The price of gold on the global market has dropped by over 4% this week, marking its worst performance in three years, according to Reuters.
On Friday, November 15, gold prices stabilized near two-month lows at $2,568.37 per ounce. The decline is attributed to a strengthening US dollar and investor expectations of higher inflation and slower rate cuts under the policies of President-elect Donald Trump.
Federal Reserve Chair Jerome Powell stated that rushing to ease monetary policy is unnecessary, signaling the possibility of an extended period of high interest rates. Market expectations for a 25-basis-point rate cut in December have fallen from 83% to 62%.
In addition to gold, the price drop has also impacted silver, platinum, and palladium.
