The Business Times
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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

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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