Bangalore Gold Prices Shine Near Record High: 22K/100g Jumps Rs. 3,000; Silver Gains Rs. 1,000

Bangalore Gold Prices Shine Near Record High: 22K/100g Jumps Rs. 3,000; Silver Gains Rs. 1,000

Gold prices in Bangalore surged once again, tracking a rise in global prices as the weakening dollar boosted the metal’s appeal. With the upcoming Federal Reserve meeting, expectations of a significant rate cut are fading, which could influence gold’s movement in the market in the days ahead.

On 24 January, the 22-carat gold rates in Bangalore spiked by Rs. 300 per 10 grams to cost Rs. 75,550, while the 24-carat gold spiked by Rs. 330 to retail at Rs. 82,420 per 10 grams.

For those looking for a bulkier option, 100 grams of 24-carat gold prices in Bangalore are now priced at Rs. 8,24,200 after witnessing the rise of Rs. 3300, while the 22-carat gold in Bangalore rose by Rs. 3000 to cost Rs. 7,55,500.

Bullion Market Turns Extremely Bullish

Gold prices have witnessed a significant rally this week, with rates surging by approximately Rs.13,100 per 100 grams in Bangalore. This impressive rise is largely driven by strong demand for gold jewelry in the retail market and increased investor interest. As gold prices approach the record high seen last October, all eyes are on whether they will surpass this milestone.

On the international front, spot gold is nearing its all-time high as the U.S. dollar continues to weaken. Market sentiment has also been shaped by Donald Trump’s tariff policies following his inauguration, which have influenced global trade dynamics. Additionally, the Federal Reserve’s upcoming decisions on rate cuts are expected to play a pivotal role in determining gold’s trajectory in the near future.

Gold Prices in Other Major Indian Cities

Most of the Indian cities experience a rally in gold prices. Here are gold prices in some of the major cities in India:

Cities 24 carat 22 carat
Delhi ₹ 82,570 ₹ 75,700
Mumbai ₹ 82,420 ₹ 75,550
Chennai ₹ 82,420 ₹ 75,550
Kolkata ₹ 82,420 ₹ 75,550

Silver Prices in Bangalore Stagnant

Silver prices in Bangalore on 24th January jumped, breaking the stability for six consecutive sessions. Silver rates in Bangalore per kilogram jumped By Rs. 1000, it costs Rs. 97,500 per kg. The price of 100 grams of silver was Rs. 9,750, a rise of Rs. 100.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, jumped higher, trading at Rs. 79,930, witnessing a rise of 0.39% or 308 points. Similarly, silver futures, with an expiry date of March 5, 2025, showed a rise during the trading session. Prices spiked by 0.81% to Rs. 91,888, showing the impact of fluctuating global commodity trends.

Global Spot Gold and Silver Rates Update

According to the latest report from Reuters, As per the latest Reuters report, spot gold surged by 0.8%, reaching $2,774.49 per ounce as of 0255 GMT, with a weekly gain of over 2%. Earlier today, prices peaked at $2,777.10, marking their highest level since October 31, when they hit a record of $2,790.15. Meanwhile, U.S. gold futures rose 0.6% to $2,781.80. Spot silver also climbed 1.1% to trade at $30.78 per ounce.

Market sentiment suggests that a Federal Reserve rate hike is highly unlikely, as indicated by the CME Group’s FedWatch Tool. Lower interest rates tend to boost the appeal of non-yielding assets like gold and silver.

Expert Analysis on Gold and Silver Price Outlook

According to a commodity research report by ICICI Direct, “Spot gold is likely to rise further towards the $2775 level amid a weak dollar and softening of US Treasury yields following US President Donald Trump’s comments on lower interest rates. Further, prices may rally on a rise in demand for safe havens following uncertainty surrounding potential tariff plans. Furthermore, multiple ECB policymakers signaled that the central bank will keep lowering interest rates this year. Additionally, the expectation of disappointing economic data from the US would support prices. Spot gold is likely to rise towards the $2775 level as long as it trades above the $2730 level. A break above the $2775 level may see prices rise further towards the $2790 level. MCX Gold February is expected to rise further towards the ₹79,900 level as long as it stays above the ₹79,200 level. Spot Silver is likely to rise towards the $31 level as long as it stays above the $30.30 level. MCX Silver March is expected to rise towards the ₹93,000 level as long as it trades above the ₹90,000 level.”

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Original news source Credit: www.goodreturns.in

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