Gold Price In Bangalore: Yellow Metal Shines On Fed Rate Cut Bets, Latest 24K, 18K, 22K Gold Prices On July 29

Gold prices in Bangalore extended their upside so much so that 24K of 10 grams is nearing the Rs 70,000 mark. On July 29, the highest surge is Rs 1,600 in 24K/100 grams, while the cheapest gold to buy is Rs 5,188. On the other hand, silver price slipped in 1Kg by Rs 250 to Rs 84,000. The reason why yellow metal is shining after a sharp correction is because of US Federal Reserve rate cut hopes.

Gold Prices In Bangalore:

24K gold price in Bangalore surged by Rs 1,600 to Rs 6,91,600 in 100 grams, while 10 grams is at Rs 69,160 up by Rs 160. Also, 8 grams and 1 gram of gold are up by Rs 128 and Rs 16 to Rs 55,328 and Rs 6,916 respectively.

Further, the 22K gold price in 10 grams is up by Rs 1,500 to Rs 6,34,000. Additionally, the 10-gram price is up by Rs 150 to Rs 63,400, and the 8-gram is up by Rs 120 to Rs 50,720. Also, 1 gram of gold is Rs 15 to Rs 6,340.

Meanwhile, 100 grams is at Rs 5,18,800, increasing by Rs 1,300 on July 29. Moreover, 10 grams is up by Rs 130 to Rs 51,880, and 8 grams by Rs 104 to Rs 41,504. Lastly, 1 gram is at Rs 5,188, up by Rs 13.

Rahul Kalantri, VP of Commodities, Mehta Equities said, "Gold and silver prices exhibited significant volatility on Friday, recovering from one-month and three-month lows, respectively. Earlier in the week, prices for these metals fell due to customs duty cuts announced by the Indian Government in the Union Budget, coupled with concerns over Chinese demand. Also, better-than-expected U.S. second-quarter GDP and jobless claims data exerted downward pressure on gold and silver prices."

However, he also added hopes of a U.S. Federal Reserve rate cut and short covering provided support at lower levels.

Also, Kalantri said, "The dollar index also declined from its highs ahead of the Fed policy meetings, which further supported gold and silver prices. Moreover, U.S. inflation expectations came in at 2.9%, in line with forecasts, potentially providing additional support for precious metals."

Gold Price In 10 Days:

Gold prices surged in Bangalore on July 27, for the first time since July 18, after this precious metal hit its new all-time high on July 17. From July 18 to July 26, 24K/100 grams fell by a breathtaking Rs 62,700, while 10 grams in the same carat dipped by Rs 6,270 in this period.

Silver Prices In Bangalore On July 29:

1Kg silver is down by Rs 250 to Rs 84,000. Also, 100 grams is down by Rs 25 to Rs 8,400, while 10 grams of silver is lower by Rs 2.50 to Rs 840. Additionally, 8 grams and 1 gram are lower by Rs 2 and Rs 0.25 respectively to Rs 672 and Rs 84.

Going ahead, Kalantri said, "Gold has support at $2378-2362 and resistance at $2412-2428. Silver has support at $27.78-27.55 and resistance at $28.25-28.48. In INR terms, gold has support at Rs 67,980-67,750 and resistance at Rs 68,380-68,550, while silver has support at Rs 80,850-80,180 and resistance at Rs 81,890-82,500."