Gold prices experience worst monthly performance in November after Trump’s election win
Date
12/1/2024 2:52:06 AM
(MENAFN) Gold prices experienced their worst monthly performance in November since September 2023, mainly driven by strong selling pressures following Donald Trump’s victory in the US presidential election. As a result, investors turned cautious, and markets are now focused on upcoming US economic data, including reports on the labor market, industrial production, and services, as they await further signals regarding the direction of the Federal Reserve’s monetary policy.
Spot gold prices rose slightly by 0.2 percent, or USD5.22, to close at USD2,643.16 per ounce on Friday. US gold futures for February 2025 delivery also saw a modest increase of 0.61 percent, or USD16.2 per ounce, settling at USD2,681. These gains were seen despite the overall downward trend in gold prices throughout the month.
However, global gold prices ended November with their largest decline in 14 months, largely due to the surge in the US dollar after Trump’s election win. Although gold attempted to recover towards the end of the month, it still closed the final week with a drop, reflecting the ongoing pressure from a stronger dollar and shifting market dynamics.
In November, gold recorded a decline of 3.4 percent, marking its largest drop since September 2023. The metal hit a two-month low of USD2,536 per ounce before managing to reduce its losses in the latter half of the month. This performance highlights the volatility in the gold market as it faces external economic pressures and uncertainty over future US monetary policy.
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