Gold Rates Today; 24K/100 Grams For Rs. 7,21,600 After Cooling In Inflation, Steady Rates By Fed

Gold prices in Bangalore today saw no change after a sharp surge this week. The price of gold in India is getting affected by the economic projections that were released yesterday by India and the Fed. The inflation data came in positive for both India and the US, showing a cooling down of the economy.

The retail inflation in India eased to a 12-month low of 4.75% in May on an annual basis, which is low from 4.83% in the month of April, according to the data released by the government yesterday. The retail inflation has maintained its position within the RBI target range 2-6% since September, 2023. CPI number based on Year on Year inflation is 4.75% (provisional) for May, 2024. Inflation rates for rural and urban areas stand at 5.28% and 4.15%, respectively.as per the data released by Ministry of Statistics and Programme Implementation.

Gold Prices In Bangalore: The gold rate for 24K 100 grams is Rs.7,21,600. The price for 10 grams is Rs.72,160. Similarly, the gold price for 8 grams is Rs.57,728. The price for 1 gram is Rs.7,216. The price for 24K has remained the same since yesterday.

The gold rate for 22K 100 grams is Rs.6,61,500. The price for 10 grams isRs.66,150. Similarly, the gold price for 8 grams is Rs.52,920. The price for 1 gram is Rs.6,615. The price for 22K has remained the same since yesterday.

The gold rate for 18K 100 grams is Rs.5,41,230, which has increased by Rs.30. The price for 10 grams is Rs.54,123. Similarly, the gold price for 8 grams is Rs.43,298.4, which has increased by Rs.2.40. The price for 1 gram is Rs.5,412.3, which has increased by Rs.0.3

For May 2024, the yearly inflation rate in the US eased to 3.3%, down from April's 3.4% and below the predicted 3.4%. The Consumer Price Index (CPI) remained unchanged compared to the previous month, contrary to the expected 0.1% uptick, as lower gasoline prices were balanced out by higher shelter costs.

Meanwhile, core inflation slowed to 3.4% annually, below the consensus of 3.5%, with the monthly core inflation rate decreasing to 0.2% from 0.3%-also surpassing expectations of 0.3%. The annual core consumer price inflation rate in the United States, excluding volatile items such as food and energy, softened to 3.4% in May 2024, sliding from 3.6% in the previous month and falling short of market forecasts of 3.5%.

If inflation remains low, the Federal Reserve might think about lowering its interest rate later this year. The Federal Reserve is watching economic data, especially inflation reports, to make sure consumer prices are on track to 2% annually before deciding to cut interest rates. Since July, the central bank has kept its main fed funds rate at a 23 year high, trying to slow down the economy and control inflation.

Gold prices went up by 1% on Wednesday after a US consumer inflation report showed lower-than-expected numbers. Right now, spot gold is trading at about $2,300 per ounce, after hitting a record high of $2,449.89 on May 20. This marks an increase of over 11% since the beginning of the year. Currently, spot gold is trading at $2,309.6, a decline of 0.64%.

Gold prices in Bangalore today saw no price change amidst the economic data released by India and the US last night.