Thu Nov 07 23:24:38 UTC 2024: ## Gold Prices Plunge to Near October Low, Driven by Post-Election Market Shifts
**New Delhi, November 1, 2024:** Gold prices took a significant dive today, both domestically and internationally, nearing the record lows seen in October. Domestically, gold prices fell by Rs 2,010 from Wednesday, closing at Rs 76,920 per 10 grams. This places the price just above the October 14 low of Rs 76,190.
The decline follows a post-festive season dip in demand, with prices peaking at Rs 81,500 in October. The fall accelerated on October 31, with prices reaching Rs 78,670 and continuing their descent throughout the month. Futures prices for December 5 also reflected this trend, standing at Rs 76,470.
Globally, gold prices also experienced a significant drop, reaching $2,656 per troy ounce after a 2.48% decline. The record low for the day was $2,643, reflecting post-US election market shifts. These prices are similarly close to October’s record lows.
The decline in gold’s value is attributed to several factors. The strengthening US Dollar Index at 105.08 makes the commodity less attractive to investors. The resolution of political uncertainty following the US elections also reduces the demand for gold as a safe-haven investment.
Despite the recent drop, analysts remain bullish on the long-term outlook for gold, especially with the Republican party’s control of the Senate offering clearer policy cues. This allows investors to make more informed decisions regarding their investment strategies.
Silver prices also mirrored the downward trend in gold, reaching Rs 91,140 per kg. Futures prices for December 5 stand at Rs 90,695.
First Piper 