Best Time to Buy Gold: Prices Unlikely to Fall Further

Are you Considering to buy the gold? Current circumstances suggest prices are unlikely to fall further. This is the opportune moment to purchase gold. The drop in gold prices is attributed to the U.S. presidential election results. Trump's victory has led to unexpected shifts in the global market. Notably, the steadily rising gold rates have suddenly decreased. Let's delve into the details of this price drop.

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.