June 24: Gold Prices In Bangalore; Gold Rate Falls By Rs 1,500 In 24K/100 Grams; 10 Grams Silver Dips By Re 1

Gold, Silver Prices In Bangalore: Yellow metal in the silicon city dropped sharply with 24K of 100 grams plunging by Rs 1,500. Silver prices fell too. Gold prices globally dipped tracking international prices which pulled back from their 2-week gaining spree.

Globally, the demand for gold dulled after the stronger-than-expected US Purchasing Managers Index (PMI) to 54.6 in June, lifting dollar and bond yields and making non-yielding assets less attractive. This week, the focus will be on US Gross Domestic Product (GDP) and Core Personal Consumption Expenditures (PCE) Price Index data. These economic data will help gauge the upcoming rate cut scenarios from the Fed.

Gold Prices In Bangalore:

24K Gold Prices In Bangalore: 100 grams of yellow metal dipped by Rs 1,500 to Rs 7,22,300, while 10 grams slipped by Rs 150 to Rs 72,230 on June 24. The cheapest gold to buy is Rs 7,223, and that of 8 grams stood at Rs 57,784.

22K Gold Prices: The steepest decline was in 100 grams from Rs 1,000 to Rs 6,62,500. While 10 grams inched lower by Rs 100 to Rs 66,250.

18K Gold Prices: 100 grams dipped by Rs 800 to Rs 5,42,100. Also, 10 grams is down by Rs 80 to Rs 54,210.

Silver Prices In Bangalore:

100 grams of silver slipped by Rs 100 to Rs 91,150, while 100 grams of the same is down by Rs 10 to Rs 9,115.

10 grams is down by Re 1 to Rs 911.50, and 8 grams is below Rs 0.80 to Rs 729.20. Lastly, 1 gram is down by Rs 0.10 to Rs 91.15.

Rahul Kalantri, VP of Commodities, Mehta Equities Ltd said, "Gold and silver prices experienced significant volatility and dropped from their recent highs last week due to disappointing U.S. housing data and a strengthening dollar index. U.S. existing home sales remained steady at 4.11 million units in May, slightly down from 4.14 million units in the previous month, representing a 2.8% year-over-year decline."

Kalantri added, "The dollar index surged to nearly a two-month high, exerting downward pressure on gold and silver prices. Also, hawkish comments from a U.S. Federal Reserve member regarding interest rate cuts further contributed to the decline in precious metal prices. Despite this, gold prices may find support from continued buying by global central banks, while industrial demand could stabilize silver prices at lower levels."

Looking ahead, Kalantri said, "Gold has support at $2,905-$2,888 and resistance at $2,342-$2,360. Silver has support at $29.18-$28.88 and resistance at $29.68-$29.84. In INR, gold has support at Rs 71,380-70,210 and resistance at Rs 71,810-71,950. Silver has support at Rs 88,340-87,780 and resistance at Rs 89,720-90,500."