Gold and silver prices slide in Bengaluru even as MCX sees sharp rally

Retail gold and silver rates in Bengaluru witnessed a steep fall, while futures prices on MCX surged sharply on the back of rising international bullion trends.

Gold prices in Bengaluru have dropped sharply, bringing some relief to buyers. The price of 24-carat gold fell by ₹1,420 per 10 grams, taking the rate down to ₹1,51,750. Similarly, 22-carat gold declined by ₹1,300, and is now trading at ₹1,39,100 per 10 grams.

The downward trend was also seen in lower purity gold. 18-carat gold slipped by ₹1,070, with the retail price settling at ₹1,13,810 per 10 grams in the city.
Silver prices in Bengaluru recorded an even steeper fall. After touching record highs recently, silver has seen a significant correction. The price of 1 kilogram of silver dropped by ₹20,000, and is currently trading at ₹2,80,000. Likewise, 100 grams of silver declined by ₹2,000, reaching ₹28,000.

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Market experts note that Bengaluru’s silver prices have corrected by nearly ₹1.30 lakh from their peak levels, indicating heavy volatility in the precious metals market.

In contrast, prices moved in the opposite direction on the Multi Commodity Exchange of India (MCX) on Tuesday. Following gains in global bullion markets, both gold and silver futures opened sharply higher.

The April gold futures contract on MCX opened at ₹1,48,000 per 10 grams, registering a 2.78% rise from the previous close of ₹1,41,669. During early trade, gold prices climbed further to touch ₹1,49,996.

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Silver futures also witnessed strong buying interest. The March silver futures contract opened at ₹2,45,711 per kg, up nearly 4% from the previous closing level of ₹2,36,261. As trading progressed, MCX silver prices surged nearly 9%, reaching ₹2,57,480 per kg.