Gold rates in South India today dropped for the 3rd day in a row on 4th March. This is fantastic news for South Indian gold buyers on the occasion of Holi, since gold prices fell significantly in major cities like Bangalore, Hyderabad, and Chennai in all purities ranging from 22k, 24k, and 18k. As investors turned to the US dollar in response to mounting Middle East tensions, rising oil costs, higher bond yields, and growing threats around Iran and the Strait of Hormuz, gold plummeted over 5% to about $5,050 per ounce on the global market.
Gold & Silver Rates In Bangalore Today
Today’s gold price in Bangalore stands at Rs 16,451 per gram for 24 karat gold, Rs 15,080 per gram for 22 karat gold, and Rs 12,338 per gram for 18 karat gold. Gold prices in Bangalore for 24k of 10 grams were Rs 1,64,510 today, down Rs 3,110 from Rs 1,67,620 yesterday. This indicates that gold prices in Bangalore on Wednesday were Rs 16,45,100, down Rs 31,100 from Tuesday’s rate of Rs 16,76,200.
Gold rates in Bangalore were Rs 15,08,000 for 22k of 100 grams, which was Rs 15,36,500 on Tuesday, indicating a price drop of Rs 28,500 overnight. Today, gold prices in Bangalore reached Rs 1,50,800 for 22k of 10 grams, which was Rs 1,50,800 yesterday, representing a price drop of Rs 2,850.
Gold prices in Bangalore today reached Rs 1,23,380 for 18k of 10 grams which was Rs 1,25,720 yesterday, representing a price drop of Rs 2,340. Hence, 18k of 100 grams of gold prices in Bangalore on Wednesday reached Rs 12,33,800 which was Rs 12,57,200 on Tuesday, representing a price drop of Rs 23,400 overnight.
In Bangalore, silver is today priced at Rs 285 per gram and Rs 2,85,000 per kilogram, down from Rs 295 and Rs 2,95,000 yesterday.
Gold & Silver Rates In Chennai Today
The current price of gold in Chennai is Rs 16,582 per gram for 24 carat gold, Rs 15,200 per gram for 22 carat gold, and Rs 13,100 per gram for 18 carat gold. The price of gold in Chennai dropped by Rs 2,890 overnight to Rs 1,65,820 for 24k of 10 gms today from Rs 1,68,710 yesterday. As a result, 24k of 100 grams of gold would cost Rs 16,58,200 today from Rs 16,87,100 yesterday, representing a price drop of Rs 28,900 overnight.
22k of 100 gms of gold would cost Rs 15,20,000 in Chennai on Wednesday, which was Rs 15,46,500 on Tuesday, indicating a price drop of Rs 26,500 overnight. Today, gold prices in Chennai hit Rs 1,52,000 for 22k of 10 grams, which was Rs 1,54,650 yesterday, marking a price decline of Rs 2,650.
Gold prices in Chennai were Rs 1,31,000 for 18k of 10 grams today, down Rs 1,500 from Rs 1,32,500 yesterday. As a result, on Wednesday, 18k of 100 grams of gold will cost Rs 13,10,000, down Rs 15,000 overnight from Rs 13,25,000 yesterday.
Silver is currently priced at Rs 295 per gram and Rs 2,95,000 per kilogram in Chennai, compared to Rs 315 and Rs 3,15,000 yesterday.
Gold & Silver Rates In Hyderabad Today
The current price of gold in Hyderabad is Rs 16,451 per gram for 24 carat gold, Rs 15,080 per gram for 22 carat gold, and Rs 12,338 per gram for 18 carat gold
Hyderabad’s gold prices dropped by Rs 3,110 to Rs 1,64,510 for 24k of 10 gms today from Rs 1,67,620 yesterday. As a result, 24k of 100 grams of gold would cost Rs 16,45,100 on Wednesday from Rs 16,76,200 on Tuesday, reflecting an overnight price drop of Rs 31,100.
Gold prices in Hyderabad were Rs 1,50,800 for 22k of 10 grams today, down Rs 2,850 from Rs 1,53,650 yesterday. As a result, 22k of 100 grams of gold would cost Rs 15,08,000 on Wednesday in Hyderabad, down Rs 28,500 from Rs 15,36,500 on Tuesday.
Hyderabad’s gold prices dropped by Rs 2,340 to Rs 1,23,380 for 18k of 10 grams today from Rs 1,25,720 yesterday. In Hyderabad, 18k of 100 grams of gold would thus cost Rs 12,33,800 on Wednesday, down from Rs 12,57,200 on Tuesday. This represents an overnight price drop of Rs 23,400.
Silver currently costs Rs 2,95,000 per kilogram and Rs 295 per gram in Hyderabad, which yesterday was Rs 315 and Rs 3,15,000.
MCX Gold Outlook Today
“On the technical front, despite yesterday’s selling, the overall trend in MCX Gold remains bullish and momentum continues to stay positive. The metal is witnessing continued buying demand near the momentum support levels,” commented Abhishek M Pelu – Research Analyst at Way2Wealth Brokers.
“Immediate support is now placed at 160450-158850. On the higher side, 164900 is the immediate resistance. Traders may consider buying MCX Gold with a target of 164900-168000, keeping a stop-loss at 157500,” they further added.
MCX Silver Outlook Today
“On the technical front, MCX Silver witnessed profit-taking in yesterday’s session. The resistance line depicted on the chart continues to act as a hurdle on the higher side. The trend is neutral, while momentum remains on the positive side. Support is placed at 225850, and resistance is seen around 285700-292500. MCX Silver continues to remain range-bound and is likely to trade within this range,” Abhishek M Pelu added.
Gold & Silver Price Outlook Today
“Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day; as gold and silver prices rose, after tumbling more than 4% in the previous session, as traders weighed a stronger dollar against demand for safer assets as war escalates in the Middle East,” commented the research analysts of Nirmal Bang Securities.
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