Prices for gold eased on Friday but hovered around the $2,700 U.S. level, as traders assessed the impact of Donald Trump’s presidency and its implications for the U.S. interest rate outlook.
Spot gold fell 0.4% to $2,697.19 per ounce and was headed for a weekly loss. However, prices rose more than 1% in the last session, bouncing from over a three-week low.
U.S. gold futures were flat at $2,704.50, while the U.S. dollar index was set for a slight weekly gain after Trump’s election victory.
A stronger dollar makes bullion more expensive for overseas buyers.
In the long term, it still looks bullish for gold but in the short-term, if prices drop to $2,643, the next levels of support will be $2,620-$2,520.
In other metals, spot silver fell 0.8% to $31.75 per ounce, platinum fell 0.2% to $994.80 and palladium shed 0.21% to $1,022.36.
