Gold Rate Today in Bangalore and Chennai: Buyers Stunned as 24k,22k Gold & Silver Hit New Records On Jan 20

On the second trading day of the week, gold prices have surged yet again, a rally that now looks unstoppable. The yellow metal has been on a dream run, smashing record after record and keeping both markets and buyers on edge.

South Indian cities such as Bengaluru and Chennai saw heavy gold buying during Pongal and Sankranti last week, which pushed prices sharply higher. Over the past 30 days, the gold rate in Bangalore and the gold rate in Chennai has jumped nearly 8%, while prices have been up around 18% in the last three months. On a yearly basis, the gold rally has been nothing short of remarkable, with prices soaring 81% over the past year.

This massive bull run in gold has taken markets by storm and has put retail buyers under major pressure, especially during the ongoing festive and wedding season.

Silver prices, meanwhile, have also joined the rally and continue to trade at record-high levels. Silver rates have surged past the Rs. 3 lakh per kg mark, because of strong global demand and tight supply conditions. The rally in silver has been sustained for several weeks,largely by international factors that are pushing precious metals to historic highs.

One of the key global triggers behind the sharp rise in gold and silver prices is renewed geopolitical uncertainty. Market sentiment turned risk-averse after U.S. President Donald Trump's threats to acquire Greenland, which led investors to move money into safe-haven assets such as gold and silver.

According to a Reuters report, spot gold is currently hovering near $4,675 per ounce, while spot silver is trading around $93.33 per ounce, both near record levels.

Today's Gold Rate in Bangalore

On 20th January, the 24-carat gold rates in Bangalore jumped to a record high after rising Rs 1040 per 10 grams to cost Rs 1,47,280, while the 22-carat gold rate surged Rs 950 per 10 grams to retail at Rs 1,35,000. Meanwhile, the 18-carat gold rates in Bangalore also soared massively by Rs. 78,0 currently at Rs. 1,10,460 per 10 grams.

100 grams of 24-carat gold jumped remarkably. By Rs. 10,40,0, bringing the prices to Rs. 14,72,800. In a similar manner, the 22-carat gold per 100 grams surged to Rs 9,500 to retail at Rs 13,50,000. Lastly, 18-carat gold rates in Bangalore rose to Rs. 780 per 100 grams, costing Rs. 11,04,600.

Today's Gold Rate In Chennai

On 20th January, 24-carat gold rates in Chennai stood at Rs. 1,48,480 per 10 grams with a rise of Rs. 1750, whereas the 22-carat gold rates rose by Rs. 1600 to cost Rs.1,36,100. Similarly, the 18-carat gold rates in India have increased to Rs. 1,13,550, up from Rs. 1,12,300, a rise of Rs. 1,250.

Silver Prices in Bangalore + Silver Prices In Chennai

Silver rates in Bangalore today spiked by 10,000 per kg and currently retail at Rs.3,15,000. Similarly, 100 grams of silver is currently retailing at Rs. 31,500.

Silver prices in Chennai today jumped by Rs. 12000 to cost Rs. 3,30,000 per kg. 100g of silver is costing Rs. 33,000 which jumped by Rs. 1200.

MCX Gold and Silver Futures Update

Gold futures on the Multi Commodity Exchange (MCX), set to be delivered on February 5th, jumped by 1.53% and are currently priced at Rs. 1,47,868 per 10 grams. Meanwhile, silver futures, with a delivery date of March 5th, are trading higher by 2.01% at Rs. 3,16,504.

Spot Gold & Spot Silver Prices in the International Market Today

According to KITCO, spot gold is currently trading around $4697.10 per ounce, up 0.57% from the previous close. Meanwhile, spot silver is priced at $94.09 per ounce after declining 0.09%.

"Spot Gold is likely to trade with the positive bias and rise further towards $4700 level on weak dollar. Further, demand for safe haven may increase as US President Donald Trump threats to resurrect trade war with Europe shook investors confidence. US President Donald Trump threatened to slap extra tariffs on 8 European nations until the U.S. is allowed to buy Greenland. Investors fear retaliation from European nations should the duties go ahead. Additionally, political instability in Venezuela, geopolitical tensions in Middle East and concerns over Fed independence would continue to support gold prices." as per ICICI Direct.

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