Gold logs biggest weekly fall in over five months on dollar strength
Gold prices dropped on Friday, logging their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on U.S. interest rate expectations.
Spot gold fell 0.8% to $2,684.03 per ounce as of 01:40 p.m. ET (1840 GMT) and posted a 1.8% weekly decline.
U.S. gold futures settled 0.4% lower at $2,694.80.
The dollar index gained 0.6%, marking a weekly gain.
The Federal Reserve on Thursday cut interest rates by 25 basis points, but indicated a cautious approach to further cuts.
Trump's victory has fuelled questions about whether the Fed may proceed to cut rates at a slower and smaller pace, given the former president's tariff policy.
However, Fed Chair Jerome Powell said the election results would have no "near-term" impact on monetary policy.
The prospect of rate cuts, starting with the half basis point reduction in September, has underpinned gold's record rally this year.
Spot silver fell 2.4% to $31.22 per ounce, platinum fell 2.9% to $968.04, palladium shed 3.5% to $988.80. All three metals posted weekly declines.
Source: Reuters
