Gold Prices Cool Off After Hitting Record High—Check Rates Here

The gold prices today stand at Rs 78,050 per 10 grams, according to the Bullions Association as of 7:50 am. The domestic price of the yellow metal had hit a record high on Wednesday, driven primarily by strong demand during the festive and wedding season. The MCX prices closed at Rs 78,387 on Wednesday, according to Bloomberg.

The gold prices rallied for the sixth consecutive session, increasing by Rs 500 to an all-time high of Rs 81,500 per 10 grams on Wednesday, according to the All India Sarafa Association.

The rise can also be attributed to geopolitical tensions as gold continues to be the global safe haven investment.

The Dec. 5 futures price for gold stands at Rs 77,868 as of 7:50 am today, according the Multi Commodity Exchange. The prices have stayed above Rs 75,000 after the first week of October, thanks to the steady demand ahead of the festivities.

Silver prices also saw a significant rise on Wednesday, increasing by Rs 1,000 to reach a new high of Rs 1.01 lakh per kg.

Over the last six trading sessions, silver prices have jumped by Rs 10,000 per kg, while gold has increased by Rs 2,850 per 10 grams.

Similar to gold, silver has also seen a steady uptrend since Oct. 8. The uptrend is constant after the prices slipped to Rs 88,810 per kilogram during the beginning of the month.

The Dec. 5 futures prices for silver stand at Rs 97,053. The uptrend in this metal as also been consistent, similar to gold, during the festive season.

The global prices for silver stood at 33.8020 dollar per ounce on Wednesday, according to Bloomberg.