Gold prices in India today have marginally recovered to Rs 75,340 as of 6:55 a.m., according to the India Bullion Association. The prices have recovered by nearly Rs 1,000 after slipping below the Rs 75,000 mark on Monday. The slight recovery in prices put the prices today just above the mark. November has seen a decline in prices as the demand for the commodity has seen a slip in the global markets and domestic market has followed suit.
Gold prices recorded their all-time high ahead of the festive season on Oct. 23 as they hit Rs 81,500 per 10 grams. The prices have seen a significant slip since Oct. 31 to Rs 78,670 after the demand for the yellow metal slumped post festivals. The dip in demand, along with global cues, pushed the prices further down. The prices this month have hit lows recorded during the month of September.
The futures prices for Dec. 5 are at Rs 75,012 per 10 grams, according to the Multi Commodity Exchange of India. The futures prices have also seen a marginal recovery from the Rs 74,000 mark. As the fund flows have changed tracks to equities, the strong preference has pushed down the demand for the safe-play investment. The global markets have also seen an evident slip in the commodity's prices.
Global Prices
The domestic markets have followed the slight recovery in the global markets. The international rates stand at $2,614, according to the World Gold Council. The prices had slipped to levels around $2,591 through the day and there is a slight reduction in the pressure the prices were under. Though there is a recovery, the outlook on demand for the commodity remains low. The global prices have seen direct impact as equities take the first preference.
The international prices have seen a slump after the US Elections. A stronger dollar paired with the cleared up political uncertainty led to a slump in the demand for the safe-haven investment.
Silver Prices
The silver prices stood at Rs 90,870 as of 6:55 a.m., according to the India Bullions Association. The futures prices for Dec. 5 stood at Rs 90,476, according to MCX.
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