Gold Prices In Bangalore; Sharp Jump In 24k, 22K,18K On Akshaya Tritiya

Gold prices in Bangalore saw an upsurge today on Akshaya Tritiya. The price of yellow metal in India was seeing a constant surge since last month but was falling from the past few days. Akshaya Tritiya is considered as an auspicious festival that brings good luck and prosperity. Every year the demand for gold in India is very high on Akshaya Tritiya also called as Akha Teej.

Gold prices in Bangalore: 24K gold is up by Rs.9,300 for 100 grams reaching Rs.7,30,900 from Rs.7,21,600 on previous day. 10 grams went up by Rs.930, reaching Rs.73,090 compared to Rs.72,160 yesterday. While 8 grams increased by Rs.744 reaching Rs.58,4720 in contrast to RS.57,728 yesterday. Lastly, 1 gram gold saw an increase by Rs.93 reaching 7,309 from Rs.7,216 the previous day.

The 22K gold climbed at the same rate. 100 grams went high by Rs.8,500 thus reaching Rs.6,70,000 against Rs.6,61,500. Similarly, 10 grams climbed by Rs.850 touching the mark of Rs.67,000 in contrast to Rs.66,150 the previous day. The 8 grams of gold went up by Rs.680 reaching Rs.53,600 compared to previous day's closing of Rs. 52,920. Lastly, 1 gram of gold declined by Rs.85 to Rs.6,700 against Rs.6,615 the last day.

In the case of 18K, 100 grams is up by Rs. 7,000 reaching Rs.5,48,200 compared to Rs.5,41,200 the previous day. Whereas, 10 grams of gold declined by Rs.700 reaching Rs.54,8200 in contrast to Rs.54,120 the previous day. 8 grams of gold went high by Rs.560 reaching Rs.43,856 against Rs.43,296 the previous day. Lastly, 1 gram of gold increased by Rs.70 reaching Rs. 5,482 against Rs.5,412 in the previous day closing.

Several factors like the geopolitical situation in the Middle east, central banks improving their reserves, anticipation of rate cuts by Fed and the continuous rise in the inflation rate. The sales of gold in India was down by 20% in the month of April but still there was an increase in the consumption of gold in the value terms. Market experts are expecting an increase in the sales of Gold in India today due to Akshaya Tritiya.

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The MCX gold futures expiring on June 5th is currently trading at Rs72,095 indicating an increase of 0.64% since yesterday's closing. The spot gold price is also hovering at $2,351.8 per ounce, an increase of 0.25%. Along with the traditional gold sales, there is an increased traction for digital gold options like Gold ETF.

Gold prices in Bangalore might see a spike due to Akha Teej. The rise in price may not affect the demand in the market. Market experts believe that even though the price of gold in the country is seeing a surge due to the festival and wedding season, in the longer term the price of gold will be affected by multiple domestic and global factors.