Gold Prices In Bangalore, Raksha Bandhan: Latest Prices Of 1 Grams, 10 Grams, 100 Grams Gold In 24K, 22K, 18K

Gold prices in Bangalore on the occasion of Raksha Bandhan on August 19, are steady with 24K yellow metal in 10 grams at Rs 72,770, while 18K and 22K of the same are at Rs 66,700 and Rs 54,570 respectively. Similarly, silver prices remained stable at Rs 83,000 in 1KG. This comes after gold prices made gains in the previous week.

Raksha Bandhan is a festival that signifies the pure relation of a brother and sister and will be celebrated across India on Monday, August 19, 2024, which is the month of Sawan on Purnima Tithi.

During festivals, gold and jewellery demand is high because they are seen as auspicious days for purchasing the yellow metal.

Gold Prices In Bangalore:

24K gold price in Bangalore is at Rs 72,770 in 10 grams, while the price is at Rs 7,27,700 in 100 grams and Rs 58,216 in 8 grams. The cheapest gold in 24K is 1 gram which is available at Rs 7,277.

Further, in 22K gold, 100 grams is priced at Rs 6,67,000, followed by 10 grams at Rs 66,700, and 8 grams at Rs 53,360. The cheapest gold is Rs 6,670 in 22K of 1 gram.

Meanwhile, in 18K gold, 10 grams is available at Rs 54,570, while 100 grams is available at Rs 5,45,700. Further, 8 grams and 1 gram yellow metal is priced at Rs 43,656 and Rs 5,457. The 18k of 1 gram is the cheapest gold in India.

Silver Prices In Bangalore:

In this precious metal, 1kg of silver is currently available at Rs 83,000. While 100 grams of silver is at Rs 8,300, 10 grams is at Rs 830 and 8 grams of silver is at Rs 664. The cheapest silver is 1 gram which is available at Rs 83.

MCX Gold, Silver Prices:

MCX gold futures with October expiry is at Rs 71,529, up by Rs 154 or 0.22%. The bullion is trending between Rs 71,644 to Rs 71,458.

Further, MCX silver futures with September expiry is at Rs 83,719, up by Rs 506 or 0.61%. This precious metal is ranging from Rs 84,069 to Rs 83,652 respectively in the day.

As per Rahul Kalantri, VP of Commodities, Mehta Equities, gold and silver witnessed solid strength amid upbeat U.S. retail sales data. The U.S. retail sales grew 1.0% in the month of July against expected growth of 0.4% and well above from the previous month's contraction of 0.2%. Gold breached its major hurdle of $2,500 and touched all time high in the international markets.

Kalantri further added, Gold and silver also gained due to upbeat Chinese retail sales data and weakness in the dollar index. Escalating geo-political tensions and strong demand prospects are also supporting gold and silver prices. The U.S. inflation data released last week was also mostly in line with expectations. The disappointing U.S. housing data also increased possibilities of larger Fed rate cuts and could support prices of precious metals.

Looking ahead, Kalantri said, "Gold has support at $2482-2465 while resistance is at $2518-2534. Silver has support at $28.74-28.55 while resistance is at $29.18-29.34. In INR terms, gold has support at Rs 70,950-70,740, while resistance is at Rs 71,650-71,820. Silver has support at Rs82,550-81,880, while resistance is at Rs83,890-84,540."