Gold Prices Drop In Bangalore- Jan 27: 24K/100g Slips By Rs.1700; Silver Gets Cheaper

As the week started, gold prices in Bangalore underwent a slight dip, offering some relief for buyers. This decrease comes amidst a rebound in the U.S. dollar, which rose by 0.3% due to trade tensions between the U.S. and Colombia. Investors are also closely watching the Federal Reserve's meeting on January 28-29, with expectations that policymakers will hold interest rates steady. However, the bigger focus remains on how the central bank will navigate the early actions taken by former President Trump, particularly in relation to trade policies that will influence both gold prices and investor sentiment.

As of today, 24-carat gold rates in Bangalore per 10 grams stood at Rs. 82,250 after dropping Rs. 170 per 10 grams. Similarly, 10 grams of 22-carat gold in Bangalore currently cost Rs. 75,400, which slipped by Rs. 150 per 10 grams. Just like that, the 18-carat gold rate is currently standing at Rs. 61,690, which slipped by Rs. 130 per 10 grams.

For bulkier quantities, 100 grams of 22-carat gold now retails at Rs. 7,54,000, which dipped by Rs. 1500, and the 24-carat gold per 100 grams fell by Rs. 1700 to cost Rs. 8,22,500.

Gold Prices Dip Slightly, But Demand Remains Strong

The past week has been very bullish for the gold market, with prices consistently rising due to increased demand. However, today, gold prices in Bangalore opened in the red zone, showing a slight decline. Despite this small dip, demand for gold remains on the rise, and this slight price drop may actually benefit potential buyers.

Meanwhile, former President Trump's decision to increase tariffs for Colombia has strengthened the U.S. dollar, which is now trading at 107.72, after rising by 0.26%. The upcoming Federal Reserve policy meeting is expected to have significant implications for gold rates in India and globally as well, as investors will be watching closely for any signals that could impact the precious metal's value in the near future. This is going to be a great impact on the gold market, which will see an upside in the price.

Gold Prices in Major Indian Cities

Most of the Indian cities experience a decline in gold prices. Here are gold prices in some of the major cities in India:

Silver Prices in Bangalore Today

Silver prices in Bangalore on 27th January slipped this morning after the rise seen in the previous session. Silver rates in Bangalore per kilogram declined. By Rs. 1000, it costs Rs. 96,500 per kg. The price of 100 grams of silver was Rs. 9,650, after a drop of Rs. 100.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, slated to mature on February 5, 2025, opened in the negative zone, down by 0.23%, trading at Rs. 79,840. Similarly, silver futures, with an expiry date of March 5, 2025, showed a fall during the trading session. Prices declined by 1.08% to Rs. 90,606.

Global Gold and Silver Spot Prices See a Dip Ahead of Fed Policy Meeting

Spot gold prices in the international market have experienced a decline as traders await the upcoming Federal Reserve policy meeting. According to a Reuters report, spot gold dropped 0.6% to USD 2,755.79 per ounce at 03:04 GMT, after reaching near-record highs last Friday. Meanwhile, U.S. gold futures also fell by 0.6%, settling at USD 2,761.20 per ounce.

In addition to gold, spot silver saw a notable drop of 1.1%, with prices falling to USD 30.26 per ounce. This decline comes as investors closely monitor the Federal Reserve's upcoming decisions, which could influence the direction of precious metal prices in the short term. The market remains on edge as participants look for signals on future interest rate moves, which could impact the attractiveness of gold and silver as safe-haven investments.