New Delhi: Gold Price Today India stood at Rs 77,247 per 10 gm, down Rs 164 per unit, according to MCX data. The yellow metal’s rates closed Rs 1,650 per unit lower at Rs 79,500 per 10 gm on Thursday. Gold prices closed comparatively higher on Wednesday at Rs 81,150 per 10 gm, according to data form the All India Sarafa Association. Global gold futures slid 0.14 per cent to $2,702,10 per ounce in New York. Gold prices declined after the US Federal Reserve delivered a 25 bps rate cut on Thursday night to 4.5-4.75 per cent.
In the broader context, Donald Trump’s win in the US presidential polls led to diversion of money to riskier deposits such as cryptocurrencies, reducing the charm of gold as a safe haven asset, said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities. The US dollar surge has also impacted gold prices after Trump’s win amid expectations of tariff hikes which are likely to make the greenback more lucrative amid rising global uncertainties.
Gold Price Today in key cities
City
Price (Rs/ 10 gm)
Delhi
79620
Noida
79620
Mumbai
79470
Chennai
79470
Kolkata
79470
Gurugram
79620
Bengaluru
79470
Source: Goodreturns
Why are gold prices declining?
Saxo Bank’s head of commodity strategy Ole S Hansen attributed the gold price decline to a period of consolidation after the US elections. He said silver prices were also undergoing this phase in terms of pricing.
Commodities: The sector is heading for a weekly gain, having recovered strongly from the post-election slump that was mostly driven by USD strength, which by now has almost reversed, and the tariff threat, which may take many months to be implemented. Gains are led by the…
— Ole S Hansen (@Ole_S_Hansen) November 8, 2024
While US Fed chair Jerome Powell stated that inflation was closer to the central bank’s 2 per cent target, there were no indications of a swift policy rate wind down, according to ING Groep’s chief internaitonal economist James Knightley and global head of markets Chris Turner, the Fed also refrained from sharing anything on what Trump’s win will mean for monetary policy in the US. The US economy is likely to face long-term challenges from Trump’s aggressive stance on trade and immigration policies, they added.
Gold Price Today in India: Yellow metal rates in India continued to slide on Friday after the US Federal Reserve slashed rates and investors redirected their money into riskier assets. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
