Gold Prices Falls Again In Bangalore: 24K/100 Grms Dips By Rs 13,100 In 2 Days; Cheapest Gold, Silver To Buy?

Gold prices in Bangalore city fell for the second day in a row on August 7th, with 24K/100 grams steeply correcting by Rs 13,100. On Wednesday, 10 grams in 18K erased its Rs 52,000 mark, while the cheapest gold is below Rs 5,200. Similarly, 1 kg of silver dipped sharply by Rs 6,500 in a single day.

The yellow metal lost its shine as the US dollar and treasury yield recovered losses and were in gains. However, the decline in gold and silver is limited due to support from an escalation in the dynamics of geopolitical in the Middle East.

In Silicon City, while gold has fallen by two days in a row, silver has tumbled further for three consecutive days.

In two days, 24K/100 grams of gold has nosedived by a whopping Rs 13,100.

Gold Price In Bangalore On August 7:

24K Gold Prices: 100 grams gold dipped by Rs 4,400 to Rs 6,92,700, while 10 grams gold slipped by Rs 440 to Rs 69,270, 8 grams shed Rs 352 to Rs 55,416, and 1 gram is down by Rs 44 to Rs 6,927.

On the previous day, 24K/100 grams of gold dropped by Rs 8,700.

22K Gold Prices: Here, 100 grams of gold declined by Rs 4,000 to Rs 6,35,000, while 10 grams plunged by Rs 400 to Rs 63,500. Further, 8 grams is down by Rs 320 to Rs 50,800, and lastly, 1 gram is down by Rs 6,350.

18K Gold Prices: In the lowest carat, 100 grams of yellow metal tumbled by Rs 3,200 to Rs 5,19,600, and that of 10 grams is down by Rs 320 to Rs 51,960. Also, 8 grams is down by Rs 256 to Rs 41,568. Lastly, 1 gram of 18K which is the cheapest gold to buy currently, is at Rs 32 down by Rs 32.

Silver Prices In Bangalore On August 7:

1 kg of silver has nosedived by Rs 6,500 to Rs 81,000 on August 7, compared to Rs 87,500 on the previous day. Also, 100 grams dipped by Rs 650 to Rs 8,100, and that of 10 grams is lower by Rs 65 to Rs 810. Additionally, 8 grams is down by Rs 52 to Rs 648, and 1 gram is down by Rs 6.50 to Rs 81.

1 gram of silver is the cheapest to buy in this precious metal.

Why are Gold, and Silver Prices Falling?

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "Comex Gold (December) futures edged lower yesterday due to a recovery in the dollar and U.S. Treasury yields. However, the decline was limited by expectations of multiple rate cuts and safe-haven demand from heightened tensions in the Middle East."

Further, Chainwala added that San Francisco Federal Reserve President Mary Daly indicated that she expects interest rates to be cut later this year, although she did not provide a specific timetable or details on the extent of any potential easing. Today, gold prices hold declines and are likely to trade within a range as ongoing stability in global markets counters expectations of an inter-meeting interest rate cut by the Federal Reserve.