Gold Rates In Bangalore Today, Yellow Metal Slips By Rs.20,800 For 24K, Biggest Fall In 60 Days

Gold prices in Bangalore saw a huge dip today. The price of yellow metal declined by almost Rs.20,000 for 24K gold. Yesterday, the RBI MPC meeting outcomes were disclosed and RBI governor Shaktikanta Das stated that the repo rate will be held unchanged at 6.5% only. Along with that the US non farm payroll was released on friday by the Bureau of Labor Statistics which showed that, In May, the labor market saw a strong increase, with 272,000 nonfarm payroll jobs added, surpassing economists' expectations of 180,000 additions.

Gold prices in Bangalore: 24K gold declined by Rs.20,800 for 100 grams reaching Rs.7,16,700 from Rs.7,37,500 on previous day. 10 grams went down by Rs.2,080, reaching Rs.71,670 compared to Rs.73,750 yesterday. While 8 grams decreased by Rs.1,664 reaching Rs.57,336 in contrast to RS.59,000 yesterday. Lastly, 1 gram gold declined by Rs.208 reaching 7,167 from Rs.7,375 the previous day.

The 22K gold declined by the same rate. 100 grams went down by Rs.19,000 thus reaching Rs.6,57,000 against Rs.6,76,000. Similarly, 10 grams decreased by Rs.1,900 touching the mark of Rs.65,700 in contrast to Rs.67,600 the previous day. The 8 grams of gold declined by Rs.1,520 reaching Rs.52,560 compared to previous day's closing of Rs. 54,080. Lastly, 1 gram of gold went down by Rs.190 to Rs.6,570 against Rs.6,760 the last day.

In the case of 18K, 100 grams went down by Rs.15,500 reaching Rs.5,37,600 compared to Rs.5,53,100 the previous day. Whereas, 10 grams of gold decreased by Rs.1,550 reaching Rs.53,760 in contrast to Rs.55,310 the previous day. 8 grams of gold went down by Rs.1,240 reaching Rs.43,008 against Rs.44,248 the previous day. Lastly, 1 gram of gold declined by Rs.155 reaching Rs. 5,376 against Rs.5,531 in the previous day's closing.

RBI Governor Shaktikanta Das announced that the inflation projection for FY25 remains steady at 4.5%. He stated the likelihood of some softening in inflation during Q2 FY25 is likely, but cautioned about the spillover risks in the latter half of the fiscal year.

Following the release of US Nonfarm Payrolls (NFP) data, Gold (XAU/USD) retreated to the $2,310s range on Friday. The spot gold is currently trading at $2,292.6, a decline of 3.51%.

Similarly, the spot silver fell to $29.13, a decrease of 6.84%. The price of silver is also witnessing fluctuations as the data was released yesterday. The silver price in Bangalore for 1 Kg is Rs.91,500, decline of Rs.4,500.

Investors are now looking forward towards the Fed's meeting that will decide if the rate will be cut or not. Earlier, ECB and Bank of Canada had cut rates followed by India's decision to keep it unchanged for the 8th consecutive time.

According to the CME's FedWatch tool, traders are currently assessing a 56% chance of a rate cut in September. Investors will closely monitor upcoming U.S. inflation data and the Federal Reserve's two-day policy meeting that will be concluded on June 12.

Gold rates in Bangalore today saw a huge dip amidst market fluctuations. The price of safe haven fell sharply a day after the RBI's decision and US NFP data. Yellow metal is always affected by the various macroeconomic factors both at domestic and at the international level.