Gold, Silver Prices Continue Climb

Domestic prices of gold stood at Rs 79,490 as of 7:30 a.m., according to India Bullions Association. The yellow metal has jumped by nearly Rs 1,000 from yesterday, as the festive demand continues to drive prices higher. Prices had been on a steady upward climb ahead of festivities. Gold prices have stayed above the Rs 75,000-mark since the first week of October. The highest prices were recorded this month as domestic and global cues drove demand.

Gold futures prices for Dec. 5 stood at Rs 79,268, according to Multi Commodity Exchange. The futures prices have a slight increase as it was recorded at Rs 78,536 on Tuesday.

International price of gold closed at $2,779 on Tuesday, according to Bloomberg. The commodity's intraday high was the price at which it closed. With global cues like the US election and the release of US economic data, the prices fared slightly higher than Tuesday.

US job openings fell to the lowest since 2021 and the numbers continued to display a strong labour market. This prompted traders to trim bets on another big rate cut by the Federal Reserve, according to Bloomberg.

The tight US presidential election between Kamala Harris and Donald Trump is also creating uncertainty that’s continuing to push the global prices. Political uncertainty, possible changes in policy and geopolitical tensions make gold a 'safe-haven' investment to the global investor.

The domestic prices, driven by auspicious purchases during festivities, also follow global cues. The pace of rise in global rates are mirrored in the domestic markets.

Prices of silver were less than Rs 1,000 away from reaching the Rs 1,00,000 per kilo gram mark. The spot prices of silver jumped to Rs 99,040 per kilo gram as of 7:30 a.m.

Silver prices have stayed over Rs 88,000 this month as the uptrend in price seems to be steady apart from fluctuations. The futures prices of the commodity stands at Rs 98,763 today.