Sharp Jump In Bangalore Gold Rate Today! 24K Gold Price Surges Rs 1200/10 gram; Check Latest Rates Here

Bangalore Gold Price Today: The price of yellow metal slipped beyond the reach of many buyers as Bangalore gold rates jumped significantly on Friday. The surge in gold rate today has come after days of significant decline in the price of the precious metal.

Bangalore gold rate today surged after days of profit booking, stock market volatility and continued geopolitical uncertainty. Massive shift in the United States policies has triggered widespread concern about global recession or slowdown. Consequently, investors are adding gold in their portfolio to absorb global shockwaves and market risks.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore increased nearly Rs 1,200 to Rs 95130 per 10 gram on Friday, May 16. Likewise, the price of 22 karat gold surged nearly Rs 1,100 per 10 gram to Rs 87,200. The price of 18 karat gold jumped nearly Rs 900 to Rs 71350 per 10 gram today.

Bangalore Silver Rate Today

Bangalore silver rate remained stable on Friday. The price of silver in Bangalore stood at Rs 97 per gram and Rs 97,000 per kilogram.

Gold Rate Today in India

The surge in gold rates in Karnataka capital aligned with the jump in gold rate in India today. The price of 14 karat gold jumped by Rs 1200 per 10 grams to cost Rs. 95,130 per 10 grams.

Similarly, the price of standard gold, also known as the 22-karat gold stood at Rs. 87,200 per 10 grams, after increasing nearly Rs 1,100. Similarly, the 18-carat gold rate today also increased by Rs 900 per 10 grams, and it currently retails for Rs 71,350 per 10 grams.

Commenting on the factors impacting gold rates today, Manav Modi of Motilal Oswal noted, "The U.S. and China agreed to temporarily slash the harsh tit-for-tat tariffs imposed in April. On data front, data showed U.S. producer prices fell unexpectedly in April, while retail sales growth slowed. Consumer prices rose less than expected in April, a report showed. Core Retail sales was reported lower than estimate, while the weekly jobless claims was steady, supporting the overall sentiment for bullions on higher side. President Trump mentioned that Ukraine peace is difficult until he meets President Putin. Amidst all these updates and data points gold settled above $3200 once again, however it is important to note that any update regarding US and China trade talks could again weigh on prices."

Gold rates mentioned above are indicative and doesn't include additional costs like making charges and GST. Hence, gold buyers must always confirm about all the extra costs associated with gold jewellery and ornament before making final purchase.

"We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices retraced some of the heavy losses it incurred earlier this week, after bond yields sank on weak US economic data that raised bets on further Federal Reserve interest-rate cut," noted Nirmal Bang in its report on Friday.

International gold prices dipped below $3220 per ounce on Friday amid easing global trade tensions. While risk to economy remains due to US-China faceoff on trade tensions and India-Pakistan border tensions, both issues subsided over the last few days.