Commodities
Gold Heads for Weekly Drop as Traders Weigh Trump, Fed Outlook
- Bullion is set for its biggest weekly decline since May
- Strengthening dollar has reduced precious metal’s appeal
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Gold fell at the end of a volatile week’s trading, as investors assessed the path ahead for US rates and the implications of Donald Trump’s election victory.
Bullion fell by as much as 1% Friday, on track for its biggest weekly decline since May. The precious metal had gained Thursday, after the Fed cut rates by a quarter point, even as Chair Jerome Powell said he didn’t rule “out or in” a further cut in December, noting recent indicators suggested the economy was still expanding solidly.