Gold Prices Surge in Bangalore, Breaching ₹81,000 Mark
Significant Increase in Gold Rates Across Carats
Bangalore has witnessed a substantial jump in gold prices, marking the fourth consecutive session of gains. This surge reflects a strong demand for the precious metal, fueled by positive market sentiment. The latest U.S. economic data has boosted expectations of a potential interest rate cut by the Federal Reserve, further driving up gold prices.
On January 17, 2025, 22-carat gold prices in Bangalore increased by ₹600 per 10 grams, reaching ₹74,500. Similarly, 24-carat gold prices rose by ₹650 per 10 grams, now costing ₹81,220. The price of 18-carat gold also saw an increase, climbing by ₹490 to reach ₹60,960.
The price for 100 grams of 24-carat gold jumped by ₹6,500 to ₹8,12,200. The rates for 100 grams of 22-carat gold also experienced a similar rise of ₹6,500.
Gold's Winning Streak Continues
Gold prices in Bangalore have shown remarkable strength this week, nearing record highs. The increased demand has made gold more expensive, potentially leading buyers to wait for a price correction before purchasing.
Internationally, gold prices also climbed, rising over 1% on Thursday to their highest level since December 12. This rise was largely driven by U.S. economic data that put downward pressure on Treasury yields. Bullion has gained approximately 1% this week, supported by expectations of a Federal Reserve interest rate cut later in the year.
Gold Rates in Major Indian Cities
The rise in gold prices was seen across most major Indian cities. Here's a quick look:
- Delhi: 24 Carat - ₹81,420, 22 Carat - ₹74,650
- Mumbai: 24 Carat - ₹81,220, 22 Carat - ₹74,500
- Chennai: 24 Carat - ₹81,220, 22 Carat - ₹74,500
- Kolkata: 24 Carat - ₹81,220, 22 Carat - ₹74,500
Silver Prices Also See a Boost
In Bangalore, silver prices have also seen an increase for the third consecutive day, rising by ₹1,000 per kilogram to ₹96,500. 100 grams of silver now costs ₹9,650, following a ₹100 increase.
Gold and Silver Futures on MCX
On the Multi Commodity Exchange (MCX), gold futures maturing on February 5, 2025, fell by 0.27% to ₹79,010. Silver futures, set to mature on March 5, 2025, also experienced a slight decrease during the session, falling by 0.42% and reaching a trading value of ₹92,410.
Current Spot Prices for Gold and Silver
According to the latest reports, spot gold remained steady near its five-week high, poised for its third consecutive week of gains. This follows the release of U.S. inflation data that has increased speculation about potential rate cuts by the Federal Reserve. As of 03:32 GMT, spot gold was unchanged at $2,715.09 per ounce. U.S. gold futures saw a slight dip of 0.1% to $2,746.90. Spot silver edged up by 0.1% to $30.82 per ounce, marking over 1% gain this week.
0 comments:
Post a Comment