Gold Prices In Bangalore Today, Check Latest Yellow Metal Prices, Silver Falls By Rs.2,000/Kg

Gold prices today saw no change in Bangalore. The price of yellow metal was seeing fluctuations amidst the Lok Sabha elections in India. Along with that, the Q4 GDP data that was released by RBI on May 30 and the PCE data released in the USA has also affected the price of gold in India. On the other hand, silver rates in Bangalore have slipped after they witnessed a sharp rally and touched record high. Global financial market volatility and other geopolitical tensions are affecting the gold rates in India.

SMC Global Securities said, In the bullion market, gold traded within a range and experienced a slight increase, while silver displayed significant volatility. Gold closed near 72,000, whereas silver hit a record high of 96,484 before closing around 94,150 due to profit booking.

They further added that Gold futures speculators have maintained net long positions relative to open interest at their highest levels since 2020, a trend that began in mid-March and has remained steady.

According to SMC Global Securities, Gold and silver are likely to trade in a range of 70500-74000 and 92000-98000 respectively.

Gold Prices In Bangalore: The gold rate for 24K 100 grams is Rs.7,25,500. The price for 10 grams is Rs.72,550. Similarly, the gold price for 8 grams is Rs.58,040. The price for 1 gram is Rs.7,255. The price for 24K has remained the same since yesterday.

The gold rate for 22K 100 grams is Rs.6,65,000. The price for 10 grams isRs.66,500. Similarly, the gold price for 8 grams is Rs.53,200. The price for 1 gram is Rs.6,650. The price for 22K has remained the same since yesterday.

The gold rate for 18K 100 grams is Rs.5,44,100. The price for 10 grams isRs.54,410. Similarly, the gold price for 8 grams is Rs.43,528. The price for 1 gram is Rs.5,441.The price for 18K has remained the same since yesterday.

Recently, The Reserve Bank of India (RBI) has transferred more than 100 tonnes of gold from the United Kingdom to its domestic vaults. According to a report by Times Of India, This marks the first instance, since early 1991, where such a significant amount of precious yellow metal has been added to the locally held stock. RBI attributes this to rise in market volatility both domestically and globally.

The RBI in its annual report said that the Indian economy is likely to grow at the rate of 7% in the current fiscal year, starting April. In the report RBI mentioned that the Indian economy expanded at a strong pace in 2023-24 (April 2023 to March 2024 financial year), with real GDP growth accelerating to 7.6% from 7.0% in the previous year - the third successive year of 7% or above growth.

Similarly, the PCE data in the US as reported by The US Bureau of Economic Analysis states that, in April, the yearly basis inflation held steady at 2.7%, matching March's increase and meeting market expectations. Additionally, the PCE Price Index rose by 0.3% as was predicted on a monthly basis.

After the release of April's core PCE inflation data, market indicators suggested a 53% chance of the first Fed rate cut occurring by September versus the 49% chance before the report. Presently, markets anticipate a 55% probability of no more than a single quarter-point rate cut for the entire year, slightly down from the previous estimate of 60%.

Apart from this, the result of the general elections in India will also affect the gold price in India directly. The final stage of the 2024 general election was conducted on Saturday. Voting for the seventh phase occurred on June 1, 2024. Vote counting is scheduled for June 4, 2024, when the Election Commission of India will announce the Lok Sabha Election Result 2024.

The gold prices in Bangalore are seeing high fluctuation amidst several macroeconomic factors at domestic and global front. The volatility is already there in the market with indices making stark moves. The investors are keenly watching the stock and the commodities market as market experts believe that the Lok Sabha Election Result 2024 might directly impact the movement of prices.