Gold prices ruled steady in trade, after jumping to a 6-week high, following the victory of Donald Trump, as the next President of the United States.
Spot gold in the Mumbai market was trading at Rs 33,000 per 10 grams for 24 karats, while spot gold for 22 karats was last seen trading at Rs 30,870 per 10 grams.
With the US Presidential elections now complete, all eyes would be on the US Federal Reserve to see what it does with interest rates. Any hike in interest rates in the US is likely to see a fall in gold rates. However, if the US Fed leaves interest rates steady, it is likely that we could see a temporary upmove in gold.