Gold Rates In Bangalore: Latest Prices Of 22K, 24K, 18K Ahead Of Akshaya Tritiya

Gold rate in Bangalore today has further slipped back from yesterday's fall. The price of the yellow metal was seeing a constant surge ahead of Akshaya Tritiya and anticipation of three rate cuts by the Fed in 2024.The investors are optimistic on demand for gold on the festive day of Akshaya Tritiya. Experts believe that even though the current dynamics of inflation, middle east war, FOMC meetings the gold will still shine in sentiments and traditions.

Gold prices in Bangalore: 24K gold slipped by Rs.1,100 for 100 grams reaching Rs.7,21,600 from Rs.7,22,700 on previous day. 10 grams went down by Rs.110, reaching Rs.72,160 compared to Rs.72,270 yesterday. While 8 grams went down by Rs.88 reaching Rs.57,728 in contrast to RS.57,816 yesterday. Lastly, 1 gram gold went down by Rs.11 reaching 7,216 from Rs.7,227 the previous day.

The 22K gold slipped by the same rate. 100 grams went down by Rs.1,000 thus reaching Rs.6,61,500 against Rs.6,62,500. Similarly, 10 grams shocked by Rs.100 touching the mark of Rs.66,150 in contrast to Rs.66,250 the previous day. The 8 grams of gold dropped by Rs.80 reaching Rs.52,920 compared to previous day's closing of Rs. 53,000. Lastly, 1 gram of gold declined by Rs.10 to Rs.6,615 against Rs.6,625 the last day.

In the case of 18K, 100 grams crumpled by Rs.800 reaching Rs.5,41,200 compared to Rs.5,42,000 the previous day. Whereas, 10 grams of gold declined by Rs.80 reaching Rs.54,120 in contrast to Rs.54,200 the previous day. 8 grams of gold went short by Rs.64 reaching Rs.43,296 against Rs.43,360 the previous day. Lastly, 1 gram of gold decreased by Rs.8 reaching Rs. 5,412 against Rs.5,420 in the previous day closing.

Amidst the latest fluctuations in the gold market, Kaynat Chainwala, Senior Manager-Commodity Research, Kotak Securities said, "COMEX Gold prices remain weak, but are holding above $2,300 per troy ounce as investors anticipate a Fed rate cut later this year.

He added that Fed Bank of Boston President Susan Collins has emphasized the necessity for the US economy to cool down to reach the central bank's 2% inflation target. Markets now show a 66% chance of a rate cut in September, according to CME FedWatch Tool. However, global gold ETFs experienced their eleventh consecutive monthly outflow in April, with a decline of US$2.2 billion, according to the latest WGC report.

At its May meeting, the Federal Reserve opted unanimously to maintain policy rates at their current levels for the sixth consecutive time. It was also emphasized that economic growth and inflation rates are too high for the Fed to consider cutting rates now.

The MCX gold future that expires on 5th June, 2024 is currently trading at Rs.71,109 showing a decrease of 0.03% since the last closing. The spot gold is trading at $2,313.6 per ounce, an increase of 0.26% since the previous day's closing. Overall,the gold market is seeing a green movement due to numerous dynamic factors including, the war between Israel and palestine that has again started escalating after Israel disagreed to ceasefire.

The price of gold in Bangalore can see a spike on Akshaya Tritiya which is on May 10th, 2024.Yet, the rise in price of gold in the country may not affect the demand significantly on the auspicious day of Akshaya Tritiya. Market experts believe that gold's demand and price might see an upward push temporarily during the festival but in longer terms the market will be affected by several other factors.