New Delhi
Gold prices have been on a downward trend following the recent US presidential election, with December future contracts for gold on MCX opening 0.37% lower at Rs 76,369 per 10 grams on Thursday. Silver futures also saw a dip of 0.24%, trading at Rs 90,601 per kg.
Over the past two days, the price of gold has dropped by Rs 2,100 per 10 grams, while silver has fallen by Rs 4,050 per kg. According to the India Bullion and Jewellers Association Ltd (IBJA), the price of 24-carat gold is Rs 76,570 per 10 grams, while 22-carat gold is priced at Rs 74,720 per 10 grams.
Experts suggest that the decline in gold and other commodities is mainly driven by a strong US dollar after Donald Trump’s victory in the presidential race. Pranav Mer, Vice President of EBG-Commodity & Currency Research at JM Financial Services, noted that the dollar’s strength has put pressure on gold prices. The outlook now focuses on the US Federal Reserve’s policy decisions and upcoming economic data.
Gold has seen significant fluctuations recently, trading between Rs 77,500 and Rs 78,500 per 10 grams, with a stronger dollar index reaching 105. Jateen Trivedi from LKP Securities warned of a short-term bearish sentiment, with resistance at $2,740 and support at $2,680 for gold in global markets.
