Skip to main content

MoneyWorks4Me

Gold futures finish sharply lower on dollar surge

07 Nov 2024 Evaluate
Gold futures finished sharply lower on Wednesday, pressured by the surge in dollar following Donald Trump’s US presidential victory. Anticipations of more hawkish approach by Federal Reserve under Trump's presidency has also saddled yellow metal investments. Expectations of larger deficits and inflation came up as the newly elected US president previously campaigned policies focused on immigration, raising tariffs, lowering taxes, and deregulation. Rising treasury bond yield notes also discouraged bullion buying.

Gold futures for December delivery tumbled by $73.40 or 2.7% to settle at $2,676.30 per ounce on the Comex division of the New York Mercantile. While, spot gold slipped by $1.80 or 0.07% to $2,657.26 an ounce.