Gold Price Falls Further, Global Rate Steady Ahead Of Central Bank Decisions

Gold price today stood at Rs 77,170 as of 6:50 a.m., according to the India Bullion Association. The price had been marginally higher than the current rate on Monday after it fell from Rs 79,100 on Friday. The price had hit the highest levels in the month so far on Dec. 11, before declining by more than Rs 1,000 on Monday.

Gold rates had topped the previous month's high on Wednesday. They had 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 77,045 per 10 grams, according to the Multi Commodity Exchange.

Global Rates

Global rates of gold stood at $2,651, according to the World Gold Council. The precious metal has risen by around 29% this year and lower rates are typically positive for gold, which doesn't pay interest, according to Bloomberg.

The global rate is holding steady ahead of the interest-rate decisions by multiple major central banks around the world, including the US Federal Reserve.

Silver Prices

The silver price stood at Rs 91,080 as of 6:50 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 91,138, according to the MCX.