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Trump’s win cools gold fever but longer-term outlook remains bullish

Stronger greenback and bond yields, as well as increasing confidence in US equities and cryptocurrencies, are putting the commodity under pressure

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Mia Pei

Mia Pei

Published Sat, Nov 16, 2024 · 05:00 AM
    • Market watchers note that the fundamental price drivers for gold remain intact despite Trump’s return.
    • Market watchers note that the fundamental price drivers for gold remain intact despite Trump’s return. PHOTO: BT FILE

    DONALD Trump’s triumph in the US presidential election has wiped out phenomenal gains in gold prices over the past two months. But market watchers remain bullish over the longer-term outlook for the precious yellow metal.

    Since the start of November – ahead of the election – gold prices have been on a downward trend, retreating from all-time highs.

    Shortly after Trump claimed victory on Nov 6, however, spot gold prices fell to below US$2,700 per ounce.

    GoldDonald TrumpUS dollarCommodities

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