Gold prices fell to a two-month low on Thursday, with spot gold dipping nearly 7% since last week’s election. Citi’s commodities head, Maximilian Layton, noted a pause in the gold bull market, attributing the decline to U.S. equity rallies driven by anticipated tax cuts and deregulation. The dollar index has also reached a one-year high, impacting dollar-denominated gold prices for international buyers. Bitcoin surged past $93,000, reflecting a similar risk-on sentiment in cryptocurrencies Underlying fundamentals for gold remain robust, with expected support from central bank demand and geopolitical tensions, per Canaccord Genuity.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Gold prices fell to a near two-month low on Thursday, with spot gold dipping nearly 7%
00:07since last week's election.
00:09Citi's commodity head Maximilian Leighton noted a pause in the gold bull market,
00:13attributing a decline to U.S. equity rallies driven by anticipated tax cuts and deregulation.
00:18The dollar index has also reached a one-year high,
00:21impacting dollar-denominated gold prices for international buyers.
00:25Bitcoin surged past $93,000, reflecting a similar risk-on sentiment in cryptocurrencies.
00:32Underlying fundamentals for gold remain robust,
00:34with expected support from central bank demand and geopolitical tensions per catechore genuity.