Gold prices in Bangalore are steady on the occasion of the Krishna Janmashtami festival which is widely celebrated across India on August 26, 2024. However, this was not the case with silver prices which tumbled sharply. The demand for precious metals is high during festival seasons in India. This is done after both the precious metals displayed strong performance last week on increasing hopes for a potential rate cut by the Federal Reserve in September policy.
Gold Prices In Bangalore On August 26, 2024:
24K gold price in Bangalore is available at Rs 7,30,400 in 100 grams, at Rs 73,040 in 10 grams, at Rs 58,432 in 8 grams and at Rs 7,304 in 1 gram on August 26. The cheapest gold in 24K is 1 gram and the most expensive one is 100 grams.
Meanwhile, 22K gold is priced at Rs 6,69,500 in 100 grams, while at Rs 66,950 in 10 grams, followed by Rs 53,560 in 8 grams and at Rs 6,695 in 1 gram. Here as well, the cheapest gold is 1 gram and expensive gold is 100 grams.
Coming to 18K, it has the cheapest gold prices compared to 22K and 24K. The 1 gram of gold in 18K is at Rs 5,478, while the price of 8 grams of gold here is at Rs 43,824. Also, 100 grams and 10 grams of gold are at Rs 54,780 and Rs 5,47,800 respectively.
Silver Prices In Bangalore On August 26, 2024:
Silver prices fell by Rs 0.10 to Rs 100. Here, 1kg silver is down by Rs 100 to Rs 84,400, while 100 grams price is down by Rs 10 to Rs 8,440.
Also, 10 grams price is down by Re 1 to Rs 844. Further, 8-gram and 1-gram silver prices edged lower by Rs 0.80 and Rs 0.10 to Rs 675.20 and Rs 84.40 respectively.
According to Rahul Kalantri, VP of Commodities, Mehta Equities, gold and silver displayed strong performance last week following the Federal Reserve Chairman's indication of potential rate cuts during his speech at the annual Jackson Hole Symposium on Friday. He noted that the upside risks to inflation have diminished, while risks to the labour market have increased.
Consequently, Kalantri added, "the time has come for a policy adjustment. While the direction is clear, the timing and pace of these rate cuts will depend on forthcoming economic data. Following his remarks, the dollar index dropped to a nine-month low, and U.S. 10-year bond yields fell below 3.80%, both of which bolstered gold and silver prices. Additionally, weaker U.S. economic data and rising geopolitical tensions in the Middle East further supported the precious metals. The euro and the pound sterling also appreciated against the U.S. dollar, providing additional support to precious metal prices."
Looking ahead, the analyst added, gold has support at $2,492-2,478, with resistance at $2,528-2,543. Silver has support at $29.52-29.36, with resistance at $29.98-30.20. In INR, gold has support at ₹71,510-71,320, with resistance at ₹71,980-72,180. Silver has support at ₹84,450-83,780, with resistance at ₹85,700-86,350.
Krishna Janmashtami, also known simply as Krishnashtami, Janmashtami, or Gokulashtami, is an annual Hindu festival that celebrates the birth of Krishna, the eighth avatar of Vishnu. In certain Hindu texts, such as the Gita Govinda, Krishna has been identified as the supreme God and the source of all avatars, as per Wikipedia.
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