Gold Rate Today / Gold became cheaper and fell below 80 thousand, know the latest rate before buying

On Monday, the price of gold fell. In the national capital, gold became cheaper by Rs 200 and closed at Rs 79,200 per 10 grams. The reason for this was the weak trend in the global markets and the decrease in domestic demand. In the futures market too, gold fell by 1.05% to Rs 76,315 per 10 grams.

Vikrant Shekhawat : Dec 02, 2024, 09:40 PM

Gold Rate Today: Gold prices fell in the bullion market of the national capital on Monday. According to the All India Sarafa Association, the price of gold fell by Rs 200 to close at Rs 79,200 per 10 grams. Last Friday, this price was at Rs 79,400 per 10 grams. Lack of demand in the domestic market and weak trend in international markets were the main reasons for this.

Performance of gold in the international market

Gold prices also declined globally. Gold futures in the Comex market closed down by $ 23.50 or 0.88% at $ 2,657.50 an ounce. Manish Sharma, Assistant Vice President, Anand Rathi Shares and Stock Brokers, said that gold hit a low of $ 2,621 an ounce in Asian markets. Strengthening of the dollar and rise in US bond yields put pressure on gold prices.

Dollar and inflation impact

Apart from the strength in the dollar and the rise in US bond yields, President-elect Donald Trump's proposed policies also affected gold prices. Investors are moving away from safe options due to inflation concerns associated with these policies.

According to Kaynat Chainwala of Kotak Securities, the demand for gold as a safe investment has declined after the ceasefire agreement between Israel and Lebanon. Apart from this, persistent concerns about inflation have weakened the prospects of interest rate cuts next year.

Impact on futures trading

Gold futures prices also fell. Speculators reduced the size of their deals due to weak spot demand. Futures contracts for February 2025 on the Multi Commodity Exchange (MCX) fell by Rs 813 or 1.05% to Rs 76,315 per 10 grams. During this period, 12,349 lots were traded.

Future prospects

Analysts believe that the weak trend in global markets and the strength of the dollar may continue to affect gold prices in the future. However, some stability may be seen due to increased demand in the domestic market during the festive season and wedding season.

Conclusion

This fall in gold prices is a result of the conditions of both domestic and global markets. Investors need to remain cautious and keep an eye on the market, especially when uncertainty persists in the markets.