Thu Nov 07 14:12:53 UTC 2024: ## Gold Prices Plunge After US Election: Dollar Strength Pushes Prices Down
**New Delhi, November 7 (IANS)** – Gold prices continued their downward trend on Thursday, following the US presidential election results. The December future contracts for gold on the Multi Commodity Exchange (MCX) opened 0.37% lower at Rs 76,369 per 10 grams, while silver December futures traded 0.24% down at Rs 90,601 per kg.
Over the past two days, gold prices have fallen by Rs 2,100 per 10 grams and silver prices by Rs 4,050 per kg. This decline is attributed to the strengthening US dollar following Donald Trump’s victory in the presidential race.
“Gold and most other commodities are trading in the negative territory, weighed by a strong US dollar,” said Pranav Mer, Vice President, EBG-Commodity & Currency Research, JM Financial Services.
The focus now shifts to the US Federal Reserve’s policy outcome and other economic data. “We expect more correction only if the given supports are breached and sustained, failing to which prices may again resume its upward journey,” Mer added.
The dollar index climbed to 105, pushing gold prices down to Rs 77,500 per 10 grams and $2,700 in dollar terms, according to Jateen Trivedi from LKP Securities. Gold prices experienced intense volatility, fluctuating sharply between Rs 78,500 and Rs 77,500 per 10 grams during the week.
Experts anticipate a short-term bearish sentiment to prevail, with a critical resistance level at $2,740 and support at $2,680.
**Note:** The text provided does not include any information about the Nagaland government’s decision regarding the upper age limit for government services. Therefore, that question cannot be addressed.
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