Just In Time: Gold Prices See A Dip This Wedding Season, Thanks To Donald Trump

New Delhi: As the wedding season takes off in India, there is good news for people looking to purchase gold, as yellow metal prices have decreased. Donald Trump's historic victory in the US election may impact gold prices in India, as it has led to a 6% dip in gold prices on the Multi Commodity Exchange (MCX), falling by Rs 4,750 per 10 grams since November 4.This provides a golden opportunity for many gold buyers in India this wedding season when the demand for yellow metals typically soars. In India, gold is not just an opportunity to invest but it also carries a strong sentiment which is deeply ingrained in our culture. As gold prices continue to trend downward, families with upcoming weddings are closely watching the market, eager to take advantage of the favorable pricing.Also Read: "Enquiries at stores have increased due to price fall. We are expecting higher footfalls for upcoming wedding seasons," an ET report cited Suvankar Sen, MD & CEO, Senco Gold and Diamonds.

Year 2024 A Golden Period For Yellow MetalsThis year has so far proved to be a golden period for yellow metals as prices have seen a remarkable rally, recording 39 highs so far. According to World Gold Council’s data, 2024 has been a record-breaking for gold since 1979. The rise in gold prices has been fueled by a combination of factors, including central bank purchases, robust demand from Asia, geopolitical tensions, and economic uncertainties, all boosting gold's status as a safe-haven asset. The Trump Factor Trump's reelection to the top post has added new dynamics which is having a major impact on gold prices. Typically, gold prices see a downturn when the dollar is strengthening. The dollar has seen an upward trend since June, climbing past the 106 mark.Trump's pro-domestic policies — such as backing oil drilling, imposing tariffs on Chinese imports, and enforcing stricter immigration laws — may strengthen the US economy and, in turn, the dollar. This could put additional downward pressure on gold prices. The Great Indian Wedding Season Is Here!This year's wedding season is expected to produce Rs 5.9 lakh crore in revenue with 48 lahks "shaadis", according to a recent survey by the Confederation of All India Traders. The rise in demand is attributed to a significant increase in the number of auspicious wedding dates -- 18 in 2024 compared to 11 in 2023.The extended window has merchants and retailers prepared for a record-breaking wedding season. Delhi is likely to play a key part, with 4.5 lakh weddings projected to take place in the capital alone. The city is estimated to contribute Rs 1.5 lakh crore to the overall economy.