Gold prices fell to nearly a two-month low on Tuesday in the face of a stronger dollar, optimism about economic growth under a second Trump administration, and a broader market pivot following the Nov. 5 U.S. presidential election.
Spot gold was down 0.7% at $2,600.93 per ounce by 2:23 p.m. EST (1923 GMT), after dropping 1% to hit its lowest level since Sept. 20 at $2,589.59 earlier in the session. U.S. gold futures settled 0.4% lower at $2,606.30.
The dollar index's (.DXY), rise to more than four-month high increased the cost of bullion for holders of other currencies, while bitcoin surged on continued demand from investors who see it as a play when President-elect Donald Trump takes power in January. U.S. Treasury yields also edged higher.
Markets are watching a heavy slate of U.S. economic data this week, including the release on Wednesday of the consumer price index for October, along with remarks from Federal Reserve Chair Powell and other U.S. central bank officials.
Following the Fed's recent decision to cut its benchmark interest rate by a quarter of a percentage point to the 4.50% to 4.75% range, traders currently see a 59% chance of another rate cut in December, versus around 80% before Trump's election victory last week.
Spot silver rose 0.2% to $30.72, platinum lost 2% to $945.39 and palladium fell 3.5% to $946.59.
Source : Reuters
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