Gold edged lower following a volatile week, in which it was whipsawed by a surging dollar in the wake of Donald Trump's election win and then a Federal Reserve rate cut.
Bullion traded near $2,680 an ounce after falling almost 2% last week. The precious metal received support from the Fed reduction, but was buffeted as investors weighed the likely impact of tax cuts, trade tariffs and looser regulations that Trump is pledging.
While gold may benefit from demand as a hedge against inflationary pressures resulting from those policies, Wall Street economists now see fewer Fed cuts than they did before the election, which is a negative for the metal
Bullion has risen around 30% this year as central banks moved to ease monetary policy and as heightened geopolitical and economic risks drove haven demand
Spot gold declined 0.2% to $2,678.50 an ounce as of 9:08 a.m. in Singapore. The Bloomberg Dollar Spot Index was little changed. Silver edged lower, while platinum and palladium advanced
Source: Bloomberg
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