Massive Jump In Gold Rates In Bangalore Today; 24k/100 Spikes Rs. 9,200 Hitting New Heights; Silver Steady

Gold prices in Bangalore sharply spiked today, breaking the two-day losing streak seen earlier this week. The drop in the US dollar index has led to a surge in gold prices. With the Federal Reserve's policy meeting outcomes set to be unveiled later today, investors and analysts are closely awaiting any rate change announcements, which could further impact the market.

On 29th January 2025, the 22 carat gold rates in bangalore jumped a huge Rs. 920 per 10 grams to cost Rs. 82,850, while the 22-carat yellow metal saw a rise of Rs. 850 per 10 grams to retail at Rs. 75,950. Similarly, the 18-carat gold prices in Bangalore rose to Rs. 62,140 after a jump of Rs. 690 per 10 grams.

Similarly, the 100 g of 24-carat gold rates in Bangalore jumped Rs. 9,200 to cost Rs. 8,28,500. 22-carat gold now costs Rs. 759,500 after rising Rs. 8,500 per 100 grams.

Gold Market Shines in Bangalore

After two significant declines this week, gold prices in Bangalore are on the rise once again, seeing a major hike. The current surge in gold and silver demand is driving prices higher, while anticipation surrounding the upcoming Union Budget 2025 announcement is adding fuel to the rally. The rise in gold prices in Bangalore is expected to continue, with international factors also contributing to this trend.

At the same time, the global market is eagerly awaiting the outcomes of the Federal Reserve's policy meeting, which is expected to influence the direction of gold, silver, and the broader commodity market. In the previous session, the US dollar index fell by 0.04%, reaching 107.83. While gold is holding steady in the spot market, significant movement is anticipated in the coming days once the Federal Reserve's decisions are revealed.

Expert Analysis On Gold Price Movement

"After lowering interest rates at three straight meetings, the FOMC is widely expected to pause in January. This doesn't mean the rate-cutting cycle is over, but we think the committee will leave the timing and extent of future policy adjustments up in the air. We see a risk of hawkish tweaks to the committee statement. After the decision, Fed Chair Jerome Powell will likely communicate that policymakers consider policy restrictive and still think it's appropriate to gradually cut rates. But the many risks and uncertainties associated with the outlook will keep him from offering specific guidance about future moves. Expectations: The committee will hold the federal funds rate target steady in a range of 4.25%-4.50%. The January statement will likely show only minimal changes from December's. We expect it to maintain a slight easing bias and offer very little specific guidance on the timing or extent of future rate cuts. However, we do see a risk it could contain some hawkish tweaks. At the post-meeting news conference, Powell will likely be asked what factors will determine future rate moves. Staying vague, we expect him to reiterate his view that policy is restrictive and that it will be appropriate to move gradually to a more neutral setting-while emphasizing elevated uncertainty about the outlook and risks to both sides of the mandate. A more hawkish alternative would be to include a sentence saying the committee doesn't expect further modifications until certain conditions are met-such as greater confidence inflation is moving sustainably toward the 2% objective. However, this isn't our baseline expectation." said, Expert Analyst at Nirmal Bang Securities

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 28th January are holding ground this morning. Silver rates in Bangalore per kilogram cost Rs. 96,500 per kg. The price of 100 grams of silver is currently at Rs. 9,650.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on February 5, 2025, are trading higher by 0.07% at Rs. 80,349. However, silver futures, with an expiry date of March 5, 2025, are trading lower this morning with a decline of 0.05% at Rs. 91,003.

Spot Gold and Silver Spot Prices Today

According to the latest Reuters report, spot gold remained steady at $2,762.49 per ounce as of 0317 GMT. U.S. gold futures rose by 0.1%, reaching $2,769.90. In contrast, spot silver remained unchanged at $30.38 per ounce.