Gold prices in Bangalore witnessed a mixed trend during the occasion of Teacher's Day on September 5, with prices of 22K and 18K yellow metal being unchanged. On the other hand, 24K gold prices dipped sharply. Meanwhile, silver prices remained steady. Both precious metals have recorded high price volatility this week.
Gold Price In Bangalore On September 5, 2024:
24K gold price in Bangalore dipped by Rs 100 to Rs 7,27,500 in 100 grams, followed by a Rs 10 decline in 10 grams of gold to Rs 72,750. Also, 8 grams and 1 gram of gold are down by Rs 8 and Rs 1 to Rs 58,200 and Rs 7,275 respectively.
Meanwhile, 22K gold prices remained unchanged on Thursday. 100 grams here is priced at Rs 6.66,900, followed by 10 grams price at Rs 66,690. Also, 8 grams and 1 gram of gold are available at Rs 53,352 and Rs 6,669 respectively.
Coming to 18K, the gold price remains the same as yesterday. On Thursday, 100 grams of gold is at Rs 5,45,600, 10 grams is at Rs 54,560, 8 grams is priced at Rs 43,648 and that of 1 gram gold is at Rs 5,456.
Silver Prices In Bangalore:
Silver prices remained steady on September 5 as well. 1 kg of silver is at Rs 83,000, followed by 100 grams of silver at Rs 8,300, 10 grams at Rs 830, 8 grams at Rs 664, and 1 gram of gold at Rs 83.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver witnessed high price volatility and extended their fall in early trading sessions but recovered from their lows after downbeat U.S. JOLTS job openings data. The decline in the new job openings pushed the dollar index and the U.S. 10-year bond yields lower and supported gold and silver prices. Gold and silver prices also gained amid short covering and bargain buying at lower levels ahead of the U.S. job data. The un-inverted U.S. yield curve also shows that the U.S. economy is healthier and avoiding recession which has been supporting precious metals prices."
Looking ahead, Kalantri added that gold has support at $2478-2461 while resistance is at $2512-2527. Silver has support at $28.10-27.90 while resistance is at 28.60-28.82. In INR terms, gold has support at Rs 71,210-71,050, while resistance is at Rs 71,650-71,840. Silver has support at Rs80,750-80,150, while resistance is at Rs82,080-82,750.
Meanwhile, MCX gold futures with October expiry is down to Rs 71,459 per 10 grams, at the time of writing. Silver futures with December expiry surges by Rs 180 to Rs 83,745 per 1kg.
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, With a 0.25 basis point cut already priced in, market participants are now awaiting clear signals for a potential 0.50 basis point cut or at least definitive indications of future rate cuts. Support for MCX gold is placed at ₹71,000-70,800, while resistance is seen at ₹71,550-71,650. In Comex, support is at $2,475 with resistance around $2,510. Traders should utilise the range for trading and not expect major moves before Thursday's US ADP Nonfarm payroll change data.
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