Gold Prices In Bangalore: 1kg Silver Falls By Rs 6,000; Latest 24K, 18K, 22K Gold After RBI's Status Quo

Gold prices in Bangalore is steady on August 8, the day when RBI kept repo rate unchanged for the ninth time in a row. On the contrary, silver prices witnessed a steep decline of Rs 6,000 in 1Kg. The price of yellow metal comes after 24K/100 grams slipped by Rs 13,100 from August 6-7. Gold and silver are broadly volatile this week.

Gold Prices in Bangalore on August 8:

In the highest carat 24K, gold price in Bangalore is at Rs 6,92,700 in 100 grams, at Rs 69,720 in 10 grams, at Rs 55,416 in 8 grams and at Rs 6,927 in 1 gram.

Meanwhile, in 22K, 100 grams gold is available at Rs 6,35,000, 10 grams at Rs 63,500, 8 grams at Rs 50,800, and lastly 1 gram at Rs 6,350.

Further, 18K of 100 grams yellow metal is at Rs 5,19,600, followed by Rs 51,960 in 10 grams. While 8 grams and 1 gram gold is at Rs 41,568 and Rs 5,196 respectively.

Gold rates in the city have been highly volatile and it is possible that we might see additional volatility as and when policies across the globe remain volatile. It is only when you buy on declines can you make money from the precious metal. So, in short, 916 gold rates today in Bangalore depend on a host of factors and there is no one factor that really influences prices. If you still lack the expertise you can seek expert advise before you jump into buy the precious metal.

Silver Prices In Bangalore:

1Kg silver prices in Bangalore dipped by Rs 6,000 to Rs 81,000 on August 8 compared to the previous day's Rs 87,000 mark. Moreover, 100 grams silver is down by Rs 600 to Rs 81,00, while 10 grams of this precious metal slipped by Rs 60 to Rs 810.

Also, 8 grams and 1 gram of this metal is down by Rs 48 and Rs 6 to Rs 648 and Rs 81 respectively.

Much of the silver price movement in India and the cities of India would depend on international prices. This means that silver rates in Bangalore too would depend on international prices. It is therefore a good idea to buy into silver, if you are a long term investor.

Currently, Gold and silver are in a volatile trend after US' unemployment data surpassed Fed's comfortable limit, hinting at a much urgent requirement for a rate cut. Also, in India, gold prices are buzzing after RBI decided to keep repo rate unchanged for ninth time in a row at 6.5%. Lowering interest rates by central banks work as an upside fuel for gold, as dollar demand in overseas market looses shine.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices remained volatile, trading between $2,380 and $2,396 in Comex, with some support due to the depreciation of the Yen against the dollar, moving from 144.50 to 147.50. Gold participants will be closely watching the weekly jobless claims data set to be released tomorrow, August 8, 2024, for a data-specific approach. The gold price range in MCX is anticipated to be between ₹68,500 and ₹69,300 amidst the volatility, while Comex gold is expected to trade between $2,380 and $2,410."