Bangalore Gold Rate Update On Dec 17: 22K/100g Yellow Metal Jumps Rs.1,000; Silver Unchanged

Gold prices in Bangalore saw a marginal rise today after remaining largely stable over the past few days. The current movement in bullion prices is closely tied to the outcome of the Federal Reserve's FOMC meeting, scheduled to be announced tomorrow. Additionally, traders are closely monitoring key economic data releases this week, including the U.S. GDP figures and inflation data, as these indicators could play a role in influencing gold prices further.

The 22-carat gold rate in Bangalore today rose slightly by Rs.100 per 10 grams, bringing the price to Rs.71,500. Meanwhile, 24-carat gold saw an increase of Rs.110 per 10 grams, reaching Rs.78,000. Similarly, the 18-carat gold price in Bangalore edged up by Rs. 50 per 10 grams, now retailing at Rs. 59,000.

For larger quantities, 100 grams of 24-carat gold is currently priced at Rs.7,80,000, with a rise of Rs.1,100, while 100 grams of 22-carat gold now costs Rs.7,15,000, after an increase of Rs.1,000.

Bullion Edges Higher Ahead of Fed Policy Meeting

The gold market is showing cautious optimism as expectations of potential interest rate cuts gain traction. The Federal Reserve's policy meeting, which begins today and concludes tomorrow, is expected to provide clarity on the magnitude and timing of these cuts. Any decision regarding interest rates will likely have a significant impact on gold prices, triggering major market movements.

In the domestic market, recent declines in Bangalore gold prices have been met with a positive response. According to ING VAYSA's Commodity Outlook for 2025, gold has experienced a record-breaking rally this year. This upward trend has been fueled by the Fed's easing cycle, continued central bank purchases, and strong safe-haven demand amidst ongoing geopolitical tensions and economic uncertainties. Looking ahead, ING VAYSA predicts that the combination of a bullish macroeconomic environment, persistent safe-haven demand, and robust central bank buying will continue to propel gold prices to new highs in 2025.

Gold Prices in Major Indian Cities

Most of the Indian cities are experiencing a similar rise in prices. Here are gold prices in some of the major cities:

Silver Prices In Bangalore:

Silver rates in Bangalore observed no movement and currently stands at Rs.92,500 for 1 kilogram. Similarly, the price for 100 grams of silver cost Rs. 9,250. White metal prices have shown stability for the past three days following consecutive declines earlier this week.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are trading lower today by 0.04%, at Rs. 77,030 per 10 grams. Similarly silver futures for the March 5th, 2025, expiry are also on the downside today experiencing losses of 0.36%, trading around 90,855.

Spot Gold And Silver Rates On December 17

According to a report by Reuters, spot gold prices remained steady on Tuesday as investors turned their focus to the upcoming Federal Reserve policy meeting. Market participants are closely watching for signals on the U.S. central bank's stance regarding interest rates for 2025, which could influence the gold prices. As of 03:35 GMT, spot gold inched up 0.1% to USD 2,655.07 per ounce, showing cautious optimism among traders. Meanwhile, U.S. gold futures held steady, trading at USD 2,672.40 per ounce, showing little movement ahead of the anticipated policy announcement. On the other hand, spot silver experienced a slight dip, slipping 0.2% to $30.47 per ounce with a quieter market sentiment as investors await clarity on the broader economic outlook.