Gold prices in Bangalore fell for the second consecutive day on August 23, while silver prices also dipped for the third day in a row. 24K, 22K, and 18K of yellow metal is down by Rs 17 to Rs 2,200 in a single day. While silver in 1 kg slipped by Rs 2,900. In the global market, gold and silver witnessed profit booking as investors entered into wait-and-watch mode ahead of Federal Reserve's Jerome Powell's speech at the Jackson Hole meeting later in the day.
Gold Prices In Bangalore On August 23:
24K gold price in Bangalore tumbled by Rs 2,200 to Rs 7,26,500 in 100 grams on August 23, compared to a drop of Rs 3,300 witnessed on August 22. Meanwhile, on Friday, 10 grams of gold dipped by Rs 220 to Rs 72,650, 8 grams of yellow metal is priced at Rs 58,120 lower by 176, and 1 gram is down by Rs 22 to Rs 7,265.
Further, the 22K gold price in 100 grams slipped by Rs 2,000 to Rs 6,66,000, and that of 10 grams price plummeted by Rs 200 to Rs 66,600. Also, 8-gram and 1-gram gold prices fell by Rs 160 and Rs 20 to Rs 53,280 and Rs 6,660.
In the case of 18K, 100 grams of gold here is down by Rs 1,700 to Rs 5,44,900. Additionally, the 10-gram price plunged by Rs 170 to Rs 54,490, 8-gram is down by Rs 136 to Rs 43,592, and lastly 1 1-gram gold is down by Rs 17 to Rs 5,449.
The 10-day average gold rate is at Rs 7,243 in 24K and at Rs 6,640 in 22K. While the 30-day average gold price is at Rs 7,076 in 24K and Rs 6,486 in 22K.
Silver Prices In Bangalore On August 23:
1Kg silver price dipped by Rs 2,900 to Rs 82,000 on Friday, while 100 grams is down by Rs 290 to Rs 8,200. Also, 10 grams and 8 grams of silver prices slipped by Rs 29 and Rs 23.20 to Rs 820 and Rs 656 respectively. While the cheapest silver which is 1 gram is down by Rs 2.90 to Rs 82.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver experienced profit-taking ahead of the U.S. Fed Chairman's speech at the Jackson Hole Symposium. Both metals also slipped following better-than-expected U.S. existing home sales data. The dollar index and U.S. bond yields rebounded from their lows on the back of the positive housing data, further pressuring gold and silver prices."
However, Kalantri added that "a rise in U.S. jobless claims and disappointing flash manufacturing PMI data provided support at lower levels. Additionally, easing geopolitical risks and a risk-on sentiment capped the upside potential for gold and silver."
MCX Gold, Silver Prices:
Unlike the retail stores in Bangalore, MCX gold price which is traded on a real-time basis during market hours, surged on August 23 along with its counterpart silver.
MCX gold futures with October expiry surged by Rs 206 or 0.3% to trade at Rs 71,400 per 10 grams. The bullion ranged between Rs 71,474 to Rs 71,360 per 10 grams.
Meanwhile, MCX silver futures with September expiry traded at Rs 83,995, up by Rs 259 or 0.31%. This precious metal ranged between Rs 84,567 to Rs 83,908 so far in the day.
Looking ahead, Kalantri said, "Gold has support at $2,470-2,455, with resistance at $2,502-2,518. Silver has support at $28.84-28.62, with resistance at $29.24-29.42. In INR terms, gold has support at Rs 70,910-70,680, with resistance at Rs 71,390-71,550. Silver has support at Rs 82,850-82,180, with resistance at Rs 84,340-84,940."
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