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GOLD LOSES $2,700 PER OUNCE AND LOSES $80 OF ITS VALUE

Tina Collins

Tina Collins

— 1 min read
GOLD LOSES $2,700 PER OUNCE AND LOSES $80 OF ITS VALUE
GOLD LOSES $2,700 PER OUNCE AND LOSES $80 OF ITS VALUE

Gold prices dropped significantly, now trading below $2,700 per ounce, with a total loss of over $80.

The decline in gold prices followed Donald Trump's win in the 2024 US presidential election.

Expectations of Trump introducing economic stimulus policies have boosted confidence in the US economy, increasing demand for US stocks and the dollar.

A stronger dollar made gold more expensive for foreign investors, leading to more selling of gold.

The increase in risk appetite among traders has driven preference for high-risk assets over gold.

Spot gold prices fell by about 3.02%, or $82.88, reaching around $2,662.22 per ounce.

Gold futures for December also dropped by about 2.85%, settling at $2,671.25 per ounce.

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