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Gold Falls More Than 2% Amid U.S. Dollar Strengths

UM Editor

November 12, 2024 at 3:49 pm

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.

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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