Gold Price Steady In Bangalore On September 9 After Sharp Rs 4,400 Fall; Big Drop In Silver; Latest Prices!

Gold prices in Bangalore were steady on September 9, after significant volatility last week, with 10 grams of 24K priced at Rs 72,870, shy of Rs 130 for the Rs 73,000 mark. The highest gold price is at Rs 7,28,700 on Monday, after recording a sharp decline of Rs 4,400 last week. On the other hand, silver prices plunged steeply today, with 1kg of this precious metal falling below the Rs 84,000 level.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver experienced significant price volatility, plunging last week amidst mixed U.S. economic data and in anticipation of the upcoming U.S. CPI inflation report. The U.S. non-farm payrolls rose to 142,000, compared to the previous month's revised figure of 89,000, while the unemployment rate edged down to 4.2% in August, from 4.3% the month before."

Also, Kalantri said that crude oil faced a heavy sell-off due to demand concerns, further pressuring precious metals. However, declines in the dollar index and U.S. 10-year bond yields last week helped support gold and silver at lower levels. U.S. equity markets also saw a substantial sell-off, prompting safe-haven buying in the metals at those levels.

Looking ahead, as per the expert, Gold has support at $2,478-2,461 and resistance at $2,515-2,527. Silver has support at $27.81-27.65, with resistance at $28.24-28.42. In INR terms, gold has support at ₹71,210-71,050 and resistance at ₹71,650-71,840. Silver has support at ₹82,150-81,550 and resistance at ₹83,380-84,150.

Gold Prices In Bangalore On September 9, 2024:

24K gold prices are steady at Rs 72,870 in Bangalore on September 9, while 100 grams gold price is at Rs 7,28,700, followed by 8 grams price at Rs 58,296 and the cheapest price is Rs 7,287 in 1 gram. The highest gold which is of 100 grams in Bangalore for 24K fell by a whopping Rs 4,400 on September 7, while prices were unchanged on September 8.

Further, 22K gold price is at Rs 66,800 in 10 grams, followed by 100 grams of yellow metal which is available at Rs 6,68,000. The 8-gram and 1-gram gold are at Rs 6,680 and Rs 53,440 respectively.

Also, in 18K, gold price is at Rs 54,660 in 10 grams, at Rs 5,46,600 in 100 grams, at Rs 43,728 in 8 grams, and at Rs 5,466 in 1 gram.

Gold Prices In Bangalore In Last 10 Days:

In the last few days, the gold prices were up on September 6, when 24K gold surged by a whopping Rs 5,600 in 100 grams. Rest of the days between August 31st to September 9, prices have either fallen or remained unchanged. The steepest single-day fall in September so far for gold is on September 7, where 24K/100 grams dipped by Rs 4,400.

Overall, in 10 days, 24K/100 grams of gold fell by Rs 8,400, with the exception of the single-day surge of Rs 5,600.

Silver Prices In Bangalore:

On September 9, 2024, silver prices fell by Rs 0.50 to Rs 500. 1kg silver is down by Rs 500 to Rs 83,500 on Monday, compared to the previous day's price of Rs 84,000.

Further, 100 grams and 10 grams of silver are down by Rs 50 and Rs 5 to Rs 8,350 and Rs 835 respectively. Additionally, 8 grams and 1-gram silver price at Rs 668 and Rs 83.50, down by Rs 4 and Rs 0.50.

MCX Gold, Silver Prices:

At MCX, the bullion ranged between Rs 71,570 to Rs 71,312 per 10 grams in the day. Currently, MCX gold futures with October expiry is down by Rs 108 or 0.15% to Rs 71,318 per 10 grams.

Similarly, MCX silver price is also down and ranging between Rs 83,248 to Rs 82,417 per 1 kg. The silver futures with the expiry of December is down by Rs 329 or 0.40% to Rs 82,428 per 1 kg currently.