Gold Prices Bangalore, June 20: Yellow Metal Gets Costlier, Check Latest Prices After Jump

Gold rates in Bangalore saw a surge in price after witnessing a downward trend from the past few days. The yellow metal was witnessing a downward trend in the market as the investors are awaiting the announcement by the Fed for rate cuts after the strong inflation report indicates cooling down in the economy. Moreover, according to a report by the World Gold Council, the central banks world wide might increase the reserve for gold. The gold price in Bangalore for 22k/100 grams is trading at Rs. 6,64,000 which has increased by Rs.2,000. Similarly the price of gold for 24K/100 grams is at Rs.7,24,400 which has surged by Rs.2,200.

Gold prices in Bangalore: 24K gold surged by Rs.2,200 for 100 grams reaching Rs.7,24,400 from Rs.7,22,200 on previous day. 10 grams went up by Rs.220, reaching Rs.72,440 compared to Rs.72,220 yesterday. While 8 grams increased by Rs.176 reaching Rs.57,952 in contrast to RS.57,776 yesterday. Lastly, 1 gram gold climbed by Rs.22 reaching 7,244 from Rs.7,222 the previous day.

The 22K gold increased at the same rate. 100 grams went up by Rs.2,000 thus reaching Rs.6,64,000 against Rs.6,62,000. Similarly, 10 grams surged by Rs.200 touching the mark of Rs.66,400 in contrast to Rs.66,200 the previous day. The 8 grams of gold boosted by Rs.160 reaching Rs.53,120 compared to previous day's closing of Rs. 52,960. Lastly, 1 gram of gold went up by Rs.20 to Rs.6,640 against Rs.6,620 the last day.

In the case of 18K, 100 grams increased by Rs. 1,700 reaching Rs.5,43,300 compared to Rs.5,41,600 the previous day. Whereas, 10 grams of gold climbed by Rs.170 reaching Rs.54,330 in contrast to Rs.54,160 the previous day. 8 grams of gold went up by Rs.136 reaching Rs.43,464 against Rs.43,328 the previous day. Lastly, 1 gram of gold surged by Rs.17 reaching Rs. 5,433 against Rs.5,416 in the previous day's closing.

According to the World Gold Council's recent "Central Banks Gold Reserves" survey, almost 30 percent of the world's central banks intend to increase their gold reserves this year. The WGC gathered data from a record of 70 central banks from both emerging markets and advanced economies worldwide.

The survey also mentioned that, "While emerging market and developing economy central banks exhibit stronger optimism about gold's future share of global reserves (and corresponding stronger pessimism about the dollar's future share), there is a notable shift in advanced economy central banks towards the same perspective.

Federal Reserve officials kept interest rates at the same position in their June decision and forecasted a single cut in borrowing costs before the end of 2024. Central bankers swiftly raised interest rates from early 2022 to July 2023, raising them to a more than two-decade high of 5.3 percent.