Gold prices in Bangalore recorded its biggest single-day jump in 5 days on September 11, 2024. The 24/100 grams gold rises by Rs 4,100, while 10 grams of the same carat crosses Rs 73,250 level. Further, the cheapest gold is now near Rs 5,500, while 22K of 10 grams surpass Rs 67,000 and 18K nears Rs 55,000. Silver prices remained steady at Rs 84,000 in 1Kg.
Gold Prices In Bangalore On September 11:
24K gold price in Bangalore jumped by Rs 4,100 to Rs 7,32,500 in 100 grams, while 10 grams gold is up by Rs 410 to Rs 73,250. Further, 8-gram and 1-gram gold prices rose by Rs 328 and Rs 41 to Rs 58,600 and Rs 7,325 respectively.
Further, 22K gold prices in 100 grams climbed by Rs 3,800 to Rs 6,71,500, while 10 grams price soared by Rs 380 to Rs 67,150, and 8 grams is higher by Rs 304 to Rs 53,720. Also, 1 gram of gold is up by Rs 38 to Rs 6,715.
Meanwhile, 18K gold prices advanced by Rs 3,100 to Rs 5,49,400, moreover, 10 grams of gold in the same is available at Rs 54,940 up by Rs 310. While 8 grams and 1 gram of gold are up by Rs 248 and Rs 31 to Rs 43,952 and Rs 5,494 respectively.
Gold prices are up for the first time in five days. Broadly, prices have been volatile.
Silver Prices In Bangalore On September 11:
1kg silver price is steady at Rs 84,000, while 100 grams and 10 grams of this precious metal are at Rs 8,400 and Rs 840 respectively. Lastly, 8 grams and 1 gram of gold are at Rs 672 and Rs 84 respectively.
What Is Triggering Gold Prices On September 11?
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver are experiencing significant price volatility ahead of the U.S. CPI data release. In early trading, both metals saw a sharp decline in international markets due to a sell-off in crude oil and a stronger dollar index. However, hopes for a potential Federal Reserve rate cut are providing support at lower levels. The lower U.S. inflation expectations, currently at 2.6%, are helping to stabilize gold and silver prices."
Kalantri added, "The ECB monetary policy meeting, scheduled for later today, is expected to result in another interest rate hike to bolster the European economy, which could also lend support to gold and silver prices. The upcoming U.S. Presidential debate between former President Donald Trump and Vice President Kamala Harris may further influence global financial markets."
Looking ahead, Kalantri said, "Gold has support at $2,495-$2,480, with resistance at $2,530-$2,542. Silver has support at $28.20-$27.98, with resistance at $28.72-$28.85. In INR terms, gold has support at ₹71,610-₹71,450, with resistance at ₹71,980-₹72,150. Silver has support at ₹83,270-₹82,650, with resistance at ₹84,480-₹84,950."
MCX Gold, Silver Prices:
On September 11, at MCX, gold futures price also surged by Rs 139 or Rs 0.2% to Rs 72,052 per 10 grams, at the time of writing. The gold futures with October expiry ranged between Rs 72,074 to Rs 72,000.
While MCX silver with December expiry zoomed by Rs 471 or 0.6% to Rs 84,152 per 1kg. This precious metal range from Rs 84,174 to Rs 83,941.
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