On November 6, global gold prices plummeted, losing over 80 USD/ounce. The precious metal sunk to 2,658 USD/ounce, the lowest in three weeks.
Compared to its peak of 2,790 USD/ounce on October 30, global gold prices have dropped by more than 130 USD/ounce.
The victory of Republican Donald Trump in the US Presidential election triggered a sharp decline in gold prices. Trump’s overwhelming win, contrary to predictions of a close race, along with the absence of any post-election protests or unrest, prompted investors to abandon safe, long-term gold trades. A stronger US dollar and higher US Treasury bond yields further exerted downward pressure on gold prices.
The US Dollar Index surged to its highest level since July, while yields on US Treasury bonds also climbed. The yield on the 10-year Treasury bond currently stands at 4.4%. Trump’s win has led experts to forecast a potential boost to inflation, which could make the Federal Reserve more hawkish.
While gold took a hit, Bitcoin prices soared by over 5,000 USD to record highs following Trump’s victory. During his campaign, Trump declared his support for Bitcoin.
Another significant event on the radar is the meeting of the Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) this week. The meeting, starting Wednesday morning and concluding Thursday afternoon with announcements from the FOMC and a press conference by Fed Chair Jerome Powell, is widely expected to result in a further 0.25% cut in the key interest rate, especially after the weak US jobs report released last Friday.
The Golden Opportunity: Unveiling the Latest SJC Gold Prices and Beyond
On the morning of November 9, gold businesses lowered their selling prices while maintaining the same buying prices as the previous day’s close.
The Golden Comeback: Gold Prices Surge Past $2,700/ounce in a Striking Reversal
On November 7, the global gold price staged a surprising rebound, recovering from a sell-off earlier in the day.
The Stock Market Soars to Record Highs as Trump Claims Victory
The S&P 500 futures hit record highs after Republican nominee Donald Trump claimed victory in the US presidential election.
The Golden Rush: Record-Breaking Prices Have Investors in a Frenzy
The surge in gold prices, inching towards the $2,800/oz mark, remains unwavering despite the rise in US Treasury yields and a strong dollar, indicating that debt woes are a more potent force in the market.
The Glittering Gold Crash: When the Glitter Fades.
“Gold prices notched their fourth straight monthly gain as risk-averse investors sought safe havens ahead of the U.S. presidential election. The precious metal has been on a stellar run, buoyed by a perfect storm of factors, including a weak dollar, low interest rates, and heightened market uncertainty. This month’s performance adds to a string of impressive gains, solidifying gold’s status as a safe-haven asset in turbulent times.”
