Gold Prices At New Record High In Bangalore, Sept 14, Silver Up Rs 6,000; 24K, 22K, 18K Prices Here, BUY Time?

Gold prices in Bangalore witnessed a massive jump on Saturday, 14 September 2024, extending their fresh record high levels, especially during a holiday on the occasion of the Onam festival. Prices of 24K, 18K, and 22K yellow metal jumped by a whopping Rs 3,300 to Rs 4,400 in a single day. Meanwhile, prices of silver surpassed in terms of surge. 1Kg silver price skyrocketed by Rs 6,000 in just 1 day. The precious metals are shining ahead of the US Federal Reserve's monetary policy where a rate cut of 25 bps is most likely on the cards.

Gold Prices In Bangalore, 14 September:

24K gold price in Bangalore witnessed the highest jump on Saturday in 100 grams by Rs 4,400 to Rs 7,48,900, while prices of 10 grams were up by Rs 440 to Rs 74,890. While 8 grams and 1 gram of gold is up by Rs 352 and Rs 44 to Rs 59,912 and Rs 7,489.

Meanwhile, 22K gold prices in Bangalore climbed by Rs 4,000 to Rs 6,86,500 in 100 grams, while the prices surged by Rs 400 to Rs 68,650 in 10 grams, up by Rs 320 to Rs 54,920 in 8 grams, and higher by Rs 40 to Rs 6,865.

Further, gold prices in 18K also skyrocketed to clock yet another fresh lifetime high, soaring by Rs 3,300 to Rs 5,61,700 in 100 grams, up by Rs 330 to Rs 56,170 in 10 grams, higher by Rs 264 in 8 grams to Rs 44,936, and up by Rs 33 to Rs 5,617 in 1 gram.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said that gold prices surged by over ₹1,650, jumping from ₹71,450 to ₹73,100 this week. The rally was primarily driven by expectations of an interest rate cut from the 18th September 2024 meeting, which would signal the end of more than two years of rising rates, dating back to March 2022. Support for gold is seen near ₹71,000-₹70,500, while resistance is projected at ₹74,500-₹75,000."

Gold Prices In Other Cities On 14 September:

Gold prices in Bangalore are somewhat similar to yellow metal prices sold in cities like Chennai, Mumbai, Kolkata, and Pune among others. While prices in Bangalore are lower from gold prices in Delhi and Ahmedabad.

Strategy For Buying Gold:

Trivedi added, a "buy on dip" strategy remains favourable, as long as the Federal Reserve continues to project rate cuts and maintains a dovish stance on future interest rate reductions."

Looking ahead, Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "As per CME FedWatch Tool there are now 43% chance of a 50-bps up from 14% a day ago. Geopolitical tensions, particularly in Ukraine, the Middle East, and US-China relations, alongside central bank gold purchases, are expected to sustain gold's safe-haven demand in the near term. For today, investors will be watching the University of Michigan's Consumer Sentiment and inflation expectations for additional insights into the US economy and its potential impact on the Fed's decision."

Silver Prices In Bangalore On 14 September:

1 Kg silver prices recorded a big jump from Rs 6,000 to Rs 90,000. Further, the 100-gram price of silver surged by Rs 600 to Rs 9,000, followed by gains of Rs 60 in 10 grams price to Rs 900.

Also, 8 grams of silver is up by Rs 48 to Rs 720, and the cheapest silver which is of 1 gram is at Rs 90 up by Rs 6.