Gold Prices In India: What To Expect In 24K, 22K, 18K After Trump's Historic Win: Short-To-Long Term Outlook

Gold prices in India surged despite a pullback in international spot gold prices owing to a strong dollar after Donald Trump won the US Presidential Election 2024. With Trump's win, chances of easing in tensions the Middle East and Russia-Ukraine are likely on the cards, however, his policies and tariffs on trade could impact China and other countries. Gold prices in India, and globally will sway between Trump's move in geopolitical uncertainties, global economies and the Fed rate cut trajectory ahead.

Gold Prices In India: 24K/10 grams gold is at Rs 80,350, while 22K and 18K prices are at Rs 73,650 and Rs 60,260 as of November 6, 2024.

MCX Gold, Silver Prices: MCX gold futures with December expiry inched up by Rs 57 or 0.07% to end at Rs 76,712 per 10 grams. On the other hand, MCX silver futures slide down by a massive Rs 3,748 or 3.96% to close at Rs 90,900 per 1kg.

Spot Gold Prices: Gold dropped below $2,670 per ounce on Wednesday, retreating from its October 30 record high of $2,758, as Donald Trump's U.S. presidential victory strengthened the dollar and prompted investors to unwind safe-haven gold positions, as per Trading Economics.

Trump creates history with his second win. He becomes the first Republican presidential candidate to win the popular vote since 2004, while he is also the first former president with a non-consecutive second term since Grover Cleveland in 1892.

What Will Happen To Gold Prices After Trump's Win?

According to ING's report, in the longer term, Trump's proposed policies, including tariffs and stricter immigration controls which are inflationary in nature, will limit interest rate cuts from the Federal Reserve. A stronger USD and tighter monetary policy could eventually provide some headwinds to gold. However, increased trade friction could add to gold's safe haven appeal.

Meanwhile, Colin Shah, MD, Kama Jewelry said, a victory for Donald Trump in the US Presidential election has led to a spike in USD, and that is having a negative impact on gold prices. Gold prices have hit a lower level of 2710 in the day's trade. Prices are volatile as the street awaits the Fed outcome on Thursday, another key event guiding gold prices.

Shah further expects gold to trade in a narrow range or sideways till the new President outlines his key policies.

In the long term (Above 12 months), Shah expects gold to regain past high levels and make new highs. Geopolitical tensions will keep gold in demand, pushing prices up. In the long term, gold prices will touch $3000 global market, and Rs 86,000 in the domestic markets.

ING is forecasting a fourth-quarter gold average of $2,700/oz, bringing its 2024 price average to $2,400/oz. In 2025, the European banker sees prices averaging $2,760/oz.

Gold has over the years been a perfect hedge against inflation. Investors are increasingly looking at gold as an important investment. Goodreturns (OneIndia Money) is providing gold price in India herewith for our readers informational purposes only. These gold rates are updated today and are sourced from reputed jewellers in the country.