Gold Prices Crash In Bangalore: Huge Decline Across 24K, 22K, And 18K; Check Jan 28 Rates

Gold prices in Bangalore underwent a correction on January 28, offering a more affordable opportunity for those who had been waiting for a price dip. This marks the second time this week that gold prices have fallen. Currently, investor attention is focused on the U.S. Federal Reserve's policy meeting, with expectations surrounding potential changes in interest rates and their impact on global markets..

As of Tuesday, 28th January 2025, 22-carat gold rates in Bangalore slipped by Rs. 300 per 10 grams to cost Rs. 75,100, while the 24-carat gold fell by Rs. 320 to retail at Rs. 81,930. In a similar line, the 18-carat gold rates experience the fall with a decline of Rs. 200 per 10 grams with a decline of Rs. 62,000.

For heavy weight gold, the 100 grams of 24-carat gold in Bangalore slipped by Rs. 3200 and currently retails at Rs. 8,19,300, while the 22-carat gold per 100 grams now retails at Rs. 7,51,000 after slipping by Rs. 3000.

Gold Market on Edge Ahead of Key Announcements

The entire nation is now eagerly awaiting the Union Budget 2025, scheduled for February 1st. Last year, the Finance Minister's reduction of import duties on gold had a significant impact on the gold market, causing prices to drop sharply. This year, market participants are closely watching for any similar announcements that could lead to major shifts in gold prices in Bangalore and other Indian cities.

Meanwhile, gold prices have been declining this week, driven by international factors. The global market is holding steady as the Federal Reserve's meeting unfolds today, with the decision to be announced tomorrow. It will be crucial to observe the impact this will have on gold prices both globally and in India.

Gold Prices in Major Indian Cities

Most of the Indian cities experience a decline in gold prices. Here are gold prices in some of the major cities in India:

Cities	24 carat	22 carat
Delhi	₹ 82,080	₹ 75,250
Mumbai	₹ 81,930	₹ 75,100
Chennai	₹ 81,930	₹ 75,100
Kolkata	₹ 81,930	₹ 75,100

Silver Prices in Bangalore Today

Silver prices in Bangalore on 28th January are holding ground this morning after the decline seen in the previous session. Silver rates in Bangalore per kilogram costs Rs. 96,500 per kg. The price of 100 grams of silver is currently at Rs. 9,650.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), gold futures, expected to mature on February 5, 2025,are trading higher by 0.27% at Rs. 79,791. Similarly, silver futures, with an expiry date of March 5, 2025, showed a rise during the trading session by 0.06% to Rs. 90,280.

Global Gold and Silver Spot Prices

According to the latest report from Reuters, spot gold was largely unchanged, trading at $2,740.11 per ounce as of 04:36 GMT. Meanwhile, U.S. gold futures saw a modest increase, rising 0.2% to reach $2,743.50 per ounce. On the other hand, spot silver experienced a slight decline of 0.6%, dropping to $30.03 per ounce.

Gold prices held steady on Tuesday as investors closely monitored the ongoing U.S. Federal Reserve's policy meeting. Market participants are particularly focused on how the Federal Reserve might react to the evolving economic landscape, with many speculating about the influence of former President Donald Trump's policies on the central bank's decision-making.