Gold Rates Crash by Rs. 33500/100g in 3 Days: Bangalore, Chennai, Hyderabad Record Sharp Fall on March 14
Business
Gold and silver prices across Bengaluru, Chennai, and Hyderabad observed a sharp crash on Saturday, for the third consecutive time this week.
The retail gold rates are impacted by the trend in the domestic & global bullion market which is struggling currently.
At the Friday’s Close, gold and silver futures recorded a decline on the multi commodity exchange. Even the Global spot gold prices slipped by 0.5% on Friday and are heading toward a second straight weekly decline.
The drop in gold & Silver rate is because of the rise in the US dollar and rising inflation concerns linked to the ongoing Iran conflict. The geopolitical tensions have reduced expectations of near-term interest rate cuts, putting additional pressure on precious metal prices.
Gold Rate in Chennai Today + Silver Rate In Chennai Today
On March 10, Gold & Silver prices in Chennai fell sharply. The fall was seen in 24-carat, 22-carat, and 18-carat gold prices, with the sharpest decline recorded in 24-carat gold.
Gold rate in Bangalore today + Silver Rate In Bangalore
Gold prices in Bangalore today also saw a decline across all purity levels. The fall was led by 24-carat gold, which dropped by over Rs. 1,000 per 10 grams.
Gold rate in Hyderabad today + Silver Rate In Hyderabad Today
A similar trend was observed in Hyderabad gold and silver rates, which recorded declines.
Gold Price Movement Ahead: Expert’s Take
“Gold and silver are likely to remain supported in the near term as geopolitical tensions, central-bank buying, and fiscal uncertainties continue to drive safe-haven demand. However, a stronger U.S. dollar and elevated bond yields may cap sharp upside moves. Gold is expected to trade with a positive bias, while silver could outperform due to its dual role as both a precious and industrial metal. Short-term volatility may persist, but dips are likely to attract strategic buying.” said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.
MCX Gold and Silver Futures Update
Trading on the MCX closed today so on the previous day gold futures slated to mature on April 2 ended at Rs.1,58,400 after declining 0.04%. Similarly, silver futures, which are set to expire on May 5th dropped by 3.24% to settle at Rs 2,59,279.
Spot Gold Prices + Spot Silver Price Today
As per Trading Economics, “Gold prices dropped below $5,050 per ounce on Friday as a strengthening US dollar and fading expectations for interest rate cuts outweighed the traditional safe haven appeal of the precious metal. At Friday’s Close Spot Gold was at $5022.11 per ounce down 1.12%. Meanwhile “
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