Gold prices in Bangalore were subdued on July 1, however, prices have fallen by Rs 9,700 in 10 days. Gold prices are steady after the U.S. core PCE price index data released last week which was in line with expectations. Also, slight profit booking in dollars supported gold prices.
Gold Prices In Bangalore On July 1:
24K Gold Prices: 100 grams of gold is at Rs 7,22,800, while 10 grams is at Rs 72,280, 8 grams is at Rs 57,824, and 1 gram is at Rs 7,228.
22K Gold Prices: 100 grams is at Rs 6,62,500, and that of 10 grams at Rs 66,250, 8 grams is at Rs 53,000, and 1 gram is at Rs 6,625.
18K Gold Prices: 100 grams is at Rs 5,42,100, while 10 grams is at Rs 54,210, 8 grams is at Rs 43,368, and 1 gram is at Rs 5,421.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver exhibited significant price volatility, maintaining their key support levels on a monthly closing basis. The U.S. core PCE price index data released last week met market expectations, registering at 0.1%, down from the previous month's 0.3%. The University of Michigan's inflation expectations reading came in at 3.0%, compared to the previous month's 3.3%. Cooling inflation in the U.S. could provide the U.S. Fed with some leeway for cutting interest rates. The dollar index also experienced mild profit-taking from its highs, which supported gold and silver prices."
Further, Kalantri said, "Meanwhile, India, the world's second-largest gold consumer, witnessed low physical demand despite rising prices. Gold has support at $2310-2292 and resistance at $2344-2356. Silver has support at $28.88-28.70 and resistance at $29.25-29.45. In INR, gold has support at Rs 71,410-71,280 and resistance at Rs 71,790-71,910. Silver has support at Rs 86,540-86,080 and resistance at Rs 87,920-88,500."
Gold Prices In Bangalore In 10 Days:
10 days ago, gold price was at Rs 7,32,500 for 24K/100 grams. Since June 21 when gold prices surged by Rs 8,100, the 24K/100 grams has slipped by Rs 9,700 in 10 days.
Gold prices in Bangalore have been unchanged on July 1, June 30, aaand surged slightly on June 29 and June 28. However, gold prices were down on June 27, and June 26 after being unchanged on June 25. Prices were again unchanged on June 24, down on June 24, unchanged on June 23, and dropped in June 22.
June 21 was the last time, gold prices saw massive jump. In 10 days, gold prices have seen limited gains.
Silver Prices On July 1:
On the other hand, silver prices continued to slip further. 1KG silver is down by Rs 100 to Rs 90,50, while 100 grams of silver dipped by Rs 10 to Rs 9,015, 10 grams is at Rs 901.50 down by Re 1. Further, 8 grams is at Rs 711.50, down by Rs 0.80, and 1 gram is at Rs 90.5, down by 0.10.
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