2 weeks Ago By Ann Jacob
Gold price today recovered to Rs 77,160 as of 6:50 a.m., according to the India Bullion Association.
This comes after the price dipped below Rs 76,000 on Nov. 26. The recovery was Rs 1,740 from Nov.
26 and the prices had seen a steady recovery after hitting the low. Prices had seen a significant decline throughout the month as the demand for the commodity was lower. October had seen a stronger demand ahead of festivities, as prices went up to Rs 81,500.
The prices 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 77,121, according to the Multi Commodity Exchange. Global rates of gold stood at $2,641, 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.
The silver prices stood at Rs 90,990 as of 6:50 a.m., according to the India Bullion Association.
The futures prices for Feb. 5, 2025 stood at Rs 91,150, according to the MCX..
