Gold, Silver In Bangalore On Budget Day: 24K/100 Grams Gold Falls Most In 6 Days By Rs 14,200; Check Prices!

Gold and silver prices continued to decline the most in six days for the current month. On July 23, which is vital for India as FM Nirmala Sitharaman will announce Budget FY25, 24K/100 grams of gold fell by Rs 2,700, while 1Kg of silver price is down by Rs 550. Since July 18, gold and silver prices have taken a sharp correction as 24K/100 grams of gold is down by Rs 14,200 during this period. Currently, 24K/10 grams is below Rs 73,600, while 8 grams of 22K erased its Rs 54,000 mark. However, the cheapest gold to buy is 1 gram in 18K to Rs 5,519.

Gold Price In Bangalore On July 23:

24K gold price in Bangalore is at Rs 7,35,800 in 100 grams, down by Rs 2,700 in a single day. While 10 grams price is at Rs 73,580 down by Rs 270, 8 grams at Rs 58,864 lower by Rs 216, and lastly 1 gram is at Rs 7,358 down by Rs 27.

Further, 22K gold prices in 100 grams dipped by Rs 2,500 to Rs 6,74,500, while 10 grams is at Rs 250 to Rs 67,450. Also, 8 grams of gold is down by Rs 200 to Rs 53,960, and lastly, 1 gram of gold is at Rs 6,745 down by Rs 25.

Moreover, in 18K gold, 1o0 grams is available at Rs 5,51,900, lower by Rs 2,000 on July 23. While 10 grams is down by Rs 200 to Rs 55,190. Further, 8 grams is at Rs 44,152, down by Rs 160 and 1 gram is at Rs 5,519 lower by Rs 20 from the previous day.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver extended their decline in a volatile session. Prices initially rose following the Chinese rate cut decision but were unable to maintain early session gains due to a steady dollar index and political uncertainty in the U.S. following Joe Biden's withdrawal from the Presidential race. Traders remain cautious ahead of key U.S. economic data scheduled for release this week. The second quarter GDP data and the core PCE price index will be crucial ahead of the U.S. Fed's monetary policy meetings next week."

Kalantri added, "While the Fed is likely to keep interest rates unchanged in the July policy meetings, there is a significant probability of a rate cut in September."

Gold Prices In 10 Days:

The yellow metal has been falling consistently for 6 days. After the latest drop, 24/100 grams price was down by Rs 1,200 on July 22 but was unchanged on July 21. However, the price plunged by Rs 3,800 on July 20, and even recorded its biggest single-day fall of July by Rs 4,900 on the 19th. The same gold was down by Rs 1,600 on July 18.

Together, 24K/100 grams of gold has nosedived by Rs 14,200 in 6 days.

Before this, 24K/100 grams of gold was up by Rs 9,800 on July 17. On this day, gold prices touched an all-time high, with all grams and carats crossing new limits. 10 grams of 24K gold was above Rs 75,000 by the end of July 17, before correction.

Silver Prices In India On July 23:

1 kg of silver price is down by Rs 500 to Rs 91,000. While 100 grams price is down by Rs 55 to Rs 9,100. Further, 10 grams of silver is lower by Rs 5.50 to Rs 910. While cheapest silver is at Rs 91 in 1 gram which is currently down by Rs 0.55. Lastly, 8 grams of silver is down by Rs 4,40 to Rs 728.

Overall, the analyst said, "Gold has support at $2384-2367 and resistance at $2422-2440. Silver has support at $29.00-28.78 and resistance at $29.40-29.62. In INR, gold has support at Rs 72,550-72,280 and resistance at Rs 73,010-73,330. Silver has support at Rs 88,550-88,080 and resistance at Rs 90,240-90,920."