Today's Gold Rate in Bangalore & Chennai: 24K, 22K, 18K Gold Prices Down; Silver Unmoved

Gold prices in Bangalore and Chennai today dropped slightly after starting the week on a stable note. With major festivals like Raksha Bandhan and Onam around the corner, many buyers are viewing the current drop in gold rate as a good opportunity to make gold purchases.

The slight fall in gold rates has sparked interest among customers looking to invest or buy jewellery for the festive season. Meanwhile, global gold prices are being closely watched as investors await key U.S. macroeconomic data, including inflation and employment reports, along with the outcome of the Federal Reserve's policy meeting, which is expected to keep interest rates unchanged.

Gold rate in Bangalore today

As of 29th July, the 22-carat gold rates in Bangalore fell slightly by Rs. 100 to cost Rs. 91,500 per 10 grams, while the 24-carat gold rates dropped Rs. 110 per 10 grams to stand at Rs. 99,820 per 10 grams. Similarly, the 18-carat gold rates in Bangalore declined by Rs. 80 to cost Rs. 74,870 per 10 grams.

Similarly, 100 grams of 24-carat gold rates are now priced at Rs 9,98,200 while 22-carat gold costs Rs 9,15,000. The 18-carat gold rates in Bangalore currently retail at Rs. 7,48,700.

"Gold prices are expected to pull back. One can buy at Rs. 97,400 with a stop loss of Rs. 97,050 for the target at Rs. 97,800- Rs. 98,100. " As per Nirmal Bang Securities.

Gold Rate in Chennai

As of July 29, gold prices in Chennai saw a slight dip. The 22-carat gold rate dropped by Rs. 100 and is now priced at Rs. 91,500 per 10 grams. The 24-carat gold rate also declined by Rs. 110, bringing the price to Rs. 99,820 per 10 grams. Similarly, 18-carat gold in Chennai fell by Rs. 80 and now costs Rs. 74,870 per 10 grams.

"MCX Gold Aug is expected to face strong resistance near the Rs. 98,500 level and move back towards the Rs. 97,000 level. While MCX Silver Sep is expected to slip towards Rs. 112,400 as long as it trades under the Rs. 114,500 level. Only below Rs. 112,400, it would turn bearish," according to the ICICI Direct Commodity Research Report.

Spot Gold and Spot Silver Price Today

As per the latest Reuters commodity report, "Spot gold held its ground at $3,318.71 per ounce as of 0601 GMT. The precious metal hit its lowest since July 9 in the previous session. U.S. gold futures were up 0.2% at $3,317.50. Spot silver was steady at $38.18 per ounce."

Silver Prices Today in Bangalore

On the other hand, silver prices today in Bangalore are stable for the second consecutive day at Rs. 116,000. Meanwhile, 100 grams of silver is currently priced at Rs 16,000 across India.

Market Outlook for Gold Prices

"Gold fell on Monday as the dollar extended its July rally after the US and the European Union announced a tariff agreement, staving off some concern about a potentially painful trade war between the economies. While there remain lingering questions about the scope of the trade deal, it boosted hopes for an extension of a China truce as American and Chinese officials held two days of talks in Stockholm. Gold could hit $4,000 an ounce by the end of next year as the Federal Reserve lowers interest rates to cushion the US economy, the dollar drops, and central banks keep expanding holdings, according to Fidelity International." According to IBJA

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