Gold Prices Skyrocket In Bangalore: 24k/100g Jumps Rs. 9,800 in Just Two Days, Silver Spikes Rs.4,500/kg

On December 10, 2024, Bangalore witnessed a significant spike in gold prices following days of subdued demand and flat trading. Gold prices in Bangalore are shining once again with a huge spike coming against the backdrop of escalating geopolitical tensions in the Middle East, particularly after the fall of the Syrian government, which has heightened gold's appeal as a safe-haven asset.

This morning, the 22-carat gold rate in Bangalore surged by Rs. 750 per 10 grams, now priced at Rs. 72,050. Similarly, the 24-carat gold rate rose by Rs. 870 per 10 grams, to retail at Rs. 78,600. The 18-carat gold price in Bangalore also saw a similar rise, increasing by Rs.610 per 10 grams to cost Rs. 58,950.

For larger quantities, the price surge was even higher. 100 grams of 24-carat gold saw a jump of Rs. 8,700, now priced at Rs. 786,000, while 100 grams of 22-carat gold increased by Rs. 7,500, now retailing at Rs. 720,500.

Sharp Rally In The Gold Market:

Gold prices in Bangalore have surged over the last two trading sessions, posting gains of up to 1.2%. After a week of sluggish movement, gold has regained strength, reaching its highest levels in a month. This rally is fueled by rising domestic demand, which has given prices a significant boost.

On the global front, several key factors have contributed to this recent upward movement in gold prices. One major reason is the ongoing geopolitical tension in the Middle East, particularly surrounding the civil war in Syria. Heightened uncertainty in the region has increased the appeal of gold as a safe-haven asset.

Another critical catalyst has been China's decision to resume gold purchases in November after a six-month-long hiatus. This announcement has injected fresh optimism into the market, as China is one of the world's largest consumers of gold. Lastly, the US dollar index has been under pressure, currently down by 0.06% at 106.13, supporting gold's rise recently.

Gold Prices in Other Major Indian Cities

All cities in India are observing a major rise in yellow metal prices. Here are rates in some of the major cities:

Silver Prices in Bangalore Today

Silver prices in Bangalore today Have registered massive gains after four consecutive sessions of no price movements. Currently, 1 kg of silver costs around Rs. 96,500 after jumping Rs. 4,500 per kilogram. Similarly, the price for 100 grams of silver was spiked by Rs. 450 to cost Rs. 9,650 on December 10th, 2024.

Gold And Silver Future Prices On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are extending gains of 0.19%, at Rs. 77,635 per 10 grams. On the contrary, silver futures for the March 5th, 2025, expiry are facing headwinds and are down by 0.18%, trading at Rs. 95,025.

Spot Gold and Spot Silver Rates

According to recent reports from Reuters, spot gold gained 0.4%, trading at $2,669.84 per ounce as of 0248 GMT. Meanwhile, U.S. gold futures rose by 0.3%, reaching $2,692.50 per ounce. The surge comes as gold touched a two-week high on Monday, driven by a significant development in global markets. In addition to gold, spot silver also saw gains, rising by 0.6% to trade at $31.98 per ounce. Moreover, continued geopolitical tensions and concerns over global economic stability are likely to sustain the demand for these assets in the near term.