Gold Rates In Bangalore Today: Yellow Metal Gets Cheaper, Falls By Rs.4,400 for 24K/100 Grams

Gold rates in Bangalore today saw a sharp fall after witnessing a sharp rally. The price of yellow metal was shining in the market amidst the market volatility. The investors are waiting for the US PCE data and the growth rate of the Indian economy for Q4, both these data are due friday. However, the silver rates in Bangalore saw an upsurge, the silver prices are following a rally and are touching record high prices everyday. The white metal has crossed the mark of One Lakh per Kg in some of the Indian cities.

Gold prices in Bangalore: 24K gold slipped by Rs.4,400 for 100 grams reaching Rs.7,27,600 from Rs.7,32,000 on previous day. 10 grams went down by Rs.440, reaching Rs.72,760 compared to Rs.73,200 yesterday. While 8 grams declined by Rs.352 reaching Rs.58,208 in contrast to RS.58,560 yesterday. Lastly, 1 gram gold decreased by Rs.44 reaching 7,276 from Rs.7,320 the previous day.

The 22K gold declined at the same rate. 100 grams went down by Rs.4,000 thus reaching Rs.6,67,000 against Rs.6,71,000. Similarly, 10 grams decreased by Rs.400 touching the mark of Rs.66,700 in contrast to Rs.67,100 the previous day. The 8 grams of gold shocked by Rs.320 reaching Rs.53,360 compared to previous day's closing of Rs. 53,680. Lastly, 1 gram of gold declined by Rs.40 to Rs.6,670 against Rs.6,710 the last day.

In the case of 18K, 100 grams got crumpled by Rs.3,300 reaching Rs.5,45,700 compared to Rs.5,49,000 the previous day. Whereas, 10 grams of gold declined by Rs.330 reaching Rs.54,570 in contrast to Rs.54,900 the previous day. 8 grams of gold went down by Rs.264 reaching Rs.43,656 against Rs.43,920 the previous day. Lastly, 1 gram of gold declined by Rs.33 reaching Rs. 5,457 against Rs.5,490 in the previous day's closing.

The release of the Personal Consumption Expenditures Price Index (PCE), the Federal Reserve's favored gauge of inflation, will significantly affect the Fed's forthcoming monetary decisions. The PCE data will be released on 31st May. Last week's Federal Reserve meeting minutes hinted at low likelihood for rate cuts and a 'higher for longer narrative'.

The gold market is also affected by the combination of domestic factors. The ongoing Lok Sabha elections is also creating a wave of nervousness in the market.The vote counting and the announcement of election result will be done on June 4.

Along with this the GDP growth numbers for the fourth quarter will be released tomorrow. According to a SBI Research report, the Indian economy showed strong growth, with a projected growth of 7.4% in GDP during the fourth quarter of FY24 and an overall 8% growth for the fiscal year FY24. India's GDP surged by 8.4% in the December quarter, marking the highest growth in six quarters. The last time the Indian economy grew at such a pace was in Q1 of 2022-23, recording 13.1%, later revised to 12.8%. This growth trajectory underscores positive economic momentum in the market.

The silver rate in Bangalore today is Rs.97,500 for 1Kg of silver. 100 grams went up by Rs.225 to 9,750. Whereas, 10 grams of silver in Bangalore increased by Rs.22.5 reaching 975. 8 grams climbed by Rs.18 reaching Rs.780. Lastly, 1 gram increased by Rs.2.25 and thus reached Rs.97.5.

According to Forbes India, Over the past decade, silver mining has remained stagnant despite increased usage. To compensate for this shortfall, recycling has played a significant role, with numbers rising from 147 million ounces to 179 million ounces during the same period. Meanwhile, industrial demand has surged from 457 million ounces to 654 million ounces.

The gold rates in Bangalore slipped today after a sharp rally. The market is eagerly awaiting for the US PCE and India Q4 GDP data for further moves. The macroeconomic factors both at domestic and at global level affects the price of gold in India.