Gold remained around $2,650 per ounce on Thursday, after falling over 3% to hit a three-week low in the previous session, pressured by a stronger dollar following Donald Trump's US presidential victory.
Trump's presidency has also led traders to unwind safe-haven gold positions, as markets anticipate higher interest rates from the Federal Reserve, diminishing gold's appeal. This came as the newly elected US president previously campaigned policies focused on immigration, raising tariffs, lowering taxes, and deregulation that fueled expectations of larger deficits and inflation.
Meanwhile, attention is now focused on the Fed's upcoming monetary policy announcement later in the day, with a 25 basis point rate cut expected.
Source : Trading Economics
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