MCX Gold surges to a high of Rs31326/Kg when Mr.Donald trump was leading the election results on 9th Nov 2016. Around 10.40p.m gold topped out and from there post the election announcement MCX Gold dropped to a low of Rs29269/Kg on last Friday (Nov 11,2016). The dollar rose to its strongest level since February. Bonds continued to get pounded, with losses exceeding $1 trillion this week.
Since February 2016, Gold is trading in sideways mode between 28,000 – 30,000 per kg on the broader scale. Interestingly China (Shanghai Gold Exchange) last week launched its own yuan denominated Gold contracts which will become the reference price for gold in the country. The benchmark price for a 1 kg contract was set at 256.92 yuan/gram on Tuesday at the launch of the benchmark contract.