Gold Prices In Bangalore Before Ganesh Chaturthi; Big Jump By Rs 5,600 In 24/100 Grms On Sept 6; Silver Stable

Gold prices in Bangalore recorded a huge jump in the range of Rs 4,200 to Rs 5,600 on September 6, as fresh demand for the yellow metal surged ahead of the onset of Ganesh Chaturthi. This comes after yellow metal trended volatile for over a week. On the other hand, silver prices remained unchanged for the third consecutive day. Ahead, the upcoming US August Employment report scheduled on Friday will play a key role in setting the tone for appetite in gold and silver.

Strong demand and fresh appetite emerged in yellow metal across cities of India, a day before Ganesh Chaturthi, also known as Vinayaka Chaturthi which will be celebrated on September 7. The festival of Ganesha will continue till September 17, 2024, and hence demand for these precious metals will be up!

Apart from this, as per Ajay Kedia, the founder of Kedia Advisory, physical demand investment interest in gold shows resilience. He explained that physical demand for gold remains low in absolute terms, with China's central bank not making any purchases since May. Also, 3. ETF investors' buying interest is recovering, with holdings up 3% from the multi-year low in mid-May. Further, 4. Consumer demand for gold has proven resilient over time.

Moreover, with expectations of a Fed rate cut to be another key driving factor in gold and silver later in September, Kedia said, gold's 8. relationship with real interest rates is asymmetric. Further, gold's sensitivity to real rates has declined in recent years compared to historical levels. Hence, he added, the r10. relationship between gold and real rates broke down this year, indicating a shift in market dynamics.

Gold Prices In Bangalore On September 6:

24K gold price jumps by Rs 5,600 to Rs 7,33,100, while 10 grams yellow metal of the same rose by Rs 560 to Rs 73,310. Additionally, 8 grams and 1 gram of gold prices are up by Rs 448 and Rs 56 to Rs 58,648 and Rs 7,331 respectively.

Furthermore, the 22K gold price advanced by Rs 5,100 to Rs 6,72,000 in 100 grams, followed by a Rs 510 surge in 10 grams to Rs 67,200, 8 grams is up by Rs 408 to Rs 53,760, and 1 gram is up by Rs 51 to Rs 6,720.

Meanwhile, 18K gold prices soared by Rs 4,200 to Rs 5.49,800 in 100 grams, while 10 grams is available at Rs 54,980 expensive by Rs 420 from the previous day. Also, 8 grams and 1 gram of gold are up by Rs 336 and Rs 42 to Rs 43,984 and Rs 5,498 respectively.

Silver Prices In Bangalore On September 6:

1Kg silver price remained unchanged at Rs 83,000, while 100 grams and 10 grams of this metal is at Rs 8,300 and Rs 830. Further, 8 grams and 1 gram of silver are Rs 664 and Rs 83 respectively. Silver prices have been on this level for three days in a row now.

Spot Gold, US Gold:

In the international market, spot gold surged marginally to trade near $2,520 per ounce level, while US gold futures with December expiry reached near $2,550 per ounce level, up by 0.25%.

MCX Gold, Silver Prices:

At MCX, gold futures with October expiry surpassed the Rs 72,000 mark on Friday. MCX gold is at Rs 72,026 per 10 grams, up by Rs 109 from the previous day's print of Rs 71,917 per 10 grams.

Also, MCX silver jumped more than Rs 85,000 on Friday, as 1kg of this metal touched an intraday high of Rs 85,281. Currently, silver futures with a December expiry are trading in green.

Bank of America strategists this week, reiterated their view that gold prices could hit $3,000 next year.

Since late 2023, the BofA commodities team has maintained a bullish stance on gold, projecting that the price could reach $3,000 per ounce by 2025. With gold prices already up 21% year to date, the precious metal appears to be on track to meet this target.