- Gold prices in India dropped over 8% from their all-time high recently
- Current gold rates vary across cities, with Chennai highest at Rs 1,20,060
- US-China trade talks easing reduced safe-haven demand for gold globally
Gold prices have slipped over 8% from its life time high. The gold prices in India today stand at Rs 1,19,930 on Wednesday. This compares to Rs 121,360 on Wednesday.
Gold prices had declined by Rs 700 to Rs 1,25,900 per 10 grams in Delhi on earlier this week, tracking weak global trends as easing US-China trade tensions dented safe-haven demand. On Sunday, top economic officials from Washington and Beijing agreed on the framework of a potential trade deal, which is expected to be discussed when US President Donald Trump meets his Chinese counterpart, Xi Jinping, in South Korea later this week.
The previous drop in prices was led by a confluence of factors including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the government shutdown were factors cited for the price drop on the gloabl scale.
Gold prices had scaled a new peak for the fifth consecutive session in the international market two weeks ago. The heightened US-China trade frictions and bets of a Fed rate cut during the upcoming FOMC have supported demand of the yellow metal, as reported by Bloomberg.
Gold Price Today: Delhi, Mumbai, Chennai Prices
In New Delhi, the price stood at Rs 1,19,510, per 10 gm, and in Mumbai, it stood at Rs 1,19,710 on Wednesday.
In Bengaluru, the rate stood at Rs 1,19,810, while in Kolkata, it was Rs 1,19,550 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,20,060 per 10 gm.
The Dec. 5 futures stood at Rs 1,19,605 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $3,972 on Wednesday, according to the World Gold Council.
Silver Price Today: Spot and Future Prices
Silver had declined Rs 27,800 from its lifetime high this week so far. The precious metal's price was trading lower at Rs 1,44,650 per kilogram on Oct 29, according to the India Bullion Association.
Dec. 5 futures for silver were trading higher at Rs 1,44,255, according to the Multi-Commodity Exchange.
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