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Gold Futures Fall, But Short-Term Correction Looks Healthy

Pabio November 9, 2024

Gold futures are falling and are expected to end the week lower. Futures fell 0.35% to $2,696.20 per troy ounce.

Precious metals like gold have seen a strong rally in the run-up to the US election, said Ole Hansen of Saxo Bank. Gold, however, fell sharply after a simultaneous rise in the U.S. dollar and yields forced prices lower.

That said, there’s no reason to change a bullish stance on precious metals, says Hansen. At worst, last week’s correction was a healthy response to weeks of election-focused buying.