Gold prices in Bangalore made a sharp jump on Wednesday, after falling by Rs 9,300 in two consecutive days. The price surge comes at a time when RBI trimmed repo rate by 25 bps points to 6%, despite Trump's tariff tantrums looming in India.MCX gold price also climbed by more than 2% in the day. However, RBI turned hawkish by changing its stance to accommodative from neutral. Also, gold demand surged ahead of Mahavir Jayanti which will be celebrated across India on April 10.
Gold Prices In Bangalore:
Gold prices in Bangalore surged by Rs 710 to Rs 90,440 per 10 grams in 24K, while the 22K gold price is at Rs 82,900, up by Rs 650. Further, 10 grams in 18K gold is up by Rs 530 to Rs 67,830.
Meanwhile, 100 grams of gold skyrocketed by Rs 7,100 to Rs 9,04,400 in 24K. Additionally, 100 grams of gold in 22K and 18K jumped by Rs 6,500 and Rs 5,300 to Rs 8,29,000 and Rs 6,78,300 respectively.
Coming to 8 grams of gold, the 24K price rose by Rs 568 to Rs 72,352, while 22K and 18K prices climbed by Rs 520 and Rs 424 to Rs 66,320 and Rs 54,264 respectively.
1 gram of gold in 24K is up Rs 71 to Rs 9,044, while prices edged up by Rs 65 to Rs 8,290 in 22K and by Rs 53 to Rs 6,783 in 18K.
Gold Prices In Bangalore For Past 10 Days:
Prior to the surge on April 9, gold prices in 24K of 100 grams, fell by Rs 6,500 on April 8, and down by Rs 2,800 on April 7. In these two consecutive sessions, 100 grams gold dipped by Rs 9,300. Before this, gold prices were unchanged on April 6.
Additionally, gold price slipped by Rs 9,800 on April 5, and recorded its biggest drop of the month by Rs 17,400 on April 4th.
Gold prices were up by Rs 5,400 on April 3, and higher by Rs 9,300 on April 1. Gold prices made zero movement on April 2 and March 31.
Silver Prices In Bangalore:
Unlike gold, silver prices in Bangalore declined ahead of Mahavir Jayanti. On April 9, silver price plunged by Rs 1,000 to Rs 93,000 per 1kg, while 100 grams and 10 grams silver price dipped by Rs 100 and Rs 10 to Rs 9,300 and Rs 930. Lastly, 8 grams and 1-gram silver prices inched lower by Rs 8 and Re 1 to Rs 744 and Rs 93.
MCX Gold, Silver Prices:
MCX gold price, which has a June 2025 expiry, climbed as high as Rs 2,014 to hit an intraday high of Rs 89,662 per 10 grams in the early trade.
Further, MCX silver with a May 2025 expiry, surged by Rs 1,920 to hit an intraday high of Rs 90,445 per 1kg on April 9.
Is Gold an Attractive Bet?
Considering the latest performance of MCX gold and silver, are they attractive to buy?
As per Nirmal Bang's technical outlook report dated April 9, gold prices are expected to pull back. Traders can buy at 87400 with a stop loss of 87100 for the target at 87800-88100.
In case of silver, the brokerage's report said, silver prices are expected to pullback. One can buy at 87400 with a stop loss of 86500 for the target at 88500-89200.
Currently, gold prices are above Nirmal Bang's target for buying.
Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.
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