Gold Price in Bangalore Soar Rs.3,300/100g, June 2: Trump’s Tariff Moves Push Gold Rates Toward Record High

Gold rate in Bangalore today

On June 2nd the 22-carat gold price in Bangalore surged by Rs. 300 per 10 grams, now costing Rs. 89,500. Meanwhile, 24-carat gold saw a rise of Rs. 330, bringing its price to Rs. 97,640 per 10 grams. Similarly, 18-carat gold prices jumped by Rs 240, now priced at Rs 73,230.

Just like that, the cost of 100 grams of 22-carat gold now stands at Rs 8,95,000, showing a Rs 3,000 reduction, while 100 grams of 24-carat gold rates in Bangalore have spiked by Rs 3,300, retailing at Rs 9,76,400.

What is Causing Gold Price Surge?

In South Indian cities like Bangalore, gold is traditionally valued a lot, especially during the wedding season. Domestic demand for gold jewellery has skyrocketed, pushing the gold rate higher. Last week's dip in gold prices had brought temporary relief to buyers, but gold rates in India and other cities have since bounced back due to global factors as well.

Another major catalyst for the recent gold price hike is escalating global trade tensions. U.S. President Donald Trump announced plans to double tariffs on imported steel and aluminium - from 25% to 50% - which again added to the uncertainty. Moreover, the U.S. Dollar Index fell 0.1% lower, adding further momentum to bullion demand.

Silver Prices in Bangalore Today

Silver prices in Bangalore on June 2nd jumped once again. Silver rates in Bangalore per kilogram spiked by Rs. 100 to cost Rs. 1,00,000 per kg. The price of 100 grams of silver is currently at Rs. 10,000 after rising Rs. 10 per 100 grams.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on August 5th , 2025, are trading higher by 1.27% at Rs 97,097. However, silver futures, with an expiry date of 4th July , 2025, are also surging this morning with a rise of 0.60% at Rs 97,595.

"MCX Gold Aug is expected to rise towards the ₹96,700 level as long as it stays above the ₹95,400 level. MCX Silver July is expected to rise towards the ₹98,500 level as long as it trades above the ₹96,500 level." As stated in the ICICI Direct Commodity Report.

Spot Gold and Silver Prices Today

Reuters, in its latest gold report, stated that "Spot gold was up 1.2% at USD 3,326.45 an ounce, as of 06:06 GMT. U.S. gold futures rose 1.1% to USD 3,351. Spot silver rose 0.6% to USD 33.16 an ounce."

"Spot gold is likely to rise towards the USD 3340 level as long as it stays above the USD 3270 level amid weakness in the dollar and softening of U.S. treasury yields. Moreover, the US accused China of violating an agreement, reigniting trade tension between the 2 largest economies. Meanwhile, investors will keep a close eye on manufacturing data from the U.S. and Fed Chair Powell's speech." As per the ICICI Direct Commodity Report.

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