Gold prices in Bangalore jumped on July 11th with 24K/100 grams yellow metal price rising by a whopping Rs 2,200. Not just that, 1kg Silver got expensive by Rs 1,000. The prices tracked international gold prices which surged as dollar weakened against basket of currencies. The latest upside in gold is heavily fuelled by US Federal Reserve chair Jerome Powell's recent comment where he said that the FOMC doesn't need to wait for inflation to be at 2% target for cutting rates. In short, bets are that Fed may cut rate in September.
Gold Prices In Bangalore:
24K gold prices in Bangalore surged by Rs 2,200 in 100 grams to Rs 7,34,200, while 10 grams price jumped by Rs 220 to Rs 73,420. The cheapest gold is at Rs 7,342 in 1 gram of 24K, which is today up by Rs 22.
Further, 22K of gold prices also climbed by Rs 2,000 to Rs 6,73,000 in 100 grams, and 10 grams gold rose by Rs 200 in a single-day to Rs 67,300. The cheapest gold in 22K is also of 1 gram which is up by Rs 20 to Rs 6,730.
Meanwhile, 18K gold prices in 100 grams is up by Rs 1,600 to Rs 5,50,600. In the same carat, 10 grams gold edged higher by Rs 160 to Rs 55,060, while cheapest gold is of Rs 5,506 in 1 gram.
Analysts at Kotak Securities said that " Comex gold settled higher for the second consecutive session on Wednesday, supported mostly by weakness in dollar and anticipated inflation data after investors' response to Powell's testimony. Meanwhile, Fed Chair Powell emphasised on Wednesday that the Fed will lower rates based on readiness, after stressing last Tuesday the need for additional data to boost confidence in the inflation outlook."
Gold Prices In Bangalore Vs Other Metro Cities:
Gold Prices In Chennai: 24K/100 grams gold is up by Rs 2,100 to Rs 7,40,200. 10 grams price is up by Rs 270 to Rs 74,020.
Gold Prices In Delhi: 24K/100 grams gold is up by Rs 2,200 to Rs 7,35,700, while 10 grams price is up by Rs 220 to Rs 73,570.
Gold Prices In Kolkata: Here, 24K/100 grams of gold is up by Rs 2,200 to Rs 7,34,200, and that of 10 grams is up by Rs 220 to Rs 73,420.
Gold Prices In Mumbai: In the financial hub of India, 24K/100 grams gold is up by Rs 2,200 to Rs 7,34,200, and that of 10 grams price is up by Rs 220 to Rs 73,420.
Gold Prices In Kerala: Just like Bangalore, gold prices in Kerala also surged by Rs 2,200 in 24K/100 grams to Rs 7,34,200. While 10 grams of gold is up by Rs 220 to Rs 73,420.
Gold Prices In 10 Days:
Gold Prices have witnessed a roller coaster ride in the past few days. 24K/100 grams gold jumped by Rs 2,200 on July 11th, after seeing no drop or surge on July 10. While the same gold price declined by Rs 3,800 on July 9, and was also down by Rs 2,200 on July 8th.
Prices were unchanged on July 7th, after surging by Rs 7,100 on July 6th. There was another gap where gold prices remained unchanged on July 5th but had soared by Rs 7,100 on July 4th. Earlier, 24K/100 grams gold was unchanged on July 3rd and rose by Rs 1,000 on July 2nd.
The 10-day average gold rate in Bangalore for 22K and 24K in 1 gram is Rs 6,702 and Rs 7,311.
Kotak analysts said, "Now investors await US CPI data due later today to seek cues on the Fed's timing and depth of interest rate cuts."
Silver Prices In Bangalore On July 11:
On July 11th, the silver price in 1 kg surged by a massive Rs 1,000 to Rs 95,500. While 100 grams and 10 grams of silver price also edged higher by Rs 100 and Rs 10 to Rs 9,550 and Rs 955 respectively compared to the previous day.
Silver Prices In Bangalore In 10 Days:
1Kg silver price rose on July 11 after seeing no change on July 10. While 1 kg silver dipped by Rs 500 on July 9 and was also down by Rs 200 on July 8. The prices were unchanged on July 7th. However, silver prices saw an immense surge last week.
1Kg price gained by Rs 1,600 on July 6, while jumped by Rs 200 on July 5, and was also up by Rs 1,500 on July 4. On July 3rd and 2nd, the 1 kg silver price also picked up by Rs 500 and Rs 800 respectively.
As per Kotak's analysts, COMEX Silver steadied just below $31 per ounce on Wednesday, trading sideways ahead of inflation data. Bloomberg estimates US CPI to show a modest 0.1% increase in June and Core CPI is expected to rise 0.2% in June for a second month, marking the smallest back-to-back gains since August.
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