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After the victory of Donald Trump in the US Presidential elections, the price of gold and silver has continued to fall. Even today there has been a big fall in the prices of gold and silver. According to All India Bullion Association, due to sluggish demand from jewelers and weak global cues, gold and silver prices in the national capital fell sharply for the second consecutive day on Tuesday. 24 carat gold fell by Rs 1,750 to Rs 77,800 per 10 grams. On Monday, the price of gold was Rs 79,550 per 10 grams. Apart from gold, there was a big fall in silver today too. Silver also fell by Rs 2,700 to Rs 91,300 per kg, while in the previous session it had closed at Rs 94,000 per kg.
MCX also declined
Meanwhile, gold contracts for December delivery fell by Rs 612, or 0.81 per cent, to Rs 74,739 per 10 gram in futures trade on the Multi Commodity Exchange (MCX). “Comex prices remained below $2,600 due to strengthening dollar index, which continued to put pressure on gold. In MCX, gold fell below Rs 75,000 for the first time since October 10. VP Research for Commodity and Currency at LKP Securities Analyst Jatin Trivedi said, “The current downtrend suggests that further weakness may continue, if Comex gold remains below $2,600 and touches $2,500 level in the upcoming sessions, then prices can potentially reach Rs 72,000.” Silver contracts for December delivery fell Rs 742, or 0.83 per cent, to Rs 88,440 per kg on MCX.
Weakness in global markets too
In overseas markets, Comex gold futures fell $19.90 an ounce, or 0.76 percent, to $2,597 an ounce. “Gold continued to fall on Tuesday amid Donald Trump’s victory in the presidential election, which boosted economic optimism, which led to the rise in the dollar,” said Saumil Gandhi, senior analyst, commodities at HDFC Securities. He further said that Trump’s victory increases the chances of a ceasefire in Ukraine and the Middle East, which reduces the demand for safe haven. Gold prices remained weak as the dollar index hit a 4-month high with only 25 basis points of interest rate cut likely by the US Federal Reserve (Fed) in December, according to Chintan Mehta, CEO, Abans Holdings. .
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