Gold Price Today Crashes in Bangalore on Jan 30: Massive Fall in 24K, 22K, 18K Gold Rates; Silver Drops BIG

After multiple days of Surge, gold prices in Bangalore today saw a sharp decline, hitting their lowest levels in months. The Federal Reserve's recent decisions, including signals of a cautious approach to future rate cuts, have contributed to a rise in U.S. Treasury bond yields and a strengthening U.S. Dollar Index. This weighed heavily on gold's performance in both global and domestic markets. Spot gold overnight crashed almost 4% below the record high, which it touched recently.

Gold Rate Today In Bangalore

On January 30, the 22-carat gold rate in Bangalore plunged by Rs. 7500 per 10 grams, now costing Rs. 156,400. Meanwhile, 24-carat gold saw a drop of Rs. 8,230, bringing its price to Rs. 170,620. Similarly, 18-carat gold prices in Bangalore decreased by Rs. 6170 and are now priced at Rs. 127,970 per 10 grams.

For bulk purchases, the decline was even more pronounced. The cost of 100 grams of 22-carat gold today now stands at Rs. 156,400, showing a Rs. 61,700 reduction, while the price of 100 grams of 24-carat gold has fallen by Rs. 75,000, retailing at Rs. 170,620.

Steep Fall in Gold Market

This week has been pivotal for the bullion market, with a massive bull run observed in gold prices. This week alone gold rates in India have surged more than 11%. Today's sharp decline has pushed gold to its lowest level in months, continuing a downward trend fuelled by low demand in the domestic retail market because of the soaring prices.

As per IBJA, "Gold and silver prices are trading lower today on the international bourses. We expect precious metals prices on Indian bourses to trade rangebound to lower for the day, as gold prices fell, following their first drop in nearly two weeks, as the US dollar strengthened after a report the Trump administration is preparing to nominate Kevin Warsh for Federal Reserve chair. On a normal risk-off day, investors would have flocked to bullion to seek safety, but instead they used the haven asset as a source of liquidity. Meanwhile, gold's risen for eight straight days and has climbed more than 20% just this month, with some technical indicators pointing to a near-term price correction. Gold's relative strength index spiked above 90, and silver's was around 84. Readings above 70 typically signal the metal has been bought so heavily it could be due for a pause or pullback. ".

Silver Prices in Bangalore Observed Sharp Crash

Just Like Gold The rally in silver rates in Bangalore ended today as the prices fell by Rs. 15000 per kg, and it currently stands at Rs. 395,000. Similarly, the price for 100 grams of silver costs Rs. 39,500, which fell by Rs. 1500.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th delivery are trading lower today by 0.89%, at Rs. 167,890 per 10 grams. Similarly, silver futures for the March 5th expiry fell sharply today, experiencing losses of 3.47%, trading around Rs. 3,86,001 at the time of writing.

Spot Gold And Silver Rates On January 30

According to a recent report by Reuters, "Spot gold lost 3.9% to $5,183.21 per ounce, as of 0323 GMT, after falling as much as 5% earlier. It scaled a record high of $5,594.82 on Thursday. U.S. gold futures for February delivery fell 2.7% to $5,176.40 per ounce on Friday. Meanwhile, spot silver slipped 5.7% to $109.55 an ounce."

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