Gold In Bangalore, June 27: Sharpest Fall In 24K/100 Grams By Rs 15,200 In 6 Days; Cheapest Silver Below Rs 90

Gold Prices continue to see sharpest fall as spot gold nears three-week low as the rate cut hope in September 2024 by US Fed dims. In the silicon city of India, Bangalore, 24K of 100 grams is down by Rs 15,200 in 6 days. While silver has gotten cheaper further, with the lowest price below Rs 90 for 1 gram.

Gold Prices In Bangalore On June 27, 2024:

24K gold prices in a single-day fell by Rs 2,700 to Rs 7,17,300, while 10 grams dipped by Rs 270 to Rs 71,730 on June 27 compared to previous day.

Meanwhile, 22K of 100 grams slipped by Rs 2,500 to Rs 6,57,500, and that of 10 grams is down by Rs 250 to Rs 65,750. Further, 18K of 100 grams plunged by Rs 2,000 to Rs 5,38,000, and 10 grams slipped by Rs 200 to Rs 53,800.

Gold Prices In Bangalore Compared To Other Cities:

Gold Prices In Delhi: 100 grams of 24K is at Rs 7,18,800, and 10 grams is at Rs 71,880 on June 27.

Gold Prices In Chennai: Unlike other cities, Chennai saw steepest decline in 24K/100 grams by Rs 3,800 in a single-day. 100 grams is at Rs 7,22,800, and 10 gram is at Rs 72,280.

Gold Prices In Mumbai: In the financial hub, 24K/100 grams is at Rs 7,17,300, and 10 grams is at Rs 71,730.

Gold Prices In Kolkata: 24K/100 grams is at Rs 7,17,300, while 10 grams is at Rs 71,730.

Gold Prices In Kerala: In this southern city, 24K/100 grams is at Rs 7,17,300, and 10 grams is at Rs 71,730.

Gold Prices In Bangalore In 6 Days:

Prior to fall of Rs 2,700 in 24K/100 grams in Bangalore on June 27, the same was down by Rs 2,300 on June 26. However, prices were unchanged on June 25 and June 23. While prices fell by Rs 1,500 on June 24, and its biggest drop was by Rs 8,700 on June 22 in a span of six days.

Cumulatively, 24K/100 grams fell by Rs 15,200 in six days. The last time gold price was up was on June 21 by Rs 8,100 in 24K/100 grams.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, COMEX Gold prices plunged for the second day and closed near a three week low, weighed down by stronger yields and higher dollar. US 10 year yields rose 8 bps on Wednesday, increasing the opportunity cost for holding the yellow metal.

Chainwala added, Fed Governor Michelle Bowman said that inflation will remain elevated for some time, so it's not yet appropriate to start cutting rates. The Fed has repeatedly indicated that it needs more confidence on the inflation outlook before easing policy, in contrast to other major central banks like the ECB, SNB and BOC which already slashed rates. The likelihood of a 25 bps Fed rate cut by September is currently at 64%, down from 68% earlier in the week.

According to the analyst, traders are still betting on two quarter-point reductions this year. Investors now look ahead to weekly jobless claims, durable goods orders and pending home sales data.

Silver Prices In Bangalore On June 27:

1Kg of silver dropped sharply by Rs 1,450 to Rs 89,500, while 100 grams is down by Rs 145 to Rs 8,950. 10 grams fell by Rs 14.50 to Rs 895. Also, 8 grams is lower by Rs 11.60 to Rs 716. The cheapest silver is now at Rs 89.50, erasing its Rs 90 mark.

On silver price, Chainwala said, - COMEX Silver prices extended declines and closed at a fresh one and half month low, tracking weakness in bullion and industrial metals amid a stronger greenback. The dollar index rose towards 106 levels underpinned by hawkish remarks from a Federal Reserve official and the central bank's cautious approach toward interest rate cuts.