Sharp Rise In Gold Rate in Bangalore & Chennai Today After Back-to-Back Drops; Check 24K & 22K,Rates, Nov 19

The month of November is seemingly volatile for the bullion market, with prices facing many fluctuations lately. The gold rate in Bangalore & Chennai across all purities experienced a big jump today, just as prices were cooling down, rejoicing buyers. This sharp rise is expected to put pressure on retail shoppers ahead of the Indian wedding season.

The current rebound in gold prices today is mainly because of global market anticipation around the US Federal Reserve's stance on interest rates. The next Fed meeting is scheduled in December, and any shift in interest rate policy could majorly impact both domestic gold prices and global bullion rates.

Gold Rates and Silver Rates in Major Indian Cities on Nov 19

Bangalore

GOLD: A sharp rise of Rs. per 1100 grams was seen in the 22-carat gold rate in Bangalore today, which stood at Rs. 1,24,860. Meanwhile, the 24-carat gold price in Bangalore costs Rs 1,14,450 per 10 grams after rising by Rs. 1200. Meanwhile, the 18-carat gold is currently retailing at Rs 93,640, which rose by Rs. 900.

SILVER: Bangalore silver rates today are steady post a rise of Rs. 3000 per kg, which was seen yesterday. 1 kg of silver rate in Bangalore is Rs. 1,65,000 while 100 grams of silver cost Rs. 16,500.

Chennai

GOLD: The 24-carat gold rate today in Chennai jumped by Rs.1090 to cost Rs. 1,25,460 per 10 grams. Similarly, the 22-carat gold price in Chennai spiked by Rs 1000 , and it currently stands at Rs 1,15,000 per 10 grams, while on the other hand, the 18-carat gold rate is priced at Rs. 96,000, which also rose by Rs 900 per 10 grams.

SILVER: On November 19, the silver price in Chennai experienced a rise after four consecutive declines and currently stands at Rs. 1,73,000 per kg after slipping by Rs. 3000. Just like that, the 100 grams cost Rs 17,300.

MCX Gold and Silver Futures Update

Gold futures prices in the MCX with a December 5th expiry today were trading in the green zone about 0.69% higher at Rs. 1,23,492 per 10 grams at the time of writing. Similarly, silver future prices, which are set to expire on December 5th are now up by 1.21% at Rs 1,56,517 per kilogram.

"MCX Gold Dec is expected to rise towards Rs. 124,000 level as long as it stays above Rs. 121,000 level. A break above Rs. 124,000 will open doors for Rs. 124,800 level. MCX Silver Dec is expected to rise towards Rs. 156,700 level as long as it stays above Rs. 152,300 level." According to an ICICI Securities report.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold was up 0.2% at $4,074 per ounce, as of 0449 GMT. U.S. gold futures for December delivery edged 0.2% higher to $4,074.40 per ounce. Spot silver rose 0.4% to $50.90 per ounce."

According to Kotak Securities Commodity report, "Spot gold held above $4,070/oz, with investors staying cautious ahead of this week's key economic releases. Major focus areas include today's FOMC meeting minutes, upcoming remarks from Fed officials that may offer clearer guidance on the rate outlook, and the release of the UK's CPI data.

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