Huge Jump In Bangalore Gold Prices: 24K Gold Up By Rs.8,700/100g, Silver Gains Rs.2,000/kg

With the beginning of the new year, gold prices in Bangalore are once again on the rise, marking their third consecutive day of gains this week. The surge in gold rates is being driven by escalating geopolitical tensions, particularly the ongoing conflicts in Israel and the Russia-Ukraine war, which have heightened demand for safe-haven assets.

As of January 3, 2025, the 22-carat gold price in Bangalore surged by Rs.800 per 10 grams, bringing the rate to Rs. 72,600. Meanwhile, the 24-carat gold price increased by Rs.870 per 10 grams, now retailing at Rs.79,200. Similarly, 18-carat gold prices in Bangalore today rose by Rs.650 per 10 grams, with the new rate standing at Rs. 59,400.

For those purchasing in larger quantities, the price of 100 grams of 22-carat gold is now Rs.7,26,000, reflecting an increase of Rs.8,000. Likewise, 100 grams of 24-carat gold is priced at Rs.7,92,000, following a spike of Rs.8,700.

Gold Glitters in the New Year

The new year has brought in a lot of changes across global markets, with the commodity sector witnessing renewed interest. Gold prices are soaring to new heights, driven by a combination of geopolitical tensions and economic factors. Gold prices in Bangalore have surged by 2% over the past three days, marking the third consecutive rise this week.

The ongoing rally in gold is majorly due to the escalating geopolitical conflicts. Tensions in Israel and Russia's recent drone strikes on Ukraine have reignited global concerns, prompting investors to seek the safety of gold as a secure asset. Additionally, the U.S. Federal Reserve's decision in December to reduce interest rates has further bolstered the appeal of gold, making it a preferred choice for risk-averse investors.
Looking ahead, major economic indicators scheduled for release next week are expected to have a significant impact on the gold market. These key reports will likely influence investor sentiment and could drive further movements in gold prices.

Gold Prices in Major Indian Cities

Most of the Indian cities saw a 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 have registered a huge rise after experiencing no major movements in the last two days. Currently, 1 kg of silver costs around Rs. 92,500 after rising to Rs. 2,000 per kilogram. Similarly, the price for 100 grams of silver went up by Rs. 200 to cost Rs. 9,200 on January 3rd, 2025.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for February 5th, 2025, delivery are trading higher by 0.13%, at Rs. 77,821 per 10 grams. Similarly, the silver futures for the March 5th, 2025, expiry are extending gains today by 0.11%, trading at Rs. 89,269.

Spot Gold and Silver Trends

According to a report by Reuters, spot gold edged higher by 0.2%, trading at $2,661.19 per ounce as of 02:57 GMT, marking its highest level since December 13. The precious metal has seen a steady rally throughout the week, gaining approximately 1.6% so far, driven by market sentiment favoring safe-haven assets amid global economic uncertainties. Similarly, U.S. gold futures climbed 0.2% to $2,675.40 per ounce, reflecting a positive outlook on gold's performance in the near term. Meanwhile, spot silver remained steady at $29.58 per ounce, holding its ground after recent gains.