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Gold Prices Drop Amid Post-Election Dollar Surge, Silver Follows Downward Trend

Gold prices fell further after the US presidential election. On Thursday, December gold futures on the Multi Commodity Exchange (MCX) opened down 0.37%, trading at Rs 76,369 per 10 grams. Silver futures for December also declined by 0.24%, trading at Rs 90,601 per kg. In just two days, gold has lost Rs 2,100 per 10 grams, while silver dropped Rs 4,050 per kg.

According to the India Bullion and Jewellers Association Ltd (IBJA), 24-carat gold is priced at Rs 76,570 per 10 grams. The price for 22-carat gold stands at Rs 74,720 per 10 grams, 20-carat at Rs 68,130, and 18-carat at Rs 62,201 per 10 grams.

Dollar Strength Weighs on Gold

Pranav Mer, Vice President at JM Financial Services, said a strong US dollar, boosted by Donald Trump’s election win, has pressured gold and other commodities. “The focus now shifts to the Federal Reserve’s upcoming policy and economic data,” he added. Analysts see further declines if gold breaks key support levels. However, if prices hold, gold may resume its upward trend. Resistance on MCX stands at Rs 78,000, with $2,755 as a key international level.

High Volatility Hits Markets

Gold prices fluctuated sharply between Rs 78,500 and Rs 77,500 per 10 grams. The dollar index surged to 105, pushing gold to lows of Rs 77,500 per 10 grams and $2,700 internationally, noted Jateen Trivedi of LKP Securities. Experts expect a short-term bearish trend, with critical resistance at $2,740 and support at $2,680.

Also Read: UN Chief Guterres Congratulates Trump, Vows Constructive Partnership

Ajaypal Choudhary

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