Gold prices in Bangalore jumped by Rs 5,300 to Rs 7,100 across 24K, 22K, and 18K on July 4th after witnessing dull demand in the previous session. The uptrend in yellow metal comes after international prices surged as dovish comment of Fed's chair Jerome Powell sparked hopes of two rate cuts in 2024.
Gold Prices In Bangalore On July 4:
Gold price in silicon city surged by Rs 6,500 to Rs 6,70,000 in 22K/100 grams, while 10 grams jumped by Rs 650 to Rs 67,000. Also, prices of 1 gram and 8 grams of 22K rose by Rs 65 and Rs 520 to Rs 6,700 and Rs 53,600 respectively.
Meanwhile, gold prices in 24K/100 gram jumped by Rs 7,100 to Rs 7,30,900. Further, 10 grams of this carat surged by Rs 710 to Rs 73,090, and that of 8 grams was up by Rs 568 to Rs 58,472. While 1 gram edged higher by Rs 71 to Rs 7,309 on Thursday compared to the previous day.
Coming to 18K, 100 grams of yellow metal is up by Rs 5,300 to Rs 5,48,200. 10 grams of 18K jumped by Rs 530 to Rs 54,820, and that of 8 grams is up by Rs 424 to Rs 43,856. Also, 1 gram price is up by Rs 53 to Rs 5,482.
Silver Prices In Bangalore On July 4:
The cheapest silver price is 1 gram at Rs 90.60, up by Rs 0.10. Further, 8 grams is up by Rs 0.80 to Rs 724.80.
Moreover, 10 grams of silver is up by Re 1 to Rs 906. While 100 grams is up by Rs 10 to Rs 9,060. Lastly, 1KG silver is up by Rs 100 to Rs 90,600.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver posted solid gains after dovish comments from the Fed Chairman during the European Central Bank's conference in Portugal. His remarks renewed market expectations for two rate cuts this year, bolstering bullion prices. The dollar index slipped below 105, and US economic data released was largely favourable for bullion markets. The precious metals complex, as well as base metals, are rallying across the board on poor ADP and jobless claims data."
Kalantri added, "Gold has support at $2,340-$2,322, with resistance at $2,371-$2,386. Silver has support at $30.28-$30.10, with resistance at $30.74-$30.92. In INR, gold has support at Rs 72,130-71,950, with resistance at Rs 72,620-73,810. Silver has support at Rs 89,440-88,880, with resistance at Rs 90,740-91,220."
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