Gold Price Rises In Bangalore On Rate Cut Hopes; Biggest Single-Day Jump By Rs 8,500-11,500 In 24K, 18K, 22K

Gold prices in Bangalore reached the highest levels of the month on August 17, tracking record high performance of international prices where spot gold crossed the $2500 per ounce mark. Gold is shining high due to increasing hopes of a rate cut by next month from the US Federal Reserve.

Lowering of key interest rates by the Fed is a bullish stance for gold as this precious metal does not yield interest, making it attractive against interest-yielding instruments like the dollar and treasuries. Spot gold has skyrocketed by over 20% in 2024 so far.

Not only the probability of a rate cut that has increased but also optimism of three rate cuts alone in 2024 has heightened as well. Coming to gold prices in Indian cities, they have rallied over 1% this week.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices rallied positively towards ₹70,650, gaining over 1% this week. This upward momentum was driven by positive Gold Comex moves above 2465$ in the last two days, as fears of a U.S. recession eased, and the probability of rate cuts in September increased, with the possibility of up to three cuts by 2024. Looking ahead, gold is expected to find strong support at ₹70,000, with resistance seen at ₹71,500."

Gold Prices In Bangalore:

Gold prices in Bangalore made the highest single-day jump across 22K, 24, and 18K, touching August month's highest level.

24K Gold Prices in Bangalore surged by a whopping Rs 11,500 to Rs 7,27,700, while 10 grams price climbed by Rs 1,150 to Rs 72,770. Further, 8 grams of gold rose by Rs 920 to Rs 58,216. Additionally, 1 gram of gold rose by Rs 115 to Rs 7,277.

Meanwhile, 22K gold prices on August 17 increased by Rs 10,500 to Rs 6,67,000 in 100 grams, followed by a Rs 1,050 jump in 10 grams price to Rs 66,700. Also, 8-gram and 1-gram gold prices have also soared by Rs 840 and Rs 105 to Rs 53,360 and Rs 6,670 respectively.

In the case of the lowest carat, 22K, yellow metal rises by Rs 8,500 to Rs 5,45,700 in 100 grams on Saturday. This is followed by 10 grams of gold available at Rs 54,570 up by Rs 850, while 8 grams of gold is up by Rs 680 to Rs 43,656. Lastly, 1 gram of gold is up by Rs 85 to Rs 5,457.

Gold Prices Averages:

The 10-day average gold rate is at Rs 6,494 in 22K of 1 gram, and at Rs 7,084 in 24K of the same. At the same time, the 30-day average gold rate is Rs 6,486 in 22K, and Rs 7,075 in 24K.

Also, the 60-day average gold rate is Rs 6,590 in 22K and Rs 7,189 in 24K, which is the highest average so far.

Gold Prices In Bangalore Versus Other Cites:

24/100 grams of yellow metal jumped by Rs 11,500 to Rs 7,29,200 in Delhi, while 10 grams is at Rs 72,920 up by Rs 1,150.

22K of 100 grams is at Rs 6,68,500, and 10 grams is at Rs 66,850.

This is a neighbouring city of Bangalore. On August 17, 24K/100 grams gold is at Rs 7,27,700 in Chennai, and 10 grams at Rs 72,770.

While 22K of 100 grams is available at Rs 6,67,000, and 10 grams of yellow metal is at Rs 66,700.

In the financial hub of India, 24K gold prices in 100 grams stood at Rs 7,27,700, while 10 grams of the same is available at Rs 72,770.

Additionally, 100 grams of gold is at Rs 6,67,000 and that of 1 gram is at Rs 66,700.

Also, seeing similar rises, 24K of 100 grams gold price in Kolkata is at Rs 7,27,700, and its benchmark 10 grams gold is at Rs 72,770. Also, the gold price is Rs 6,67,000 for 100 grams of 22K and Rs 66,700 for 10 grams.

Silver Prices In Bangalore:

Silver prices further rose for the second day in a row. On August 17, 1 kg of silver price is at Rs 86,000, up by Rs 2,000. While 100 grams of this precious metal is at Rs 8,600 up by Rs 200, and 10 grams is at Rs 860 up by Rs 20.

Lastly, 8 grams of silver is at Rs 688 up by Rs 16. In the case of 1 gram, gold is at Rs 86 which is the cheapest price and is up by 2.