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Gold Slumps Amid Speculation of Improving U.S. Economic Outlook

  • ‘People are suddenly very bullish on the economy’: BMO’s Wong
  • Comex futures had heaviest trading day ever on Wednesday
Updated on

After a volatile day of record trading, gold futures fell again as the dollar rose amid increasing speculation the U.S. economy will improve under a Donald Trump presidency.

Futures dropped as much as 1.2 percent on Thursday as markets reacted to Trump’s surprise victory in the U.S. election. The Bloomberg Dollar Spot Index, which tracks the greenback against a basket of 10 currencies, advanced 0.7 percent, on pace for the biggest two-day gain since June. Gold also fell as investors piled into equities, with the Dow Jones Industrial Average rising to an all-time high.