Gold Price Today: Precious Metal Nearing Record High – What’s Fueling The Golden Rush?

Gold Price Today: Precious Metal Nearing Record High – What’s Fueling The Golden Rush?
Gold Price Today: To our surprise, the yellow metal is believed to be a safe asset for people and investors, and the prices fluctuate due to many reasons. A few weeks ago, when the metal was at lower prices, the volatility in the market fueled the rates, and the prices rallied upwards. The demand for the metal is not directly proportional to the price, but the demand does affect the rate. However, the contribution of demand to the fluctuation of the rate is minimal.
The metal has marked its best weekly performance since last March. In March 2024, gold hit its lowest at ₹66,410 for 10 grams of 24-carat gold.Govt tightens security in Islamabad, blocks roads ahead of Pakistan Tehreek-e-Insaf’s D-Chowk protest
10 grams of 22-carat gold stood at ₹66,410, whereas today the prices are ₹74,000 for 22-carat and ₹77,685 for 10 grams of 24-carat. On Friday, the metal would have broken all records as it closed at ₹79,535. Crossing this rate would give the metal a new record high.
The prices on the Multi Commodity Exchange (MCX) recorded high rates, which were mainly due to major events happening around the world. The escalation in the Russia-Ukraine war, the rising geopolitical tensions, the US presidential election, market volatility, and international market volatility are the key reasons determining the rise in gold rates.
Gold Price Today: Precious Metal Nearing Record High – What’s Fueling The Golden Rush?
MCX Gold, Silver Price Today
In futures trade, gold contracts for December delivery traded in green at +0.09% at Rs 77,685 per 10 gm on the Multi Commodity Exchange at the time of writing this article. While silver contracts for December delivery traded in red at +0.96% at Rs 90.791 per 1 kg in the early morning trade on Sunday.
Gold, Silver Price Today
City | Gold Price (22 carat in Rs/gm) | Silver Price (Rs/kg) |
Delhi | 7,315 | 92,000 |
Noida | 7,315 | 92,000 |
Lucknow | 7,315 | 92,000 |
Mumbai | 7,300 | 92,000 |
Bengaluru | 7,300 | 92,000 |
Chennai | 7,300 | 1,01,000 |
Pune | 7,300 | 92,000 |
Ahmadabad | 7,300 | 92,000 |
Kolkata | 7,300 | 92,000 |
Hyderabad | 7,146 | 1,01,000 |
We Will Explore Top Reasons That Are Fueling The Yellow Metal Prices-
Market Volatility–
The market determines the prices of major commodities and shares. Investor sentiment plays a vivid role in all this.
The US Presidential elections had a major impact on the international market and the Indian market as well. After the massive one-sided victory of Donald Trump, the market saw a versatile dip in graphs, determining the prices of the majority of commodities on MCX.
The rising geopolitical tensions around the world, and even a minor development or a major step taken in the Russia-Ukraine conflict, disturb the whole market sentiment and disrupt ongoing price graphs. The yellow metal had been declining for the past few weeks after Diwali, but gold rates advanced when tensions between Russia and Ukraine increased.Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On November 24