Gold Price Holds Over Rs 78,000 Mark, Global Rate Above $2,680

The gold price today slipped to Rs 78,090 per 10 grams as of 7:00 a.m., according to the India Bullion Association. The prices had gone up as much as Rs 79,100 earlier on Thursday morning. Gold rate has been hovering over the Rs 78,000-mark and the current prices are Rs 1,010 lower than the closing prices on Wednesday.

The prices had topped the previous month's high on Dec. 11, as it hit Rs 78,060 on Nov. 23. October saw a stronger demand ahead of festivities, pushing the prices up to Rs 81,500 per 10 grams. But the price immediately slipped under the pressure of reduced demand later, dipping to as low as Rs 74,390, mirroring record lows.

The global price has seen much movement, as events like anticipated rate cuts from the Fed next week and developing geo-political conflicts have had direct impact on rates. Domestic markets have followed suit and seen some volatility in prices due to these cues and events in the previous month.

The prices are seeing an upward movement at this point of the month, as international factors continue to drive the demand for the safe-haven commodity. The domestic market prices, closer to past highs, are mirroring the pace of rise in the international market.

The futures prices for Feb. 5, 2025 stood at Rs 77,985 per 10 grams, according to the Multi Commodity Exchange.

Global rates of gold stood at $2,680, according to the World Gold Council. The prices have held steady since the start of the month of December. The commodity has seen a steady increase in prices after they slipped to $2,628 on Dec. 9.

The price had seen a dip in demand as geo-political tensions de-escalated. The rise in prices has also been attributed to lower Treasury yields and People's Bank of China's strategic holding of large US dollar reserves, according to Bloomberg.

The silver price stood at Rs 92,500 as of 7:00 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 92,580, according to the MCX.