Gold Prices Decline Sharply as Trump’s Win Boosts Dollar Strength

Gold prices in India continued to decline following U.S. presidential election, with December futures on Multi Commodity Exchange (MCX) opening 0.37% lower at ₹76,369 per 10 grams on Thursday. Silver futures also saw a decline, tring 0.24% down at ₹90,601 per kg. drop extends a two-day slump in precious metal prices, with gold falling by ₹2,100 per 10 grams and silver by ₹4,050 per kg since election results.

Current Gold Rates by Carat

India Bullion and Jewellers Association Ltd (IBJA) reported gold prices across various purities:

• 24-carat: ₹76,570 per 10 grams
• 22-carat: ₹74,720 per 10 grams
• 20-carat: ₹68,130 per 10 grams
• 18-carat: ₹62,201 per 10 grams

Market Factors and Predictions

U.S. election results have contributed to significant volatility in gold prices, with values fluctuating between ₹78,500 and ₹77,500 per 10 grams over recent tring sessions. A strengning U.S. dollar, with dollar index rising to 105, has exerted ditional downward pressure on gold.

Market experts te a prevailing short-term bearish sentiment, with gold prices facing critical resistance at $2,740 and support at $2,680.