Gold Rate in Bangalore Today Spikes: 24K/100g Gold Jumps Rs. 15000 In 2 Days; Check March 10 Rates

There has been a sharp surge in gold prices in Bangalore over the last two days. With the beginning of March, gold rates in Bangalore have been declining sharply, but is now recovering. In just two trading days, 22 karat gold in Bangalore has jumped by a massive Rs. 15000 per 100 grams. The rise in gold prices came due to an increase in demand for precious metals as the dollar retreated following the drop in crude prices.

Gold Price in Bangalore on March 10

As of today, gold rates in Bangalore extended a rally, with 22-carat gold rising to Rs. 1,49,700 per 10 grams, reporting gains of Rs. 850. Similarly, the pure 24-carat gold rates in Bangalore per 10 grams spiked by Rs. 930 to cost Rs. 1,63,310. Just like that, 18-carat gold pieces also rose by Rs. 690 per 10 grams to cost Rs. 1,22,480.

The 22-carat gold rate per 100 grams rose by Rs. 8500, bringing the prices to Rs. Rs.14,97,000. In a similar manner, the 24-carat gold per 100 grams surged by Rs. 9300 to retail at Rs. 16,33,100.

Gold Shines Bright Amid the US-Iran War

Gold trading is witnessing significant momentum this week, leading to a sharp rise in prices. In India, gold rates have been steadily climbing due to strong demand from citizens and investors alike.

Meanwhile, domestic gold prices are being influenced by international spot rates. Globally, gold has regained strength, rallying above USD 5200 per ounce. This surge is supported by a weakening US dollar and falling US Treasury yields after a drop in the oil prices which eased the inflation concern.

It will be interesting to see if gold prices in India surpass the record high level once again amid the ongoing geopolitical tensions.

Silver Prices in Bangalore

Bangalore silver prices today remained steady at previous day's level. Currently, the price of 1 kilogram of silver stands at Rs. 2,90,000 per kg while 100 grams of silver is priced at Rs. 29,000 per 10 grams.

Gold And Silver Future Price On MCX

On the Multi Commodity Exchange (MCX), the gold futures for April 2nd delivery are trading lower by 0.37%, at Rs. 1,62,700 per 10 grams. Similarly, the silver futures for the May 5th expiry are currently trading lower by 1.07%, trading at Rs.2,74,855 per kg.

"International Spot silver is likely to move in the band of $86 and $90. Only a move above $90 would turn bullish towards $92. MCX Silver May is expected to move towards Rs. 281,000 as long as it holds above Rs. 271,000. Only a move above ₹281,000, it would rise towards Rs. 284,000." an ICICI Commodity report stated.

Spot Gold and Silver Prices Today

As per the latest Reuters report, "Spot gold was up 0.2% at $5,202.10 per ​ounce, as of 0525 GMT. U.S. gold futures for April delivery fell 0.6% to $5,211.