Gold on track for worst week in over five months
Fed cuts interest rate by 25 bps on Thursday
Bullion down 1.7% for the week
Silver, platinum and palladium head for weekly decline
Gold demand in India falters this week
Adds graphic and updates prices as of 1058 GMT
By Anushree Mukherjee
Nov 8 (Reuters) -Gold prices retreated on Friday and were on track for their biggest weekly fall in over five months, as markets digested Donald Trump's victory and its potential impact on the U.S. interest rate trajectory.
Spot gold XAU= fell 0.7% to $2,688.74 per ounce as of 1058 GMT and was down 1.7% for the week. U.S. gold futures GCv1 shed 0.4% to $2,695.80.
"The gold market still needs to find its balance after the surprisingly clear outcome of the U.S. presidential elections. It seems to be showing a 'buy the rumor, sell the fact' reaction to what appears to be a Republican sweep," said Carsten Menke, an analyst at Julius Baer.
"We believe the election dust needs to settle before we can see more clearly how another potential Trump presidency is shaping up for the gold market. This calls for a continued consolidation or even correction in the short term."
The Federal Reserve on Thursday cut interest rates by 25 basis points as widely expected, but indicated a cautious approach to further cuts.
Fed Chair Jerome Powell said the results of Tuesday's presidential election would have no "near-term" impact on U.S. monetary policy. Traders see a 71% chance of another 25-bps cut in December. FEDWATCH
Trump's tariff policy is viewed as inflationary, potentially leading to slower rate cuts. The uncertainty surrounding the rate-cut trajectory is causing a pullback in gold, said Soni Kumari, a commodity strategist at ANZ.
Bullion is considered a hedge against inflation but higher interest rates reduce non-yielding bullion's appeal.
On physical front, gold demand in India faltered this week as price volatility prompted buyers to delay purchases after strong festival sales, while Japan and Singapore saw some buying. GOL/AS
Spot silver XAG= fell 1.8% to $31.42 per ounce, platinum XPT= fell 1.6% to $981.25 and palladium XPD= shed 2% to $1,004.00. All three metals were heading for a weekly decline.
Spot gold price in USD per oz https://reut.rs/4fBiXTZ
Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
