Gold Price Today At Rs 76,140, Global Rates Slip Further To $2,626

Gold price today stood at Rs 76,140 as of 7:00 a.m., according to the India Bullion Association. The prices have slightly recovered from the decline in prices that the commodity saw through the week. There has been a marginal recovery of Rs 720 from Wednesday's prices. The price chart of the yellow metal has been wonky during November. A slip in demand post festive season had caused a sharp decline, before the prices were pushed up by geo-political conflicts.

Gold price has been volatile as the global markets have led the domestic market prices. The global price has seen much movement as events like the US election results and geo-political conflicts have had direct impact on rates.

Domestic markets have followed suit and seen some volatility in prices. Demand during the festive season had pushed the prices into a rally, hitting Rs 81,500 during November. The prices soon saw a slump, dipping as low as Rs 74,390, mirroring record lows. The slump was also sustained by the preference of equities over the safe-play investment. This changed when the Russia-Ukraine conflict flared up, bringing a rebound in the rates.

The futures prices for Dec. 5 stood at Rs 75,751, according to the Multi Commodity Exchange.

The global rates for the commodity stood at $2,626, according to the World Gold Council. There was a significant slip in prices as the demand has been reduced due to de-escalating global conflicts.

Price of the yellow metal dropped as low as $2,610 this week, according to WGC. A stronger dollar and the lack of further advancements in geo-political conflicts have pushed the demand for the commodity lower.

Silver prices stood at Rs 88,100 as of 7:00 a.m., according to the India Bullion Association. The futures prices of the commodity stood at Rs 87,649, according to the MCX.