Gold Prices In Bangalore Fall Again; 24K/100 Grams Dip 2,800; But Silver Prices Up By 4K; Key Triggers Here

Gold prices in Bangalore dipped for the third consecutive day on September 19, by Rs 2,100 to Rs 2,800 in 22K, 24K and 18K. This was not the case with silver prices which jumped massively by Rs 4,000 in a single day. Both gold and silver prices struggled to gain momentum despite robust signals from the US Federal Reserve in its latest policy.

Gold Prices In Bangalore: 24K gold price dived by Rs 2,800 to Rs 7,44,500 in 100 grams, while 10 grams gold dipped by Rs 280 to Rs 74,450. Also, 8-gram and 1-gram gold prices slipped by Rs 224 and Rs 28 to Rs 59,560 and Rs 7,445 respectively.

Further. 22K gold prices nosedived by Rs 2,500 to Rs 6,82,500 in 100 grams, followed by a dip of Rs 250 to Rs 68,250 in 10 grams, and Rs 200 fall in 8 grams to Rs 54,600. Finally, 1 gram of gold is at Rs 6,825 down by Rs 25.

Meanwhile, 18K gold prices dropped by Rs 2,100 to Rs 5,58,400 in 100 grams, followed by a decline of Rs 210 to Rs 55,840 in 10 grams, lower by Rs 168 to Rs 44,672 in 8 grams, and down by Rs 21 to Rs 5,584 in 1 gram.

Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver prices struggled to gain momentum on Thursday, despite robust signals from the Federal Reserve's rate hikes and strong commentary. The Fed expressed confidence in nearing its 2% inflation target, even amid economic uncertainties and balanced mandates. US Treasury yields climbed to 3.67%, while the US Dollar Index dipped by 0.54% to 100.49, reaching a new yearly low of 100.24, which limited gains for precious metals.

Gold Prices In Bangalore For Last 10 Days: Yellow metal in this Silicon Valley city, has broadly traded volatile in the past 10 days. 24K gold price in 100 grams dipped by Rs 2,800 on September 19, extending its decline of Rs 1,600 each on September 18 and September 17. In these three days, 24K/100 grams has nosedived by Rs 6,000.

The 3-day losing streak is after gold prices rose by Rs 1,600 on September 16, followed by Rs 4,400 surgeon September and Rs 13,000 gains on September 13. Gold prices were muted on September 15.

Additionally, gold prices were either down by Rs 1,000 on September 12, up by Rs 4,100 on September 11, and lower by Rs 300 on September 10.

Silver Prices In Bangalore: Unlike gold prices, silver prices witnessed a significant upside on Thursday. The price of silver in Bangalore today is Rs 90 per gram and Rs 90,000 per kilogram. 1 Kg silver is up by Rs 4,000 in a single day.

Looking ahead, Kalantri added, "We expect gold and silver prices to remain volatile ahead of the Bank of Japan's upcoming policy meeting, though both are expected to maintain their respective support levels of $2,522 and $29.50 per troy ounce on a weekly closing basis. Gold has key support levels at $2,542-2,520, with resistance at $2,575-2,590. Silver's support lies at $29.95-29.70, with resistance at $30.35-30.52. In INR terms, gold has support at ₹72,780-72,550 and resistance at ₹73,240-73,450, while silver's support is at ₹87,450-86,750 and resistance at ₹88,750-89,780."