Gold Price: 'Trump Card' launched in America, gold price dropped by more than Rs 2000 in a single day, silver discolored

By Sandy Verma On Nov 7, 2024

Mumbai. After the victory of Donald Trump in the American Presidential Election, the color of gold and silver has vanished. The price of gold has fallen by more than Rs 2000 in a day. Gold prices on MCX have fallen below 76500. Yesterday, the December futures of gold on MCX had reached Rs 78,593. On October 23, its price had reached a record Rs 78,919. Gold prices have fallen by more than Rs 2500 from record high. Gold prices have also fallen on COMEX for the second consecutive day. Yesterday the price of gold in America had fallen by around $100. On October 30, gold had made a record high of $ 2802 per ounce. Till now its prices have fallen by about $150 from the record high.

Read :- Donald Trump won the presidential election in America, then the rupee fell by 21 paise and reached an all-time low of 84.30.

Blown color of silver?

The color of silver has also disappeared. Silver prices have fallen from record high to around Rs 10,000. Silver on MCX has slipped below Rs 90500. Even yesterday its prices had fallen by about 4 percent. On October 23, its price had reached a record Rs 100,081. COMEX also continued to fall for the second consecutive week. On Wednesday, silver prices slipped below $31 in the international market.

Due to fall in gold and silver

Market experts say that the strength in Dollar Index and Bond Yield has put pressure on gold and silver. The dollar index has reached a high of 4 months. The victory of Donald Trump has led to a rise in the Dollar Index and bond yields. Now the market's eyes are on the US Fed meeting. 97 percent of the people in the market expect the rates to reduce by 0.25 percent.

Read :- US Presidential Election 2024: Donald Trump repeated history by losing and then winning the presidential election in America after 131 years.

It is worth noting that fluctuations in the prices of gold and silver are affected by many factors. These include factors such as global demand for gold, fluctuations in currency values between countries, current interest rates and government regulations applicable to gold trade. Apart from this, global events like the condition of the global economy and the strength of the US dollar against other currencies also affect the prices of gold in the Indian market.