Gold Prices Today Cross Rs 77,000, Global Rate At $2,685 Amid Uncertainty

Gold prices today stood at Rs 77,110 as of 8:40 a.m., according to the India Bullion Association. The spot prices in Delhi stood at Rs 76,830 and the prices in Chennai stood at Rs 77,190, according to the Bullion Association.

The prices have reached the Rs 77,000 mark after a sharp dip this month, as they were impacted by advancing international cues and conflicts. The prices of the yellow metal in the domestic market had seen a price rally ahead of the festivities in October. The prices slumped sharply immediately after, as the demand dipped. The decline had been steadily visible through the month of November and the prices had hovered closer to the record lows of the previous month.

Now the increased uncertainty of next moves from governments and escalating conflicts between countries have pushed the demand higher. As the global demand of the commodity appreciates, the domestic markets have followed suit. Investors have chosen gold as a safe-play investment amid the uncertainties developing on the global scale.

The futures prices for Dec. 5 stood at Rs 76,751, according to the Multi Commodity Exchange.

The international rate for gold stood at $2,685, according to the World Gold Council. Demand for gold has appreciated amid the uncertainties after the global rates had also taken a plunge. The US election outcome had shifted the demand to equities, but the rising tension in the Russia-Ukraine conflict and advancements has brought the demand back.

Gold is often considered a safe-haven investment as investors tend to go back to the commodity when geo-political conflicts and tensions heighten. The demand has pushed the prices above the $2,600 mark, similar to the rates early November.

The silver prices stood at Rs 90,450 as of 8:40 a.m., according to India Bullion Association. The futures prices for the commodity on Dec. 5 stood at Rs 89,935, according to the MCX.