Gold prices have unexpectedly plummeted. Market experts predicted a continuous rise until 2025. However, the U.S. election results have disrupted market trends. Contrary to expectations of Kamala Harris's win, Trump's victory has triggered unforeseen changes across various sectors, including a significant drop in gold prices. A further decline in gold rates under the current circumstances is unlikely.
A report by Union Bank of Switzerland indicates that global developments, particularly geopolitical tensions, are influencing gold prices, leading to a daily increase. Experts predict gold prices will reach an all-time high in 2025, potentially around ₹2.30 lakhs per ounce by the end of 2024. Currency fluctuations also contribute to this projection. Countries like Turkey, Singapore, Brazil, and India are increasing their gold reserves, anticipating a record high in early 2025.
Donald Trump's presidential victory has caused a sharp decline in gold prices, benefiting consumers during the wedding season. The price of 10 grams of gold has decreased by ₹500 to ₹78,100, while silver has fallen from ₹94,261 to ₹92,000. The decline began after Trump's first post-election speech. People are pleased with the falling prices and hope for further reductions during the ongoing wedding season.
Experts predict a sustained drop in gold prices if Trump implements measures to improve the U.S. economy, although this might take time.
The price of 24k gold in Delhi has decreased by ₹1,790 to ₹78,710 per 10 grams. 22k gold has fallen by ₹1,650 to ₹72,150. Globally, gold prices have dropped to a three-week low of $2,657.65 per ounce, the lowest since mid-October after hitting a record $2,790.15. U.S. gold futures also saw a 0.4% decline.
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