Gold is on track for its worst week in more than three years as Donald Trump’s US election victory and a strong dollar send bullion’s historic rally into reverse.
After jumping more than 35 per cent this year to a series of record highs, bullion prices have tumbled 7 per cent this month to $2,561 per troy ounce, including a 3.1 per cent drop on the day following the election.
Trump’s decisive win has reset market expectations as investors weigh the impact of president-elect’s likely policies. Traders have priced in fewer US interest rate cuts and sent the dollar soaring, fearing that potential tax cuts and tariffs could lead to higher inflation.
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