Gold Rates Tumble for 4th Day in Bengaluru, Chennai, Hyderabad; Silver Prices Follow Trend on March 16
Business
With the beginning of the third week of March, gold & Silver opened in red with prices across Bengaluru, Chennai, and Hyderabad now unpressured for the fourth consecutive day. Because of this pressure, gold rates are now at a one-month low and way below the all-time high that it touched earlier this year. Even on the MCX, the gold and silver futures recorded a decline, while the Global spot gold prices inched up slightly by 0.1% today.
Gold Rate in Chennai Today
On March 16, Gold & Silver prices in Chennai dropped. The fall was seen in 24-carat, 22-carat, and 18-carat gold prices.
| Gold Purity | Today Price (Rs.) | Yesterday Price (Rs.) | Change |
|---|---|---|---|
| 24 Carat Gold (10g) | Rs. 1,60,480 | Rs. 1,61,020 | – Rs. 540 |
| 22 Carat Gold (10g) | Rs. 1,47,100 | Rs. 1,47,600 | – Rs. 500 |
| 18 Carat Gold (10g) | Rs. 1,24,000 | Rs. 1,24,000 | No Change |
Gold rate in Bangalore today
Gold prices in Bangalore today also saw a decline across all purity levels.
| Gold Purity | Today Price (Rs.) | Yesterday Price (Rs.) | Change |
|---|---|---|---|
| 24 Carat Gold (10g) | Rs. 1,59,170 | Rs. 1,59,660 | – Rs. 490 |
| 22 Carat Gold (10g) | Rs. 1,45,900 | Rs. 1,46,350 | – Rs. 450 |
| 18 Carat Gold (10g) | Rs. 1,19,380 | Rs. 1,19,740 | – Rs. 360 |
Gold rate in Hyderabad today
A similar trend was observed in Hyderabad Gold & silver rates, which recorded similar falls.
| Gold Purity | Today Price (Rs.) | Yesterday Price (Rs.) | Change |
|---|---|---|---|
| 24 Carat Gold (10g) | Rs. 1,59,170 | Rs. 1,59,660 | – Rs. 490 |
| 22 Carat Gold (10g) | Rs. 1,45,900 | Rs. 1,46,350 | – Rs. 450 |
| 18 Carat Gold (10g) | Rs. 1,19,380 | Rs. 1,19,740 | – Rs. 360 |
MCX Gold and Silver Futures Update
Gold and silver futures on the Multi-Commodity Exchange (MCX) were trading lower in the today’ session. MCX gold futures for the April 2 contract were trading at Rs. 1,56,572, down Rs. 1,894 or 1.20% from the previous session. Meanwhile, MCX silver futures for the May 5 contract were also under pressure, trading at Rs. 2,55,013, slipping Rs. 4,422 or 1.70%.
Silver Prices in Chennai Today
Silver prices in Chennai today nosedived sharply for the third consecutive time, as 1 kg of silver in Chennai costs Rs 2,76,000 after slipping By Rs. 4000. While 100 g of silver rates in India currently cost Rs 27,600
Silver Prices in Bangalore Today
Similarly, Bangalore silver prices today also declined. On March 16, 1 kg of silver in Bangalore cost Rs. 2,70,000 which fell by Rs. 5000. While 100 g of silver rates in India cost Rs. 27,000.
Silver Prices in Hyderabad Today
The silver rate in Hyderabad today dropped by Rs. 4000/Kg, as of March 16th 1 kg of silver priced in Hyderabad retails at Rs. 2,76,000. While 100 g of silver cost Rs 27,600.
Spot Gold Prices + Spot Silver Price Today
As per Trading Economics, “Gold held near $5,000 per ounce on Monday after falling for two straight weeks, as oil remained volatile after the US attacked Iran’s main oil-export hub of Kharg Island over the weekend, heightening global supply risks. Meanwhile, Silver fell to around $80 per ounce. The strike prompted retaliatory attacks from Tehran on Israel and energy infrastructure across other Arab countries. The US-Israeli war on Iran has now entered its third week with no clear resolution in sight, rattling financial markets. Higher energy prices and mounting inflationary pressures have lowered expectations that the US Federal Reserve and other major central banks will cut interest rates, posing a headwind for non-yielding precious metals.”
“
