Indian Gold Prices Nose-Dive After US Elections
The global price of gold also experienced significant fluctuation. The closing price on Wednesday was recorded at $2,656 per troy ounce.
There has been a decline in both Indian and international prices of gold. Domestic gold prices have slipped down, nearly reaching the record low of October. Gold prices stood at Rs 76,920 as of 1:10 p.m., according to the Bullion Association. The price of the yellow metal took a plunge of Rs 2,010 from Wednesday's prices.
Prices today stand closer to the record low during the month of October. The lowest price in the month was recorded on Oct. 14 when prices slipped to Rs 76,190.
The prices have been slipping further down after the price rally driven by the festive season. The domestic prices had gone up to Rs 81,500 in October 2024. The dip in demand triggered a major slip in prices on Oct. 31. The prices fell to Rs 78,670 and the decline continued for the month.
The futures prices for Dec. 5 stood at Rs 76,470 according to the Multi Commodity Exchange.
Global Prices
The global prices of the commodity experienced significant fluctuation during the US Elections. The closing prices on Wednesday was recorded at $2,656 per troy ounce after it fell by 2.48%, according to Bloomberg.
The record low of the day was $2,643 after the commodity prices dipped post the US elections. International prices are also hovering closer to the record low of October.
With the US Dollar Index at 105.08, appreciation in currency has made the commodity less attractive for investors. As Republicans gained control of the Senate, the long term outlook on gold remains bullish, according to Bloomberg Analysts.
The toned down political uncertainty and clearer cues around stands help investors to position themselves accordingly. The demand for gold as a safe-play investment has reduced after the US Elections.
Silver Prices
Silver prices stood at Rs 91,140, according to the Bullion Association as of 1:10 p.m. The futures prices for Dec. 5 stood at Rs 90,695.
