Precious metals witnessed noticeable selling pressure as domestic gold and silver rates declined across southern India. Key retail markets including Bangalore, Hyderabad, and Chennai recorded lower rates across 24-carat, 22-carat, and 18-carat gold categories. The price movement follows shifts in broader international commodities and a firmer US currency, impacting retail bullion counters across major trading hubs.
Global Market Dynamics and Pressure on Bullion
On the international stage, gold hovered around $4,100 per ounce following a steep 4% drop in the prior trading session. Escalating geopolitical friction alongside a strengthening US dollar generated considerable price turbulence in precious metal markets. Treasury yields moved up to fresh multi-year highs as market participants grappled with inflation worries and the prospect of additional interest rate increases. Because gold does not generate regular yields, elevated government bond yields historically weigh down investor appetite for the asset.
Bangalore Gold and Silver Price Trends
In Bangalore, retail quotes on September 29 showed 22-carat gold sliding by Rs. 1250 per 10 grams, bringing the local selling price to Rs. 1,36,400. The standard 24-carat purity saw a reduction of Rs. 1370, leaving the rate at Rs. 1,48,800 per 10 grams. Buyers of 18-carat gold also saw prices decrease by Rs. 1030, settling at Rs. 1,11,600 per 10 grams.
Silver trends in Bangalore diverged from the yellow metal, remaining completely unchanged. Industrial and retail silver held steady at Rs. 2,40,000 per kilogram. Consequently, a 100-gram quantity of silver in the city remained pegged at Rs. 24,000.
Hyderabad Bullion Counter Movements
Hyderabad mirrored the downward adjustments seen in Karnataka's capital. On September 29, the price of 22-carat gold dropped by Rs. 1250 per 10 grams to Rs. 1,36,400. Similarly, 24-carat gold logged a decline of Rs. 1370, landing at Rs. 1,48,800 per 10 grams. In the 18-carat segment, prices retreated by Rs. 1030, bringing the cost to Rs. 1,11,600 per 10 grams.
Unlike Bangalore, silver in Hyderabad experienced a sharp downturn. The industrial white metal dropped by Rs. 5000 per kilogram. Following this adjustment, silver in Hyderabad stood at Rs. 2,40,000 per kilogram and Rs. 24,000 per 100 grams.
Chennai Gold and Silver Rate Variations
Precious metal prices in Chennai also recorded declines across every major purity tier on September 29. The rate for 24-carat gold decreased by Rs. 280 per 10 grams, taking it to Rs. 1,48,800. For 22-carat gold, prices slipped by Rs. 250, landing at Rs. 1,36,400 per 10 grams. Meanwhile, 18-carat gold fell by Rs. 250, reaching Rs. 1,14,100 per 10 grams.
Silver prices in Chennai moved downward by Rs. 5000 per kilogram, matching the trend observed in Hyderabad. The revised retail price for silver in Chennai stands at Rs. 2,40,000 per kilogram and Rs. 24,000 for 100 grams.
