Gold Price In Bangalore: 24K/100 Grams Fall After Biggest Jump Of Rs 13,600 In 2 Days; Silver Dips By Rs 1,300

Gold prices in Bangalore lost their shine as prices across 22K, 24K, and 18K tumbled on July 18. This comes after yellow metal touched a new all-time high with 24K/10 grams crossing the Rs 75,000 mark on July 17. The latest downtrend is also after gold recorded its sharpest jump of 2 days in July to the tune of Rs 13,600 in 24K/100 grams which is the most expensive gold available currently in India. Meanwhile, 1Kg silver prices also dipped and erased Rs 96,000 levels.

Yellow metal prices pulled back in Bangalore, despite international gold prices staying closer to their record levels owing to weakness in the dollar as bets for rate cut heightened from the US Federal Reserve.

Gold Prices In Bangalore On July 18:

24K gold price in Bangalore dropped by Rs 1,600 in 100 grams to Rs 7,48,400, while 10 grams price slipped by Rs 160 to Rs 74,840. Also, 8 grams of gold is down by Rs 128 to Rs 59,872 and 1 gram is lower by Rs 16 to Rs 7,484.

Meanwhile, the 22K gold price tumbled by Rs 1,500 to Rs 6,86,000, while 10 grams of gold in this carat is available at Rs 68,600, cheaper by Rs 150. Additionally, 8 grams of gold plunged by Rs 120 to Rs 54,880, and 1 gram is lower by Rs 15 to Rs 6,860.

In the case of 18K, the 100-gram price is lower by Rs 1,200 to Rs 5,61,300, while 10-gram gold is at Rs 56,130 down by Rs 120. Further, 8 grams of gold is down by Rs 96 to Rs 44,904, and 1 gram is down by Rs 5,613.

Analysts at Kotak Securities said, "COMEX Gold retreated after reaching an all-time high of $2,488.40 due to profit-taking, but remains bullish amid a dovish Fed outlook. US Dollar Index slipped to 103.72, its lowest since March 2024, while US Treasury yields declined as top Fed officials indicated that the central bank is "closer" to cutting interest rates, citing improved inflation and a balanced labour market."

Further, according to Kotak Securities analysts, the market expects a 25 bps reduction at the Fed's September meeting, according to CME's FedWatch Tool. Investors now look ahead to US weekly jobless claims data today to gauge the health of the labour market. Silver prices struggle for momentum and tumbled 3.40% on concerns over China's economic slowdown, which impacts the global market given China's status as the world's largest manufacturing hub.

Gold Prices This Week:

24K/100 grams gold fell after it rose by Rs 9,800 on July 17, which is the biggest single-day surge of the current month. Gold was also up by Rs 3,800 on July 16. Hence, in two days, the 24K/100 grams price jumped by Rs 13,600. Gold prices were down by Rs 1,100 on July 15, after being unchanged on July 14 and July 13.

Silver Prices:

On July 18, 1 kg of silver price was down by Rs 1,300 to Rs 94,700 compared to the previous day's print of Rs 96,000. While 1o grams and 100 grams of silver is at Rs 947 and Rs 9,470.