The domestic gold prices stood at Rs 79,970 per 10 grams, according to the India Bullion Association as of 7:25 a.m. Climbing up from Rs 79,490 yesterday, the price of the yellow metal continues to be driven by demand amid the festive season.
The domestic prices directly mirror the high demand as many consider Diwali auspicious to buy gold.
While the outlook on gold remains strong, the futures prices for Dec. 5 stand at Rs 79,737 today. The futures prices have also been hovering around Rs 80,000 as the upside on the commodity remains strong.
The domestic prices has been on a steady climb during the month of October. The lowest price recorded this month according to the Bullion Association was on Oct. 9 when it slipped to Rs 75,090.
The highest price recorded this month stands at Rs 81,500. This high was recorded on Oct. 23 according to All India Sarafa Association and is the record high price of the yellow metal.
Also Read: Gold Hits Record High Of Rs 81,500, Silver Surges To Rs 1.02 Lakh Per Kg Amid Festive Demand
Global gold prices have also seen record high prices amid uncertainties and geopolitical tensions. The prices stood at $2,787, according to Bloomberg on Wednesday.
The prices hit an intraday high of $2,790 as the global value of the commodity holds steady.
Silver has also hit record high prices this month. The commodity hit Rs 1.02 lakh per kilo gram on the same day that gold prices hit a record high. With local demand also driving the prices, this commodity has stayed over the Rs 88,500 mark.
Silver prices today stood at Rs 98,030, according to India Bullion Association as of 7:25 a.m. The futures prices of the commodity stood at Rs 97,743 today.
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