Gold Rates Bangalore: 24K/100 Grams Gold Jumps By Rs 2,700, Silver Up By Rs 6,200 In 3-Days

Gold prices in Bangalore today saw an upsurge. The price of yellow metal is shining in the market after falling for a week straight. Market is facing high volatility ahead of the official growth figures for Q4 which will be released by the government on May 31. Apart from that the ongoing ground invasion in Rafah by the Israeli forces has also increased the tensions in the middle east. Furthermore, the silver rates in Bangalore are also witnessing a rally as they touched record high prices on Wednesday.

Gold prices in Bangalore: 24K gold surged by Rs.2,700 for 100 grams reaching Rs.7,32,000 from Rs.7,29,300 on previous day. 10 grams went up by Rs.270, reaching Rs.73,200 compared to Rs.72,930 yesterday. While 8 grams increased by Rs.216 reaching Rs.58,560 in contrast to RS.58,344 yesterday. Lastly, 1 gram gold climbed by Rs.27 reaching 7,320 from Rs.7,293 the previous day.

The 22K gold increased at the same rate. 100 grams went up by Rs.2,500 thus reaching Rs.6,71,000 against Rs.6,68,500. Similarly, 10 grams surged by Rs.250 touching the mark of Rs.67,100 in contrast to Rs.66,850 the previous day. The 8 grams of gold boosted by Rs.200 reaching Rs.53,680 compared to previous day's closing of Rs. 53,480. Lastly, 1 gram of gold went up by Rs.25 to Rs.6,710 against Rs.6,685 the last day.

In the case of 18K, 100 grams increased by Rs. 2,000 reaching Rs.5,49,000 compared to Rs.5,47,000 the previous day. Whereas, 10 grams of gold climbed by Rs.200 reaching Rs.54,900 in contrast to Rs.54,700 the previous day. 8 grams of gold went up by Rs.160 reaching Rs.43,920 against Rs.43,760 the previous day. Lastly, 1 gram of gold surged by Rs.20 reaching Rs. 5,490 against Rs.5,470 in the previous day's closing.

The government is set to release the GDP growth rate for Q4 FY24. In the last three quarters, India's gross domestic product grew by 8.4% in the October-December period, 8.1% in July-September, and 8.2% in April-June. For the fourth quarter it is expected to grow in the range of 6.1% to 6.7%.

The Reserve Bank of India (RBI) projects India's GDP growth for the fourth quarter (Q4) to be 7.3%. For the entire fiscal year 2023-24 (FY24), the RBI anticipates a growth rate of 7.6%, an increase from 7.3% in FY23. On the other hand, the International Monetary Fund (IMF) forecasts India's economy to have grown by 7.8% in FY24, surpassing the RBI's estimate of 7.6%. Whereas, the World Bank expects India's GDP growth rate in FY24 to be 7.5%, which lies between the IMF's forecast of 7.8% and the RBI's projection of 7.3%.

The periodic research report named SBI Ecowrap highlights optimism driven by several domestic and global factors, including strong global growth, benign inflation, and the strong performance of over 2,400 listed Indian companies.

In Q4 FY24, around 2,400 Indian listed companies saw a top line growth of 9%, while EBITDA surged by around 21%, contrasting sharply with the nearly flat top line in preceding quarters of FY24, says the report. It also points out a decline in PAT to around 12% against 42% in the previous two quarters on a year-on-year basis.

SBI predicts Q4 GDP growth to reach 7.4% and anticipates growth to hit 8% FY24.

According to the report, corporate GVA grew by approximately 18% in Q4 FY24, in contrast to 20% in Q4 FY23 and 26% in Q3 FY24.

For the global economic scenario, the report mentions the slowing inflationary pressures and strong employment conditions are helping raise the optimism despite geopolitical tensions in the middle east and extreme weather events in the world. It cites the IMF's latest World Economic Outlook (WEO) April 2024 update in which the IMF raised the global growth forecast for 2024 to 3.2%,which is up by 10 basis points from its January 2024 update.

Apart from this, the investors are now waiting for PCE data to be released which will give more insights on the timings of the rate cuts by the Fed.

The silver prices today hit a new record high with Chennai crossing the mark of Rs.1,00,000 for the white metal. The price of silver in Bangalore is Rs.95,250 for 1Kg of silver. 100 grams went up by Rs.2,000 to 9,525. Whereas, 10 grams of silver in Bangalore increased by Rs.20 reaching 952.50. 8 grams climbed by Rs.16 reaching Rs.762. Lastly, 1 gram increased by Rs.2 and thus reached Rs.95.25.

According to the Times of India, In the international market, the price of silver has increased by 33% in a year as compared to 21% growth in the gold market. Domestically, silver grew by 29% in contrast to a 20% increase in gold.

Since the landing cost has lowered and the expectation of a rally in the silver rates has increased, the imports have increased in the past 4-5 months. The rally in silver rates can be attributed to two major reasons namely, its industrial use and the jewelry segment.

Gold rates in Bangalore have seen an upsurge in the past few days. The macroeconomic factors both at domestic and global level are affecting the gold rates today.