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Upgrade to Premium Gold Slips as Traders Weigh Rate Outlook, Trump’s Economy Plans
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Gold Slips as Traders Weigh Rate Outlook, Trump’s Economy Plans
Sybilla Gross Thu, Nov 7, 2024, 10:57 PM 1 min read
(Bloomberg) — Gold edged lower at the end of a volatile week’s trading, as investors assessed the path ahead for US rates and the implications of Donald Trump’s election victory.
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Bullion fell as much as 0.5% after rising 1.8% in the previous session. Chair Jerome Powell said he didn’t rule “out or in” a cut in December after the Fed reduced rates by 25 basis points on Thursday, noting recent indicators suggested the economy was still expanding solidly.
The gain on Thursday helped bullion to partially retrace Wednesday’s more-than-3% decline, when Trump’s win triggered a powerful rally in the dollar, reducing the appeal of commodities priced in the currency. Given that the president-elect is expected to push through higher tariffs, lower taxes and looser regulation, which could fan inflation, Wall Street economists now see fewer Fed cuts than they did before the election.
Gold has surged by about a third this year to successive records, with gains powered by heightened geopolitical and economic risks, driving purchases from both central banks and investors. The rally intensified in recent months as the Fed pivoted to rate cuts and the US election loomed.
Spot gold fell 0.5% to $2,693.59 an ounce at 12:56 p.m. in Singapore, and is down 1.6% this week, which would be the biggest drop since May. The Bloomberg Dollar Spot Index was up 0.1%. Silver dipped below $32 an ounce, on course for a second weekly drop. Platinum and palladium declined.
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