Gold Rates Decline in India Amid U.S. Election and Fed Uncertainty, Check the Rates
Gold prices saw a notable drop in the domestic futures market on Monday as investors exercised caution ahead of two major events this week—the U.S. election and the Federal Reserve’s policy announcement. These events are expected to significantly impact the U.S. dollar, bond yields, and gold prices in the near future.
On the Multi Commodity Exchange (MCX), gold futures for December 5 were down 0.55%, trading at Rs 78,430 per 10 grams. Over the past week, 24-karat gold has seen a price fluctuation of 0.94%, with a more substantial 3.57% decline over the past month.
While domestic gold rates dropped, international markets saw a modest rise in gold prices. The dollar index also weakened by nearly 0.5%, reaching a two-week low, which generally supports gold prices as a lower dollar makes gold more attractive for holders of other currencies.
Gold Rates in Major Indian Cities
As of November 4, here are the gold rates for 22-karat and 24-karat gold across major cities in India:
| City | 22-Karat (per gram) | 24-Karat (per gram) |
|---|---|---|
| Delhi | Rs 7,380 | Rs 8,055 |
| Noida | Rs 7,380 | Rs 8,055 |
| Mumbai | Rs 7,370 | Rs 8,040 |
| Chennai | Rs 7,370 | Rs 8,040 |
| Ahmedabad | Rs 7,375 | Rs 8,045 |
| Bangalore | Rs 7,370 | Rs 8,040 |
| Kolkata | Rs 7,370 | Rs 8,040 |
| Patna | Rs 7,370 | Rs 8,040 |
| Hyderabad | Rs 7,375 | Rs 8,045 |
The outlook for gold remains tied to these global developments, as investor attention focuses on how the U.S. election and Federal Reserve policy may influence currency valuations, bond market dynamics, and, subsequently, gold demand worldwide.
