Gold Prices In Bangalore Most Expensive On May 18: 24K Yellow Metal Jumps Rs 8,700; 22K-18K Up Rs 6,500-8,000

Gold prices in Bangalore are most expensive on May 18 owing to early rate cut hopes on the back of softer inflation and the dollar slipping to 1-month lows. The 24K jumped by as high as Rs 8,700 in a single day, while 22K climbed by Rs 8,000 and 18K was up by Rs 6,500. International gold prices also surged, however, silver has been outperforming bullion.

Gold Prices In Bangalore, May 18, 2024:

24K gold prices in Bangalore surged by Rs 87 to Rs 8,700. The highest 24K of 100 grams is up by Rs 8,700 to Rs 7,46,200, while 10 grams surged by Rs 870 to Rs 74,620, 8 grams soared by Rs 696 to Rs 59,696, and 1 gram is up by Rs 87 to Rs 7,462 compared to the previous day.

22K: Further, 100 grams of 22K shot up by Rs 8,000 to Rs 6,84,000, and that of 10 grams price climbed by Rs 800 to Rs 68,400. Also, 8 grams is higher by Rs 640 to Rs 54,720, and 1 gram is up by Rs 80 to Rs 6,840 compared to the previous session.

Lastly, the 18K gold soared by Rs 6,500 in a single day to Rs 5,59,600 in 100 grams, while 10 grams jumped by Rs 650 to Rs 55,960, 8 grams witnessed an upside of Rs 520 to Rs 44,768, and lastly, 1 gram gold inched up by Rs 65 to Rs 5,596 compared to the previous day.

In May month so far, gold prices have surged by 4.4% each in 22K and 24K. This is nearing the upside of 4.64% each in April, However, the highest surge in gold prices of 22K and 24K was seen in March month to the tune of 8.4% each.

But the gold prices are most expensive on May 18, 2024, as all carats namely 22K, 24K and 18K are at all-time highs.

Talking about gold prices, Navneet Damani, Senior VP - of Commodity Research at Motilal Oswal Financial Services said, "Gold prices inched higher hovering near $2400 while, silver marked an all-time high on domestic front, amidst soft inflation data pulled the dollar to one-month lows and pushed up expectations of interest rate cuts. Since the start of this month, weak economic data points like the US jobs market, inflation retail sales and a few housing numbers."

He explained that US CPI and Core CPI both were reported lower than the previous month by 0.1% and 0.2% respectively. In the previous session, weekly jobless claims were reported better than expectations, similarly, housing starts and building permits showed signs of weakness, supporting billions.

Also, the CME Fed-watch tool showed traders pricing in a greater chance of a 25 bps cut in September, at nearly 54%. Still, a slew of Fed officials warned over the past week that the central bank needed more confidence that inflation was going down. A sharp rally in industrial metals also has supported an up-move in silver prices, he added.

Lastly, the analyst said, "Broader trend on COMEX could be in the range of $2360- 2410 and on domestic front prices could hover in the range of Rs 72,450-73,300."

The rate cut by central banks is likely to make non-yielding assets like gold attractive in the overseas market against the US dollar. The greenback gets a push during the rate hike cycle.

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