Gold (XAU/USD) prices extended its decline for the second straight session on Thursday. The dollar-denominated precious metal faced downside pressure from a stronger US Dollar (USD) following former President Donald Trump's victory in the US elections.
Gold prices came under pressure as safe-haven flows declined amid market optimism and the "Trump trade." The shift was driven by the apparent presidential victory, while markets had previously anticipated a disputed outcome.
The US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets are expecting a 25 basis point interest rate cut this week. This could provide support for Gold as lower interest rates reduce the opportunity cost of holding non-interest-bearing assets.
The CME FedWatch Tool shows a 98.1% probability of a quarter-point rate cut by the Fed in November.
Source: FXStreet
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