Sona Mahanga, Chandi Sasta! Gold Prices In Bangalore: 24K/100 Grms Up By Rs 8,200; 1Kg Silver Dips By Rs 5,750

Gold prices in the Silicon Valley of India aka Bangalore, surged sharply on Friday. However, this was not the case with silver prices as 1 kg of this precious metal was dumped to hit below the Rs 81,000 mark. Globally, both gold and silver prices surged after a steeper-than-expected decline in US jobless claims data.

Also, gold prices have shrugged off the strengthening of the US dollar index earlier in the day, and a spike in bond yields. While silver faced the impact of it. This week, gold and silver prices have broadly been volatile due to recession fears in the US while expecting an early September rate cut by its Federal Reserve. The escalation of geopolitical tensions in the Middle East provided much-needed support.

In Bangalore, 24K/100 grams is the most expensive gold to buy in the city, while 10 grams of this carat crossed the Rs 70,000 mark. Also, 22K of 10 grams surpassed the Rs 64,000 mark, and that of 10 grams in 18K breached the Rs 52,000 level. The cheapest gold is 1 gram in 18K which is priced below Rs 5,300, while the cheapest silver is below Rs 81 in 1 gram thanks to the latest correction.

Gold Prices In Bangalore:

24K Gold Prices: 100 grams of 24K gold in Bangalore rose by Rs 8,200 to Rs 7,00,900, while 10 grams of gold is available at Rs 70,090 up by Rs 820. Additionally, 8 grams of gold is up by Rs 656 to Rs 56,072, and that of the lowest 1 gram is at Rs 7,009 which edged up by Rs 82 on August 9.

22K Gold Prices: In this carat, 100 grams gold price in Bangalore surged by Rs 7,500 to Rs 6,42,500. Further, the carat's 10 grams price is at Rs 64,250 higher by Rs 750 on August 9 from the previous day. Meanwhile, gold price in 8 grams picked up by Rs 600 to Rs 51,400. Finally, 1 gram is at Rs 6,425 up by Rs 75 in a single day.

18K Gold Prices: 100 grams of gold here increased by Rs 6,100 to Rs 5,26,300, while the 10 grams price climbed by Rs 610 to Rs 52,630. Moreover, the 8-gram gold in 18K rose by Rs 488 to Rs 42,104, and the 1-gram price is up by Rs 61 to Rs 5,263.

The latest uptrend in gold is due to the US jobless claims data.

Silver Prices In Bangalore:

The price of silver in Bangalore today is Rs 80.75 per gram and Rs 80,750 per kilogram.

That being said, 1 kg of silver is down by Rs 5,750 in a single day to Rs 80,750, and that of 100 grams is down by Rs 575 to Rs 8,075. Also, 10 grams of silver dipped by Rs 57.50 to Rs 807.50, and that of 8 grams is down by Rs 46 to Rs 646. The cheapest silver is at Rs 80.75 in 1 gram.

Talking about the latest performance, Rahul Kalantri, VP of Commodities, Mehta Equities said that gold and silver gained despite a decline in US jobless claims, strength in the dollar index, and rising US bond yields. US jobless claims fell to 233,000 last week, lower than the expected 241,000 and significantly below the previous week's claims of 249,000. The dollar index surpassed the 103 mark, and US 10-year bond yields crossed 4.0% once again, partly due to weakness in the Japanese Yen.

In Kalantri's view, typically, these three factors exert downward pressure on precious metals. However, gold and silver bucked the trend on Thursday, showing a robust recovery from lower levels. The rise in physical demand at lower prices, ongoing geopolitical tensions, and expectations of a potential Fed rate cut have all bolstered precious metal prices.

The analyst lastly said, gold has support at $2,410-2,392, with resistance at $2,442-2,458. Silver has support at $27.52-27.35, with resistance at $28.00-28.20. In INR terms, gold has support at ₹69,510-68,340, with resistance at ₹69,990-70,150. Silver has support at ₹79,820-79,240, with resistance at ₹81,190-81,740.