Gold Prices in Bangalore Relax After A Big Jump Of Rs.9,800 This Week; Silver Prices Unchanged

Gold prices In Bangalore are standing at yesterday's elevated prices and have undergone no major movement today. The U.S. dollar index is slowly rebounding which is expected to exert pressure on the gold prices.

On 23rd January 2025, 22-carat gold rates in Bangalore remained unmoved, costing Rs. 75,250 per 10 grams, and similarly, the 24-carat gold rates in Bangalore per 10 grams retailed at Rs. 82,090. Just like that, the 18-carat gold prices maintained stability at the price of Rs. 61,570 per 10 grams.

Similarly, the 100 g of 24-carat gold in Bangalore now costs Rs. 8,20,900. 22-carat gold now costs Rs. 7,52,500, mirroring yesterday's rates.

Gold And Silver Movement In Bangalore

Gold prices in Bangalore have surged this week, reflecting strong demand in India, with prices gaining around 1% over two sessions. This rise in gold prices is largely attributed to a robust market demand. In contrast, silver prices have remained stable in Bangalore and other cities since January 17.

On the global front, the U.S. dollar index is recovering as the market awaits details on President Trump's tariff policies. Additionally, spot gold prices have slightly eased due to a strengthening dollar and profit-taking in the market.

Gold Prices in Other Major Indian Cities

Most of the Indian cities saw the stability in gold prices. Here are gold prices in some of the major cities in India:

Silver Prices in Bangalore Stagnant

From the past six trading sessions, silver rates in Bangalore have remained stable with no movement at all. 1 kg silver rate in Bangalore is currently at Rs. 96,500. Similarly, the 100-gram silver price in Bangalore maintained its yesterday's level to cost Rs. 9,650.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, which are expected to mature on February 5, 2025, slipped slightly by 0.12%, trading at Rs. 79,469. Similarly, silver futures, with an expiry date of March 5, 2025, are also dropping during the trading session. Prices spiked by 0.40% to Rs. 91,575.

Global Spot Gold and Silver Rates Update

According to the latest report from Reuters, spot gold eased 0.1% to $2,751.87 per ounce by 0307 GMT. Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15. U.S. gold futures shed 0.3% to $2,761.70. Spot silver dropped 0.5% to $30.63 per ounce.

Gold Price Outlook

According to a commodity research report by ICICI Direct, "Spot gold is likely to rise further towards the $2775 level amid a rise in demand for safe havens following uncertainty surrounding US President Donald Trump's potential tariffs plans. US President Donald Trump signaled the possibility of implementing duties on China, Canada, and Mexico as soon as next month. On top of it, he also promised duties on European imports, without giving clarity. Further, multiple ECB policymakers signaled that the central bank will keep lowering interest rates this year. Meanwhile, eyes will be on initial jobless claims data from the US and the WEF Annual meeting."

The report further stated that "Spot gold is likely to rise towards the $2775 level as long as it trades above the $2730 level. A break above the $2775 level may see prices rise further towards the $2790 level. MCX Gold February is expected to rise further towards the ₹80,000 level as long as it stays above the ₹79,200 level. Spot Silver is likely to face stiff resistance near $31.0 and slip back towards the $30.20 level. MCX Silver March is expected to dip towards the ₹90,500 level as long as it trades below the ₹93,000 level.