Gold prices continued to rise in Bangalore on Thursday, August 29, 2024, with 24K, 22K and 18K yellow metal prices reaching their highest level of the month. Silver prices jumped too with 1Kg of this precious metal at Rs 85,100. This comes after spot gold and US gold futures rebounded from their previous declines on expectations of Fed rate cut and robust US consumer confidence. Dollar retested its 101 mark against basket of currencies earlier.
Gold Price In Bangalore On August 29, 2024:
24K gold price in Bangalore soared by Rs 100 to Rs 7,32,600 in 100 grams, followed by gains of Rs 10 to Rs 73,260 in 10 grams, upside of Rs 8 to Rs 58,608 in 8 grams, and 1 gram which inched up by Rs 1 to Rs 7,326.
Similar hikes were seen in 22K and 18K gold prices.
On August 29, 100 grams of 22K is at Rs 6,71,600, while 10 grams gold is available at Rs 67,160, 8 grams yellow metal is at Rs 53,728, and 1 gram price is at Rs 6,716.
Also, in 18K, 100 grams gold is at Rs 5,49,500, while 10 grams price is at Rs 54,950, 8 grams gold is at Rs 43,960, and 1 gram is priced at Rs 5,495.
Silver Prices In Bangalore On August 29, 2024:
Meanwhile, 1kg silver price jumped by Rs 100 to Rs 85,100, while 100 grams of this metal is at RS 8,510 up by Rs 10. Also, 10 grams silver is up by Rs 1 to Rs 851, while 8 grams is at Rs 680.80 up by Rs 0.80. Lastly, 1 gram silver is at Rs 0.10 to Rs 85.10.
Spot Gold, US Gold Future:
At the time of writing, spot gold is at $2,516.62 an ounce, up by 0.47%. During the day, spot gold ranged from $2,504.73-2,518.26 an ounce.
While US gold futures with December expiry also surged by 0.47% to trade at $2,549.90 an ounce. The day's range is between $2,538.5-2,551.3.
Both spot gold and US gold are near their record highs, compared to the previous day's declines.
Talking about the performance, Rahul Kalantri, VP Commodities, Mehta Equities said, Gold and silver prices declined as the dollar index rebounded ahead of the release of U.S. core PCE data, with profit-taking in crude oil adding further pressure. The dollar index's retest of the 101 level once again limited the upside potential for precious metals. The prices of gold and silver dropped due to a reduced demand for safe-haven assets and an increased appetite for risk among investors.
Kalantri added, "although tensions in the Middle East remain elevated, Iran has not yet retaliated against Israel. Meanwhile, the U.S. is actively pursuing a ceasefire between Israel and Hamas. However, expectations of a Fed rate cut and robust U.S. consumer confidence are providing some support to precious metal prices."
MCX Gold, Silver Prices:
MCX gold price in October expiry surged by Rs 197 or 0.27% to trade at Rs 71,940 per 10 grams, after hitting an intraday high of Rs 72,013 per 10 grams.
MCX silver with December expiry climbed by Rs 414 or 0.57% to trade at Rs 86,930 per 1kg. This precious metal touched an intraday high of Rs 86,999 per 1kg.
Looking ahead, Kalantri added, Gold has support at $2,498-2,478 and resistance at $2,535-2,551. Silver has support at $29.00-28.80 and resistance at $29.48-29.65. In INR, gold has support at ₹71,580-71,410, with resistance at ₹71,950-72,180. Silver has support at ₹83,350-82,750, and resistance at ₹84,680-85,150.
The latest prices of precious metals comes at a time when citizens are celebrating Aja Ekadashi on August 29, 2024. It is a Hindu religious festival which is celebrated with devotees fasting the entire day to worship Lord Vishnu.
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