Gold Rate Today on 5th December 2024: The domestic spot price of gold has seen a rise 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 99.9 percent purity gold 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 that gold has risen due to fresh demand from jewelers and retailers in the local markets.

99.5% pure gold price

The price of 99.5 percent pure gold rose by Rs 300 to Rs 78,750 per 10 grams. In the previous trading session, it closed at Rs 78,450 per 10 grams. Jatin Trivedi, Research Analyst (Commodity and Currency) at LKP Securities said, “Gold traded with a stable to positive trend. Gold is expected to trade in the range of Rs 76,700-77,400 on MCX.”

Gold on a global scale

Globally, Comex (commodity market) gold futures fell by $ 7.20 or 0.27 percent to $ 2,669 an ounce. Saumil Gandhi, Senior Analyst (Commodity) at HDFC Securities, said, “Continued 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.” He said, “Traders will await US macroeconomic data including new unemployment claims and trade balance to be released in the US on Thursday.”

What did Powell say

According to commodity market experts, on Wednesday, Federal Reserve Chairman Jerome Powell said that the US economy is in good shape and the reduction in policy rates in September was a message of supporting the labor market. Due to this, there was a slight softening in bullion. Powell said that despite all this, it is too early to declare that inflation is under control and the US central bank may be cautious in setting monetary policy.