Gold Prices Continue To Rise In Bangalore; 24K/10 Grams Just Rs 310 Away From Rs 71,000; Silver Price Up Too

Gold prices in Bangalore continued their rising spree across 24K, 22K, and 18K for the third consecutive day this week. On August 2nd, the 100 grams of 24K saw the highest jump of Rs 3,300 in a single day, while it has rallied by Rs 17,400 in 3-straight days. Further, riding on the back of bulls, 10 grams of 24K is just Rs 310 away from hitting the Rs 71,000 mark. This week has been favorable for gold with Fed policy decisions and escalation in geopolitical tensions in the Middle East, contributing to the bullish tone.

Following, huge buying in gold this week, 24K, 22K and 18K gold prices have recovered some losses of last week. Gold prices nosedived massively during the Budget week after an unexpected steep cut in customs duty. Gold price had dropped by 3.40% in July 2024.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "Comex Gold is approaching record high levels amid rising expectations for multiple rate cuts this year. Markets are now looking forward to the US non-farm payrolls report for further indications of a cooling labor market."

Gold Prices In Bangalore On August 2:

24K Gold Prices: 100 grams of yellow metal price jumped by Rs 3,300 to Rs 7,06,900 on August 2nd, while 10 grams of the same is up by Rs 330 to Rs 70,690 which is just Rs 310 from hitting the Rs 71,000 mark. Further, 8 grams gold price is up by Rs 264 to Rs 56,552 and 1 gram is up by Rs 33 to Rs 7,069.

22K Gold Prices: 100 grams is up by Rs 3,000 to Rs 6,48,000, while 10 grams is up by Rs 300 to Rs 64,800 which is Rs 200 away from touching the Rs 65,000 mark. Also, 8 grams is up by Rs 240 to Rs 51,840, and that of 1 gram is up by Rs 30 to Rs 6,480.

18K Gold Prices: 100 Grams of 18K jumped by Rs 3,000 to Rs 5,30,200, and that of 10 grams is higher by Rs 240 to Rs 53,020. Also, 8 grams is up by Rs 192 to Rs 42,416, while 1 gram is up by Rs 24 to Rs 5,302.

Silver Prices In Bangalore On August 2nd:

Silver prices have also surged on Friday. 1 kg silver price climbed by Rs 500 to Rs 86,000, and 100 grams is up by Rs 50 to Rs 8,600. Further, 10 grams is up by Rs 5 to Rs 860. Also, 8 grams is up by Rs 4 to Rs 688, and 1 gram is up by Rs 0.50 to Rs 86.

As per Chainwala, Comex Gold closed marginally higher at $2,480.80/oz yesterday after retreating from its record high of $2,506.60/oz owing to recovery of the US dollar following a sharper-than-expected contraction in the US manufacturing PMI, which fell to an eight-month low of 46.8 in July from 48.5 in June.

However, he also added, significant downside was limited as US jobless claims rose by 14,000 to 249,000, the highest level since June 2023, adding to evidence of a slowing jobs market. Additionally, the risk of a broader conflict in the Middle East is enhancing gold's appeal as a safe haven, with markets closely monitoring Iran's response to Israel's attack that killed a Hamas leader.