Gold Prices In Bangalore: 24K/100 Grams Just Rs 380 Away From Rs 72K, Big Jump In 100 Grams By Rs 10,400; WHY?

Gold prices in Bangalore jumped sharply on August 13, as tensions in Middle East mounted further with concerns of potential retaliation by Iran against Israel. Also, decline in treasury yield has kept safe haven assets like gold attractive. However, silver prices have continued to fall broadly in August month. In this silicon valley, 24K/100 grams jumped by a whopping Rs 10,400 in a single-day.

Meanwhile, 24K/10 grams crossed Rs 71,000 mark and is just Rs 380 away from hitting Rs 72,000 levels. Also, 22K of 10 grams is Rs 350 away from crossing Rs 66,000 mark. On the other hand, 18K of 10 grams gold surpassed Rs 53,000 levels.

Coming to silver, on August 13, the cheapest silver is at Rs 83.50, while 1 gram price is below Rs 84,000 mark.

Gold Prices In Bangalore On August 13:

24K gold prices in Bangalore skyrocketed across grams. 100 grams of this carat jumped by Rs 10,400, while 10 grams price is up by Rs 1,040 to Rs 71,620. Further, 8 grams and 1 gram gold is higher by Rs 832 and Rs 104 to Rs 57,296 and Rs 7,162 respectively.

Meanwhile, 22K gold is up by Rs 9,500 to Rs 6,56,500 in 100 grams compared to the previous day. While 10 grams gold price increased by Rs 950 to Rs 65,650. Additionally, 10 grams is up by Rs 760 to Rs 52,520, and 1 gram is up by Rs 95 to Rs 6,565.

Coming to 18K, gold price in 100 grams increased by Rs 7,800 to Rs 5,37,200. While 10 grams of yellow metal surged by Rs 780 to Rs 53,720, and that of 8 grams soared by Rs 624 to Rs 42,976. Also, gold is up by Rs 78 to Rs 5,372 in 1 gram.

As per FX Street, sentiment shifted sour amid ongoing developments in the Middle East. Israel, Lebanon and Iran's lack of efforts to reach a ceasefire agreement kept market participants uneasy. This triggered a flight to Gold's safe-haven status due to a possible escalation of the conflict.

Along the similar lines, Rahul Kalantri, VP Commodities, Mehta Equities said, Gold and silver prices closed significantly higher on Monday, driven by concerns over potential retaliation by Iran against Israel and a decline in U.S. 10-year bond yields. The precious metals also benefited from a 14% decline in global dollar reserves since 2002, as central banks increasingly shift their reserves into gold.

He further added that this trend has been supportive of rising prices, with gold surpassing $2,500 and silver exceeding $28.00 per troy ounce, fuelled by short covering and bargain buying ahead of the U.S. PPI and CPI data releases.

Kalantri said, "Gold has support at $2,448-$2,431 and resistance at $2,482-$2,459. Silver finds support at $27.65-$27.48 and faces resistance at $27.98-$28.18. In INR terms, gold has support at ₹70,510-₹70,340, with resistance at ₹71,000-₹71,200. Silver has support at ₹80,920-₹80,240, and resistance at ₹82,190-₹82,740.

Gold Prices In 10 Days In Chart:

The 10-days average gold rate is at Rs 6,429 and Rs 7,013 in 22K and 24K respectively. Gold prices is currently up by 0.3% in August month so far.

Silver Prices In Bangalore:

1Kg silver in the retail stores of Bangalore is at Rs 83,500, declining by Rs 4,000 compared to the previous day. While 100 grams of silver dipped by Rs 400 to Rs 8,350, and 10 grams is down by Rs 40 to Rs 875. Further, 8 grams and 1 gram of silver is down by Rs 32 and 4 gram to Rs 688 and Rs 83.50.

MCX Gold, Silver:

Unlike gold sold in retail stores, MCX gold futures with expiry of October 2024, is down by Rs 152 or 0.21% to Rs 70,586. The bullion is ranging from Rs 70,716 to Rs 70,585.

Moreover, silver futures with expiry in September, is down by Rs 459 or 0.6% to Ts 81,165. The precious metal is ranging from Rs 81,300 to Rs 80,983.