Gold Prices Hike In Bangalore; 24K/100 Grams Yellow Metal Jumps By Rs 10,400 In 2 Days; Silver Falls But

Gold prices in Bangalore jumped for the second day in a row. On August 10, 24K/100 grams gold is up by Rs 2,200, following a Rs 8,200 surge in the previous day. In two days, this gold is up by Rs 10,400 after a volatile week. On the contrary, silver prices continued to fall. 1 kg silver is now below Rs 81,000, while the cheapest silver is Rs 80.65.

Yellow metal and silver took comfort from lower-than-expected job claims data that eased recession fear in the United States. Meanwhile, early rate cut hopes from the US Fed, and geopolitical tensions between Israel and Iran along with its proxies continue to linger.

Next, CPI inflation data will set the trend in these precious metals in the coming days.

Gold Price In Bangalore:

24K Gold Prices: In this carat, 100 grams of gold is up by Rs 2,200 to Rs 7,03,100, while 10 grams is up by Rs 220 to Rs 70,310. Further, 8 grams of gold is up by Rs 176 to Rs 56,248, and 1 gram is up by Rs 22 to Rs 7,031.

22K Gold Prices: Here, 100 grams jumped by Rs 2,000 to Rs 6,44,500. Additionally, the benchmark 10 grams of gold surged by Rs 200 to Rs 64,450. Meanwhile, 8 grams and 1 gram of gold rose by Rs 160 and Rs 20 to Rs 51,560 and Rs 6,445 respectively.

18K Gold Prices: Coming to the lowest carat, gold is up by Rs 1,600 in 100 grams to Rs 5,27,300, while the price soared by Rs 160 to Rs 52,730 in 10 grams. And that of 8 grams gold edged higher by Rs 128 to Rs 42,184, and 1 gram is up by Rs 16 to Rs 5,273.

Silver Prices In Bangalore:

Silver prices have continued to fall since August 5, except for no change on August 8 when RBI announced its monetary policy.

On August 10, 1 kg of silver slipped steeply by Rs 7,350 to Rs 80,650. Furthermore, 100 grams is down by Rs 735 to Rs 8,065, and 10 grams dipped by Rs 73.50 to Rs 806.50. Also, 8-gram and 1-gram silver edged lower by Rs 58.80 and Rs 7.35 to Rs 645.20 and Rs 80.65 respectively.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said that the lower-than-expected jobless claims data provided support to global markets, easing fears of a U.S. recession, while tensions in the Middle East continued to linger. Gold traders are advised to closely monitor the upcoming CPI data next week, as it will likely confirm the trajectory of interest rate cuts going forward, setting a clearer tone for the market's direction.