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Gold prices continued to decline as the U.S. dollar index was set for a slight weekly gain after Trump's election victory
This marks the second reduction by the central bank this year, following the initiation of its easing cycle in August
Trump's victory fueled questions about whether the Federal Reserve may proceed to cut rates at a slower and smaller pace
U.S. dollar surged to a near four-month high in reaction to the U.S. election exit polls, making bullion less attractive for other currency holders
Despite markets largely expecting the quarter-point cut this week, gold prices may still see a reaction to the decision
Early findings indicate that 73 percent of transactions were for off-plan or under-construction properties
Uncertainty surrounding the election and the U.S. central bank's policy decision could support gold prices this week
Gold prices have gained over 4 percent in October amid safe-haven flows spurred by Mideast tensions and U.S. election uncertainty
Gold prices have gained close to 5 percent so far this month and almost 41 percent in the past year
Uncertainty over the outcome of the U.S. election kept traders largely biased towards safe havens such as the dollar and gold
Recent gains place the dollar on track for its best month since April 2022
U.S election, along with Middle East tensions, might continue to act as a tailwind for gold prices
Analysts expect gold prices to reach over $2,800 this year and $3,000 in 2025
Market awaits the upcoming release of U.S. existing home sales data, which will provide additional insight into the health of the economy
Traders are pricing in an 87.7 percent chance of a 25-basis-point cut by the Federal Reserve in November
In China, investors are gauging the impact of the latest lending rate cut following reductions to other policy rates last month
As tensions in the Middle East escalated, less than three weeks remained to vote for the next U.S. president
The U.S. retail sales and industrial production data for September, as well as weekly jobless claims data, are all due later today
U.S. dollar index and Treasury yields dipped, making bullion more attractive to other currency holders
Traders are currently pricing an 88.2 percent chance of a 25-basis-point cut in November
Despite the rise in gold prices, the U.S. dollar's recent ascent and rate-cut expectations have limited gains
Brent crude futures for December delivery dropped 0.5 percent to $78.98 a barrel
Market focus now shifts to U.S. Producer Price Index (PPI) report due today
Fitch expects rates to reach 4.5 percent at the end of 2024 and 3.5 percent at the end of 2025, boosting Q4 and 2025's issuance activity
