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Gold Prices Continue to Fall After US Presidential Election

  • 07 Nov 2024 07:25 AM
  • gold prices, silver prices, US presidential election, market volatility, economic data

Gold prices have been on a downward trend since the US presidential election, with December future contracts opening lower on MCX. The price of gold fell by 0.37% to Rs 76,369 per 10 grams, while silver prices also dropped by 0.24% to Rs 90,601 per kg. In the last two days, gold prices have plummeted by Rs 2,100 per 10 grams and silver prices by Rs 4,050 per kg.

According to the India Bullion and Jewellers Association Ltd (IBJA), the current prices for different carats of gold are as follows: 24-carat gold at Rs 76,570 per 10 grams, 22-carat gold at Rs 74,720 per 10 grams, 20-carat gold at Rs 68,130 per 10 grams, and 18-carat gold at Rs 62,201 per 10 grams. Pranav Mer, Vice President at JM Financial Services, attributes the decline in gold prices to a strong US dollar following Donald Trump's presidential win.
Looking ahead, the focus is on the US Fed's policy outcome and other economic data. Mer predicts that more correction may occur if certain support levels are breached, with resistance seen at 78,000 on MCX and $2,755 in the international spot market. Gold prices have been volatile, ranging between Rs 78,500 and Rs 77,500 per 10 grams, as the dollar index strengthened to 105 post-election.

Experts suggest a short-term bearish sentiment with a key resistance level at $2,740 and support at $2,680. The market remains uncertain as investors monitor developments in the US economy and global geopolitical events.