Effect of Trump’s victory on the price of gold
Donald Trump has made a spectacular comeback by registering a landslide victory in the US presidential election. With this, the “good days” have begun for gold from international to domestic markets. Their prices continually fall. On Thursday, the price of gold fell again by Rs 700 in the local bullion market. While there is also a huge drop in the price of silver.
Due to international cues, gold prices fell again on Thursday in the Delhi bullion market. The price of 24 carat gold decreased by Rs 700 to Rs 77,050 per 10 grams. On Wednesday, the price of gold was Rs 77,750 per 10 grams.
Meanwhile, silver also appears to be losing steam. Silver price has fallen by Rs 2,310 to Rs 90,190 per kg. While on Wednesday silver closed at Rs 92,500 per kg.
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gold jewelry price
Gold’s downward trend continued for the fourth consecutive day. This has also affected the price of 22-karat gold, that is, with a purity of 99.5 percent, used in jewelry. Its price has also decreased by Rs 700 to Rs 76,650 per 10 grams. On Wednesday it closed at Rs 77,350 per 10 grams.
Jatin Trivedi, Vice President (Research and Analysis) – Commodities and Currencies at LKP Securities, says the inflation rate in the United States has moved closer to the 2 per cent target. In such a situation, the possibility of the Federal Reserve continuing to cut interest rates has increased. However, thanks to the consumer price index data that has reached there, further interest rate cuts can be prevented. This whole incident has increased pressure on gold prices.
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Globally, the Comex gold price has fallen $29.10 per ounce or 1.13 percent to a two-month low of $2,557.40 per ounce. Silver also fell 2.57 percent to $29.88 an ounce.
Impact of Donald Trump’s victory
If you evaluate the impact of Donald Trump’s victory, it has also put pressure on gold prices. After his victory, on Monday, the price of gold stood at $2,618 per ounce. This is much lower than the gold price of $2,800 per ounce at the end of last month.
Large exchange-traded funds that track the price of gold believe their target of making a 35 percent profit from gold in 2024 may now be reduced to less than 27 percent.
