Gold Price Today Slips Below Rs 77,000, Global Rates Hold Steady
Gold prices had seen a significant decline throughout the previous month as the demand for the commodity was lower.
Gold price today stood at Rs 76,680 as of 7:10 a.m., according to the India Bullion Association. The price had seen a marginal recovery hovering over the Rs 77,000-mark on Monday and the price today has held just over the Rs 76,500-mark.
Gold rates had seen a significant decline throughout the previous month as the demand for the commodity was lower. October had seen a stronger demand ahead of festivities, pushing up to Rs 81,500. But they 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.
The slump was also sustained by the preference of equities over the safe-play investment. 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 76,638, according to the Multi Commodity Exchange.
Global Prices
Global rates of gold stood at $2,642, according to the World Gold Council. 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 had experienced movement as demand drove price, while the geo-political conflicts escalated. The prices have held above the $2,567-mark this month, but had hit the lows recorded during the previous month.
Silver Prices
The silver prices stood at Rs 90,650 as of 7:10 a.m., according to the India Bullion Association. The futures prices for Feb. 5, 2025 stood at Rs 90,809, according to the MCX.
