Gold Prices Today Slip To 75,000-Mark, Global Rate Hits Week's Low

Gold prices in India stood at Rs 75,700 as of 9:58 a.m., according to India Bullion Association. The slip in the local markets have reflected from the trends in the global markets. The steady decline has come through in the domestic markets after Oct. 31. The prices today are closer to the last record low in the month of October. The prices had plunged to Rs 75,060 on Oct. 9, but rallied ahead of the festivities.

The prices have been declining after the US elections as the dollar index has been strong. With global cues of de-escalation of geo-political tension and more, the commodity is seeing a significant dip in demand. This slump has also made its way to India's domestic market.

Gold prices were trading near one–month low in Asian trade. The Bloomberg spot gold price fell to $2,610, the lowest level since Oct. 10 on Monday, as the dollar index rose.

A rise in the greenback makes the bullion expensive for other currency holders. The Bloomberg spot gold was 0.09% down at $2,616.35 an ounce. The futures prices of the commodity has also taken hits through the week. The futures prices for Dec. 5 stood at Rs 75,521, according to the Multi Commodity Exchange.

Global prices of gold stood at $2,622 per troy ounce, according to the World Gold Council. The prices have been slipping further after the US elections as this moves the demand from the safe-play investment to equities. The global prices have been on a steady decline after Oct. 30 as the commodity prices have taken plunge after plunge owing to lower demand.

The commodity is a safe-play investment for the global investors amid uncertainty and conflicts. Though the demand ahead of the elections had climbed due to the uncertainty, the prices had cooled off immediately after results. The prices on Nov. 5 was $2,742 before it plunged to $2,660 on Nov. 6. The movement from commodity to equity was evident through the last week as the prices continued to fall further.

Silver prices stood at Rs 89,510 as of 9:58 a.m., according to the India Bullion Association. The futures prices of the commodity for Dec. 5 stood at Rs 89,440, according to the MCX.