The Republican Party candidate, Donald TrumpHe achieved the required number of Electoral College votes, officially becoming the 47th President of the United States of America, which would represent an unexpected return for him to the political arena after a four-year absence from the presidency.
And he scored Dollar The highest level in four months, making possession of the yellow metal more expensive for buyers holding other currencies.
Ole Hansen, Head of Commodities Strategy at Saxo Bank “Gold is declining due to the continued strength of the dollar and fears that the US Federal Reserve may slow the pace of cutting interest rates due to concern that inflation may rise again.”
Gold is considered a hedge against inflation, and high interest rates reduce the attractiveness of the precious metal, which does not generate a return.
The Federal Reserve’s two-day monetary policy meeting is scheduled to end tomorrow, Thursday, while markets widely expect the US central bank to announce a reduction in interest rates by a quarter of a basis point after cutting them by 50 basis points in September.
Price movements
The price fell gold In spot transactions, it rose 0.8 percent to $2,721.21 per ounce by 0923 GMT, and gold had reached an unprecedented peak at $2,790.15 last Thursday.
US gold futures fell 0.7 percent to $2,730.20.
As for other precious metals, it decreased Silver In spot transactions, it fell 1.4 percent to $32.19 per ounce Platinum 1.2 percent to $987.43, and fell Palladium 1.4 percent to $1,060.94.
The three metals recorded their lowest level in three weeks.