Gold Prices Fall In Bangalore Ahead Of Independence Day; 24/100 Grams Down After Sharpest Rise Of Rs 23,500

Gold prices in Bangalore fall on August 14, ahead of the celebration of the 78th Independence Day across the country. Gold is cheaper in this silicon valley with 24K in 10 grams at Rs 71,510 and 22K of the same at Rs 65,550. Investors cashed in gains as gold prices were up in the past few days. 24K/100 grams fell after the sharpest rise of Rs 23,500 in five days.

On the other hand, silver prices witnessed a muted trend after falling sharply in the past 10 days. The cheapest silver is at Rs 80, while 1 kg of this precious metals is at Rs 80,000.

Gold and silver become cheaper for Indian citizens who are looking to buy these precious metals on the public holiday of August 15. During the festive season or holidays, demand for gold is high.

Notably, in Bangalore, prices of gold are down despite international gold prices nearing their all-time highs on the backdrop of lower dollar and treasury yields after U.S. producer price data once again increased hopes for a September rate cut by the Fed.

Apart from the September rate cut, investors are now in mixed opinions over how much rate cut will Federal Reserve offer. The consensus is between 25 bps and 50 bps cut.

Gold Prices In Bangalore On August 14:

24K gold prices in Bangalore dipped by Rs 1,100 in 100 grams to Rs 7,15,100, while 10 grams is down by Rs 110 to Rs 71,510. Also, 8 grams and 1 gram of gold are lower by Rs 88 and Rs 11 to Rs 57,208 and Rs 7,151 respectively.

Further, 22K gold prices in 100 grams dropped by Rs 1,000 to Rs 6,55,500. Moreover, the price of 10 grams of gold divided from Rs 100 to Rs 65,550. Also, 8 grams is down by Rs 80 to Rs 52,440, and that of 1 gram is lower by Rs 10 to Rs 6,555.

In the case of 18K, 100 grams of gold here is down by Rs 900 to Rs 5,36,300. While 10 grams is down by Rs 90 to Rs 53,630, while 8 grams is down by Rs 72 to Rs 42,904, and additionally, 1 gram is down by Rs 9 to Rs 5,363.

Gold Prices In 10 Days:

24K/100 grams gold jumped by cumulatively Rs 23,500 from August 9th to 13th. Gold prices have broadly up in the past few days.

The 10-day average gold rate is at Rs 7,032 and Rs 6,446 for 1 gram of 24K and 22K.

As per Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, gold is sustaining above $2450 (Rs 70500) with eyes on US Inflation data. If the monthly CPI increases faster than expected, investors may reconsider the possibility of a 50-basis point decrease in September, allowing the USD to gain momentum in the short term.

On the other hand, Kothari added, a reading at or below market expectations in this data might weigh on the USD, paving the way for another move higher in gold.

Meanwhile, the expert said, "Market investors will continue to closely monitor developments surrounding the Iran-Israel war. When global tensions rise, gold becomes one of the most sought-after investments. We can very soon see gold touching new highs above $2500 (Rs 72000) with strong investment demand coming in."

Silver Prices In Bangalore On August 14:

1 kg silver price is at Rs 80,000, while 100 grams is priced at Rs 8,000. Further, 10 grams of silver old is at Rs 800. Moreover, 8 grams is at Rs 640 and the cheapest silver is at Rs 80 in 1 gram.

Silver prices are unchanged.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, the upcoming U.S. CPI data on Wednesday is anticipated to bring some clarity to the ongoing uncertainty regarding the extent and frequency of rate cuts this year, which has been a lingering concern for several months. Currently, gold prices are facing resistance around ₹70,800, with support near ₹70,200. Despite the recent fluctuations, the broader trend for gold remains positive.