Gold bullion
Gold prices continued to decline during Wednesday’s trading, following Donald Trump’s defeat of current Vice President Kamala Harris in the elections and his return for a second term in the White House.
Futures contracts for the yellow metal for December delivery fell by 2.4%, or $66.1, to $2,683.6 per ounce at 04:26 PM Mecca time, and the spot price of gold fell 3% to $2,661.28.
Silver contracts for December delivery also fell 4.21% to $31.4, and the spot platinum price fell 3.47% to $983.44 per ounce.
Daniel Murray, head of global research at EFG Asset Management, believes that part of the recent rise in the price of gold was related to uncertainty about the elections and the widespread belief that the outcome will be close and contested, according to Market Watch.
He added that, in practice, the final outcome of the election eliminated a major source of uncertainty, which helps explain why gold declined.
But part of investors’ attention is currently directed to the Federal Reserve meeting scheduled to begin later today, and continue until tomorrow, Thursday, amid expectations that it will continue monetary easing efforts.
CME Feedwatch estimates indicate a 97.5% probability that the Fed will cut interest rates by 25 basis points to between 4.5% and 4.75%, after reducing them by 50 points at the meeting last September.
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