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Home Gold News Gold Prices Fall Ahead of U.S. Elections and Fed Meeting

Gold Prices Fall Ahead of U.S. Elections and Fed Meeting

by anna

Domestic gold prices saw significant declines on Tuesday, November 5, amid investor anticipation surrounding the U.S. presidential election and the Federal Reserve’s policy announcement scheduled for November 7. As of 10:45 AM, the price for 24-carat gold in India was reported at ₹8,024 per gram, while 22-carat gold was priced at ₹7,355 per gram.

Market analysts indicate that gold prices were influenced by speculation that the U.S. Federal Reserve may announce interest rate cuts during its upcoming meeting. Concurrently, uncertainty surrounding the outcome of the presidential election further contributed to market volatility. The Multi Commodity Exchange (MCX) reported that gold futures for December delivery traded 0.13% lower at ₹78,200 per 10 grams.

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In detail, the price of 100 grams of 22-carat gold dropped by ₹1,500 to ₹7,35,500, down from ₹7,37,000 on Monday. Similarly, the cost of 10 grams of 22-carat gold fell by ₹150 to ₹73,550. The price for 24-carat gold also declined, with 10 grams now costing ₹80,240, down ₹160 from ₹80,400 previously. The price for 100 grams of 24-carat gold decreased by ₹1,600, settling at ₹8,02,400.

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Silver prices also experienced a downturn, opening at ₹96 per gram. Prices for 10 grams of silver dropped to ₹960 from ₹970, while 100 grams fell to ₹9,600 from ₹9,700.

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Globally, spot gold traded within a narrow range, reaching $2,733.39 an ounce, a slight decrease of 0.1%. U.S. gold futures also saw a marginal decline, trading at $2,742.40. Despite these fluctuations, palladium prices increased by 0.2% to $1,076.50, while platinum fell 0.1% to $982.50, and spot silver remained stable at $32.46 an ounce.

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Market analysts from Way2Wealth Brokers Private Ltd. noted that the domestic gold market was showing signs of consolidation and advised traders to adopt a cautious approach, particularly due to ongoing geopolitical tensions and the upcoming Fed decisions. Nirmal Bang Securities Pvt. Ltd. echoed this sentiment, predicting that gold and silver prices might continue to trade within a tight range as the market adjusts to the political landscape in the U.S.

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