Sona Mahanga Hai! Gold Prices In Bangalore Continues Record Rally; 24K/10 Grams At Rs 76,150; Silver Steady

Gold prices in Bangalore continued their record rally with 24K/10 grams now above Rs 76,000 for the first time. The price surge comes ahead of the powerpack festive season and after the Fed signalled two more rate cuts in late 2024. Silver prices are unchanged. Overall, yellow metal has surged by Rs 16 to Rs 2,200 in a single day.

According to Rahul Kalantri, VP of Commodities, Mehta Equities, gold and silver posted solid gains last week in highly volatile trades amid hefty Fed rate cuts and weakness in the dollar index. The U.S. Fed cut interest rates by 50 basis points while the Bank of England and the Bank of Japan kept interest rates unchanged which supported bullion prices.

Further, Kalantri added gold and silver also gained amid weakness in the dollar index after Fed rate cuts and rising geo-political tensions. Escalating tensions in the Middle East are also supporting safe-haven buying of precious metals, with gold prices hitting lifetime highs and silver prices also surging to 2-month highs.

Both precious metals are in a long-term bull run and could extend their gains in the upcoming months, the expert said.

Gold Prices In Bangalore On September 23:

24K gold prices in Bangalore is at Rs 7,61,500 in 100 grams, up by Rs 2,200 on September 23. While 10 grams is priced at Rs 76,150 up by Rs 220, and that of 8 grams price is at Rs 60,920 up by Rs 176. 1 gram of gold is up by Rs 22 to Rs 7,615.

Meanwhile, 22K gold price in 100 grams jumped by Rs 2,000 to Rs 6,98,000, followed by an upside of Rs 200 to Rs 69,800 in 10 grams, and the yellow metal was up by Rs 160 to Rs 55,840. Lastly, 1 gram is up by Rs 20 to Rs 6,980.

Further, 18 grams of yellow metal in 100 grams surged by Rs 1,600 to Rs 5,71,100. Moreover, 10 grams of gold is up by Rs 160 to Rs 57,110, and of 8 grams gold is up by Rs 128 to Rs 45,688. Also, 1 gram of gold is up by Rs 16 to Rs 5,711.

Silver Prices In Bangalore On September 23:

1Kg silver price unchanged on Monday to Rs 85,000, followed by 100 grams and 10 grams silver which is available at Rs 8,500 and Rs 850. Meanwhile, 8 grams and 1 gram is priced at Rs 680 and Rs 85.

Looking ahead, Kalantri added, Gold has support at $2600-2582 while resistance is at $2634-2651. Silver has support at $30.92-30.76 while resistance is at 31.30-31.44. In INR terms, gold has support at Rs 73,850-73,640, while resistance is at Rs 74,240-74,420. Silver has support at Rs89,450-88,750, while resistance is at Rs90,750-91,480.