Gold prices in India saw a decline on Thursday, with the price of 24-carat gold dropping to nearly Rs 78,500 per 10 grams, reflecting market volatility after the announcement of Donald Trump’s victory in the 2024 U.S. presidential election. As of November 7, the price for 24-carat gold, known for its highest purity, was recorded at Rs 78,560 per 10 grams, marking a noticeable drop in the precious metal’s value.
For jewellery buyers, the price of 22-carat gold, which is more durable due to its alloy composition, stood at Rs 72,000 per 10 grams. The fluctuation in gold prices came in response to the global market shifts following the unexpected outcome of the U.S. election, which spooked investors and contributed to the volatility in commodity markets.
Experts note that the reaction in the gold market highlights the sensitivity of precious metal prices to political and economic uncertainties. With the ongoing instability in international markets, many investors are expected to monitor price trends closely, especially amid the potential economic policies of the new U.S. administration.