Gold prices in Bangalore today:
On the occasion of Republic day gold trading remained closed and no movement in prices were seen, the 22-carat gold rates in Bangalore today stood at Rs. 75,550 per 10 grams, and 24-carat gold currently retails at Rs. 82,420 per 10 grams. Similarly, 10 grams of 18-carat gold in Bangalore cost Rs. 61, 820 per 10 grams.
For bulkier quantities, 100 grams of 22-carat yellow metal retails at Rs. 7,55,500, and 24-carat yellow metal per 100 grams costs Rs. 8,24,200.
Gold Price Movement This Week:
Date | 22K Gold Price (10g) | 24K Gold Price(10g) |
---|---|---|
January 24 | Rs. 75,550 | Rs. 82,420 |
January 24 | Rs. 75,550 | Rs. 82,420 |
January 22 | Rs. 75,250 | Rs. 82,090 |
January 22 | Rs. 75,250 | Rs. 82,090 |
January 21 | Rs. 74,500 | Rs. 81,230 |
January 20 | Rs. 74,500 | Rs. 81,230 |
Factors that Influenced the Surge in Bangalore Gold Rates
One of the major driving forces behind this surge is the weakening of the U.S. dollar, driven by ongoing uncertainties in global trade and economic policy. According to a report by Reuters, gold prices are inching closer to their all-time high of USD 2,790. U.S. President Donald Trump’s push for lower interest rates, along with concerns over tariffs, contributed to the dollar’s weakening, making gold a more attractive investment.
A report from Kitco highlighted that Trump’s proposed tariff strategy, which could impose significant tariffs on Canada, Mexico, and China starting February 1st, has sparked fears of rising inflation. “Deutsche Bank estimates these tariffs could drive inflation from 2.9% in December 2024 to 3.7% by the end of 2025, potentially raising overall inflation by 1.2%,” the report stated.
Additionally, traders are closely monitoring the upcoming Federal Reserve meeting and Personal Consumption Expenditures (PCE) data for signals that could drive gold prices past their record high.
Falling Treasury yields and persistent uncertainty in trade policies are expected to continue to support the bullish sentiment in the gold market, further fueling the rise in gold prices.
Market Outlook for Gold Prices
The outlook for gold prices in the coming week remains cautiously optimistic, with traders closely monitoring U.S. economic data. According to a commodity research report from ICICI Direct, spot gold is expected to rise further towards the USD 2,775 mark due to a weak dollar and declining U.S. Treasury yields, following comments by U.S. President Donald Trump regarding lower interest rates. Additionally, rising demand for gold as a safe haven amid uncertainty surrounding potential tariff plans could push prices higher. Spot gold is likely to continue climbing towards USD 2,775 as long as it stays above the USD 2,730 level. Meanwhile, MCX Gold for February delivery is forecast to rise towards Rs.79,900, provided it remains above Rs.79,200.
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Original news source Credit: www.goodreturns.in
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