Massive Surge in Gold Rates in Chennai, Bengaluru, Hyderabad on Nov 11; 24K Adds Rs.40000/100g In 2 Sessions

Gold rates Today took a huge leap for the second consecutive time this week, making the yellow metal costlier once again across India. Gold rate in Chennai, Bangalore, and Hyderabad recorded a rise of Rs. 40,000 per 100 g in the last 2 days. The 24 carat gold rate is currently trading nearly below the October's all-time high of Rs. 1,33,090 per 10 gram level.

One of the prime reasons behind the surge in gold prices today is the strong influence of the global commodity market on Indian bourses. Spot gold made a major jump this morning, crossing the $4100 per ounce level after reports signalled possible progress toward ending the U.S. government shutdown.

Moreover, market experts are expecting another Fed rate cut in the upcoming December FOMC, which has further increased the safe-haven demand across global markets.

Here are the latest gold prices in your city:

Bangalore Gold Rates & Silver Rates

Gold rates in Bangalore today spiked big time. The 24-carat gold, which now costs Rs. 126,200 per 10 grams after rising Rs. 2,460, while 22-carat is retailing at Rs. 115,750, which jumped by Rs. 2,250 per 10 grams.

The silver rate in Bangalore today jumped for the second consecutive time and costs Rs 160,000 after rising by Rs 3000, while per 100 grams it jumped by Rs 300 to cost Rs 16,000.

Chennai Gold and Silver Prices

The 22-carat gold rate in Chennai zoomed by Rs. 2,200 to Rs. 117,000, and the 24-carat gold price surged by Rs. 2,400 to Rs. 127,600 per 10 grams.

Silver prices in Chennai today rose by Rs. 1000, which is currently priced at Rs. 170,000, while 100 grams of silver costs Rs. 17,000.

Hyderabad Gold and Silver Prices

Gold prices in Hyderabad also surged on November 11, and 24-carat gold rose by Rs. 2460 to Rs. 126,280 per 10 grams, and 22-carat gold spiked by Rs. 2,250 to Rs. 115,750. The 18-carat gold rate also surged by Rs. 1840, standing at Rs. 94,710 per 10 grams.

Silver prices in Hyderabad today rose to Rs. 120,000, adding Rs. 1000 per kg, and 100 grams of silver gained Rs. 100 to retail at Rs. 12,000.

MCX Gold & Silver Futures Performance

On the Multi Commodity Exchange, Gold December Futures surged by 0.67% to Rs 124,799 per 10 grams. While the Silver December Futures rose today by 0.85% to Rs 155,002 per kg on November 11

Global Gold and Silver Spot Rates

According to Reuters, "Spot gold was up 0.7% at $4,142.72 per ounce, as of 0458 GMT, hitting its highest since October 23. U.S. gold futures for December delivery rose 0.7% to $4,148.80 per ounce. While spot silver gained 0.8% to $50.94 per ounce."

"Spot gold rose above $4,140/oz, extending gains after its biggest single-day jump since May, as rising economic uncertainty in the US strengthened expectations of a near-term Federal Reserve rate cut. The U.S. Senate moved forward with a measure to end the 40-day government shutdown, advancing a compromise bill to restore federal funding that cleared its first procedural hurdle" as per the Kotak Securities Commodity report.