Direct.

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