Bangalore Gold Price On Fire! 24K Gold Jumps Near Rs 1.6 Lakh/10 Gm | Biggest Level In 3 Months

Bangalore Gold Price: The prices of 24 karat, 22 karat, and 18 karat gold in Bangalore saw a sharp surge on Thursday, August 20, taking the precious metal to near its three-month high. The recent rally in gold prices came as the international gold rate surged more than 4% after the sharp retreat in treasury yields.

The sharp jump in gold prices is likely to deter retail gold jewellery buyers and investors from making fresh investments in the precious metal in the city. Here are the latest details of gold rates in Bangalore.

Bangalore Gold Rate Today

The price of 24 karat gold in Bangalore increased by Rs 430 per gram to Rs 15,927 per gram on Thursday, August 20. This means that 10 grams of 24-karat gold in the metro city will cost around Rs 1.59 lakh. Likewise, the rate of 22-karat gold in Bangalore jumped by Rs 395 per gram to Rs 14,600 per gram. The rate of 18-karat gold in Bangalore increased by Rs 323 per gram to Rs 11,946 per gram.

Bangalore Silver Rate Today

The price of silver in Bangalore increased by Rs 10 per gram to Rs 255 per gram and by Rs 2,55,000 per kilogram. The silver rate today in the metro city has shown stability over the past few months after seeing a sharp rally in January, followed by a steep crash in February.

International Gold Rate Today

International gold price held on to Wednesday’s gains. The bullion saw sharp 4% rally in the previous session and remained close to $ 4,500 per ounce on Thursday, as per Trading Economics data. The sharp rally in gold price was fuelled by retreat in US Treasury yields as the government moved to rein-in long-term borrowing costs.

The US Treasury Department announced that it will more than double repurchases of 10-, 20-, 30-year debt in the next few months.

The recent rally in gold is in synchronisation with experts’ constructive medium to long-term outlook on the metal. “Continued central bank purchases, sustained investment demand and the increasing need for portfolio diversification remain structural supports for the asset class. Gold also continues to play an important role as a hedge against macroeconomic uncertainty and currency debasement risks. Investors may consider utilising periods of market weakness to gradually build strategic long-term allocations to gold,” stated Tata Mutual Fund in its report.

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