Gold Price Hovers Above Monthly Low, Global Rates Steady

Gold price today stood at Rs 76,990 as of 6:50 a.m., according to the India Bullion Association—slipping by Rs 180 from Tuesday's opening prices. The rate is now hovering closer to the month's low that was recorded on Dec. 5. Price of the yellow metal had dipped to Rs 76,520, before holding above Rs 76,730 till this week.

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 today 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 76,852 per 10 grams, according to the Multi Commodity Exchange.

Global rates of gold stood at $2,649, 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.

The silver price stood at Rs 90,770 as of 6:50 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 90,820, according to the MCX.