Big Jump In Bangalore Gold Prices- Jan 22: 24K Crosses Rs.82,000, Silver Flat For 5th Session

Gold prices in Bangalore today surged to a record level after no major movement the previous day. This week particularly started off with a surge, and more cues from the international market await the bullion trader for more insight on the gold prices today. The US dollar index also slipped post US president Donald Trump taking office, and his softer stance on tariff policies led to the downfall of gold, further supporting prices.

As of 22 Jan 2025, 22-carat gold rates in Bangalore jumped a massive Rs. 750 to reach Rs. 75,250 per 10 grams, and similarly, the 24-carat gold rates in Bangalore rose by Rs. 860 per 10 grams to touch Rs. 82,090. Just like that, the 18-carat gold prices also saw a major rise of Rs. 570 to retail at Rs. 61,570 per 10 grams.

Similarly, the 100-carat gold rates in Bangalore jumped Rs. 8,600 to cost Rs. 8,20,900. 24-carat gold now costs Rs. 7,52,500 after rising Rs. 7,500 per 100 grams.

Optimism Surrounds the Indian Gold Market

The third week of January satiated on a positive note for the gold market, with prices seeing notable gains on Monday. gold prices In Bangalore, it rebounded today after a brief pause due to rising demand for the precious metal across India. This increased demand is driving prices higher, as investors flock to gold amid economic uncertainties.

On the international front, gold prices reached an 11-week high, buoyed by expectations surrounding the policies of the newly sworn-in U.S. President, Donald Trump. The market is closely watching his upcoming decisions, which are anticipated to have a significant impact on global financial markets. Meanwhile, the U.S. dollar index slipped by 0.01% to 108.01, further enhancing gold's appeal as a safe-haven asset.

Gold Prices in Other Major Indian Cities

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

Silver Prices In Bangalore Stagnant

1 kg silver rates in Bangalore remained unmoved for the fifth consecutive session and are currently priced at Rs. 96,500. Similarly, the 100-gram silver price in Bangalore maintained its yesterdays level to cost Rs. 9,650.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, jumped higher, trading at Rs. 79,504, witnessing a rise of 0.35% or 280 points. Similarly, silver futures, with an expiry date of March 5, 2025, showed a rise during the trading session. Prices spiked by 0.38% to Rs. 92,444, showing the impact of fluctuating global commodity trends.

Global Spot Gold and Silver Rates Update

According to the latest report from Reuters, spot gold saw a modest increase of 0.1%, reaching $2,748.18 per ounce as of 0236 GMT, after hitting its highest level since November 5, 2024, earlier in the session. U.S. gold futures also gained 0.1%, trading at $2,762.90. In contrast, spot silver declined by 0.4%, settling at $30.74 per ounce.

Gold Price Outlook

According to the daily commodity research report by ICICI Direct, "Spot gold prices ended on a positive note, gaining 1.24%, while silver prices rose more than 1.0% yesterday, supported by a weak dollar and softening of US Treasury yields. Further, prices rallied as demand for safe havens increased amid uncertainty surrounding US President Donald Trump's potential tariffs.

Spot gold is likely to rise further towards the $2760 level amid weakness in the dollar and softening of US Treasury yields. Further, demand for safe haven may increase on uncertainty surrounding US President Donald Trump's potential tariffs. US President Donald Trump signaled the possibility of implementing duties on Canada and Mexico as soon as next month. On top of it, he said his administration is discussing imposing a 10% tariff on goods imported from China on Feb 1. Further, ECB policymakers signaled that the central bank will keep lowering interest rates this year.

• Spot gold is likely to rise towards the $2760 level as long as it trades above the $2720 level. A break above the $2760 level may see prices rise further towards the $2775 level. MCX Gold February is expected to rise further towards the ₹79,700 level as long as it stays above the ₹78,800 level.

• Spot Silver is likely to rise further towards $31.20 as long as it trades above the $30.35 level. MCX Silver March is expected to rise towards the ₹93,700 level as long as it trades above the ₹91,000 level.