The bullion and bullion market are now eyeing the US elections. When the festive shopping ended, the week started with a partial slowdown. The market is moving in a limited range. The results of the US election and the exit polls coming before it will directly affect the precious metals market. The market believes that if Trump wins, there will be a slowdown in gold and silver and if Kamala Harris becomes the President, gold will increase further.
The market is giving special reasons for the US election and the name of the President affecting the prices. According to bullion trader Nilesh Sarda, even after a close contest in the exit polls, Trump’s side seems to be slightly stronger in the election. The market believes that if Trump wins, then the trade war will start.
In such a situation, foreign institutional investors will put their money in bonds. Due to this, the dollar index has remained strong for some time and the US bond yield has also crossed the level of 4.3 percent.
If Kamala Harris wins, the Fed’s interest rate cut policy will continue and the bullion market will try to touch its highs again. On the other hand, China is also looking at the US elections before releasing a stimulus package for its economy. What kind of package it will be, depends on the US presidential election.
Due to all this, fluctuations can be seen in the prices of gold and silver in the coming three days. Other experts are saying that the market had reached a high level in the past days. Now it is looking for the reason for the correction which it sees in the US elections. These analysts are assuming a rise in the roots of gold and silver and are saying that in this correction the price of gold can come to 77000 and silver to 92000. After this, there will be a rise again.
In Indore bullion market on Tuesday, due to weak buying in gold, the price fell by Rs 100. Gold Cadbury fell to Rs 80600 per ten grams. On the other hand, silver Chaurasa remained stable at Rs 95900 per kg. At present, the market is witnessing very weak customer base. On Comex, gold futures after going up to $2737, were trading at $2745 and down to $2724 per ounce and silver after going up to $32.61, was trading at $32.67 and down to $32.24 per ounce.
Indore closing prices – Gold Cadbury Rava in cash was quoted at Rs 80600 Gold (RTGS) 80500 Gold (91.60 carat) (RTGS) 73500 rupees per ten grams. On Monday, gold had closed at Rs 80700. Silver Chaursa cash 95900 Silver Chaursa (RTGS) 95900 Silver Tanch was sold at Rs 96000 per kg and silver coin was sold at Rs 1100 per piece. On Monday, Silver Chaursa cash had closed at Rs 95900.