Gold prices coming down in Bangalore due to decrease in the demand in international market

Gold prices in Bangalore plummeted on June 24, 2024, with 24K gold falling by Rs 1,500 per 100 grams. The decline reflects weaker global demand and strong US economic data. Silver prices also dipped slightly in the local market.

The price of gold today in Bangalore was much lower where 100 grams of 24-karat gold was priced at Rs 1,500. Gold fell because worldwide demand was not as strong as expected and the US economy showed better numbers than earlier estimated.

Today’s buyers can buy one hundred grams of 24K gold in the gold market of Bangalore at Rs. 7,22,300 from Rs. 7,23,800 of the previous day. The price for 10 grams has been reduced by Rs 150 and it has been fixed at Rs 72830. The same decrease was observed in other purity levels where 100 grams of 22K gold, which was costing Rs 7,52,500 earlier, was sold at Rs 6, 62,500 and 18K gold at Rs 5,42,100 instead of Rs 5, 93,900 earlier.

The silver market also declined by Rs 100 per kilogram, albeit less compared to the sharp decline in gold prices. Currently, one can pay Rs 911 for 10 grams of silver 0.50 for a decrease of Re 1.

According to analysts, several factors have been attributed to the low prices of precious metals. Rahul Kalantri – Vice President Cof ommodities, Mehta Equities Ltd said “Most precious metals especially gold and silver declined from recent highs last week due to weak data on the US housing market and rising dollar index”.

Therefore, the global gold market reacted to the actual rise of the US Purchasing Managers Index (PMI) twhichrose to 54. 6 in June. This data supported the greenback and bond yields which lower demand for non-interest earning assets like gold.

Market players are now focusing on other US releases in the near term such as the GDP and Core PCE Price Index. These figures will assist in forecasting future actions of the Fed waboutinterest rates.

However, some points can provide support to the precious metal prices in the present phase of the market as follows: In the view of Kalantri, “The gold prices may again find support in the continuous purchases from the central bank of the world and on the industrial side, the prices of silver may remain at la ower level”.

Also Read: Gold Rate Today Falls In India: Ask how much the 22-carat is today in your town on June 22

The Bangalore investors and customers may be able to invest in gold or purchase gold at the prevailing low prices. However, as has been customary, the market conditions can still shift within a very brief period depending on the outcome of the global economy and geopolitics.