Gold prices in major cities of India got cheaper on the occasion of the Durga Puja and Dashain celebrations in many regions of eastern India. That being said, Durga Puja or Dashain is widely celebrated in cities like Guwahati, Bhubaneswar, Kolkata, and Bangalore among others. And on Monday, October 14, 2024, 24K, 22K, and 18K gold prices have become cheaper.
Gold Prices In Bangalore:
24K gold price is down by Rs 500 to Rs 7,76,200 in 100 grams, and down by Rs 50 to Rs 77,620 in 10 grams. Further, 8 grams and 1 gram of gold dipped by Rs 40 and Rs 50 to Rs 62,096 and Rs 7,762 respectively.
22K Gold prices are at Rs 7,11,500 in 100 grams down by Rs 500 on Monday, followed by a decline of Rs 50 in 10 grams to Rs 71,150, and a drop of Rs 40 in 8 grams to Rs 56,920. Meanwhile, 1 gram of gold is at Rs 7,115, down by Rs 5.
Further, 18K gold prices are lower by Rs 400 to Rs 5,82,200 in 100 grams, and 10 grams price dipped by Rs 40 to Rs 58,220. Also, 8 grams of gold is down by Rs 32 to Rs 46,576, and 1 gram price is down by Rs 4 to Rs 5,822.
These gold prices were similar in cities like Guwahati, Bhubaneswar and Kolkata.
On October 14, banks are given holiday in regions of Sikkim due to Durga Puja and Dashain festival. As per Wikipedia, Dashain or Bada'dashain, also referred to as Vijaya Dashami in Sanskrit, is a major Hindu religious festival in Nepal and the Indian states of Sikkim, West Bengal, Assam, South India, and Sri Lanka.
MCX Gold, Silver Prices: MCX gold price with December 2024 expiry is at Rs 76,400 per 10 grams, up by Rs 93 or 0.12%. While MCX silver prices with December expiry dipped by Rs 128 or 0.14 to trade at Rs 91,562 per 1 kg.
What Is Driving Gold Prices Overall?
Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver made a strong comeback last week, driven by geopolitical tensions and weaker-than-expected U.S. economic data. The University of Michigan reported on Friday that its consumer sentiment index fell to 68.9, down from a revised 70.1 in September, marking the first decline in three months and coming in below market expectations. The U.S. jobless claims surged, further supporting the rise in gold and silver prices.
Further, Kalantri said, the heightened tensions in the Middle East and hopes of Chinese economic stimulus also contributed to the upward momentum in precious metals.
This week, Kalantri added, "We anticipate continued volatility in gold and silver prices, influenced by fluctuations in the dollar index and ongoing geopolitical risks. Gold is expected to find support between $2,624 and $2,605, with resistance ranging from $2,661 to $2,678. Silver's support lies between $30.72 and $30.50, while resistance is expected between $31.15 and $31.34. In INR, gold is supported at Rs 75,980-75,810, with resistance between Rs 76,460-76,670. Silver has support at Rs 91,050-91,450, with resistance between Rs 92,290 and Rs 92,680."
Click it and Unblock the Notifications
Sign in with Google