Big Drop In Gold Price, Nov 7: 24k/100 Grams Gold Falls By Rs 17,900, Latest Gold Rates Here

Gold prices today witnessed sharp decline today as Republican Donald Trump won US elections to become new US president defeating Democrat Kamala Harris. Traders are now looking forward to Federal Reserve's interest rate verdict scheduled to be declared today. Gold prices in key Indian cities witnessed decline but yellow metal recorded rally in UAE today.

Gold Price In Delhi: 24k gold prices today in Delhi slipped by Rs 1790 to Rs 78,710/10 grams and 100 grams of 24 carat precious metal prices today fell by Rs 17,900 to Rs 7,87,100. 22k gold prices today declined by Rs 1650 to settle at Rs 72,150/10 grams and 100 grams of 22 carat precious metal prices today came down by Rs 16,500 to Rs 7,21,500. 18k gold prices today edged lower by Rs 1350 to Rs 59,030/10 grams and 100 grams of 18 carat precious metal prices today turned cheaper by Rs 13,500 to Rs 5,90,300.

Gold Prices Dubai Vs Gold Price India: Gold price in India today slipped. 22k gold prices in India fell by Rs 1650 to Rs 72,000/10 grams. 24k gold prices in India slipped by Rs 1790 to Rs 78,560/10 grams and 18k gold prices today dipped by Rs 1350 to Rs 58,910/10 grams. Gold prices UAE today witnessed rally. In Indian currency, 24k gold prices today in Dubai jumped by Rs 2353 to Rs 75,977/10 grams, 22k yellow metal prices today soared by Rs 2180 to Rs 70,353/10 grams and 18 carat precious metal prices today surged by Rs 2639 to Rs 58,417/10 grams.

Meanwhile, U.S. gold futures today ended 2.7% lower at $2,676.30.

1 gram gold rate today for 22k jumped in Delhi fell by Rs 165 to Rs 7,215 and 1 gram gold rate today for 24k declined by Rs 179 to Rs 7871. 1 gram gold price today for 18 carat gold fell by Rs 135 to Rs 5903.

Silver Prices Today In India: Silver price in India today declined too. 1 kg silver prices today in India stood Rs 93,000 after fall of Rs 3000. 100 grams silver prices in India today slipped to by Rs 300 to settle at Rs 9,300.

Spot Gold, Spot Silver Prices Today: Spot gold fell 2.8% at $2,667.19 per ounce, as of 2:07 p.m. ET (1907 GMT) after touching a 3-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months. Spot silver declined 4.4% to $31.24 per ounce. Platinum fell 0.8% to $991.60 and palladium slipped 3.4% at $1,039.43. All three metals hit their lowest levels in three weeks., according to Reuters.

Why Gold Prices Fell Today? According to Reuters, "A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," said StoneX analyst Rhona O'Connell. Investors said Trump's presidency will bolster the dollar, causing the Federal Reserve to pause its easing cycle if inflation takes off after expected new tariffs.

Should You Buy Gold? According to Dr. Renisha Chainani, Head Research - Augmont - Gold For All, "gold and silver prices fall to multi-week lows, as the Dollar Index rises to a four-month high. The current electoral vote total is 227 for Trump and 189 for Harris, with the former US President in command. With Trump's election, US Treasury bond rates have risen due to fears about potential inflationary tariffs and deficit spending. The US election results clear off a key source of political uncertainty for markets, prompting a new wave of risk-on trading and adding to limiting the precious metal price. However, Trade wars may affect financial markets more abruptly and unexpectedly than physical battles. Persistent deficit expansion or trade concerns may create volatility in the currency, perhaps sending investors back to gold and silver as hedges against economic uncertainty."

Gold has broken important support of $2720 and now heading towards $2620(~Rs 74800) and $2500 (~Rs 71500) this month. These lower levels could be used by long-term investors for accumulation. Silver has broken important support of $33, now heading towards $31 (~Rs 91,000) and $30 (~Rs 88000). These lower levels could be used by long-term investors for accumulation, added Chainani.

1 Gram of 22k Gold prices In 5 Major Metropolitan Cities Of India On November 7, 2024: