Gold Prices Dip After Rebound

Gold prices today stood at Rs 75,560 as of 6:50 a.m., according to the India Bullion Association. The prices had seen sharp recovery on Nov. 22, touching Rs 78,050, before slipping to Rs 75,650 on Monday. The domestic prices have mirrored the international markets and the global rate charts have been wonky as well.

The rates had been on a steady decline during the month, till Nov. 18, when the prices picked up for two days, crossing the Rs 78,000 mark. The prices saw a slip shortly after as the pressure on the commodity continued to add up.

The futures prices for Dec. 5 stood at Rs 75,190, according to the Multi Commodity Exchange.

The global rates for gold according to the World Gold Council stood at $2,621 per troy ounce. The prices saw much fluctuation over the last week as the recoveries in prices were followed by sharp slips. The prices had gone up to $2,719 on Nov. 25, but the decline continued till Monday.

The global cues on escalating tension between Russia and Ukraine had pushed the global and local demand of the commodity. The prices had seen a slump post the US elections, as investors moved from the safe-haven investment for better returns into equity.

Prices of the yellow metal had slumped shortly after the election, while the domestic markets saw a steep dip in prices post festivities. The prices had climbed up to Rs 81,500 in October, ahead of the festivities due to a push in demand.

The silver prices stood at Rs 88,090 as of 6:50 a.m. This commodity reflects the trends in gold prices and had seen a spike on Monday. The futures prices for Dec. 5 stood at Rs 87,652, according to the MCX.