this year Gold prices remained rising most of the time. However, after the victory of Donald Trump in the presidential elections in America, the attractiveness of the yellow metal is decreasing and its prices are falling. The price of gold has fallen more than 4% in the four days since Election Day, while the broader US stock market was up nearly four percent. This comes as investors are expecting the White House to lower tax rates and increase fees. By late Monday night in the global market, the price of gold was at $ 2,618 an ounce, which is lower than the record of about $ 2,800 at the end of last month. This also means that gold has lost its luster as the best performing investment of the year.
Rates fell below Rs 70 thousand in the domestic market
According to the All India Bullion Association, gold prices in the national capital once again witnessed a sharp fall on Thursday amid weak demand in the global markets. The price of gold declined by Rs 700 to Rs 77,050 per 10 grams. The precious metal of 99.9 per cent purity had closed at Rs 77,750 per 10 grams in the previous session. At the same time, the price of 22 carat gold decreased to Rs 69,300 per 10 grams. In this way, after a long time, gold has fallen below 70 thousand.
Big fall in silver price also
Silver also declined by Rs 2,310 to Rs 90,190 per kg, whereas in the previous session its price had closed at Rs 92,500 per kg. Jatin Trivedi, Vice President Research Analyst – Commodity and Currency, LKP Securities, said that pressure on gold prices has increased. “The US dollar (USD) continued its post-poll rally, hitting new year highs, keeping pressure on gold prices,” said Saumil Gandhi, senior commodity analyst at HDFC Securities.
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