Featured

Gold Prices Drop Sharply Post US Elections; Check Rates In Bhubaneswar

By
OB Bureau

Bhubaneswar: Gold prices in India and globally saw a dip on Thursday (November 7) as Republican Donald Trump’s 2024 US election victory triggered a sharp correction.

Post the US Election, gold prices fell by Rs 2,100/10 grams in the last 2 days and that of silver prices by Rs 4,050/kg.

In Bhubaneswar, the price of 24 k gold slipped by Rs 1,790 per 10 grams, bringing it down to Rs 78,560. Similarly, 22k gold prices fell by Rs 1,650 and stood at Rs 72,000 per 10 grams, according to Goodreturns data.

“With wedding season is ahead, the drop in gold prices offers an opportunity for people to buy ornaments. If people want to buy, this is the best time,” said general manager of a jewellery shop in Bhubaneswar.

In Delhi, the price of gold was Rs 78,710/10 grams for 24k gold and Rs 72,150 /10 grams for 22k gold.

Gold December futures contracts at MCX opened flat this morning at Rs 76,369 per 10 gram, down by 0.37% or Rs 286 while silver December futures contracts were trading at Rs 90,601/kg, down by 0.24% or Rs 219, according to Economics Time.

Gold had touched a record high of $2,790.15 per ounce last week, but has since dropped more than $130 per ounce. Bullion fell to $2,689.98 per oz. on Wednesday morning as the spot value of the US dollar grew by the most since 2020, according to BMO Capital Markets. It was gold’s first drop below $2,700 per oz in two and a half weeks.

Analysts believe there is potential for further price corrections in the short term. “Gold remains overbought after a three-month rally and this correction was due. A spike in US dollar after Trump’s election win, expectations of a slower interest rate cut trajectory by the US Federal Reserve, easing geopolitical tensions in the Middle East and year-end profit booking have all contributed to the correction in gold prices,” The Mint reported, quoting Director, Kedia Advisory, Ajay Kedia.

MCX gold rate may fall to Rs 74,000 – 74,500 levels and MCX silver prices may drop to Rs 87,000 – 88,000 in 1-2 months from here, he added.

 

OB Bureau

Recent Posts

Celebrity Divorces: Why They Never Fail To Pique Our Curiosity

Celebrity couple Abhishek Bachchan and Aishwarya apparently have some problems in their marriage. As news…

November 22, 2024

Allegation Not Based On Facts, Odisha Different From Other States: BJD In Adani Bribery Case

Bhubaneswar: A day after indictment of Gautam Adani in the US in a fraud scheme,…

November 22, 2024

Donald Trump Nominates Pam Bondi As US Attorney General After Controversial Matt Gaetz Withdraws

New York: US President-elect Donald Trump on Thursday nominated Pam Bondi, the former attorney general…

November 22, 2024

Ganja Smuggling Under Garb Of Seasonal Business Busted In Odisha’s Koraput; 6 Held

Koraput: Police on Friday claimed to have busted a ganja smuggling racket being carried out…

November 22, 2024

Gautam Adani Indictment: Here’s What Sagar Adani’s ‘Encrypted Bribe Notes’ Messages Revealed

New York: The recent indictment of top executives of Adani Group, including its chairperson Gautam…

November 22, 2024

OTET-2024 Result Declared In Odisha; Steps To Check On BSE Website

Bhubaneswar: The result of the Odisha Teacher's Eligibility Test (OTET)-2024 was announced on Friday. The…

November 22, 2024

Director Bobby Islam & Actor Manoj Mishra Scuffle Near Bhubaneswar DCP Office

Bhubaneswar: An attempt for an amicable settlement of the dispute, involving Ollywood director Bobby Islam…

November 22, 2024

Low Pressure Over Bay Likely Tomorrow; Rain Forecast For Odisha, Night Temp To Rise Further

Bhubaneswar: Dense fog occurred at one or two places in Sundargarh and shallow to moderate…

November 22, 2024