Gold prices have dropped to Rs 75,420 as of 7:00 a.m. today, according to the India Bullion Association. This marks a decline after gold reached a high of Rs 78,000 on November 23. The yellow metal has experienced significant price volatility, largely driven by global market factors such as the US election results and geopolitical conflicts, which have directly impacted gold rates worldwide.

After a brief rally during the festive season, which saw gold prices climb to Rs 81,500 in November, prices dropped sharply to as low as Rs 74,390, mirroring record lows. The slump was also influenced by a shift in investor preferences, with equities gaining favor over gold as a safe-haven investment. However, the outbreak of the Russia-Ukraine conflict led to a rebound in global gold prices.

As of today, December 5, the futures prices for gold stand at Rs 75,230 according to the Multi Commodity Exchange. Global gold prices are at $2,628 per ounce, having recently fluctuated between the $2,600 and $2,700 range. Prices dropped to $2,610 on Tuesday, with a stronger dollar and a lack of new geopolitical tensions dampening demand for the metal.

In addition to gold, silver prices have also been subject to changes, standing at Rs 88,220 according to the India Bullion Association. Futures silver prices are reported at Rs 88,101 on the Multi Commodity Exchange.