Gold prices dipped nearly 1% in the domestic futures market on Monday as the US dollar gained strength. This increase in the dollar's value has added pressure on precious metals, with investors awaiting key US economic data and Federal Reserve insights to gauge the trajectory of interest rates.

As of the morning trading session on November 11, MCX Gold for December expiry was down by 0.72%, trading at Rs.76,714 per 10 grams. Internationally, gold also continued its decline for the second consecutive session, facing uncertainty due to fluctuating rate expectations and market reactions to Donald Trump's recent presidential election victory, which has stirred speculation around potential inflationary policies.

Experts point to broader market influences impacting gold, such as the dollar's strength following a surge in US consumer sentiment, which hit a high of 73. Rahul Kalantri, VP of commodities at Mehta Equities, explained that additional downward pressure has stemmed from the People’s Bank of China's recent decision to halt gold purchases for six months, effective from October.

For the week ahead, analysts are closely watching US inflation data. Despite the near-term dip, Kalantri highlights that gold’s long-term outlook remains positive, with support levels around Rs.77,020–76,750 and resistance between Rs.77,480–77,710 on the MCX.