After Trump was elected president of the United States, investors rushed to buy dollars, causing gold prices to fall to a 3-week low on Wednesday (the 6th). The market is also focused on the Federal Reserve's (Fed) interest rate decision on Thursday, looking for further clues regarding the Fed's easing cycle, which has contributed to gold prices hitting historical highs this year.

Spot gold dropped 2.8% to $2,667.19 per ounce, touching a 3-week low of $2,652.19 during the session, marking the largest single-day decline in five months

Trump Wins, Dollar Rises, Gold Accelerates Drop, Falls to 3-Week Low

Nov 07 2024