Gold Prices Hike, 24K/100 Grams Jumps By Rs 2,700 On August 12; Sharp Fall In 1Kg Silver By Rs 9,100

Gold prices in silicon valley, Bangalore continued their gaining momentum even on August 12, while silver prices nosedived further. 24K/100 grams price jumped by Rs 2,700 on Monday, while 1KG silver price slipped to Rs 79,000, a single-day drop of Rs 9,100. Yellow metal prices stayed firm despite steady dollar and stable bond yields as investors await key economic data this week.

10 grams of 24K, 22K and 18K is nearing its Rs 71,000, Rs 65,000 and Rs 53,000 mark. US inflation data is ahead this week, which give further clarity on upcoming rate cuts by US Federal Reserve. In India, CPI and IIP data is scheduled to be announced on August 12, followed by WPI numbers on August 14.

Gold Prices On Bangalore:

24K Gold Price: Here, 100 grams has surged by Rs 2,700 to Rs 7,05,800, while 10 grams price jumped by Rs 270 to Rs 70,580. Also, 8 grams is up by Rs 270 to Rs 56,464, and 1 gram is up by Rs 27 to Rs 7,058.

22K Gold Price: 100 grams has increased by Rs 2,500 to Rs 6,47,000, and that of 10 grams soared by Rs 250 to Rs 64,700. Also, 8 grams is up by Rs 200 to Rs 51,760, and 1 gram is up by Rs 25 to Rs 6,470.

18K Gold Price: Meanwhile, 100 grams in 18K picked up by Rs 2,100 to Rs 5,29,400. Further, 10 grams gold is up by Rs 210 to Rs 52,940, 8 grams is up by Rs 42,352, and 1 gram is up by Rs 21 to Rs 5,294.

Silver Prices In Bangalore:

On August 12, 1Kg silver nosedived by a massive Rs 9,100 to Rs 79,000. Also, 100 grams is down by Rs 910 to Rs 7,900, 10 grams dipped by Rs 91 to Rs 790, and 8 gram is lower by Rs 72.80 to Rs 632. Additionally, 1 gram is down by Rs 9.10 to Rs 79.

Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold and silver exhibited mixed performance in international markets, influenced by varied global signals, a steady dollar index, and stable U.S. bond yields. Despite a decline in U.S. jobless claims and a rebound in global equities, safe-haven demand for precious metals was bolstered by profit-taking in the Japanese Yen and rising tensions in the Middle East, particularly Iran's threat of retaliation against Israel."

Further, Kalantri added that Gold and silver remain underpinned by key levels amid volatile currency markets and the possibility of U.S. Fed rate cuts to mitigate recession risks. Gold finds support at $2,405-$2,388, with resistance at $2,442-$2,458. Silver is supported at $27.05-$26.85, with resistance at $27.55-$27.82.

In INR terms, Kalantri said, gold has support at ₹69,510-₹68,340, with resistance at ₹70,100-₹70,250. Silver finds support at ₹79,820-₹79,240, with resistance at ₹81,190-₹81,740.