Gold Price Today Rises To Rs 78,000-Mark, Global Rates Climb To $2,700

Gold price today stood at Rs 78,460 as of 7:25 a.m., according to India Bullion Association. The prices have crossed the Rs 78,000 mark, nearly reaching the record high of the month of November. The prices were hovering over the Rs 78,000-mark on Tuesday. This is the first time the prices have reached the level in December.

Gold rates saw a significant decline throughout November as the demand for the commodity was lower. October had seen a stronger demand ahead of festivities, pushing it up to Rs 81,500. But the price immediately slipped under the pressure of reduced demand, dipping as low as Rs 74,390, mirroring record lows.

The global price has seen much movement, as events like the US election results and 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. A slip in demand post festive season had caused a sharp decline, before the prices were pushed up by geo-political conflicts. The Russia-Ukraine conflict flared up, bringing a rebound in the rates.

The futures prices for Feb. 5, 2025 stood at Rs 78,367 per 10 grams, according to the Multi Commodity Exchange.

Global rates of gold stood at $2,701, according to the World Gold Council. The prices have held steady since the start of the month of December. The price had seen some movement triggered by geo-political conflict between Russia and Ukraine that had de-escalated, while other events advanced some global level tensions.

The global prices saw movement as demand drove price, while the geo-political conflicts escalated. The prices have held above the $2,637-mark this month, but had hit the lows during the previous month.

The silver price stood at Rs 95,400 as of 7:25 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 95,502, according to the MCX.