Gold Prices In Bangalore On 09-07-2024; Biggest Dip In July By Rs 3,800 In 24K/100 Grams Gold; Silver Fall Too

Gold prices in Bangalore witness their biggest single-day drop of the month on July 9, 2024. 24K/100 grams of yellow metal in this silicon city plunged by a whopping Rs 3,800 on Tuesday. However, this will be the second consecutive drop in gold prices in Bangalore. In two days, the 24K/100 grams price has dipped by a massive Rs 6,000. Also, the start of this week has been rather on the downward trend, compared to an over 2% surge in the first week aka from July 1-7.

Gold prices have reversed from earlier gains after data showed that China's central bank didn't buy any gold for a second month in June. Bullion held by the PBoC was unchanged at 72.8 million troy oz at the end of last month, according to official data released on Sunday, as per - Kaynat Chainwala, Royce Vargheese Joseph analysts of Kotak Securities.

Gold Prices In Bangalore On 09-07-2024:

24K Gold Prices: 24/100 grams gold price tumbled by Rs 3,800 on July 9, the biggest single-day drop of July month so far. 100 grams of gold in this carat is currently at Rs 7,32,000. Further, the 10-gram gold price dipped by Rs 380 to Rs 73,200, and the 8-gram was down by Rs 304 to Rs 58,560. Also, 1 gram of gold price slipped by Rs 38 to Rs 7,320.

22K Gold Prices: Prices of 100 grams of gold are down by Rs 3,500 to Rs 7,32,000. Additionally, gold price is down by Rs 350 to Rs 67,100, while 8 grams is down by Rs 280 to Rs 53,680. Lastly, 1 gram of gold is down by Rs 35 to Rs 6,710.

18K Gold Prices: 100 grams of gold in 18K dipped by Rs 2,900 to Rs 5,49,000. While 10 grams is available at Rs 54,900, down by Rs 290. Further, 8 grams of gold is lower by Rs 232 to Rs 43,920, and lastly, 1 gram is down by Rs 29 to Rs 5,490.

Gold Prices From July 1-8:

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.

Explaining the latest trend in gold prices, analysts at Kotak Securities said, "The central bank opted not to add to reserves in May, ending an 18-month buying spree that helped push gold prices to their highest ever."

Silver Prices In Bangalore On 09-07-2024:

Silver prices plunged too on June 9th. 1 kg of this precious metal is at Rs 93,900 from the previous day's Rs 94,000. While 100 grams of silver dipped by Rs 10 to Rs 9,390, 8 grams price slipped by Re 1 to Rs 939.

Also, 8 grams of silver is down by Rs 0.80 to Rs 751.20, and that of 1 gram of silver is lower by Rs 0.10 to Rs 93.90.

Analysts at Kotak Securities lastly said, "Markets now see around a 76% chance of a Fed rate cut in September, with a second rate reduction in December also being priced in. Investors now look ahead to US inflation data this week and fresh commentary from Fed officials to gain more insights on the monetary policy path."

The Fed rate cut trajectory is globally influencing movement of gold prices.