Gold prices fell during Tuesday’s trading, reaching their lowest level in nearly two months as the U.S. dollar strengthened following Donald Trump’s second presidential victory, which threatens to hinder the Federal Reserve’s easing efforts.
Gold futures for December delivery dropped by 0.65%, or $17.1, to $2,600.60 per ounce as of 12:35 PM Mecca time, after hitting $2,596.70 per ounce earlier in the session.
Spot gold decreased by 0.96% to $2,593.60, while December silver futures declined by 0.92% to $30.33, and spot platinum fell by 1.46% to $952.92 per ounce.
This coincided with a 0.26% rise in the dollar index—measuring the U.S. dollar’s value against a basket of six major currencies—to 105.82 points, trading at its highest level in 4 months.