Bengaluru Gold Rate Today, May 5: Gold Prices Rally Across 24K, 22K, 18K; Silver Prices Flying Higher

Gold rate in Bengaluru today experienced a huge rise across purities. After recording a two-day decline, gold prices rebounded strongly on Wednesday as increased buying interest from retail investors during the recent dip supported recovery in the yellow metal. The renewed demand has pushed up gold rates in Bengaluru as well as other major cities across India.

Another major factor behind the surge in gold rate in Bengaluru today is the impact of rising international gold prices on domestic markets. According to data from Trading Economics, spot gold prices climbed above $4,600 per ounce amid renewed tensions surrounding the US-Iran conflict, despite the ceasefire technically remaining in place.

"US forces repelled Iranian attacks in the Strait of Hormuz, while the UAE intercepted Iranian missiles and linked a Fujairah port fire to an Iranian drone strike. These developments have rattled ceasefire confidence, lifting oil prices and bond yields. Markets now price a 22% probability of a Fed rate hike in January 2027, up from near zero. Gold is seen trading between $4,500 and $4,850, while silver could move in the $71-$80 range," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd., and Chairman at Jain International Trade Organisation.

Gold rate in Bengaluru today

On May 5th, The 22-carat gold rate in Bengaluru jumped by Rs. 1950 per 10 grams, bringing the price up to Rs. 1,38,700 per 10 grams. Meanwhile, the 24-carat gold price in Bangalore spiked by Rs.2130 now retailing at Rs. 1,51,310 per 10 grams. The 18-carat gold also saw a rise of Rs.1590 per 10 grams, currently priced at Rs.1,13,480

Gold & Silver Target Price Ahead

"Gold prices are expected to rise. One can buy at 151500 with a stop loss of 150500. Prices can test 152700-154000. While Silver prices are expected to pullback. Traders can buy at 248000 with a stop loss of 242000 for the target at 255000-262000" as per the Nirmal Bang Securities report.

MCX Gold and Silver Futures Update

On the commodities front, MCX gold and silver prices are enjoying a sharp rally on Wednesday. MCX Gold June 5th futures surged by Rs. 2,622, or 1.75%, to trade at Rs. 1,52,375 per 10 grams at the time of writing. Meanwhile, MCX Silver July 3 futures jumped Rs. 7,126, or 2.92%, to Rs. 2,51,442 per kilogram.

Silver Prices in Bangalore Today

Bengaluru silver prices today also experienced a big jump on May 5th, 1 kg of silver in Bengaluru costs Rs. 2,65,000. While 100 g of silver rates in India cost Rs.26,500.

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