Following the US presidential election, gold prices have been declining. On Thursday, the December future contracts for gold on the MCX started 0.37 percent down at Rs 76,369 per 10 grams, while the December future contracts for silver were trading 0.24 percent lower at Rs 90,601 per kg.

Silver prices have dropped by Rs 4,050 per kilogram and gold prices by Rs 2,100 per 10 grams in the last two days after the US elections.

The price of 24-carat gold is Rs 76,570 per 10 kg, 22-carat gold is Rs 74,720 per 10 grams, 20-carat gold is Rs 68,130 per 10 grams, and 18-carat gold is Rs 62,201 per 10 grams, according to the India Bullion and Jewellers Association Ltd. (IBJA).

Since Donald Trump won the presidency, the strong US currency has caused gold and most other commodities to trade in the negative, according to Pranav Mer, vice president of EBG-Commodity & Currency Research at JM Financial Services.

Now, attention shifts to other economic indicators and the US Fed’s policy conclusion.

Only if the provided supports are broken and maintained do we anticipate further decline; otherwise, prices may start to rise once again. He said, “There is resistance at 78,000 on MCX and $2,755 in an international spot.”

As the US election result supported the dollar index, which rose to 105, gold prices saw extreme volatility, ranging drastically between Rs 78,500 and Rs 77,500 per 10 kilos.

According to Jateen Trivedi of LKP Securities, “this dollar strength pushed gold to lows of Rs 77,500 per 10 grams and $2,700 in dollar terms.”

According to specialists, there seems to be a short-term negative attitude in place, with a significant resistance level around $2,740 and support at $2,680.