Gold Prices Fall Further To Rs 75,420, Global Rates Hold Over $2,600 Mark

Gold prices today fell to Rs 75,420 as of 7:00 a.m., according to the India Bullion Association. The prices slipped after rising to reach Rs 78,000 on Nov. 23. Following a rebound on Nov. 25, they dipped to Rs 75,560.

Prices of the yellow metal have seen quite some turbulence as the global markets have led the domestic market prices. The global prices have seen some movement as events like the US election results and geo-political conflicts have had direct impact on gold rates.

The domestic markets have followed suit and seen some volatility in prices. Demand during the festive season had pushed the prices into a rally hitting Rs 81,500 during November. The prices soon saw a slump, dipping as low as Rs 74,390, mirroring record lows.

The slump was also sustained by the preference of equities over the safe-play investment. This changed when the Russia-Ukraine conflict flared up, bringing a rebound in the global rates.

The futures prices for Dec. 5 stood at Rs 75,230, according to the Multi Commodity Exchange.

The global rates of the commodity stood at $2,628, according to the World Gold Council. The commodity had experienced a rebound in rates on Nov. 24, going up to the $2,700 mark. The prices, although, did not hold up for long, slipping back to levels over the $2,600 mark after hitting highs.

Gold prices on Tuesday dropped as low as $2,610, according to WGC prices and the prices are marginally higher today. A stronger dollar and the lack of further advancements in geo-political conflicts have pushed the demand for the commodity lower.

The silver prices stood at Rs 88,220, according to the India Bullion Association as of 7:00 a.m. The futures prices of the commodity stood at Rs 88,101, according to MCX.