Gold prices in Bangalore slipped sharply by Rs 2,300 in 24K of 100 grams on June 26. However, gold has been losing its shine in the past 5 days so much so that 24K/100 fell by Rs 12,500. Similar was the case with other carats. It's not just gold, silver prices have seen significant pullbacks as 1KG now is below Rs 91,000.
Gold Prices In Bangalore, June 26, 2024:
24K Gold Prices: 24K gold in 100 grams is down by Rs 2,300 to Rs 7,20,000 on Wednesday, while 10 grams is lower by Rs 230 to Rs 72,000. 8 grams and 1 gram of gold also slipped to Rs 57,600 and Rs 7,200 respectively.
22K Gold Prices: 100 grams here is at Rs 6,60,000, declining by Rs 2,500. While 10 grams is down by Rs 250 to Rs 66,000.
18K Gold Prices: 100 grams of gold plunged by Rs 2,100 to Rs 5,40,000. And that of 10 grams is down by Rs 210 to Rs 54,000.
Gold Prices In Bangalore Compared To Other Cities On June 26:
Gold Rate In Delhi: 24K of 100 grams is at Rs 7,21,500 in the national capital, while 10 grams is at Rs 72,150. Here as well, gold fell by Rs 2,300 in a single day.
Gold Rate In Chennai: In this southern city, 24K of 100 grams is at Rs 7,26,600, while 10g grams is at Rs 72,660. Gold fell by Rs 2,200 in 24K/100.
Gold Rate In Mumbai: Falling by Rs 2,300 on Wednesday, 24K of 100 grams is at Rs 7,20,000, while 10 grams is at Rs 72,000 down by Rs 230.
Gold Rate In Kerala: Similarly, 24K of 100 grams is down by Rs 2,300 to Rs 7,20,000. 10 grams is at Rs 72,000.
Gold Rate In Kolkata: Also, 24K of 100 grams in the West Bengal state fell by Rs 2,300 to Rs 7,20,000. 10 grams is at Rs 72,000.
Gold Prices In Bangalore For 5 Days:
While gold prices fell by Rs 2,300 in 24K of 100 grams on June 26, it was unchanged on June 25. Meanwhile, gold prices fell by Rs 1,500 in 24K of 100 grams on June 24, and further was unchanged on June 23.
On June 22, 24K/100 grams fell sharply by Rs 8,700. The last time gold prices surged was by Rs 8,100 on June 21.
Together, 24K of 100 grams fell by Rs 12,500 in 5 Days.
Explaining the decline in gold prices, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, Comex Gold and LME base metals hold declines as recent comments by several Fed policymakers have been perceived as hawkish, denting investors' hopes for an imminent rate cut
As per Chainwala, Federal Reserve Governor Michelle Bowman said she sees several upside risks to the inflation outlook, and reiterated the need to keep borrowing costs elevated for some time. Meanwhile, Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates "at some point," adding that she expects inflation to improve gradually this year before more rapid progress in 2025.
Also, the analyst said, "Heightened geo-political tensions and prospects of an Israeli invasion of southern Lebanon provided some cushion."
The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 7.2% yoy in April 2024, easing from an upwardly revised 7.5% increase in March, but above forecasts of 6.9%. Attention is turning to economic figures due at the end of this week, including the Fed's preferred gauge of consumer costs, which should offer clues on potential future rate cuts, as per Kotak's analyst.
Silver Prices In Bangalore On June 26, 2024:
1 kg of silver has slipped by Rs 100 to Rs 90,950. While 100 grams of silver dipped by Rs 10 to Rs 9,095, while 10 grams is lower by Re 1 to Rs 909.50. Further, 1 gram and 8 grams of gold are down by Rs 0.10 and Rs 0.80 to Rs 90.95 and Rs 727.60 respectively.
In Chainwala's view, COMEX Silver prices plunged more than 2% on Tuesday to a one and half month low tracking weakness in bullions and mixed sentiments in base metals.
He added further that crucial Chinese data released last week showed Industrial output slowed more than expected in May, while a faster decline in housing prices, moderating fixed-asset investing, and a contractionary official manufacturing PMI in the world's top consumer heightened demand concerns.
Further, Chainwala said, "Western curbs on Chinese solar exports and Chinese industry groups limiting investments into the sector amid overcapacity weigh on the demand prospects. Meanwhile, Chinese Premier Li Qiang warned of negative consequences for the world if nations part ways economically, while also countering criticism that his country's industrial policy has led to overcapacity."
Silver Prices In Bangalore In 10 Days:
The highest price of 1 kg silver was on June 21 at Rs 94,000. Before that silver was at Rs 92,500 on June 20, and floated between Rs 91,000 to Rs 91,500 between June 17 to 19.
However, after hitting the highest level of 10 days, silver price started correcting after June 21. It fell as sharply as Rs 92,000 on June 22, and further to Rs 91,000 on June 25, and now near Rs 90,000.
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