Gold logs biggest weekly fall in over five months on dollar strength
Gold prices dropped on Friday, logging their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on U.S. interest rate expectations.
Spot gold fell 0.8% to $2,684.03 per ounce as of 01:40 p.m. ET (1840 GMT) and posted a 1.8% weekly decline.
U.S. gold futures settled 0.4% lower at $2,694.80.
The dollar index gained 0.6%, marking a weekly gain.
«In the last month, the story has been the uncertainty risk of the election and if there was going to be normalisation of transition, but this election appeared to be very decisive on the White House,» said Alex Ebkarian, chief operating officer at Allegiance Gold.
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