Gold Prices Fall In Bangalore, Silver Prices Hike On August 20: Latest Prices Of 22K, 24K, 18K; Key Triggers

Gold prices in Bangalore dipped on August 20, after staying steady for two consecutive days. On the other hand, in the silicon valley, prices of silver shot up. The mixed trend between these two metals is also recorded on MCX. This week, it is expected that the Fed's meeting is likely to give further direction to precious metals. In the international market, gold prices remained subdued after breaching the $2,500 an ounce mark.

Gold Prices In Bangalore:

24K gold price in Bangalore is at Rs 7,26,500 on August 20 in 100 grams, down by Rs 1,200 in a single day. While 10 grams of gold dipped by Rs 120 to Rs 72,650. Also, 8 grams and 1 gram of gold are down by Rs 96 and Rs 12 to Rs 58,120 and Rs 7,265 respectively.

Meanwhile, 22K gold prices are lower by Rs 1,000 to Rs 6,66,000. Additionally, prices of 10 grams are down by Rs 100 to Rs 66,600, the price of 8 grams is lower by Rs 80 to Rs 53,280, and lastly, 1 gram edged below Rs 10 to Rs 6,660.

Coming to the final carat, 18K of 100 grams dropped by Rs 800 to Rs 5,44,900. Further, 10 grams of yellow metal slipped by Rs 80 to Rs 54,490, and 8 grams declined by Rs 64 to Rs 43,592. Additionally, 1 gram is down by Rs 8 to Rs 5,449.

According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, this week's Fed's meeting minutes will give further direction to the Gold price rally which can be facing resistance in the zone of 2500-2515 and with support at 2480-2470$ Overall trend is positive for Gold as September rate cut expectation shall keep prices supportive at lower levels.

MCX Gold Price:

The gold futures with October expiry at MCX traded volatile in the range of Rs 71,597 to Rs 71,510 per 10 grams. The bullion opened at Rs 71,530 and held above this level so far.

On the previous day, MCX gold is at Rs 71,584 per 10 grams.

Silver Prices In Bangalore:

Prices of silver skyrocketed on August 20. 1kg of silver climbed by a whopping 3,000 in a single day to Rs 86,000. Also, 100 grams is priced at Rs 8,600 up by Rs 360.

Additionally, 10 grams is available at Rs 860, up by Rs 30. While 8 grams of silver is at Rs 688, higher by Rs 24. Moreover, the cheapest silver which is 1 gram is currently available at Rs 86 up by Rs 3 from the previous day.

MCX Silver Price:

Unlike gold, MCX silver prices held their gaining momentum. Silver futures at MCX with September expiry are trading at Rs 84,581 in 1 kg, up by Rs 243 or 0.3%. Silver is trending between Rs 84,800 to Rs 84,392.

Rahul Kalantri, VP Commodities, Mehta Equities said, gold and silver prices witnessed high price volatility on Monday in the international markets and closed on a mixed note. Gold eased on Monday after powering to an all-time high above the important level of $2,500 on strong safe-haven demand and expectations of an imminent U.S. rate cut as investors seek more cues on the quantum of cuts, whereas silver showed good upward movement and sustained above the $29 mark.

Kalantri added, "Precious metal prices also gained support as several Chinese banks have been given new gold import quotas from the central bank, anticipating revival in demand despite record high prices. On the other hand, easing geopolitical risks and risk-on sentiment could cap the upside for Gold."

Looking ahead, Kalantri said, "Gold has support at $2482-2465 while resistance is at $2518-2534. Silver has support at $28.92-28.75 while resistance is at $29.30-29.52. In INR terms, gold has support at Rs 71,350-70,940, while resistance is at Rs 71,790-71,960. Silver has support at Rs83,550-82,880, while resistance is at Rs84,980-85,540."