Gold Price In Bangalore On June 22: 24K/100 Grams Falls By Rs 8,700; 10 Grams Silver Below Rs 950

Gold prices in Bangalore fell sharply by Rs 6,500 to Rs 8,700 across 22K, 24K, and 18K on Saturday, June 22, 2024, tracking a dip in international prices on the backdrop of firm bond yields and a strong US dollar that dampened demand for non-yielding assets like bullion. This comes after mixed signals from the US economy. Silver prices surged marginally, with the cheapest silver below Rs 100.

The prices in Bangalore fell after a big jump of Rs 6,100 to Rs 8,100 in 22K, 24K, and 18K.

Gold Prices In Bangalore:

22K: 100 grams of 22K gold in Bangalore dipped by Rs 8,000 to Rs 6,63,500, while 10 grams slipped by Rs 800 to Rs 66,350 on June 22. 8 grams dipped by Rs 640 to Rs 53,080 and 1 gram slipped by Rs 80 to Rs 6,635.

24K: Meanwhile, 100 grams of gold here was priced at Rs 7,23,800, tumbling by Rs 8,700 the steepest fall of the day. 10 grams fell by Rs 870 to Rs 72,380, on the other hand, 8 grams dropped by Rs 696 to Rs 57,904 and 1 gram is down by Rs 87 to Rs 7,238.

18K: The lowest carat of gold, 18K prices also plunged sharply. 100 grams declined by Rs 6,500 to Rs 5,42,900, while 10 grams decreased by Rs 650 to Rs 54,432, 8 grams was down by Rs 520 to Rs 43,432, and lastly, 1 gram was lower by Rs 65 to Rs 5,429 compared to the previous day.

Silver Prices In Bangalore:

Unlike yellow metal, silver prices gained momentum. 1 Kg of silver is up by Rs 100 to Rs 92,950. 100 grams of silver is at Rs 9,295 up by Rs 10, whereas, 10 grams is at Rs 929.50 up by Re 1.

Also, 8 grams and 1 gram of silver gained by Rs 0.80 and Rs 0.10 to Rs 743.60 and 92.95.

According to Forex Street report, US data revealed during the week highlights uncertainty as some economic indicators reiterate that the economy is still solid. On the positive side, Industrial Production, S&P Flash PMIs, and Retail Sales advanced, though the latter were lower than the previous month.

The report also said that conversely, housing continued to deteriorate, while the jobs market, as measured by Americans filing unemployment claims, came in worse than expected. The data kept investors' chances of a September Fed rate cut alive.

However, broadly the hope is dampened and expectations are now that fewer rate cuts are likely from the US Federal Reserve.