Gold prices in Bangalore today observed a huge rise as the geopolitical tension between Russia and Ukraine resurfaced. Russia’s missile attack on Dnipro on Thursday intensified investor concerns, leading to a flight to safe-haven assets like gold. Additionally, market participants are eagerly awaiting the Federal Reserve’s decision on interest rate cuts, which could further impact gold prices.

On November 22, 2024, the 24-carat gold price in Bangalore rose by Rs.870 per 10 grams, reaching Rs.78,820. Similarly, the 22-carat gold rates in Bangalore increased by Rs.800 per 10 grams, now standing at Rs.72,250. On the other hand, 18-carat gold rates in Bangalore currently stand at Rs. 59,120, which is up by Rs. 660.

For bulkier quantities, 100 grams of 22-carat yellow metal now costs Rs. 7,22,500, which has risen by Rs. 8000, while the 100 grams of 24-carat gold is now priced at Rs. 7,88,200 with an increase of Rs. 8,700.

Bullish Sentiments Prevail in Bullion Market

This week has been highly profitable for gold, marking its fifth consecutive session of gains. As the bullion market in India is observing a renewed surge in demand, the gold prices in Bangalore and the rest of the country are moving up higher. Gold’s allure in weddings is undeniable, and a lot of frenzy buying will be seen as the market reaches peak wedding season. The precious metal’s appeal remains strong across the country as the demand picks up. Internationally, gold is benefiting from geopolitical tensions, especially amid the Russia-Ukraine conflict. Despite the strengthening US dollar, which rose by 0.17%, gold continues to shine, supported by economic risks, low interest rates, and global uncertainties.

Gold Prices In Other Major Indian Cities

All cities in India are observing a similar shine in gold. Here are gold prices in some of the major cities:

Silver Rates in Bangalore on 22 Nov

Silver prices in Bangalore remain unmoved today for the third consecutive session. At present, 1 kilogram of silver in Bangalore currently retails at Rs.92,000. Similarly, the price for 100 grams of silver stands at Rs. 9,200 on November 22, 2024.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery are trading in positive territory with gains of 0.70%, at Rs. 77,233 per 10 grams. Similarly, silver futures for the December 5th expiry are also up by 0.59%, trading at Rs. 90,454.

Big Jump In Gold Prices India, Nov-22: 24K/100 Grams Of Gold Rates Rally Rs 8,700; Silver Stable

Spot Gold and Silver Rates in the Global Market

As per Reuters recent reports, spot gold prices climbed 0.7% to reach $2,687.87 per ounce. As of 5:28 AM GMT. This upward trend has seen bullion prices increase by nearly 5% over the past week, marking its strongest performance since early October 2023. Similarly, U.S. gold futures gained 0.6%, reaching $2,690.10 per ounce. Spot silver also experienced a positive shift, rising 0.3% to $30.88 per ounce. The near-term upward movement of gold prices is likely to be influenced by key U.S. economic data releases scheduled for next week. These include the preliminary GDP figures and core PCE data. Based on recent market trends, gold prices are expected to target a range between $2,690 and $2,715 per ounce.

Story first published: Friday, November 22, 2024, 13:32 [IST]