Bangalore Gold Rates Surge on Dec 3rd; 22K/100g Gold Jumps by Rs.4,000; Silver Remains Unchanged

Gold prices in Bangalore today saw a leap after the sluggish start of the month. Investors are closely monitoring upcoming U.S. economic data, which is expected to offer valuable insights into the Federal Reserve's decision regarding potential rate cuts in the policy meeting scheduled for later this month.

On 3rd December, 22 karat or 916 gold rate in Bangalore Surged Rs. 400 per 10 grams to cost Rs.71, 300, While the 24 carat Gold or the 999 variant Jumped Rs. 430 per 10 grams to retail at Rs. 77,780. In the similar manner The 18 carat Gold common known as the 750 purity also saw a similar surge in prices and now retails at Rs. 58,340 jumping by Rs. 330 per 10 grams

In bulkier segment 100 grams of 22 carat gold now cost Rs. 7,13,000 after rising Rs. 4000 an per 100 grams of 24 carat gold Jumped RS. 4500 to retail at Rs. 7,77,800.

The Newfound Rally In Yellow Metal

Domestic gold prices kicked off the month on a subdued note, with weak demand for the yellow metal in both over-the-counter and retail sales. Market analysts are uncertain about the reasons behind this slump, especially as this is a peak season for gold purchases and sales in India, coinciding with many Hindu weddings. However, the current low prices are seen as a potential buying opportunity for those waiting for further price drops.

On the international front, spot gold remains flat as investors adopt a cautious stance. The market is closely watching upcoming U.S. economic data, including the ADP employment report on Wednesday and the payrolls report on Friday, which are expected to offer fresh insights into potential future rate hikes. Meanwhile, the U.S. dollar is strengthening, currently trading at 106.57, up by 0.11%.

Gold Prices In Other Major Indian Cities

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

Silver Prices in Bangalore Today

Silver prices in Bangalore remain unmoved today after dropping By Rs. 500 per kg yesterday . At present, 1 kilogram of silver in Bangalore currently retails at Rs.91,000. Similarly, the price for 100 grams of silver stands at Rs. 9,100 on December 3rd 2024.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for December 5th delivery is currently trading flat at Rs.76,079.00 And just like that Silver futures jumped higher by 0.37% to trade at Rs. 89,020

Spot Gold and Spot Silver Rates

According to a recent report by Reuters, spot gold remained largely unchanged at $2,636.50 per ounce as of 0156 GMT, following a decline of as much as 1% on Monday. Meanwhile, U.S. gold futures were steady at $2,659.00. Spot silver saw a modest increase of 0.1%, trading at $30.51 per ounce. The market is bracing for key U.S. economic data this week, including the job openings report, which is expected later today, the ADP employment report on Wednesday, and the highly anticipated payrolls report on Friday.

Gold prices held steady on Tuesday as investors adopted a cautious approach ahead of these upcoming economic indicators, which are expected to offer further insights into the Federal Reserve's future interest rate decisions. The data will be closely scrutinized for any signals that could influence the Fed's stance on monetary policy in the coming months.