Gold prices in Bangalore witnessed a sharp jump on July 12 with 24K of 100 grams rising by Rs 3,300 in a single-day. This will be the second consecutive day where yellow metal prices have gone up. In 2 days, 24K/100 yellow metal price surged by a whopping Rs 5,500. On the other hand, silver which have been outperforming gold since the start of FY25, witnessed no change in prices.
Gold Prices In Bangalore On July 12, 2024:
24K gold price in 100 grams surged by Rs 3,300 on July 12, to Rs 7,37,500. While 10 grams of 24K is available at Rs 73,750, up by Rs 330 today. 24K/10 grams price is just Rs 250 away from hitting Rs 74,000 mark. Meanwhile, 1 gram of gold is at Rs 7,375, up by Rs 33, 8 grams is priced at Rs 59,000 higher by Rs 264 over the previous day.
Further, 22K gold price jumped by Rs 3,000 in 100 grams to Rs 6,76,000, while that of 10 grams is at Rs 67,600, higher by Rs 300 today. Also, 8 grams gold is up by Rs 264 to Rs 54,080 to, and lastly 1 gram of gold is at Rs 6,760 up by Rs 30.
Meanwhile, 18K gold price is at Rs 5,53,100, higher by Rs 2,500 on July 12, followed by 10 grams price at Rs 55,310 which was up by Rs 250. Also, 8 grams gold is up by Rs 200 to Rs 44,248, while 1 gram is at Rs 5,531 up by Rs 25.
Gold Prices This Week:
In the start two days of the current week, namely July 8 and July 9th, 24K/100 gram gold witnessed a sharp decline to the tune of Rs 6,000 cumulatively. While prices remained unchanged on July 10th, before gold started to record upsurge by Rs 2,200 on July 11 and Rs 3,300 on July 12.
The 10-day average gold rate is at Rs 7,324 in 1 gram of 24K, while for 22K, the average is Rs 6,714.
Silver Prices In Bangalore On July 12:
Unlike gold, prices of silver were unchanged on Friday. 1Kg of this precious metal continues to be at Rs 95,500, while 100 grams silver is at Rs 9,550 and that of 1 gram silver is at Rs 955.
This comes after when spot gold crossed $2,400 per ounce, which got a boost from surprise decline in the latest U.S. consumer prices data, which heightens the expectations of a rate cut from US Fed in September.
Tai Wong, a New York-based independent metals trader told Reuters that old surges above $2,400 as the friendly CPI number nearly cements a September rate cut. Gold bulls are likely to push for a new all-time high perhaps as soon as next week.
Now, the probability of a rate cut in September has surged to 85%, compared to 70% chance which was expected before the US inflation data. A rate cut is likely to make non-yielding assets like gold attractive.
There are various types of gold, including physical gold, ETFs and gold bonds that you can invest in. Also, it is important to track live gold prices in Bangalore, if you are buying large quantities of gold.
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