Gold Prices At All-Time High In Bangalore On September 13: Biggest Jump In 24K/100 Grams By Rs 13,000 In 1-Day

Gold prices in Bangalore made the biggest jump in a single-day on September 13 for the month, as investors brace for a rate cut from US Federal Reserve in the upcoming monetary policy next week. The 24K gold price in 100 grams surged the most by Rs 13,000, while 22K and 18K gold prices zoomed by Rs 9,800 to Rs 12,000. That being said, gold prices in India are at new all-time high, including the silicon valley city. After ECB's 25 bps rate cut in the latest policy, investors are expecting the same from Fed.

Gold prices in major cities of India also surged due to international prices like spot gold and US gold futures hitting new lifetime high.

Gold Prices In Bangalore September 13:

24K gold prices: 100 grams gold price jumped by Rs 13,000 to Rs 7,44,500. Meanwhile, 10 grams yellow metal jumped by Rs 1,200 in a single-day to Rs 68,250, followed by Rs 960 surge in 8 grams to Rs 54,600. Also, 1 gram price is up by Rs 120 to Rs 6,825.

Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold and silver posted solid gains after U.S. economic data reinforced expectations that the Federal Reserve may lower interest rates next week. Gold prices surged to new highs, exceeding $2,550, while silver reached three-week highs, following significant rate cuts by the ECB and a weakening dollar index. The ECB reduced its deposit rate by 25 basis points to 3.50%, providing a boost to commodity markets. U.S. inflation, as measured by the CPI, aligned with expectations, while jobless claims rose to 230,000 from 227,000 the previous week."

Kalantri added, this data suggests the Fed may implement larger rate cuts in future policy meetings, which could further support gold and silver prices. Gold currently has support at $2,530-$2,510, with resistance at $2,572-$2,585. Silver has support at $29.65-$29.40 and resistance at $30.20-$30.50. In INR terms, gold is supported at ₹72,610-₹72,450, with resistance at ₹72,990-₹73,250. Silver has support at ₹86,370-₹85,750, while resistance is at ₹87,850-₹88,550.