Bangalore Gold Rate Update On Jan 15: 22K/100g Yellow Metal Jumps Rs.1,000; Silver At 93,500/kg

Gold prices in Bangalore saw a sharp rise today, recovering from a drop observed yesterday. The surge came as the U.S. dollar index retreated from its record highs. Weaker-than-expected U.S. economic data released the previous day contributed to the decline in the dollar, which in turn boosted gold prices.

24-carat gold price in Bangalore today rose by Rs. 110 to cost Rs. 80,070 per 10 grams, and 22-carat gold currently retails at Rs. 73,400 per 10 grams, which is up by Rs. 100. In a similar way, the 18-carat gold rates also spiked by Rs. 90 to cost Rs. 60,060.

For bulkier quantities, the price stands at Rs. 8,00,700 per 100 grams of 24-carat gold and Rs. 7,34,000 per 100 grams of 22-carat yellow metal.

Mixed Movement in the Gold Market

The gold market is observing a mixed trend this week. Starting off with gains on December 13, prices slipped the following day, but today, the market is showing signs of positivity, where gold prices in Bangalore are rising. Gold futures on the Multi Commodity Exchange (MCX) also experienced a sharp increase, alongside a rise in silver futures. The silver market in Bangalore has been volatile this week, marked by both gains and losses.
Currently, the market is being driven by strong demand during the wedding season, with reports from local jewelers indicating a surge in gold jewelry purchases. This seasonal boost is helping support prices in the domestic market.
On the international front, investors are eagerly awaiting the U.S. consumer price inflation report. Following the release of weaker Producer Price Index (PPI) data on Tuesday, gold rebounded from its weekly low, driven by hopes that the Federal Reserve might adopt a looser monetary policy. The focus will now shift to upcoming retail sales and jobless claims data, as these reports will provide further clues about the Fed's future stance on interest rates.

Gold Prices in Major Indian Cities

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

Silver Prices in Bangalore

Bangalore Silver prices today are extending gains of Rs. 1000 per kilogram, which now costs Rs. 93,500, and 100 grams of white metal now cost Rs. 9,350.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery surged by 190 points, or 0.24%, and are currently priced at Rs. 78,346. Meanwhile, silver futures, with a delivery date of March 5, 2025,also jumped by 125 points or 0.14%, shedding Rs. 90,681.

Spot Gold and Silver Prices Today

Gold prices edged lower on Wednesday, as investors adopted a cautious stance ahead of the upcoming U.S. consumer price inflation report, which could offer crucial insights into the future direction of the Federal Reserve's interest rate policies. The market is closely watching inflation data, as it plays a key role in the Fed's decisions on rate hikes and its overall approach to combating inflation. By 03:00 GMT, spot gold had eased 0.1%, trading at $2,672.76 per ounce. Meanwhile, U.S. gold futures saw a modest uptick, gaining 0.3% to reach $2,689.70. This slight increase in futures prices contrasted with the downward movement in the physical gold market.