Gold prices in Bangalore continued to be volatile on Tuesday, September 10, 2024, while prices in silver remained unchanged. Meanwhile, 24K/100 grams extends its fall by Rs 4,700 in four days. At present, the cheapest gold is at Rs 5,463, while the lowest price of silver is below Rs 84. This week, investors are expecting a rate cut from the European Central Bank in its upcoming monetary policy, ahead of Fed policy.
Gold Prices In Bangalore On September 10, 2024:
24K gold prices in Bangalore dipped by Rs 300 to Rs 7,28,400 in 100 grams, this will be the second dip in the past four days. Cumulatively, this price has corrected sharply by Rs 4,700 from September 7-10. On Tuesday, 10 grams of 24K is at Rs 72,740, while 8 grams is at Rs 58,272, and that of 1 gram is at Rs 7,284.
Further, the 22K gold price is at Rs 6,67,700 in 100 grams down by Rs 300, followed by a Rs 30 dip in 10 grams price to Rs 66,770, followed by a decline of Rs 24 to Rs 53,416, and 1 gram is at Rs 6,677 down by Rs 3.
Meanwhile, 100 grams of 18K is available at Rs 5,46,300 down by Rs 300, followed by Rs 30 and Rs 24 decline to Rs 54,630 and Rs 43,704 in 10 grams and 8 grams respectively. Lastly, 1 gram is down by Rs 3 to Rs 5,463.
Silver Prices In Bangalore On September 10:
Prices of silver were unchanged on Tuesday. 1kg of silver is available at Rs 83,500, followed by 100 grams of silver at Rs 8,350, 10 grams at Rs 835, while 8 grams of silver is at Rs 668 and 1 gram is at Rs 83.50.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver experienced significant price volatility, rebounding from recent lows due to the anticipated interest rate cuts by the ECB at its upcoming policy meeting this week. The potential for a dovish stance from the U.S. Federal Reserve in next week's policy meeting, following weak U.S. employment data, also contributed to the price gains. Friday's U.S. non-farm employment report revealed slower job growth, with fewer jobs created in August than expected."
Kalantri further added that this helped bolster gold and silver prices, as U.S. equity markets also recovered from their lows. However, the strength of the U.S. dollar could limit further gains in precious metals.
Looking ahead, he said, "Gold has support at $2,481-$2,466, with resistance at $2,518-$2,530. Silver has support at $27.98-$27.75 and resistance at $28.45-$28.62. In INR terms, gold has support at ₹71,410-₹71,150 and resistance at ₹71,730-₹71,910. Silver has support at ₹82,870-₹82,150 and resistance at ₹84,180-₹84,750."
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