Bangalore Gold Rates Continue Rally On Dec 11 with Rs.18,500 Jump in Three Days; Silver Declines

Gold Prices in Bangalore Today has risen amid the geopolitical tension in Syria and the expectation surrounding the Federal Reserve rate cut decisions. Investors are awaiting the US inflation rate expected to be released later in the day.

As of December 11, 2024, the 22-carat gold price in Bangalore has risen sharply by Rs. 800 to cost Rs. 72,850. While the 24-carat gold rate spiked by Rs. 870 per 10 grams to retail at Rs. 79,470. In a similar line, the lower-value variant of gold, 18-carat gold rates in Bangalore jumped by Rs. 660 to cost Rs. 59,610.

Just like that, the bulkier quantity of gold, 100 g of 24-carat gold, is priced at Rs. 7,94,700, rising by Rs. 8,700, and the 22-carat gold per 100 grams now retails at Rs. 7,28,500 after jumping Rs. 8,000. Similarly, 100 grams of 18-carat gold costs Rs. 5,96,600, which spiked Rs. 6,100.

Day 3 of Gold Price Rally

Gold prices in Bangalore have continued their upward trend for the third consecutive day, with the yellow metal surging by Rs. 18,500 per 100 grams of 24-carat gold. This newfound rally is fueled by domestic demand and the escalating geopolitical tensions in the Middle East. The U.S. Dollar Index, on the other hand, has declined, providing a significant boost to gold prices.

Investors are closely watching macroeconomic developments, including the upcoming U.S. inflation report due later today. This report is expected to offer insights into the Federal Reserve's stance on interest rates, which significantly influence the gold market. The Federal Reserve's meeting, scheduled for December 17-18, is drawing significant attention. Market participants are eager to understand the central bank's next moves, which could further impact gold prices.

Gold Prices in Other Major Indian Cities

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

Silver Prices in Bangalore Today

Silver prices in Bangalore today have registered a decline after experiencing massive gains yesterday. Currently, 1 kg of silver costs around Rs. 95,000 after dropping Rs. 1,000 per kilogram. Similarly, the price for 100 grams of silver was down by Rs. 100 to cost Rs. 9,500 on December 11th, 2024.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are extending gains of 0.46%, at Rs. 78,702 per 10 grams. On the contrary, silver futures for the March 5th, 2025, expiry are facing headwinds from the past two sessions and are down by 0.15%, trading at Rs. 95,383.

Spot Gold and Spot Silver Rates

Spot gold and silver prices witnessed an uptick, driven by geopolitical uncertainties and market anticipation of monetary policy adjustments. According to recent reports from Reuters, spot gold rose by 0.2%, reaching $2,698.47 per ounce as of 0253 GMT, marking its highest level since November 25. Meanwhile, U.S. gold futures gained 0.6%, climbing to $2,734.70 per ounce.

Spot silver also edged higher, adding 0.1% to trade at $31.93 per ounce. The rise in gold prices pushed them to a two-week high on Wednesday, supported by the escalating geopolitical tensions and growing expectations of another interest rate cut by the U.S. Federal Reserve in its meeting next week.