Chennai, November 1 — Gold prices in Chennai have sharply declined today, marking a significant drop after a week of rising prices driven by festive demand. The fluctuations have also been influenced by uncertainties surrounding the upcoming U.S. presidential election and changes in the U.S. dollar.
As of November 1, the price of 24-carat gold fell by Rs. 770 per 10 grams, bringing it down to Rs. 80,560. Similarly, 22-carat gold saw a decrease of Rs. 700, now priced at Rs. 73,850 per 10 grams. The price of 18-carat gold dropped by Rs. 550, currently standing at Rs. 60,850 per 10 grams.
The recent surge in gold and silver prices was largely attributed to heightened demand during the festive season, particularly during Diwali and Dhanteras. With the festive period winding down, the Hindu wedding season, which lasts from November to February, is anticipated to provide the next boost to gold prices in Chennai and across India.
Despite the strengthening U.S. dollar, global gold prices are being affected by the uncertainty surrounding the presidential election scheduled for November 5. Investors are keenly observing potential shifts in economic policy that may arise from the election outcome, as these changes could influence fiscal strategies and market stability. Additionally, the upcoming release of U.S. non-farm payroll data and other key economic indicators is expected to significantly impact market expectations ahead of the Federal Reserve’s next policy meeting.
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