Bangalore Gold Rate Today, June 2: Gold Prices Crash Amid Rising US Bond Yields; Silver Flat

Gold prices in Bengaluru remained unchanged on Tuesday, June 2, after witnessing a decline at the start of the week. The precious metal tracked losses in global markets as renewed military exchanges between the US and Iran pushed crude oil prices higher, while rising US Treasury bond yields weighed on investor appetite for bullion, analysts told PTI.

According to the latest rates, 24-carat gold is priced at Rs 15,622 per gram, while 22-carat gold stands at Rs 14,320 per gram. Meanwhile, 18-carat gold is being sold at Rs 11,717 per gram.

Global Factors Keep Bullion Market On Edge

In the international market, spot gold edged up 0.1% to $4,489.20 an ounce as of 8:40 am in Singapore, while silver gained 0.4% to $75.12 an ounce, according to Bloomberg.

Despite the slight recovery overseas, domestic gold prices remained under pressure amid concerns over rising bond yields and broader uncertainty in global financial markets. Investors continue to closely monitor geopolitical developments in the Middle East and their potential impact on commodity markets.

Gold Prices Remain Flat After Monday's Fall

The yellow metal saw a correction on June 1, with 24-carat gold falling by Rs 82 per gram and 22-carat gold declining by Rs 75 per gram. However, prices remained stable on Tuesday with no further changes recorded.

For jewellery buyers, 10 grams of 24-carat gold currently costs Rs 1,56,220, while the same quantity of 22-carat gold is priced at Rs 1,43,200. Once making charges and GST are added, the final cost of a 10-gram 24-carat gold ornament can exceed Rs 1.80 lakh.

Gold Down Nearly Rs 300 In 10 Days

Gold prices have witnessed sharp fluctuations over the past 10 days. The biggest single-day decline came on May 28, when 24-carat gold dropped by Rs 223 per gram and 22-carat gold fell by Rs 205 per gram. This was followed by a sharp rebound on May 29, when 24-carat gold gained Rs 158 per gram and 22-carat gold rose by Rs 145 per gram.

Compared to May 24 levels, gold prices remain lower. The rate of 24-carat gold has declined by Rs 284 per gram from Rs 15,906 to Rs 15,622, while 22-carat gold has fallen by Rs 260 per gram from Rs 14,580 to Rs 14,320.

Silver Prices Hold Steady

Silver prices remained unchanged in Bengaluru. The white metal is currently trading at Rs 280 per gram and Rs 2,80,000 per kilogram. Prices have remained stable for three consecutive days, with no movement recorded since May 31.

A 10-gram quantity of silver costs Rs 2,800, while 100 grams is priced at Rs 28,000. Investors continue to track precious metals amid changing global economic conditions and expectations surrounding future interest rate decisions.

IBJA Gold Rates Signal Continued Weakness

The latest benchmark rates released by the Indian Bullion Jewellers Association (IBJA) also reflected softness in the gold market across purity categories.

According to IBJA data, 999 purity gold is priced at Rs 15,554 per gram, while 995 purity gold stands at Rs 15,491 per gram. Similarly, 916 purity gold is trading at Rs 14,247 per gram, 750 purity gold at Rs 11,665 per gram and 585 purity gold at Rs 9,099 per gram.

The lower IBJA rates indicate that underlying weakness continues in the bullion market despite retail gold prices remaining unchanged in Bengaluru on Tuesday.

What Lies Ahead For Gold Prices?

Market participants are expected to keep a close watch on geopolitical tensions, crude oil movements, US Treasury yields and central bank policy signals in the coming days. These factors are likely to influence the direction of gold and silver prices, which have remained volatile in recent weeks.

While gold has slipped from its recent highs, analysts believe uncertainty in global markets could continue to provide support to precious metals in the near term.