Gold Prices Fall In Bangalore After Rising By Rs 4,300 In 3 Days; Latest Prices Of 1 Gram, 10 Grams, 100 Grams

Gold price in Bangalore tumbled sharply on Tuesday after rising by Rs 4,300 in 24K/100 grams in 3 days. The yellow metal is broadly volatile and tracks international prices. Spot gold is struggling to stay around $2,400 as greenbacks witnessed a mild upside overnight. Investors are betting cautiously as the Federal Open Market Committee (FOMC) monetary policy meeting has commenced from July 30 onward.

On July 31, traders will be expecting a more dovish remark from US Federal Reserve Jerome Powell which is likely to affirm a rate cut possibility in September 2024 policy. This comes after cooler US inflation data.

24K gold price in Bangalore is at Rs 6,89,500, declining by Rs 2,100 on July 30, compared to the previous day. Further, the 10 grams price dipped by Rs 210 to Rs 68,950. Also, 8 grams of gold plunged by Rs 168 to Rs 55,160, and that of 1 gram is down by Rs 21 to Rs 6,895.

Further, the 22K gold price is at Rs 6,32,000 in 10 grams, down by Rs 2,000. At the same time, the benchmark gold price is Rs 63,200 10 grams lower by Rs 200. Additionally, 8 grams is down by Rs 160 to Rs 50,560, and 1 gram is at Rs 6,320 lower by Rs 20.

Moreover, 18K of 100 grams is at Rs 5,17,100, which plummeted by Rs 1,700 on July 30 from the previous day. Meanwhile, 10 grams is at Rs 51,710 down by Rs 170. Also, 8 grams is lower by Rs 136 to Rs 41,368, and 1 gram is at Rs 5,171 lower by Rs 17.

Gold price in 10 days:

Before Rs 2,100 dip in 24K/100 grams on July 30, this yellow metal is up by Rs 1,600 on July 29, and also up by Rs 2,700 on July 27. Gold was unchanged on July 28.

Gold prices surged in Bangalore on July 27, for the first time since July 18, after this precious metal hit its new all-time high on July 17. From July 18 to July 26, 24K/100 grams fell by a breathtaking Rs 62,700, while 10 grams in the same carat dipped by Rs 6,270.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver prices are struggling to clear $2,400 and $28.00 respectively as the U.S. dollar gains ground against a broad basket of currencies. Precious metals consumer demand in Asia has been hampered due to high retail prices and China's economic growth woes. Meanwhile, geopolitical risks have capped the losses for gold following Hezbollah's rocket strike on Israel, which threatens to escalate the conflict in the Middle East. "

Also, Kalantri said, gold and silver prices are expected to remain volatile in today's session as traders anticipate the release of crucial economic data from the US. Investors are particularly focused on the JOLTS Job Openings report, the ADP Employment Change data, and the FOMC's decision.

Looking ahead, the expert said, "Gold has support at $2,358-$2,340, with resistance at $2,400-$2,418. Silver has support at $27.52-$27.35, with resistance at $28.00-$28.22. In INR, gold has support at ₹67,920-₹67,640, with resistance at ₹68,280-₹68,450. Silver has support at ₹80,450-₹79,780, with resistance at ₹81,750-₹82,200."