Gold Price Fall To Rs 79,030, Global Rate Holds Above $2,700
The gold price today had hit Rs 79,100 per 10 grams at 6:50 a.m. but fell later in the day.
The gold price today fell to Rs 79,030 per 10 grams as of 11:40 a.m., according to the India Bullion Association. It stood at Rs 79,100 earlier on Thursday morning. The price has been hovering over the Rs 78,000 mark and has lowered by 0.090% from the opening prices. The closing price for Dec. 11 was Rs 79,100 and the current prices are Rs 70 lower.
The prices had topped the previous month's high on Wednesday, 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 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 79,000 per 10 grams, according to the Multi Commodity Exchange.
Global Prices
Global rates of gold stood at $2,724, 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.
Silver Prices
The silver price stood at Rs 95,760 as of 6:50 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 95,860, according to the MCX.
