Gold prices in Bangalore witnessed steadiness with no drops or surges on July 10. This comes after gold prices sharpest decline in 2 days with 24K/100 grams down by Rs 6,000, the biggest fall of July 2024. Globally, gold prices saw volatility this week after China halted gold purchases for another month.
Gold Prices In Bangalore, July 10:
24K gold prices in Bangalore are currently at Rs 7,32,000 in 100 grams, unchanged from the previous day. While gold prices stood at Rs 73,200 in 10 grams. The cheapest gold in 24K is 1 gram which is Rs 7,320. While 8 grams of gold in 24K is at Rs 58,560.
Further, 22K gold prices in 100 grams are available at Rs 6,71,000, and that of 10 grams is at Rs 67,100. Also, 1 gram and 8 grams of gold are at Rs 6,710 and Rs 53,680 respectively.
Meanwhile, 18K gold prices are at Rs 5,49,000, followed by 10 grams at Rs 54,900, 8 grams at Rs 43,920, and lastly, 1 gram price at Rs 5,490.
Gold Prices From July 1-9:
From July 1-7th, gold prices were either rising or unchanged. In the first week, 24K/100 Grams of gold jumped by Rs 15,200, with a single-biggest surge of Rs 7,100 each seen on July 4th and 6th. However, after the first week, there has been a reversal in the trend of gold prices. On July 8th, gold was down by Rs 2,200 in 24/100, followed by the biggest single-day drop of Rs 3,800 on July 9th.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices experienced volatility over the last two days, with profit booking triggered after China halted gold purchases for another month. Prices faced pressure, falling from ₹72,750 to ₹72,100 in yesterday's evening session. However, Comex gold found support near $2350 and MCX gold around ₹72,000, sparking some buying."
Looking ahead, Trivedi said, the US CPI data on Thursday will be crucial in determining the likelihood of a rate cut in September or an extension. Minor resistance is seen at ₹73,000-₹73,250.
Silver Prices In Bangalore On July 10:
Unlike gold, silver prices jumped sharply by Rs 600 to Rs 94,500 in Silicon City on July 10 compared to the previous day's price of Rs 93,900. Further, 100 grams of gold is at Rs 9,450, down by Rs 60, and that of 10 grams is at Rs 945 lower by Rs 6.
Also, 8 grams silver is at Rs 756, down by Rs 4.80. Moreover, 1 gram gold is at Rs 94.50 lower by Rs 0.60.
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