As of December 5, 2024, gold prices in India have rebounded, climbing by ₹300 to reach ₹79,150 per 10 grams in New Delhi, effectively ending a three-day decline. This increase comes as 99.5% purity gold also rose to ₹78,750 per 10 grams. Silver has continued its upward trend, rising by ₹1,300 to ₹93,800 per kilogram. Analysts suggest that despite potential short-term fluctuations, gold prices may rise further due to ongoing interest rate policies and market dynamics. [e2815259]
Previously, on December 4, gold had dipped below ₹79,000, with 24-karat gold priced at ₹78,850, reflecting a decrease attributed to reduced demand and shifting global market trends. At that time, silver was trading at ₹92,500 per kilogram, and gold futures for February delivery were at ₹76,810. Internationally, Comex gold futures had also fallen to USD 2,663 per ounce. [da2c50b5]
The fluctuations in gold prices earlier in November saw 24-karat gold reaching around ₹79,630 per 10 grams, driven by strong demand from the wedding season and geopolitical uncertainties. However, the recent changes indicate a complex interplay of local demand and international influences, particularly in light of the Federal Reserve's upcoming meeting on December 17-18, where discussions on economic outlook and monetary policy are expected. [a4f67872][ea60e9cb]
The current rise in gold prices suggests a renewed interest among investors, who are navigating both local market conditions and broader geopolitical factors. As 2024 progresses, the market will likely continue to respond to these influences, making it crucial for investors to stay informed about ongoing developments. [637ec47d]