Are you planning to buy gold for a festival or a wedding? Are you worried about the skyrocketing gold prices? Then we have some great news for you! Despite the fear of war between Iran and Israel, the price of gold is surprisingly falling to the bottom. Yes, the price of the yellow metal, which had been rising continuously for the past few days, has now seen a sudden drop, putting a smile on the faces of gold lovers.
Do you know how much it has decreased?
Due to fluctuations in the international market, the price of gold in the domestic market has also come down significantly. According to informed sources, the price of just 10 grams of gold has come down by ₹2,900. As a result, the price, which had crossed the ₹1 lakh mark, has now cooled down a bit. The price of both 22 carat (jewelry gold) and 24 carat (pure gold) has come down.
Today’s rates in major cities of Karnataka
The price of gold varies slightly in different cities of our state. Here is the list of today’s latest prices.
| City | 22K (jewelry) | 24K (pure) |
|---|---|---|
| Bangalore | ₹ 1,28,650 | ₹ 1,40,350 |
| Mysore | ₹ 1,28,650 | ₹ 1,40,350 |
| Mangalore | ₹ 1,28,700 | ₹ 1,40,400 |
| Kalaburagi | ₹ 1,27,850 | ₹ 1,39,570 |
*Rates may vary depending on the market.
(Note: These rates are indicative and may change as per official information from the department.)
3 main reasons why prices fall despite war
It is common for the price of gold to rise during times of war. But experts are giving the following reasons for the current decline:
- Dollar strengthening: The value of the American dollar is increasing in the international market. If the dollar strengthens, it becomes more expensive to invest in gold, which leads to a decline in its price.
- Profit Booking: As the price of gold has reached its peak, large investors are making profits by selling the gold they had bought at a lower price. The price has fallen as investors have started selling gold.
- Oil prices and inflation: Crude oil prices are rising in the wake of the war, which has affected global inflation. Investors are selling gold for cash to combat inflation.
Important Note: Gold rates can change every minute based on developments in the international market. Therefore, check the exact rate at your local jewellery store before buying gold.
Our advice
Don’t immediately go on a loan and buy in large quantities just because the price of gold is falling. Since the war situation is uncertain, there is a possibility that the price will rise again. Buy now only if necessary. If you are buying for investment, it is wise to buy little by little, not all at once.
