Massive Spike in Bangalore Gold Rates On Jan 16: 22K/100g Gold Rises Rs.5000, Silver Costs ₹2000 More Today

Gold prices in Bangalore today are mirroring the global upward movement in spot prices. As the U.S. dollar index strengthens, gold has become more expensive in the domestic market, following the trend seen internationally. The ongoing rise in the dollar has pushed prices higher, though the gains have been somewhat restrained. This is due to the recent announcement of a ceasefire agreement between Israel and Hamas, which has eased some geopolitical tensions and reduced the immediate demand for safe-haven assets.

On 16th January, the gold rates in Bangalore rose near the record high levels. 22-carat gold now costs Rs. 73,400 with a hike of Rs. 500. The 24-carat gold jumps Rs. 550 per 10 grams to cost Rs. 80,620. Likewise, 28, cart gold is now at Rs. 60,470, which jumped by Rs. 410.

Bulkier quantities of gold also saw a similar rise. With 100 grams of 24-carat gold now costing Rs. 5500, the cost is Rs. 8,06,200, and the 22-carat per 100 grams now retails at Rs. 7,34,000.

Gold Prices Reaching Record Levels: Surge Expected to Continue

Gold prices in Bangalore hit a historic high of Rs.81,000 per 10 grams in October 2024, driven by massive demand during the festive season. Given the current market dynamics, gold prices are poised to reach similar or even higher levels in the coming days if the upward trend persists. Today's rise adds Rs.10,900 to the cost of 24-carat gold per 100 grams, making it significantly more expensive for buyers.

Meanwhile, international gold prices are also on the rise, despite the U.S. dollar gaining strength. The dollar currently stands at 109.17, up by 0.08%. However, the dollar slipped slightly on Thursday, falling just short of its recent peaks after cooling U.S. inflation data reduced bond yields. This development has led to growing expectations that the Federal Reserve may ease interest rates soon. Reuters reports that the U.S. central bank is likely to implement two rate cuts by the end of this year, with the first reduction anticipated in June, which could further support the rise in bullion prices.

Gold Prices in Major Indian Cities

Most of the Indian cities saw a decline in gold prices today. Here are gold prices in some of the major cities:

Silver Prices in Bangalore

Bangalore silver prices today are extending gains of Rs. 2000 per kilogram, which now costs Rs. 95,500, and 100 grams of white metal now cost Rs. 9,550 after surging Rs. 200.

Gold And Silver Future Price On MCX

Gold futures, which are set to mature on February 5, 2025, on the Multi Commodity Exchange (MCX), maintained their upward trend by rising 0.29%, or 228 points, to reach their current trading value of Rs. 78,938.00. Silver futures, which are scheduled to expire on March 5, 2025, also saw an increase during the session in a similar pattern. The metal gained 150 points, or 0.16%, and is now trading at Rs. 93,006 today.

Spot Gold and Silver Prices Today

According to Reuters latest report, spot silver dropped by 0.2%, trading at $30.61 per ounce, while spot gold remained steady at $2,696.30 per ounce as of 03:01 GMT, after reaching its highest level since December 12 earlier in the session. Meanwhile, U.S. gold futures saw a modest gain of 0.3%, rising to $2,725.20.