Gold Prices Rise In Bangalore, Silver Prices Fall On August 21: 24K/10 Grams Gold At Rs 73,000, Check Rates

Gold prices surged in Bangalore, after falling sharply in the previous day. On the other hand, silver prices tumbled steeply with 1 kg of this precious metal now below the Rs 83,000 mark. In a single day, gold prices rose between Rs 41 to Rs 5,500, with 24K gold in 10 grams surpassing the Rs 73,000 mark. Yellow metal found support as the dollar dwindled ahead of FOMC meeting minutes and Fed chair Jerome Powell's comment.

In the global market, ahead of FOMC minutes, spot gold touched yet another new all-time high of $ 2,531 per ounce, while silver prices soared to hit a four-weeks high. The gold demand in the Chinese market is also strong, adding further to the uptrend.

Gold Prices In Bangalore:

24K gold prices in 10 grams surged by Rs 550 to Rs 73,200 on August 21, while gold price in Bangalore rose by a whopping Rs 5,500 in 100 grams to Rs 7,32,200. Further, 8 grams and 1 gram of gold are up by Rs 440 and Rs 55 to Rs 58,560 and Rs 7,320 respectively.

Meanwhile, the 22K gold price in Bangalore jumped by Rs 500 to Rs 67,100, and that of 100 grams is up by Rs 5,000 to Rs 6,71,000. Also, 8 grams is up by Rs 400 to Rs 53,680, and that of 1 gram is up by Rs 50 to Rs 6,710.

Furthermore, gold prices in 100 grams of 18K climbed by Rs 4,100 to Rs 5,49,000. Additionally, the 10-gram price in the same carat is at Rs 54,900, rising by Rs 410. Also, 8 grams and 1 gram of 18K is higher by Rs 328 and Rs 41 to Rs 43,920 and Rs 5,490.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver exhibited significant price volatility and extended their gains, with gold prices reaching a new all-time high of $2,531 per troy ounce in the spot market. Silver also climbed to a four-week high amid a weakening dollar index and strong demand from China. The dollar index slipped to its lowest level in over seven months, bolstering the appeal of precious metals."

He added the People's Bank of China maintained its 1-year and 5-year prime loan rates unchanged on Tuesday. The dollar's weakness, coupled with the ongoing crisis in China's real estate sector, has made gold and silver attractive investment options. Strong Chinese demand for gold continues to support the prices of these precious metals.

Looking ahead, Kalantri said, "Gold finds support at $2,502-$2,485, with resistance at $2,532-$2,550. Silver has support at $29.22-$28.96, with resistance at $29.74-$29.98. In INR terms, gold has support at Rs 71,510 - Rs 71,320, while resistance is at Rs 71,980 - Rs 72,220. Silver finds support at Rs 84,250 - Rs 83,780, with resistance at Rs 85,400 - Rs 85,950."