Gold Prices Fall In Bangalore: 24K/100 Grams Yellow Metal Drops By Rs 1,100; Cheapest Silver Is At Rs 91

Gold, silver prices in Bengaluru will be in focus, tracking international prices after US retail sales data missed estimates alongside upbeat industrial production data. On June 18, prices of 22K, 24K, and 18K yellow metal dipped by Rs 800 to Rs 1,100, while 1KG of silver prices remained unchanged.

Gold Prices In Bangalore:

22K Gold Prices: 100 grams of gold is at Rs 6,62,000, down by Rs 1,000 from the previous day. While 10 grams is at Rs 66,200, down by Rs 100. 1 gram and 8 grams of gold dipped by Rs 10 and Rs 80 respectively to Rs 6,620 and Rs 52,960 respectively.

24K Gold Prices: Decline in this carat was much steeper. 24K of 100 grams plunged by Rs 1,100 to Rs 7,22,200, 10 grams fell by Rs 110 to Rs 72,220, and 8 grams was down by Rs 88 to Rs 57,776, and lastly 1 gram inched lower by Rs 11 to Rs 7,222.

18K Gold Prices: Unlike 22K and 24K, gold prices fell by Rs 800 to Rs 5,41,600 in 100 grams of 18K, while 10 grams is down by Rs 80 to Rs 54,160, 8 grams slipped by Rs 64 to Rs 43,328, and lastly 1 gram is lower by Rs 8 to Rs 5,416.

Silver Prices In Bangalore:

Prices were unchanged in silver on June 18. 1Kg of silver is at Rs 91,000. Further, 100 grams is at Rs 9,100, and that of 10 grams of silver is at Rs 910. Meanwhile, 8 grams is at Rs 728, and 1 gram of silver is at Rs 91.

1 gram is the cheapest silver to buy in Bangalore.

Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services said, Gold and silver prices continue to trade steady, as on one end, hawkish comments from Fed official are weighing on prices while, on other Geo-political tension is keeping risk premium high. U.S. Treasury yields rose, with the 10-year note coming off its biggest weekly drop of the year in response to inflation data that boosted hopes the Fed would be able to cut rates by at least 25 bps in September. Bets for a rate cut in September has also not changed much as it continues to hover around ~60% rising from 45% a week back, post US CPI data.

Also, Damani added that hiladelphia Fed President Patrick Harker said the central bank would be able to cut rates one time this year should his forecast play out. Similarly, few other fed officials also mentioned that they are okay to keep the rates where they are and look at the data as they are being reported ahead. Economic data showed manufacturing activity in New York improved in June, but remained in contraction territory with a reading of -6 against the expectations of -12.50.

In Damani's view, gold on domestic front is expected to between the range of ₹70,800 -71,800.