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Gold Drops as Trump Wins U.S. Election
On Monday, gold prices fell by 2.42%, closing at $2,619 per ounce. A 0.5% rise in the dollar index pushed it to its highest point since early July, making gold less appealing to non-dollar buyers. The dollar index jumped over 1.5% last week, reaching 105.44 after Trump’s election win was announced.
(XAUUSD Daily Price Chart, Source: Trading View)
Expectations of early tariffs under Trump’s presidency have fuelled strong demand for the dollar, which in turn pressures gold prices. The strengthening dollar has been weighing on gold for the first time in months, further supported by increasing market speculation that the Federal Reserve might hold off on additional rate cuts.
Trump’s victory adds new uncertainties for the Federal Reserve, which is assessing the timing of future interest rate adjustments as inflation approaches its 2% target. Last week, the Fed cut the benchmark rate by 0.25%, setting it in a range of 4.5% to 4.75%. Currently, traders see a 65% probability of a 25 basis-point rate cut in December, down from nearly 80% before Trump’s victory.
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