Bangalore Gold Prices Today Takes A Breather After Rs. 6500/100g Surge Last Friday; Silver Loses Shine

Gold prices in Bangalore today are showing no major movements after the previous week's volatility due to the Federal Reserve's cautious stance on rate cuts in the upcoming year.

On 23rd December, 2024, the 22-carat gold rate stood at Rs. 71,000, whereas the 24-carat gold rates stood at previous weeks rates of Rs. 77,450. While the 18-carat gold rates held steady at Rs. 58,090.

Similarly, 100 grams of 24-carat gold retails at Rs. 7,74,500, and 22-carat gold per 100 grams costs Rs. 7,10,000.

What Are Yellow Metals Doing This Week?

Following the Federal Reserve meeting on December 18, gold prices inched lower as the Fed Chair ruled out rate cuts in the upcoming year. This decision pushed gold prices to their lowest levels since November 18.

However, on Friday, gold prices rebounded, supported by a softer U.S. dollar and declining Treasury yields, as U.S. economic data hinted at a slowdown in inflation. The recovery from monthly lows is also attributed to year-end unwinding. Despite the Friday slide in the U.S. dollar, it regained momentum as the new week began, even though U.S. Treasury bond yields remained subdued. Gold prices are now holding their ground, navigating these mixed signals.

Gold Prices in Major Indian Cities

Most of the Indian cities have stable gold prices today. Here are gold prices in some of the major cities:

Silver Prices In Bangalore:

Bangalore silver rates today slipped marginally by Rs. 100 per kilogram to cost Rs. 91,400. Similarly, 100 grams of silver in Bangalore today retails at Rs. 9,140, which fell by Rs. 10.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are extending gains of 0.03%, at Rs. 76,441 per 10 grams. Similarly, the silver futures for the March 5th, 2025, expiry are surging today by 0.68%, trading at Rs. 88,992.

Spot Gold And Silver Rates On December 19

According to a recent Reuters report, spot gold rose by 0.2% to USD 2,626.44 per ounce as of 0313 GMT, while U.S. gold futures dipped slightly by 0.1% to $2,642.10. Spot silver gained 0.7%, reaching $29.72 per ounce. Federal Reserve policymakers indicated that the central bank would take its time before resuming rate cuts. Analysts highlighted strong support for gold at USD 2,595. Meanwhile, gold speculators reduced their net long positions to 203,937 contracts.