Sharp Rise In Gold Rate in Bangalore, Chennai, Hyderabad After Back-to-Back Drops; Check 24K, 22K, 18K Price

The month of July is seemingly positive for the bullion market, with gold rates rising by around Rs 16,300 per 100 grams of 24-karat gold. This comes after a weak end to June, during which gold prices had dropped for six consecutive sessions, falling by more than Rs. 3,000 per 10 grams.

The current rebound in gold prices today is mainly because of global market anticipation around the US Federal Reserve's stance on interest rates. The next Fed meeting is scheduled for July 29 to 30, and any shift in interest rate policy could majorly impact both domestic gold prices and global bullion rates.

Gold Rates and Silver Rates in Major Indian Cities on July 2nd

Bangalore

GOLD: A sharp rise of Rs. 450 per 10 grams was seen in the 22-carat gold rate in Bangalore today, which stood at Rs. 90,650. Meanwhile, the 24-carat gold price in Bangalore costs Rs 98,890 per 10 grams after rising Rs 98,890. Meanwhile, the 18-carat gold is currently retailing at Rs 74,170, which rose by Rs 370.

SILVER: Bangalore silver rates today are steady post a rise of Rs. 2300 per kg, which was seen yesterday. 1 kg of silver rate in Bangalore is Rs. 1,10,000, while 100 grams of silver cost Rs. 11,000.

Chennai

GOLD: The 24-carat gold rate today dropped by Rs. 160 to cost Rs. 97,260 per 10 grams. Similarly, the 22-carat gold price in Chennai fell by Rs 150, and it currently stands at Rs 89,150 per 10 grams, while on the other hand, the 18-carat gold rate is priced at Rs 72,940, which also dipped by Rs 130 per 10 grams.

SILVER: On June 30, the silver price in Chennai experienced the 5th consecutive decline and currently stands at Rs. 1,17,700 per kg after slipping by Rs. 100. Just like that, the 100 grams cost Rs 11,700.

Hyderabad

Gold: In Hyderabad, the 24-carat gold price today fell by Rs 160, bringing the rate down to Rs 97,260 per 10 grams. The 22-carat gold rate also declined by Rs. 150, now standing at Rs. 89,150 per 10 grams. Meanwhile, the 18-carat gold price in Hyderabad dropped by Rs 130 and is currently priced at Rs 72,940 per 10 grams.

Silver: Continuing its downfall, the silver price in Hyderabad slipped by Rs. 100 on June 30, now standing at Rs. 1,20,00 per kg. Accordingly, 100 grams of silver costs Rs 12,000.

Chennai

Gold: Gold prices in Chennai saw a rise, with 22-carat gold climbing to Rs. 90,650 per 10 grams, marking a Rs. 450 rise. The 24-carat gold rate in Chennai also surged, now standing at Rs. 98,890 for 10 grams. In parallel, 18-carat gold moved up by Rs. 370, currently priced at Rs. 74,170.

Silver: On the silver front, Chennai silver rates today remained steady, so 1 kg of silver costs Rs 120,000, while 100 grams is available at Rs 12,000.

Hyderabad

Gold: In Hyderabad the 22-carat gold rate touched Rs. 90,650 per 10 grams following a Rs. 450 increase. The 24-carat gold price in Hyderabad also went up, reaching Rs. 98,890. 18-carat gold, too, saw a Rs. 370 rise, now retailing at Rs. 74,170.

Silver: Hyderabad's silver prices also remained unchanged today, just like Bangalore and Chennai. The current silver rate in Hyderabad is Rs. 1,20,000 per kg and Rs. 12,000 for 100 grams.

Gold Target Price Ahead

"Gold prices are expected to pull back. One can buy at Rs. 96,700 with a stop loss of Rs. 96,400 for the target at Rs. 97,100-Rs. 97,500. One can also sell from 97800 with a stop loss of Rs. 98100," per the Nirmal Bang Securities report dated June 30.
The report further mentioned, "Spot Gold is expected to slip back towards the USD 3300 level amid recovery in the dollar and rise in U.S. treasury yields. Yields are moving up on hawkish statements from Fed officials. Additionally, the US Fed is likely to wait for the impact of tariffs to show up in inflation data over the coming months before taking any bold decision on policy. Further, investors will remain cautious ahead of a slew of economic data from the U.S. to gauge the economic health of the country and get cues on interest rate trajectory."

MCX Gold and Silver Futures Update

Gold future prices in the MCX with an August 5th expiry today slipped in red, 0.14% lower at Rs. 97,110 per 10 grams at the time of writing. Similarly, silver future prices, which are set to expire on July 4, are now down 0.38% at Rs 1,05,549 per kilogram.
"MCX Gold Aug is expected to slip towards the Rs. 96,500 level as long as it stays below the Rs. 97,700 level. Meanwhile, MCX Silver Sep is expected to slip towards the Rs. 1,05,000 level as long as it trades below the Rs. 107,600 level." According to an ICICI Securities report.

Spot Gold Prices + Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold was little changed at USD 3,341.70 per ounce, as of 0408 GMT, while U.S. gold futures were steady at USD 3,351.40. Spot silver edged down 0.2% to USD 35.99 per ounce."