Gold Prices Bangalore: 24K/100 Grams Falls Sharpest By Rs 11,500 In 5 Days, 1KG Silver Price Dips Rs 4,600

Gold prices in Bangalore fall sharply in five days, with 24K/100 grams declining to the tune of Rs 11,500. On July 22, the yellow metal is down by Rs 900 to Rs 1,200 across 24K, 18 K, and 22K respectively. The yellow metal has witnessed sharp volatility after hitting a new all-time high earlier last week. Also, silver prices have dipped significantly with 1 kg of this precious metal near the Rs 91,500 level.

The latest trend in gold is due to uncertainty in the US election after current President Joe Biden pulled out of his presidential candidate seat for the 2024 US election, and instead endorsed Kamala Harris to compete against former President Donald Trump.

Gold Prices In Bangalore On July 22:

24K gold price in Bangalore is at Rs 7,38,500 in 100 grams, down by Rs 1,200. While 10 grams is at Rs 73,850, lower by Rs 120, 8 grams at Rs 59,000 below Rs 96, and lastly 1 gram at Rs 7,385 down by Rs 12.

Meanwhile, the 22K gold price in silicon city, is at Rs 6,77,000, declining by Rs 1,000. Moreover, 10 grams edged lower by Rs 100 to Rs 67,700. Further, 8 grams of gold in this carat is down by Rs 80 to Rs 54,160, and lastly, 1 gram is at Rs 6,770 down by Rs 10.

Further, 18K of 100 grams is available at Rs 5,53,900, lower by Rs 900 in a single day. And that of 10 grams is down by Rs 90 to Rs 55,390. Lastly, 8 grams is down by Rs 72 to Rs 44,312 and 1 gram at Rs 5,539 is down by Rs 9.

Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "After a sharp pullback from all-time highs last week, Comex Gold edged higher today as US election uncertainty weighed on dollar and treasury yields. President Joe Biden's decision to end his reelection campaign and endorse Vice President Kamala Harris prompted speculation on whether it would benefit or hinder Donald Trump's chances of returning to the White House."

He added, "Markets are now eagerly anticipating the release of several key economic indicators ahead of the FOMC policy decision next week. As per Bloomberg estimates, the US Q2 GDP is to expand at a faster pace of 1.9% vs 1.4% in Q1, but still significantly lower compared to 3.3% in Q4 2023, while core PCE inflation, Fed's preferred price gauge is expected to hold steady at 0.1% mom in June, with the year-over-year change falling to 2.5% from 2.6% previously."

Gold Prices In 5 Days:

The yellow metal has been falling consistently for 5 days. 24/100 grams price is down by Rs 1,200 on July 22, but was unchanged on July 21. However, the price plunged by Rs 3,800 on July 20, and even recorded its biggest single-day fall of July by Rs 4,900 on the 19th. The same gold was down by Rs 1,600 on July 18.

Together, 24K/100 grams of gold has nosedived by Rs 11,500 in 5 days.

Before this, 24K/100 grams of gold was up by Rs 9,800 on July 17. On this day, gold prices touched an all-time high, with all grams and carats crossing new limits. 10 grams of 24K gold was above Rs 75,000 by the end of July 17, before correction.

Silver Prices In Bangalore On July 22:

Silver prices are down by Rs 100 in 1 kg to Rs 91,550, while 100 grams of silver is down by Rs 10 to Rs 9,155. Also, 10 grams of silver is at Rs 915.50, 8 grams at Rs 732.40, and 1 gram at Rs 91.55.

Silver Prices In 5 Days:

Apart from falling on July 22, the price of 1 kg of silver was unchanged on July 21. While prices were down by Rs 1,750 on July 20, lower by Rs 1,450 on July 19, and down by Rs 1,300.

Cumulatively, the price of 1 kg silver has tumbled by Rs 4,600 across retail stores in Bangalore in 5 days.