Gold prices in Bangalore have seen a significant increase today, continuing a trend of rising rates that began last week. The surge is largely attributed to heightened demand driven by the Indian wedding season, which has resumed in January.
As of January 13, the price of 22-carat gold in Bangalore rose by Rs. 400, bringing the cost to Rs. 73,400 per 10 grams. The 24-carat gold rate also saw a sharp increase, jumping Rs. 430 to Rs. 80,070 per 10 grams. Similarly, 18-carat gold prices surged by Rs. 330, now standing at Rs. 60,060 per 10 grams.
For those purchasing in larger quantities, the prices for 100 grams of gold have also risen. The cost of 100 grams of 24-carat gold is now Rs. 8,00,700, up by Rs. 4,300. The price for 100 grams of 22-carat gold stands at Rs. 7,34,500, following an increase of Rs. 4,000. The cost of 100 grams of 18-carat gold has reached Rs. 60,06,000, with a rise of Rs. 3,300.
This spike in gold prices comes as demand surges with the start of the wedding season, which traditionally picks up after Makar Sankranti. As more buyers flock to retail outlets in anticipation of festivities, experts expect prices to continue climbing throughout the month.
Global Factors Impacting Gold Prices
While gold prices in India are on the rise, the global market is facing downward pressure. A stronger U.S. dollar is limiting substantial gains for the yellow metal, with the U.S. dollar index hovering near 109.92, close to record highs. Additionally, strong U.S. job data suggests the Federal Reserve may take a cautious stance on policy easing. With President Donald Trump set to assume office on January 20, his policies are expected to have a significant impact on inflation and global economic trends.
Gold Prices in Major Indian Cities
Gold prices have surged across major cities in India today. Here are the latest rates for gold in select cities:
Delhi: 24-carat gold at Rs. 80,220, 22-carat gold at Rs. 73,550
Mumbai: 24-carat gold at Rs. 80,070, 22-carat gold at Rs. 73,400
Chennai: 24-carat gold at Rs. 80,070, 22-carat gold at Rs. 73,400
Kolkata: 24-carat gold at Rs. 80,070, 22-carat gold at Rs. 73,400
Silver Prices in Bangalore
Silver prices in Bangalore also saw an increase today, rising by Rs. 1,000 per kilogram to Rs. 94,500. The price for 100 grams of silver is now Rs. 9,430.
Gold and Silver Futures on MCX
On the Multi Commodity Exchange (MCX), gold futures for delivery on February 5, 2025, rose by 195 points (0.25%) to reach Rs. 78,618. In contrast, silver futures for delivery on March 5, 2025, decreased by 0.18%, shedding 166 points to Rs. 92,340.
Spot Gold and Silver Prices
According to the latest Reuters update, spot gold remained stable at USD 2,689.09 per ounce, maintaining a position near the one-month high reached on Friday. Spot silver saw a slight decline of 0.1%, trading at USD 30.36 per ounce. U.S. gold futures increased by 0.2%, reaching USD 2,719.50 per ounce.
As gold prices continue to rise in Bangalore and across the nation, experts predict that demand will likely keep pushing prices higher in the coming weeks, particularly due to the ongoing wedding season.
Related topics:
- India Surpasses China in Gold Purchases, Buying 51% More in Three Months
- Gold Rates Skyrocket in Chennai on Diwali, 24K Gold Exceeds Rs. 81,000 Per 10 Grams
- Gold Prices Expected to Reach $3,000 per Ounce by 2025, Analysts Forecast
