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Gold futures fall 1% to $2,668.20 a troy ounce. The precious metal has been pressured by profit-taking triggered by the U.S. election, SP Angel analysts say in a note. This suggests traders were positioned for a less clear-cut outcome, they say. A stronger U.S. dollar after Trump's victory gas also been weighing on prices, the analysts write. The next catalyst for gold will likely be Consumer Price Index data due Wednesday, which should provide hints as to the Fed's next move on monetary policy easing. Further rate cuts could reignite inflation and boost gold, SP Angel says. Elsewhere, there is speculation about how Trump's relationship with China's Xi Jinping and Russia's Vladimir Putin may affect BRIC countries' current plans for foreign reserve diversification, a recent boon to gold prices, SP Angel adds. (joseph.hoppe@wsj.com)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.