According to the Bullion Association of India, the gold price for the day was 78,460 rupees as of 7:25 am. Prices have crossed Rs 78,000, approaching the highest price ever for November. Prices on Tuesday were hovering above Rs 78,000. This is the first time that it has reached the level seen in December.
Gold rates declined significantly throughout November as demand for gold products declined. In October, the price rose to Rs 81,500 as demand increased ahead of the festival. However, prices soon fell under pressure from falling demand, dropping to Rs 74,390, reflecting a record low.
Global prices have fluctuated widely as events such as US election results and geopolitical conflicts have had a direct impact on interest rates. The domestic market has followed suit, with some fluctuations in prices due to these triggers and events. Before geopolitical conflicts pushed up prices, a post-Christmas drop in demand had caused a sharp decline. As the conflict between Russia and Ukraine intensified, interest rates recovered.
According to the Multi Commodity Exchange, the futures price on February 5, 2025 was Rs 78,367 per 10 grams.
