Gold prices in Bangalore slipped significantly by Rs 2,200 in 24K/100 grams on Monday after rising sharply by Rs 15,200 in the first seven days of July month. In the first week, 22K, 24K, and 18K gold prices surged by over 2% each, tracking international yellow metal prices which surged to over 1-month high as dollar weakened on hopes of rate cut in September 2024 policy by US Federal Reserve. In India, gold prices will also be influenced by the upcoming Budget 2024, where key measures to boost exports of gems and jewellery coupled with tax reliefs are expected.
Gold Prices In Bangalore On July 8:
22K Gold Prices: 100 grams of gold is priced at Rs 6,74,500 on July 8, down by Rs 2,000 on July 8 compared to the previous day's session. While the price of 10 grams of 22K gold slipped by Rs 200 to Rs 67,450. 8 grams of gold is down by Rs 160 to Rs 53,960, and that of 1 gram is at Rs 6,745 lower by Rs 20.
24K Gold Prices: Meanwhile, in the highest carat, 100 grams price is at Rs 7,35,800, down by Rs 2,200 on July 8. While 10 grams of gold dipped by Rs 220 to Rs 73,580. Further, 8 grams and 1 gram of gold dipped by Rs 176 and Rs 22 to Rs 58,864 and Rs 7,358 respectively.
18K Gold Prices: In the lowest carat, 100 grams of gold slipped by Rs 1,600 to Rs 5,51,900. Moreover, 10 grams of gold dropped by Rs 160 to Rs 55,190, 8 grams is down by Rs 128 to Rs 44,152, and lastly, 1 gram of gold is lower by Rs 16 to Rs 5,519.
Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said COMEX Gold prices edged lower from a one-month high as markets turn their attention to upcoming US inflation figures following a positive US jobs report. Last Friday, Gold reached $2401.5/oz after downward revisions in US Nonfarm payrolls for previous months and an unexpected rise in the unemployment rate increased the likelihood of a September Fed rate cut.
He further pointed out that currently, CME's FedWatch Tool shows that futures markets are pricing in a more than 70% chance of a 25 bps rate cut at the Fed's September meeting, up from 57.9% a week ago. Gold may trade within a range today as investors eagerly await more supportive data to bolster the case for a September rate cut. US CPI is expected to rise by 0.1% after remaining unchanged in May, while Core CPI is expected to hold steady at 0.2%. A larger-than-expected increase could lead investors to reassess the likelihood of a Fed rate cut, while a negative surprise could further strengthen market confidence.
Gold Prices In Bangalore Versus Other Cities:
Gold Prices In Chennai: 24/100 grams jumped to Rs 7,41,800, and 10 grams rose to Rs 74,180.
Gold Prices In Delhi: 100 grams of 24K is available at Rs 7,37,300 and 10 grams is at Rs 73,739.
Gold Prices In Mumbai: 24K/100 grams is currently available at Rs 7,35,800, while 10 grams of yellow metal is at Rs 73,580.
Gold Prices In Kolkata: In this city, 24K/100 grams is available at Rs 7,35,800, while 10 grams of yellow metal is at Rs 73,580.
Gold Prices In Kerala: In the neighbouring city of Bangalore, 24K/100 grams is currently available at Rs 7,35,800, while 10 grams of yellow metal is at Rs 73,580.
Gold Prices In Hyderabad: Here, 24K/100 grams is currently available at Rs 7,35,800, while 10 grams of yellow metal is at Rs 73,580.
Gold Prices From July 1-7:
22K, 24K, and 18K gold prices in Bangalore have been broadly volatile this week. 24K/100 grams gold jumped by Rs 1,000 on July 2nd, followed by another rise of Rs 7,100 on July 4, and further increased by Rs 7,100 on July 6.
24K/100 grams gold price has been unchanged on July 1, July 3rd, July 5th and July 7th.
Accordingly, in six days, gold prices jumped by Rs 15,200 in the first week of July.
Silver Prices In Bangalore:
On the other hand, silver prices edged higher. 1Kg silver is up by Rs 100 to Rs 94,600. While 100 grams of silver is at Rs 9,460, up by Rs 10. Moreover, 10 grams of silver is up by Re 1 to Rs 946, and 8 gram is at Rs 756.80 up by Rs 0.80. And lastly, the cheapest silver price is Rs 94.60, up by Rs 0.10.
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