Gold prices in Bangalore corrected steeply on Friday, August 30, 2024, continuing on its mixed trend this week. On the other hand, silver prices made a sharp jump, crossing the Rs 87,000 mark and touching August month's highest level. This also comes at a time when international prices are trading on a volatile note.
Gold Prices In Bangalore On August 30, 2024:
24K gold price in Bangalore falls by Rs 1,000 to Rs 7,31,500 in 100 grams, while 10 grams gold price is down by Rs 100 to Rs 73,150. Further, 8 grams and 1 gram of gold are lower by Rs 80 and Rs 10 to Rs 58,520 and Rs 7,315 respectively.
Further, the 22K gold price plunged by Rs 1,000 to Rs 6,70,500, and that of 10 grams of yellow metal dipped by Rs 100 to Rs 67,050. Also, 8 grams and 1 gram are lower by Rs 80 and Rs 10 to Rs 53,640 and Rs 6,705 respectively.
Also, 100 grams of gold in 18K tumbled by Rs 800 to Rs 5,48,600, while 10 grams in the same is lower by Rs 80 to Rs 54,860. Additionally, 8 grams and 1 gram of gold edged lower by Rs 64 and Rs 8 to Rs 43,888 and Rs 5,486 respectively.
Silver Prices In Bangalore On August 30, 2024:
Unlike gold, silver prices were up on August 30, 2024. 1kg silver soared by Rs 4,500 to Rs 87,500, which is the highest price level in August month. Further, 100 grams jumped by Rs 450 to Rs 8,750, while 10 grams of silver rose by Rs 45 to Rs 875.
Lastly, 8 grams and 1 gram of this precious metal inched up by Rs 36 and Rs 4.50 to Rs 700 and Rs 87.50 respectively.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver prices closed on a positive note despite strong U.S. economic growth. The U.S. second-quarter GDP data exceeded expectations, showing a growth of 3.0% compared to the anticipated 2.8%. This initially pushed gold and silver prices lower. However, disappointing U.S. pending home sales data provided support for these metals at lower levels. The widening U.S. trade deficit, which increased to $102.7 billion against the expected $97.7 billion, further supported gold and silver prices.
Kalantri added, "We anticipate continued volatility in gold and silver prices during today's session, driven by fluctuations in the dollar index and ahead of the U.S. core PCE price index data release. Gold has support levels at $2,498-$2,478, with resistance at $2,535-$2,551. Silver has support at $29.22-$28.98, and resistance at $29.71-$29.88. In INR terms, gold has support at ₹71,980-₹71,710, and resistance at ₹72,350-₹72,540. Silver has support at ₹84,350-₹83,750, with resistance at ₹85,680-₹86,150."
What To Expect Ahead? Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited said, "Next week, the US economic docket will contain the August Nonfarm Payrolls data, which might be key in determining the amount of the Fed's first rate drop at the September meeting."
Technically, Kothari added, "Gold indicates that bulls have retaken control and want to attempt the all-time high of $2532 (Rs 72300) very soon. After that, the next psychological resistance is $2550 (Rs 73500) and $2600 (Rs 75000)."
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