Gold Rates In Bangalore On Jan 7th Stable At Rs. 78,710, Silver Jumps Rs.1000 /Kg

Gold prices in Bangalore today showed no major movements and remained stable for the 3rd consecutive day. The gold market is currently taking a pause as the investors await the release of key US economic data this week. The U.S. dollar, which had been rising recently, also showed signs of cooling, further supporting the stability of gold prices. With the market in a holding pattern, traders are watching closely for any shifts that could influence future movements in the gold market.

On 7th January, 10 grams of 22 carat gold in Bangalore stood at Rs. 72,150 while the 24 carat gold held stable at Rs. 78,710. Likewise, the 18 carat gold rates maintained stability at Rs. 59,030.

The stability was seen in the higher weight quantities as well. 100 grams of 24 carat gold today retails at Rs. 7,87,110 and the 22 carat gold per 100 grams is now priced at Rs. 7,21,500.

Market Pauses for a Breather

Gold prices in Bangalore have remained largely stable over the past three days after the massive decline of Rs. 4,500 per 100 grams of 22-carat yellow metal last Saturday. While the lack of any major triggers is causing stability in the gold market, the lack of demand could also be one of the reasons for this.

On the global stage, the gold market is experiencing a sluggish pace, as investors await new developments. With the U.S. president taking office and potential administrative changes looming, market participants are cautious. Additionally, anticipation is building ahead of several key U.S. economic reports, including the jobs report scheduled for Friday, job openings data later today, ADP employment figures, and the release of the Federal Reserve's December meeting minutes on Wednesday. These releases are expected to offer greater clarity on the Fed's future policy decisions, potentially providing the fresh momentum the market is seeking.

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

Silver prices in Bangalore today are moving higher after experiencing no major movements for two days. Currently, 1 kg of silver costs around Rs. 91,500 after rising by Rs.1000. Similarly, the price for 100 grams of silver jumped By Rs. 100 to cost Rs. 9,200 on January 7th, 2025.

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 0.05%, at Rs. 77,116 per 10 grams. Similarly, the silver futures for the March 5th, 2025, expiry are extending losses today by 0.17%, trading at Rs. 90,402.
Spot Gold and Spot Silver Price Today

According to a report from Reuters, gold prices experienced a modest increase on Tuesday, with market participants awaiting additional economic data from the United States. As of 02: 42 GMT, spot gold had risen by 0.1%, reaching USD 2,638.09 per ounce, while U.S. gold futures showed little change, trading at USD 2,648.60. Meanwhile, spot silver saw a slight gain of 0.1%, climbing to USD 29.98 per ounce. Investors are closely monitoring economic indicators to determine the Fed's likely moves, which could have significant implications for precious metal markets.