Gold Prices in Bangalore Stabilize After a Rs. 9,800 Surge This Week
Gold prices in Bangalore have stabilized after a significant jump of Rs. 9,800 this week, reflecting strong demand in the local market. On January 23, 2025, 22-carat gold rates remained unchanged at Rs. 75,250 per 10 grams, while 24-carat gold was priced at Rs. 82,090 per 10 grams. Similarly, 18-carat gold maintained its price at Rs. 61,570 per 10 grams.
Gold and Silver Price Trends in Bangalore
Gold prices in Bangalore have seen a notable increase this week, driven by robust demand. However, silver prices have remained stagnant since January 17, with 1 kilogram of silver priced at Rs. 96,500 and 100 grams at Rs. 9,650. The stability in silver prices contrasts with the volatility seen in gold rates.
Gold Prices in Other Major Indian Cities
Gold prices in other major Indian cities have also remained stable. Here’s a quick overview:
- Delhi: 24-carat gold at Rs. 82,240 per 10 grams; 22-carat gold at Rs. 75,400 per 10 grams.
- Mumbai: 24-carat gold at Rs. 82,090 per 10 grams; 22-carat gold at Rs. 75,250 per 10 grams.
- Chennai: 24-carat gold at Rs. 82,090 per 10 grams; 22-carat gold at Rs. 75,250 per 10 grams.
- Kolkata: 24-carat gold at Rs. 82,090 per 10 grams; 22-carat gold at Rs. 75,250 per 10 grams.
Global Spot Gold and Silver Rates
On the global front, spot gold prices eased slightly by 0.1% to $2,751.87 per ounce, after reaching a high of $2,763.43 earlier in the week. U.S. gold futures also declined by 0.3% to $2,761.70. Similarly, spot silver dropped by 0.5% to $30.63 per ounce. The slight decline in gold prices is attributed to a strengthening U.S. dollar and profit-taking in the market.
Gold and Silver Futures on MCX
On the Multi Commodity Exchange (MCX), gold futures for February 5, 2025, slipped by 0.12% to Rs. 79,469. Silver futures for March 5, 2025, also saw a decline of 0.40%, trading at Rs. 91,575. These movements reflect the ongoing volatility in the precious metals market.
Gold Price Outlook
According to a commodity research report by ICICI Direct, spot gold is expected to rise further towards the $2,775 level, driven by increased demand for safe-haven assets amid uncertainty surrounding U.S. trade policies. The report also suggests that MCX Gold February could rise towards the Rs. 80,000 level if it stays above the Rs. 79,200 mark. Meanwhile, spot silver is likely to face resistance near $31.0 and may dip towards the $30.20 level.
Conclusion
Gold prices in Bangalore have stabilized after a significant surge this week, while silver prices remain unchanged. Global factors, including the strengthening U.S. dollar and trade policy uncertainties, continue to influence the precious metals market. Investors are advised to monitor these trends closely to make informed decisions.
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