Gold Rate Today on 5th December 2024 : There was a rise in the domestic spot price of gold on Thursday. Due to fresh buying by jewelers and stockists, the price of gold again reached the level of Rs 79,000 in the bullion market of the national capital Delhi on Thursday. According to the All India Bullion Association, after three days of decline, the price of gold of 99.9 per cent purity rose by Rs 300 to Rs 79,150 per 10 grams on Wednesday. On Wednesday it was at Rs 78,850 per 10 grams. Traders said the rise in gold prices was due to fresh demand from jewelers and retailers in the local markets.
Price of 99.5% pure gold
The price of gold of 99.5 percent purity increased by Rs 300 to Rs 78,750 per 10 grams. In the last trading session it had closed at Rs 78,450 per 10 grams. Jatin Trivedi, Research Analyst (Commodity and Currency), LKP Securities, said, “Gold traded with stable to positive trends. In MCX, gold is likely to trade in the range of Rs 76,700-77,400.
gold globally
Globally, Comex (commodity market) gold futures fell $ 7.20, or 0.27 per cent, at $ 2,669 an ounce. “Continuing global risks, as well as political uncertainty in France and South Korea, are contributing to the rise in the price of precious metal gold as a safe-haven option,” said Saumil Gandhi, senior analyst (commodity), HDFC Securities. Traders will await US macroeconomic data, including new unemployment claims and trade balance, to be released on Thursday, he said.
what powell said
According to commodity market experts, on Wednesday Federal Reserve Chairman Jerome Powell said that the US economy is in good shape and the cut in policy rates in September was a message of support to the labor market. Due to this, there was some softness in bullion. Powell said that despite all this, it would be too early to declare that inflation is under control and the US central bank may be cautious in setting monetary policy.
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