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Gold fell at the end of a volatile week’s trading, as investors assessed the path ahead for US rates and the implications of Donald Trump’s election victory.
Thursday’s gain partially helped to retrace Wednesday’s 3% rout, when Trump’s win triggered a powerful rally in the dollar, reducing the appeal of commodities priced in the currency. The dollar strengthened further against the yuan on Friday, following a Chinese stimulus package which disappointed markets.
UBS strategists including Giovanni Staunovo say gold will likely see support as a hedge against the inflationary pressures of higher US government borrowing, arguing the price fall the day after the election was “surprising and oversized”.
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