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Xirui Commodity Trading Center, phone QQ: recruiting members, agents, account opening, investment, high rebates, main business: silver, crude oil, copper, asphalt, spot investment and investment. Xirui Bulk Platform Information Gold prices fell on Wednesday as the dollar extended a week-long rise and climbed to year-highs, driven by a surge in U.S. bond yields after Trump's victory.
Gold prices have fallen more than a dollar an ounce from their post-election highs last Wednesday as Treasury yields surged and risk appetite expanded.
, spot gold fell .%, reported at ,.USD, and U.S. monthly gold futures fell .%, reported at ,.USD.
Gold prices are consolidating above the dollar, portfolio managers and strategists said.
The US dollar is higher today and gold prices are little changed, which to me is a sign of bottoming and consolidation.
Big banks and investors are beginning to discuss the possibility of the dollar and the euro moving toward parity, as the dollar benefits from expectations of higher inflation under the incoming Trump administration.
Investors on Wednesday repeated their post-election sell-off of Treasuries and bought U.S. stocks, but not on the same scale as before, after a brief pause earlier in the week.
Gold prices are also expected to feel pressure from an impending U.S. interest rate hike, with the Federal Reserve expected to raise interest rates next month for the second time in recent years.
St. Louis Federal Reserve President James Bullard told Reuters on Wednesday that the only reason the Fed would not raise interest rates this month is if a major shock occurs, such as general turmoil in global markets or poor U.S. employment data.
Investors remain lukewarm on gold investments, with holdings in the world's largest gold-backed exchange-traded fund falling to a four-and-a-half-month low on Tuesday.
In the main physical market, some Indian gold traders are placing large short-term import orders out of concern that Indian Prime Minister Modi will soon restrict the purchase of gold from overseas.
Spot silver fell .% to $.USD, spot platinum rose .% to $.USD. Spot palladium rose as much as .% to a six-week high of $.USD.
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