Bangalore Gold Slips Once More on July 6 Even as Global Prices Stage a 2% Weekly Comeback

Both 22 carat and 24 carat gold eased again in Bangalore on July 6, while silver tumbled Rs. 5,000 a kilogram. Overseas, spot gold rebounded 2% for the week on softer U.S. jobs data.

Gold buyers in Bangalore woke up to slightly cheaper rates on July 6, as both 22 carat and 24 carat prices slipped for another day even while the yellow metal staged a strong comeback on the global stage. The pullback in the local market arrived alongside a sharp cut in silver, making it a mixed morning for anyone tracking precious metals in the city.

What gold costs in Bangalore today
In Bangalore, 10 grams of 24 carat gold now sells for Rs. 1,46,620 after shedding Rs. 110 from the previous level. This is the purest variety, and it is the benchmark most jewellers quote for coins and bars. The 22 carat grade, which is the one most commonly used for ornaments and everyday jewellery, eased by Rs. 100 to settle at Rs. 1,34,400 for 10 grams. The dips look modest, but they add up quickly for buyers planning bigger purchases such as wedding sets.

This softening is not unique to Bangalore. Most Indian cities saw gold rates drift lower on the same day, so shoppers across the country are seeing a similar trend at their local counters.

Silver takes a bigger knock
Silver fell far more steeply than gold. In Bangalore the white metal dropped by Rs. 5,000 per kilogram, a notable reversal after it had climbed for three sessions in a row last week. One kilogram of silver now costs Rs. 2,45,000. For those buying in smaller lots, 100 grams of silver is available at Rs. 24,500, down by Rs. 500 from the earlier level.

Futures point lower on MCX
The mood in the derivatives market echoed the spot correction. On the Multi Commodity Exchange, both gold and silver futures were trading in the red. The gold contract set to expire on August 5 slipped 0.05% to Rs. 1,47,300 per 10 grams. Silver futures with a September 4 expiry fell harder, down 0.44% to Rs. 2,36,371 per kilogram in morning trade.

Why global gold is rallying
The local dip masks a powerful move overseas. In the international market, spot gold jumped to $4,170 per ounce and logged a 2% gain for the week, snapping a run of four straight weekly declines. The trigger was a batch of weaker than expected U.S. jobs numbers.

Akshat Siddhant, Lead quant analyst at Mudrex, explained the driver behind the bounce. "The rally was caused by weaker-than-expected U.S. jobs data, which reduced expectations of a near-term Federal Reserve rate hike and boosted demand for non-yielding assets. Silver also remained firm, extending last week's gains," he said. Softer jobs data tends to cool expectations of higher interest rates, and when rates look less likely to rise, non-yielding assets like gold become more attractive to investors chasing safety and returns.

What analysts expect next
The near-term outlook from brokerages leans bullish. A Nirmal Bang Securities note dated July 6 said, "Gold prices are expected to rise. One can buy at Rs. 147000 with a stop loss of Rs. 145500 for the target at Rs. 149500- Rs.151000." In plain terms, the desk sees room for prices to climb toward Rs. 1,49,500 to Rs. 1,51,000, while advising traders to cap their risk below Rs. 1,45,500.

The latest Kotak Commodity report struck a similar tone: "Spot gold traded near $4,160 per ounce after its first weekly advance since May, as weaker-than-expected US jobs data reduced expectations of near-term Federal Reserve rate hikes and supported bullion." Taken together, the two views suggest that today's small dip in Bangalore may be a pause rather than the start of a deeper slide, with global cues still tilting in gold's favour.

What this means for you
• Across India: Gold and silver are cheaper today, offering a small window for buyers, but with brokerages expecting prices to rise, waiting too long could cost more.
• In Bangalore: 24 carat gold is now Rs. 1,46,620 and 22 carat Rs. 1,34,400 per 10 grams, while a kilogram of silver costs Rs. 2,45,000.

Questions & Answers

1. What is the 24 carat gold price in Bangalore today?
In Bangalore, 10 grams of 24 carat gold costs Rs. 1,46,620 after a decline of Rs. 110.

2. How much is 22 carat gold in Bangalore?
The 22 carat grade slipped by Rs. 100 to Rs. 1,34,400 for 10 grams.

3. What is the silver price in Bangalore today?
One kilogram of silver costs Rs. 2,45,000, down Rs. 5,000, while 100 grams is available at Rs. 24,500.

4. Why did international gold prices rise?
Weaker than expected U.S. jobs data cut expectations of a near-term Federal Reserve rate hike, pushing spot gold to $4,170 per ounce and delivering a 2% weekly gain.

5. Where are gold and silver futures trading on MCX?
The August 5 gold contract fell 0.05% to Rs. 1,47,300 per 10 grams, and the September 4 silver contract dropped 0.44% to Rs. 2,36,371 per kilogram.

6. What do analysts expect for gold next?
Nirmal Bang Securities expects prices to rise, suggesting a buy at Rs. 1,47,000 with a stop loss of Rs. 1,45,500 and a target of Rs. 1,49,500 to Rs. 1,51,000.

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