Gold Now Costiler! 22K Gold Rates In Bangalore Jumps Rs. 1000 On Jan 8, After 3-Day Pause; Silver Steady

Gold prices in Bangalore rose for the first time this week, breaking a three-day period of stability. The surge came despite the rise in the US Dollar index which jumped after the release of stronger-than-expected U.S. economic data.

Currently, 10 grams of 22-carat gold in Bangalore stands at Rs. 72,250, with a rise of Rs. 100. Meanwhile, the 24-carat gold prices in Bangalore increased by Rs. 110, now retailing at Rs. 78,820 per 10 grams. Similarly, the 18-carat variant of gold saw a spike of Rs. 90, bringing the price to Rs. 59,120 per 10 grams.

For those seeking bulk rates, the 22-carat gold price per 100 grams jumped by Rs. 1,000, reaching Rs. 7,22,500. In comparison, the 24-carat gold rates in Bangalore per 100 grams increased by Rs. 1,100, now standing at Rs. 7,88,200.

Gold Breaks the Slump

After three days of stability, gold prices in Bangalore showed signs of improvement today. According to a report from the World Gold Council, India has now become the second-largest gold buyer in the world, increasing its gold reserves to 876 tonnes by adding 8 tonnes in November of last year. While China continues to dominate global gold holdings, India is not far behind.

Meanwhile, the global market is experiencing a downturn as the US dollar index gains momentum, supported by strong economic data from the US. The dollar strengthened further, and the benchmark 10-year Treasury yield hit an eight-month high, following reports of a robust economy. US job data also provided a boost to the dollar. More macroeconomic data is expected to be released this week, which could have a significant impact on the markets.

Gold Prices in Major Indian Cities

Most of the Indian cities sawa huge rally in gold prices today. Here are gold prices in some of the major cities:

Silver Prices In Bangalore

Bangalore silver rates today observed no major momentum after rising by Rs. 1000 per kilogram yesterday. Currently silver costs Rs. 92,500. Similarly, 100 grams of silver in Bangalore today retails at Rs. 9,250.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are trading lower by 0.19%, at Rs. 77,386 per 10 grams. Similarly, the silver futures for the March 5th, 2025, expiry are extending losses today by 0.23%, trading at Rs. 90,667.

Spot Gold and Silver Prices Today

According to a report from Reuters, gold prices faced slight pressure on Wednesday, dipping lower amid rising U.S. Treasury yields and a stronger dollar. This downward trend followed data indicating that the Federal Reserve may slow the pace of interest rate cuts this year, raising concerns about the outlook for precious metals. Spot gold fell by 0.1%, trading at USD 2,648.16 per ounce at 03:08 GMT, while U.S. gold futures also decreased by 0.1%, settling at USD 2,662.30. In contrast, spot silver saw a modest gain of 0.3%, reaching USD 30.11 per ounce.