Gold and silver jumped in silicon valley, Bangalore on August 16, 2024, despite volatile international prices after US jobless claims data dipped steeper than expected which led to an upside in bond yields, capping gains in precious metals. However, manufacturing activity data supported the uptrend in yellow metal and silver.
Gold Prices In Bangalore
24K Gold Prices: 100 grams of gold is at Rs 7,16,200, rising by Rs 1,100, while 10 grams is priced at Rs 71,620 up by Rs 110. Also, 8 grams and 1 gram of gold are up by Rs 88 and Rs 11 to Rs 57,296 and Rs 7,162 respectively.
22K Gold Prices: Here, 100 grams of gold in Bangalore climbed by Rs 1,000 to Rs 6,56,500, and that of 10 grams of yellow metal soared by Rs 100 to Rs 65,650. Additionally, 8 grams is up by Rs 80 to Rs 52,520, and 1 gram is higher by Rs 10 to Rs 6,565.
18K Gold Prices: Meanwhile, in the lowest carat, 100 grams of gold is available at Rs 5,37,200, increasing by Rs 900 from the previous day. Also, 10 grams is available at Rs 53,720 higher by Rs 90. Moreover, 8 grams of gold inched up by Rs 72 to Rs 42,976 and 1 gram is up by Rs 9 to Rs 5,372.
The 10-day average gold rate is at Rs 7,061 in 1 gram of 24K, and Rs 6,472 in 22K. The 30-day average is at Rs 7,086 in 24K and Rs 6,495 in 22K.
Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver prices experienced significant volatility on Thursday in international markets, rebounding after a sharp decline, driven by upbeat U.S. retail sales data. U.S. retail sales grew by 1.0% in July, surpassing the expected growth of 0.4% and reversing the previous month's contraction of 0.2%. Disappointing U.S. manufacturing activity data bolstered the safe-haven demand for precious metals. However, U.S. jobless claims fell to 227,000, better than the expected 236,000, and the U.S. 10-year bond yields surged past the 3.90% mark, which could cap the gains in precious metals."
Also, Kalantri added, "Gold has support at $2,448-$2,431, with resistance at $2,482-$2,459. Silver has support at $28.05-$27.78, with resistance at $28.48-$28.65. In INR, gold has support at ₹69,950-₹69,740, with resistance at ₹70,489-₹70,650. Silver has support at ₹81,920-₹82,240, with resistance at ₹83,190-₹83,740."
Silver Prices In Bangalore:
Silver prices surged at a much higher scale on August 16. 1 kg silver is up by Rs 4,000 to Rs 84,000. Further, 100 grams of silver surged by Rs 400 to Rs 8,400. While 10 grams is higher by Rs 40 to Rs 840, and 8 grams is up by Rs 32 to Rs 672. Lastly, 1 gram is at Rs 84, up by Rs 4.
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