Gold prices in India have continued to fall, reaching Rs 74,970 per 10 grams as of 10:30 AM, according to the India Bullion and Jewellers Association. This marks a decline of Rs 1,220 since last Monday, bringing prices close to the lows seen on September 20 earlier this year. The drop in November is attributed to weakening global demand for gold.
Gold prices had hit a record high of Rs 81,500 per 10 grams on October 23, just before the festive season. However, prices began to decline after October 31, when they were recorded at Rs 78,670 per 10 grams, following a slowdown in demand post-festivals.
Since then, gold prices have remained around levels last seen in September, indicating a decline in domestic demand.
The futures price for the December 5 contract is Rs 74,031 per 10 grams on the Multi Commodity Exchange of India (MCX). The shift in investment focus towards equities, fueled by stronger fund flows, has reduced the demand for gold as a safe-haven asset. This trend is in line with global market movements, where gold prices have also experienced a decline.
Globally, gold prices have been impacted by a strong US dollar and reduced political uncertainty following the US elections. The current price stands at **$2,580 per ounce**, according to the World Gold Council. Gold, traditionally considered a hedge during times of global conflict or economic uncertainty, has become less attractive as the dollar strengthens and equity markets perform well.
This global decline aligns with the trend in India, where gold prices are nearing the lows recorded on September 19.
Silver prices have followed a similar path. In India, silver is priced at Rs 89,280 per kilogram as of 6:55 AM, while futures for December 5 are trading at Rs 88,505 per kilogram on the MCX.