Wed Nov 13 09:48:58 UTC 2024: ## Gold Prices Dip on Strong Dollar and Trump Uncertainty
**Mumbai, India (November 11, 2023)** – Gold prices experienced a decline in both domestic and international markets on Monday, November 11, driven by a strengthening US dollar and uncertainty surrounding Donald Trump’s return to the US presidency.
In India, MCX Gold for December 5 expiry traded down 0.72% at ₹76,714 per 10 grams at 11:40 am. Globally, gold prices fell for the second consecutive session.
The strengthening dollar, coupled with the Chinese central bank’s six-month pause on gold purchases, contributed to the decline. Speculation surrounding Trump’s potential policies and their impact on inflation and interest rates further fuelled market volatility.
Analysts like Rahul Kalantri, VP of commodities at Mehta Equities, noted the rebound in the dollar index and the impact of US consumer sentiment on precious metal prices. Manoj Kumar Jain of Prithvifinmart Commodity Research pointed out that gold was trading near its major support level of $2,692 and a break below this level could indicate further weakness.
Despite the current dip, the long-term outlook for both gold and silver remains bullish. Key support and resistance levels have been identified for both metals.
Investors are closely monitoring US macroeconomic data and comments from Federal Reserve officials this week to gauge the future trajectory of interest rates. The upcoming US inflation data release is expected to provide further direction to the bullion markets.
**Disclaimer:** The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
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