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Gold Prices Fall to Three-Week Low
On Wednesday, gold prices dropped 3.09%, closing at $2,660 per ounce. This decline was driven primarily by a strengthened U.S. dollar following Republican Donald Trump’s election as U.S. President. With markets having anticipated a contested result, Trump’s clear victory removed an element of uncertainty. This outcome led to a strengthened dollar, which, in turn, pressured gold prices lower.
(XAUUSD Daily Price Chart, Source: Trading View)
(DXY Daily Price Chart, Source: Trading View)
Market participants were also awaiting the Federal Reserve’s interest rate decision on Thursday, seeking further insight into the bank’s easing cycle that has supported gold’s impressive rally to record highs this year. Investors noted that Trump’s presidency could boost the dollar, potentially prompting the Federal Reserve to pause its easing cycle if inflation rises due to expected tariffs.
The risk of higher inflation could slow the pace of U.S. rate cuts as tariffs are implemented, according to Ole Hansen, head of commodity strategy at Saxo Bank. ‘The (Federal Open Market Committee) will likely still cut rates on Thursday, but the accompanying statement will be closely analysed for signs of a pause,’ he added. Investors widely anticipate a quarter-point rate cut from the Fed following the 50-basis-point cut in September.
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