Gold Prices Bangalore, May 13: 22K, 24K, 18K Becomes Cheaper On Skanda Sashti, Latest Prices Here

Gold prices in Bangalore slipped further after seeing a surge in the past few months. The price of yellow metal is seeing market fluctuations in the midst of geopolitical tensions, Fed rate cuts, apprehensions and increased demand by the central bank for the safe haven.

Gold prices in Bangalore: 24K gold slipped by Rs.1,100 for 100 grams reaching Rs.7,32,500 from Rs.7,33,600 on previous day. 10 grams went down by Rs.110, reaching Rs.73,250 compared to Rs.73,360 yesterday. While 8 grams declined by Rs.88 reaching Rs.58,600 in contrast to RS.58,688 yesterday. Lastly, 1 gram gold decreased by Rs.11 reaching 7,325 from Rs.7,336 the previous day.

The 22K gold declined at the same rate. 100 grams went down by Rs.1,000 thus reaching Rs.6,71,500 against Rs.6,72,500. Similarly, 10 grams decreased by Rs.100 touching the mark of Rs.67,150 in contrast to Rs.67,250 the previous day. The 8 grams of gold shocked by Rs.80 reaching Rs.53,720 compared to previous day's closing of Rs. 53,800. Lastly, 1 gram of gold declined by Rs.10 to Rs.6,715 against Rs.6,725 the last day.

In the case of 18K, 100 grams got crumpled by Rs. 800 reaching Rs.5,49,400 compared to Rs.5,50,200 the previous day. Whereas, 10 grams of gold declined by Rs.80 reaching Rs.54,940 in contrast to Rs.55,020 the previous day. 8 grams of gold went down by Rs.64 reaching Rs.43,952 against Rs.44,016 the previous day. Lastly, 1 gram of gold declined by Rs.8 reaching Rs. 5,494 against Rs.5,502 in the previous day's closing.

The rate of gold in India is getting affected by the ongoing global fluctuations. The increasing ground assault in north Gaza by the Israeli forces have further heightened the tensions in the middle east. Moreover, the recent employment data in the USA shows the widened gap in expected employment and actual employment marking a stronger bet for rate cuts by The Fed.

According to recent data from the World Gold Council, In Q1 2024, central banks acquired approximately 290 tonnes,1% higher than the previous Q1 record set in 2023, with China leading followed by Turkey and India. India acquired 19 tonnes of gold in Q1FY24, crossing its mark of 16 tonnes for CY23.

During the time of market turbulence, when there is a dip in the value of the US dollar index the price of gold increases. The accumulation of huge amounts of Gold helps the central bank to diversify their foreign exchange holdings, decreasing their dependency on the U.S. dollar.

Gold Prices In Bangalore might see a spike ahead of high demand of gold in the market. Apart from the ongoing geopolitical tensions in the middle east and the anticipation of rate cuts by the Fed, investors are also keeping an eye on US Producer Price Index (PPI) and Consumer Price Index (CPI) which might affect the gold rates in India.

Also, gold prices are cheaper on the occasion of Skanda Shasti which is celebrated in the Sourthern region of India on May 13. Skanda Shasti is a six-day festival where devotees all over India visit the Muruga temples in Tamil Nadu. Signifying the essence of victory of Lord Murgan over Demon Tarakasura, the demand for gold is higher on this day.