Gold prices in the Silicon City of India, Bangalore dropped by Rs 800 to Rs 1,100 on July 15. 24K/100 grams gold fell the most in the day, while 10 grams of the same carat is shy of merely Rs 360 from touching the Rs 74,000 mark. Meanwhile, the cheapest gold to buy is still 1 gram in 18K which is currently a little over Rs 5,500. Unlike the bullion, prices of silver soared across retail stores in India.
Gold Prices In Bangalore On July 15:
24K gold prices in Bangalore declined by Rs 1,100 to Rs 7,36,400 on July 24, while 10 grams price is at Rs 73,640 down by Rs 110. Further, 8 grams of gold dipped by Rs 88 to Rs 58,912. Also, 1 gram of gold is lower by Rs 11 to Rs 7,364.
Meanwhile, 22K gold prices in 100 grams dipped by Rs 1,000 to Rs 6,75,000, followed by 10 grams price of Rs 67,500 which was down by Rs 100. Lastly, here, 8 grams and 1 gram of gold edged lower by Rs 80 and Rs 10 to Rs 54,000 and Rs 6,750 respectively.
Furthermore, in the case of 18K, 100 grams is available at Rs 5,52,300 lower by Rs 800, while 10 grams in the same carat is at Rs 55,230 down by Rs 80, and that of 8 grams is priced at Rs 44,184 lower by Rs 64. Lastly, the cheapest gold is 1 gram in 18K at Rs 5,523, down by Rs 8 compared to the previous day.
Silver Prices In Bangalore On July 15:
Silver prices surged by Rs 200 in 1 kg to Rs 95,200, while 100 grams of silver is up by Rs 20 to Rs 9,520. Also, 10 grams of silver is up by Rs 2 to Rs 952, 8 grams is up by Rs 1.60 to Rs 761.60, and 1 gram is at Rs 95.20 higher by Rs 0.20.
Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "Comex Gold has slipped 0.3% and is currently trading near $2415/oz, following an assassination attempt on Donald Trump that has raised prospects of his winning the US presidential election. Last week, Comex Gold prices surpassed $2400/oz and surged to $2430/oz as signs of weakness in the labour market and ongoing disinflationary trends bolstered expectations that the Fed might soon pivot to rate cuts. This move sent 2-year and 10-year Treasury yields to their lowest levels since March."
He added, "Currently, markets are anticipating US retail sales figures for June, which Bloomberg forecasts to decline by 0.3% month-over-month, indicating another month of sluggish spending. If the data meets expectations, it could support gold prices, as markets are already nearly certain of a September rate cut. However, a negative surprise may cause traders to trim their expectations for rate cuts."
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