Investing.com– Gold prices moved little in Asian trade on Tuesday after tumbling from record highs in recent weeks as the dollar firmed sharply amid speculation over a second Donald Trump presidency.
Improved risk appetite, following Trump’s election victory last week, sapped gold of safe haven demand. A sharp rally in the dollar also pressured bullion prices.
fell 0.1% to $2,617.64 an ounce, while expiring in December rose 0.2% to $2,623.70 an ounce by 23:27 ET (04:27 GMT).
Gold battered by Trump trade; CPI, Fedspeak awaited
Spot prices tumbled from record highs of nearly $2,800 an ounce over the past two weeks, dented by a spike in the dollar as markets bet that inflationary policies under Trump will keep interest rates high in the long term.
The raced to four-month highs this week, while Treasury yields also drifted higher.
Trump’s protectionist stance towards trade and immigration is expected to factor into higher inflation.
Focus this week is on key U.S. inflation data, which is expected to show inflation remained sticky in October. The reading is also likely to factor into expectations for interest rates.
Beyond the inflation reading, a slew of Federal…
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