Gold Prices Bangalore: 24K/100 Grams Gold Jumps Rs 3,800; 10 Grams Above Rs 74K; But 1 Kg Silver Falls Rs 950

Gold prices in Bangalore made a huge jump on Tuesday with 24K/10 grams of yellow metal crossing the Rs 74,000 mark. The sharpest increase was seen in 24K/100 grams by Rs 3,800 in a single day. 22K of 10 grams is now Rs 150 away from touching the Rs 68,000 level. On the other hand, silver prices fell steeply by approximately Rs 950 for 1 kg of this precious metal.

The gold prices in retail stores of Bangalore rose after international prices peaked at new record high levels. Spot gold touched a new all-time high of 2,465.27, crushing its previous record of 2,450.13 which was touched in May month.

The reason behind the latest uptrend in yellow metal is because of decline in its rival assets like gold and treasury yields as last week's price data showed that inflation was indeed moving towards the US Federal Reserve's target, and hence the bets for rate cut as early as in September escalated, making non-yielding assets like gold appealing to investors.

Gold Prices In Bangalore On July 16:

24K/100 grams of gold price in Bangalore surged by Rs 3,800 to Rs 7,40,200, while 10 grams price jumped by Rs 380 to Rs 74,020. Further, 8 grams and 1 gram of this carat rose by Rs 304 and Rs 38 to Rs 59,216 and Rs 7,402 respectively.

Meanwhile, 22K of 100 grams of gold is available at Rs 6,78,500, up by Rs 3,500 from the previous day. 10 grams here is now at Rs 67,850 up by Rs 350, while 8 grams is at Rs 54,280 up by Rs 280, and that of 1 gram price is at Rs 6,785 up by Rs 35.

Further, in 18K, 100 grams of gold climbed by Rs 2,900 to Rs 5,55,200. Whereas 10 grams of gold is at Rs 55,520 up by Rs 290, 8 grams is at Rs 44,416 higher by Rs 232, and lastly, 1 gram of gold is at Rs 5,552 up by Rs 29.

Silver Prices In Bangalore On July 16:

1 kg of silver tumbled by Rs 950 to Rs 94,250, erasing its previous Rs 95,000 mark. Additionally, 100 grams of silver dipped by Rs 95 to Rs 9,425, and 10 grams price is at Rs 942.50 lower by Rs 9.50. Lastly, 8 grams of silver is down by Rs 7.60 to Rs 754, and 1 gram is below Rs 0.95 to Rs 94.25.

Rahul Kalantri, VP of Commodities, Mehta Equities said that gold and silver exhibited high volatility, resulting in mixed outcomes. Gold settled significantly higher, reaching a seven-week high, while silver closed in negative territory amid uncertainty regarding the timing of Federal Reserve rate cuts, as stated by the Fed Chairman in his speech on Monday. The initial reading of the second quarter aligned with Fed expectations, providing some confidence towards easing monetary policies.

However, Kalantri added, the dollar index rebounded from its lows following an assassination attempt on the former US President last week, limiting gains in precious metals.

As per Kalantri, Gold has support at $2388-2370 and resistance at $2427-2445. Silver has support at $30.60-30.40 and resistance at $31.05-31.22. In INR, gold has support at Rs 73,010-72,740 and resistance at Rs 73,620-73,760. Silver has support at Rs 92,450-91,880 and resistance at Rs 93,840-94,520.