Gold prices reached their highest level of the current month in Bangalore on August 8, with 22K, 24K and 18K yellow metal witnessing a sharp surge just a day before the Aja Ekadashi fast. Silver prices also jumped and reached near their monthly high of Rs 85,000 per KG. This comes at a time when the dollar index dipped against a basket of currencies. Also, optimism about gold demand in the world's second-largest economy, China to rise ahead further supported the uptrend. A rate cut hope in September by the Federal Reserve continues to be the key driving force.
Gold Prices In Bangalore On August 28:
24K gold price in Bangalore surged by Rs 2,200 to Rs 7,32,500 in 100 grams, followed by gains of Rs 220 in 10 grams to Rs 73,250, and by Rs 176 to Rs 58,600 in 8 grams. Also, gold is up by Rs 22 to Rs 7,325 in 1 gram.
Meanwhile, 22K gold rose by Rs 2,100 to Rs 6,71,500 in 100 grams, while yellow metal is up by Rs 210 to Rs 67,150, and also up by Rs 168 to Rs 53,720 in 8 grams. Finally, the cheapest gold which is of 1 gram is available at Rs 6,715, up by Rs 21.
Furthermore, 100 grams of gold in 18k advanced by Rs 1,700 to Rs 5,49,400 in 100 grams, whereas, 10 grams of yellow metal inched up by Rs 170 to Rs 54,940, while 8 grams soared by Rs 136 to Rs 43,952. Also, 1 gram gold which is the cheapest compared to 22K and 24K is up by Rs 17 to Rs 5,494.
This is the highest rate of Rs 6,715 in 22K and Rs 7,325 in 24K of 1 gram in August month. The lowest of August 2024 is at Rs 6,350 in 22K and at Rs 6,927 in 24K of 1 gram which was recorded on August 7, 2024. Overall, in the month, gold prices have surged by more than 4%.
Silver Prices In Bangalore on August 28:
Silver prices also saw a significant climb on Wednesday. 1kg silver is up by Rs 1,000 to Rs 85,000 in a single day, while 100 grams jumped by Rs 100 to Rs 8,500. Additionally, 10 grams of silver is up by Rs 10 to Rs 850, 8 grams is up by Rs 8 to Rs 680, and lastly, the cheapest silver is 1 gram which is priced at Rs 85.
The latest prices of precious metals come ahead of Aja Ekadashi which is going to take place on August 29, 2024. It is a Hindu religious festival which is celebrated with devotees fasting the entire day to worship Lord Vishnu.
Talking about precious metals, Rahul Kalantri, VP of Commodities, Mehta Equities said, gold and silver exhibited significant price volatility, closing on a mixed note ahead of the U.S. core PCE price index data release later this week. The U.S. consumer confidence data, released on Tuesday, exceeded expectations, providing support to gold and silver prices.
Kalantri added, "The dollar index declined further due to weak U.S. manufacturing activity, which also buoyed the prices of these precious metals. According to reports, Chinese demand for gold is expected to revive in the coming months, which could further support precious metal prices."
Looking ahead, he said, gold has support at $2,498-$2,478 and resistance at $2,535-$2,551. Silver has support at $29.62-$29.45 and resistance at $30.14-$30.34. In INR terms, gold has support at ₹71,880-₹71,650, with resistance at ₹72,350-₹72,520. Silver has support at ₹84,850-₹84,150, while resistance is at ₹85,980-₹86,650.
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