The Business Times
business-time-50

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

google-preferred-sourceAdd BT as a preferred source
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

    TRENDING NOW

    Traffic through the strait has been resuming but with interruptions, and there is still little clarity over a permanent solution for passages through the chokepoint.

    Qatari LNG ship struck in Strait of Hormuz, testing US talks

    This comes after a Citi note on Tuesday that lifted target prices for all Singapore banks, with a leading preference and “buy” call for DBS.

    DBS, OCBC and UOB shares hit all-time highs as sentiment improves

    Aster deputy CEO Andre Khor, citing the age of the “polycrisis”, says: “It’s very important to be agile, to be focused on execution… We don’t know all the answers but we keep going forward.”

    ‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis

    Singapore is ranked as the world’s most expensive city for cars and placed third globally for residential property, according to Julius Baer.

    Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More