Gold Price Falls Further On Low Demand—Check Rates

Gold prices in India have slipped to Rs 74,390 per 10 grams, according to the India Bullion Association as of 6:55 a.m. The prices are hovering near the lows recorded on Sept. 20 after they fell by Rs 1,220 from last Monday. The commodity has seen a steep decline in the month of November. The global demand for the commodity has dipped after the US elections and the local markets have followed suit.

Gold prices recorded their all-time high ahead of the festive season on Oct. 23 as they hit Rs 81,500 per 10 grams. The prices have seen a significant slip since Oct. 31 to Rs 78,670 after the demand for the yellow metal slumped post festivals.

The prices this month have hovered over the lows similar to those recorded in the month of September.

The futures prices for Dec. 5 are at Rs 74,031 per 10 grams, according to the Multi Commodity Exchange of India. As the fund flows have changed tracks to equities, the strong preference has pushed down the demand for the safe-play investment. The global markets have also seen an evident slip in the commodity's prices.

The global prices have seen direct impact as equities take the first preference. The prices are at $2,580, according to the World Gold Council. The international prices have seen a slump after the US Elections. A stronger dollar paired with the cleared up political uncertainty led to a slump in the safe-haven investment.

Gold is often a safe-haven investment for global investors amid global conflicts and uncertainties. Today's prices are closer to the low recoded on Sept. 19.

The silver price stood at Rs 89,280 per kilogram as of 6:55 a.m. The futures prices of the commodity for Dec 5 are at Rs 88,505, according to MCX.