Gold price (XAU/USD) faced challenges as the dollar-denominated precious metals struggled due to a stronger US Dollar (USD) following the victory of former President Donald Trump in the US election.
Gold prices are under pressure as safe-haven flows decline amid market optimism and "Trump trades." This shift is driven by the clarity of a presidential victory, while the market had previously been anticipating a contested outcome.
US Federal Reserve's (Fed) policy decision will be eyed on Thursday. Markets expect a modest 25 basis point 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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