Gold prices declined in Bangalore on September 2, 2024, as international prices booked profits after the latest US economic data hinted that the Fed may not make larger rate cuts in the upcoming policy. On Monday, 24K of 100 grams slipped by Rs 2,700 in a single day, while 10 grams erased the Rs 73,000 mark. For gold, this was a bearish start to the month. On the other hand, silver prices were steady.
Gold Prices In Bangalore On September 2:
24K of gold price in Bangalore dipped by Rs 2,700 to Rs 7,27,700 in 100 grams on September 2nd, while 10 grams price slipped by Rs 270 to Rs 72,770. And that of 8 grams price shed Rs 216 to Rs 58,216. Moreover, 1 gram of gold is down by Rs 27 to Rs 7,277.
Meanwhile, the 22K gold price dropped by Rs 2,500 to Rs 6,67,000, while the 10 grams price fell by Rs 250 to Rs 66,700. Also, 8 grams and 1-gram gold prices tumbled by Rs 200 and Rs 25 to Rs 53,360 and Rs 6,670 respectively.
Coming to 18K, gold prices plunged by Rs 2,100 to Rs 5,45,700 in 100 grams, followed by a drop of Rs 210 to Rs 54,570 in 10 grams, and a decline of Rs 168 to Rs 43,656 in 8 grams, and lastly, 1 gram of gold is a down by Rs 21 to Rs 5,457.
This will be the first decline in gold prices in September month, as on Sunday, the prices were stable. The 10-day average gold price is at Rs 7,306 and Rs 6,697 in 22K and 24K of 1 gram. Gold prices surged by nearly 4% across carats in overall August month.
Silver Prices In Bangalore On September 2, 2024:
Silver prices were unchanged on Monday. 1 kg of silver is at Rs 85,000, followed by 100 grams price at Rs 8,500, and 10 grams of silver at Rs 850. While 8 grams and 1 gram of silver were at Rs 680 and Rs 85.
Silver prices are down marginally in August 2024.
MCX Gold, Silver On September 2:
MCX gold futures with October expiry is down marginally to Rs 71,609 per 10 grams, at the time of writing. The bullion ranged between Rs 71,617 to Rs 71,426.
While MCX silver futures with December expiry plummeted by Rs 761 or 0.9% to Rs 84,449 in 1 kg. This precious metal ranged from Rs 84,910 to Rs 84,050.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver experienced profit-taking from their recent highs after U.S. economic data suggested a reduced likelihood of aggressive Fed rate cuts. The U.S. second-quarter GDP was revised upward from 2.8% to 3.0%, while consumer spending also surged by 0.5%. Additionally, the core PCE price index data mostly aligned with expectations, bolstering the dollar index and U.S. 10-year bond yields."
Kalantri further added, that the dollar index, recovering from 13-month lows, crossed the 101 mark once again, thereby limiting the gains in precious metals. Gold prices retreated from record highs, and silver prices struggled to sustain levels above $30 per ounce. However, geopolitical tensions and robust investment demand continue to support precious metal prices.
Looking ahead, Kalantri said, gold finds support at $2,478-$2,461, with resistance at $2,512-$2,527. Silver has support at $28.22-$28.10 and resistance at $28.70-$28.90. In INR terms, gold has support at ₹71,450-₹71,210, with resistance at ₹71,950-₹72,140. Silver has support at ₹82,750-₹82,150, with resistance at ₹83,880-₹84,550.
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