Gold Prices At New High In Bangalore; 24K/100 Grams Up Rs 14,800 In 2 Days; 10 Grams Rs 70 Away From Rs 76K

Gold prices in Bangalore continued to shine for the second in a row, with 24K/100 grams surging by Rs 14,800 in two days. On September 21, gold prices made their biggest jump in seven days, with 100 grams of 24K yellow metal up by Rs 14,800. While 10 grams of the same carat is just Rs 70 away from hitting the Rs 76,000 mark. While 10 grams of 22K is away from Rs 400 to touch the Rs 70,000 mark, and 18K is merely Rs 50 away from the Rs 57,000 zone. That being said, gold prices are now at a new all-time high in the city, and all over India.

Meanwhile, silver prices were broadly unchanged with 1 kg of this precious metal at Rs 85,000. The cheapest silver is at Rs 85.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold traded very positively, reaching an all-time high in Comex above $2,610, driven by strong liquidity inflows from the US Fed following a significant rate cut-the first since March 2020."

Trivedi added, "The broad trend remains strongly positive, with the Fed signalling a data-driven approach, which supports the "buy on dips" strategy in the market. In MCX, support for gold is seen around ₹73,000-₹73,250, while resistance is at ₹74,250-₹74,500. The outlook for gold continues to favor upward momentum, with further rate cuts likely boosting prices."

Gold Prices In Bangalore On September 21:

24K/100 grams gold jumped by Rs 8,200 on Saturday, September 21, to Rs 7,59,300 in 100 grams. While 10 grams of gold touched a fresh record high of Rs 75,930 up by Rs 820. Also, 8 grams and 1 gram of gold are up by Rs 82 and Rs 656 to Rs 60,744 and Rs 7,593 respectively.

Meanwhile, 22K gold prices in Bangalore soared by Rs 7,500 to hit a new high of Rs 6,96,000 in 100 grams, further, the prices are up by Rs 750 in 10 grams taking it to a new record of Rs 69,600. Additionally, also at a new high, 8 grams of gold is up by Rs 600 to Rs 55,680, and 1 gram of gold is up by Rs 75 to Rs 6,960.

Moreover, 18K gold prices skyrocketed by Rs 6,200 in 100 grams to a new high of Rs 5,69,500, followed by Rs 620 upside in 10 grams to Rs 56,950. Also, 8 grams yellow metal climbed by Rs 496 to Rs 45,560, and 1 gram is up by Rs 65 to Rs 5,695.

Gold Prices In Bangalore In 10 Days:

Before rising by Rs 8,200 in 24/100 grams on Saturday, gold was up by Rs 6,600 on September 20, taking the total upside to a whopping Rs 14,800.

On the previous day's performance, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, that Comex gold prices surged to a fresh all-time high of $2,614.60, driven by the Federal Reserve's aggressive 50 bps rate cut. Fed Chair Jerome Powell emphasized the importance of maintaining labor market strength while adjusting monetary policy. Initially, prices retreated to $2,575 per ounce as Powell warned against expectations of continued aggressive rate cuts. However, gold rebounded as the dollar weakened from 101.47 to 100.5, coupled with increased safe-haven buying due to escalating geopolitical tensions in the Middle East, particularly following attacks on Hezbollah members in Lebanon.

This comes after gold prices fell by Rs 2,800 in 24K/100 grams on September 19, followed by decline of Rs 1,600 on September 18, and downside of Rs 1,600 on September 17.

Gold was up by Rs 1,600 on September 16, after prices were muted on September 15. Notably, gold was up by Rs 4,400 on September 14, and its biggest single-day surge of September month was Rs 13,000 on September 13. This was after gold was down by Rs 1,000 on September 12 in 24K/100 grams.

Silver Prices In Bangalore On September 21:

The prices of silver were unchanged for the second time in a row. 1 kg of this precious metal is at Rs 85,000, followed by 100 grams and 10 grams of silver at Rs 8,500 and Rs 850. Also, 8 grams and 1 gram of silver are at Rs 680 and Rs 85 respectively.