Gold prices in Bangalore extended their upward trajectory for the third consecutive session on Thursday, May 7, with domestic gold futures for June delivery trading 0.28 percent higher to ₹1,52,553 per 10 grams of 24-karat purity on MCX. The precious metal's surge mirrored movements in international bullion markets, where international spot gold traded 0.37 percent higher to $4,711.80 per ounce on early Comex trade. Silver futures for July delivery inched 0.84 percent up to ₹2,55,382 per kilogram, as reported by Moneycontrol.
The cumulative impact over three days has been significant, with 24 karat gold prices increasing by ₹328 per gram to ₹15,246 per gram in the recent period. This translates to a substantial ₹32,800 increase per 100 grams of 24 karat gold in Bangalore. The sustained rally has created challenges for retail jewellery buyers and investors in the metro city, which houses multiple millionaires, startup founders, and high net worth individuals. The 18 karat gold rate surged by ₹20 per gram to ₹11,434 per gram during the session, while 22 karat gold rose by ₹30 per gram to ₹13,975 per gram.
Silver prices in Bangalore increased to ₹270 per gram on Thursday, May 7, as reported by Goodreturns. The precious metal's rate reached ₹2,70,000 per kilogram. While silver experienced significant volatility in January and February, the precious metal rates remained relatively stable during March and April, before the recent surge. Silver futures for July delivery inched 0.84 percent up to ₹2,55,382 per kilogram, according to Moneycontrol.
Precious metals traded higher on early May 7 trade as optimism around a potential US-Iran peace deal eased inflation worries, while a weaker dollar further supported demand, according to Moneycontrol. International silver inched 1.26 percent up to $78.27 per ounce, showing strong performance alongside gold. The dollar index, which tracks the US currency against six major peers, on Wednesday fell 0.3 percent to 97.993 after touching 97.623. The ceasefire news between the US and Iran boosted safe-haven demand, while currency weakness added momentum, said Hareesh V, Head-Commodity Research, Geojit Investments Limited.
The Augmont Bullion report noted that gold bounced from the $4,500–4,550 (₹1,49,000) support zone and is now targeting resistance at $4,800–4,850 (₹1,55,000), while silver recovered from the $73 (₹2,43,000) support level and is expected to advance toward resistance at $77–78 (₹2,54,000–2,56,000). Gold prices vary as per purity, with 10 grams of 24-karat, 22-karat, and 18-karat gold moving differently. Analysts advise investors to hold positions for now, closely monitoring geopolitical developments, upcoming US economic data, and the performance of the US dollar. Meanwhile, silver prices remain volatile, with the outlook tied to physical demand from key consumers, according to Hareesh V from Geojit Investments Limited.
