Bangalore Gold Prices Surge: 22K/100g Yellow Metal Soars By Rs. 1500; Silver Remains Flat At Rs. 92,000

Gold prices in Bangalore are trending higher today, with no significant price movement observed over the weekend. On Monday, gold saw an uptick as investors eagerly awaited the U.S. inflation data set to be released this week along with the Federal Reserve's next monetary policy decisions, which could influence the gold rates.

The 22-carat gold rate on the 9th of December 2024 stands at Rs. 77,780 after rising by Rs. 150 per 10 grams. While the 24-carat gold rates in Bangalore rose by Rs. 150 per 10 grams to cost Rs. 71,300. In a similar line, the 18-carat gold rates also saw a jump of Rs. 120 to cost Rs. 58,340.

For bulkier quantities, a similar rise was seen as the 100 grams of 22-carat gold now cost Rs. 7,13,000 after rising by Rs. 1500. Similarly, 10 grams of 24-carat gold cost Rs. 7,78,000, which rose by Rs. 1600.

Yellow Metal Shines Again:

As we enter the second week of December, gold prices are experiencing an upward swing after a period of significant fluctuations. Last week, the yellow metal saw a nearly 1% drop, largely influenced by the rising value of the U.S. dollar, which exerted downward pressure on gold prices. However, the market sentiment is shifting as investors eagerly await the Federal Reserve's upcoming monetary policy meeting, which is expected to play a central role in shaping the future direction of gold prices.

The recent release of U.S. inflation data has added fuel to speculation that the Federal Reserve may adopt a more hawkish stance in its policy decisions. According to the CME Group's FedWatch Tool, markets are now anticipating an 83.4% likelihood of the Fed implementing a 25-basis-point rate cut in its December meeting. The meeting is scheduled for December 17-18, 2024, and investors are closely watching for any signals that could impact both the U.S. dollar and gold prices.

Gold Prices in Other Major Indian Cities

All cities in India are observing a similar rise in yellow metal prices. Here are rates in some of the major cities:

Silver Prices in Bangalore Today

Silver prices in Bangalore observed no major movements today for the fourth 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 December 9th, 2024.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), gold futures for delivery on February 5, 2025, are trading higher by 0.07% at Rs. 76,675. On the contrary, the silver futures, set to mature on March 5, 2025, are trading in the red zone, down by 0.28%, currently at Rs. 92,193.

Spot Gold and Spot Silver Rates

According to a recent Reuters report, spot gold prices experienced a modest rise on Monday, gaining 0.5% to reach $2,644.91 per ounce as of 02:38 GMT. This rise comes after bullion faced a nearly 1% decline over the previous week, due to ongoing market volatility. Meanwhile, U.S. gold futures followed suit, edging up by 0.3% to $2,666.80 per ounce. Spot silver also mirrored gold's upward trend, gaining 0.4% to trade at $31.08 per ounce. The increase in gold prices can be because of the cautious optimism among investors as they await critical U.S. inflation data, expected to be released later this week. This data will provide essential insights into the Federal Reserve's potential direction for monetary policy, including interest rate decisions, which have a significant impact on the precious metals market.