Gold Prices In Bangalore On July 3: Cheapest Gold To Buy Is At Rs 5,429; Silver Price Jumps Rs 450; Here's Why

Gold prices in Bangalore remained unchanged just like majority of retail stores in India on July 3. The cheapest gold to buy is at Rs 5,429, while the most expensive yellow metal is currently at Rs 7,23,800. However, unlike gold, silver prices surged on Wednesday with 1 kg of these metals up by Rs 450.

Gold prices globally are buzzing after US Federal Reserve's chair Jerome Powell made a slightly dovish stance after the latest inflation print. Powell welcomed the latest easing in inflation data and signaled that they are getting back to a disinflationary path. However, Powell reiterated FOMC's need to see more evidence before lowering key interest rates.

Gold Prices In Bangalore:

24K gold price of 100 grams is at Rs 7,23,800, unchanged from the previous day. While 10 grams is available at Rs 72,380, 8 grams at Rs 57,904, and lastly 1 gram is at Rs 7,238. The cheapest gold in 24K is 1 gram.

Further, gold prices in Bangalore were also unchanged at 22K across grams. 100 grams of 22K stood at Rs 6,63,500, 10 grams at Rs 66,350, 8 grams at Rs 53,080, and 1 gram at Rs 6,635.

Meanwhile, 18K gold of 100 grams is priced at Rs 5,42,900, 10 grams at Rs 54,290, 8 grams at Rs 43,432, and 1 gram at Rs 5,429 in silicon city. 1 gram of gold in 18K is the cheapest across the city.

Gold Prices In 10 Days, 20 Days, and 30 Days In Bangalore:

Gold prices have broadly been volatile in Bangalore since June 2024. The average gold rate in Bangalore for 22K and 24K of 1 gram is at Rs 6,620 and Rs 7,221. This is lower compared to the 20-day average price of Rs 6,628 (22K/1 gram) and Rs 7,230 (24K/1 gram).

Moreover, the 30-average gold price is Rs 6,630 for 22K of 1 gram and Rs 7,233 for 24K of the same.

In June overall, gold prices tumbled by 0.4% each in 22K and 24K respectively.

Gold Prices In Bangalore Compared to other cities:

Gold Prices In Delhi: 100 grams of 24K is at Rs 7,25,300, and 10 grams is at Rs 72,530. Prices of yellow metal in the national capital were unchanged.

Gold Prices In Chennai: 100 grams of 24K is at Rs 7,30,400 and at Rs 73,040 for 10 grams of 24K. Prices in this city surged up to Rs 600.

Gold Prices In Kolkata: Here, gold prices were unchanged on July 3. 10 grams of 24K is at Rs 72,380 and 100 grams is at Rs 7,23,800, which is the same as in Bangalore.

Gold Prices In Mumbai: Just like in Kolkata, the prices of yellow metal in Mumbai are also the same as in Bangalore. 100 grams is at Rs 7,23,800 in 24K, and 10 grams is at Rs 72,380 of the same.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "COMEX Gold prices steadied near $2,330 per troy ounce, as investors digested Fed Chair Powell's somewhat dovish remarks while awaiting more cues on the Federal Reserve's interest rate outlook. Powell stated on Tuesday that the US is progressively
slowing, but more data is needed before cutting rates to confirm that recent lower inflation readings accurately reflect the economy. Meanwhile, US job openings rose in May, surpassing forecasts after sharp declines in the prior two periods, but showing sustained easing in labour market conditions. On the geopolitical front, tensions remain elevated in the Middle East as Israel continues its siege on Gaza, ordering Palestinians to evacuate Khan Younis ahead of a potential attack."

Chainwala added, that markets are now bracing for the US Jobs report this week, which might provide more cues on the Fed policy trajectory. For the day, US FOMC May meeting minutes will be in focus.

Silver Prices In Bangalore On July 3:

Unlike gold prices, prices of silver jumped in the city on July 3. 1 kg of silver is up by Rs 450 to Rs 90,500, while 100 grams is up by Rs 45 to Rs 9,050, and 10 grams is up by Rs 4.50 to Rs 905. Further, 8 grams and 1 gram of silver are at Rs 724 and Rs 90.50, up by Rs 3.60 and Rs 0.45 respectively.

Chainwala said, "COMEX Silver prices pared early gains on Tuesday, tracking weakness in gold prices as investors continued to assess the outlook for Federal Reserve monetary policy in light of stronger-than-expected jobs data and the latest comments from the central bank chief. The JOLTS report released Tuesday showed job openings increased by
221,000 to 8.140 million in May, beating the forecast of 7.91 million. Meanwhile, the Caixin China General Services PMI released earlier today declined to 51.2 in June 2024 from May's 10-month high of 54.0, as new orders and export order growth eased. Chinese demand concerns remain a major headwind for Silver prices.

Overall, Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold has support at $2312-2296 and resistance at $2350-2365. Silver has support at $29.28-29.10 and resistance at $29.74-29.92. In INR, gold has support at Rs 71,410-71,280 and resistance at Rs 71,840-71,990. Silver has support at Rs 86,940-86,380 and resistance at Rs 88,540-89,220."