Gold Sees Biggest Weekly Dip in More Than 5 Months

Gold prices saw a steep decline last week amid the election of a new American president, a strengthening dollar, and the U.S. Federal Reserve’s interest rate cuts. Gold prices last week fell by 1.86 percent, from around $2,734 to $2,683, the largest weekly decline since late May. On Wednesday, former President Donald Trump was elected for the second time to the White House. During his campaign, Trump touted several pro-business policies, including cutting corporate taxes to 15 percent and appointing a “manufacturing ambassador” to attract businesses back to the United States in a bid to revive domestic industries. With the Trump win, equities and the U.S. dollar rallied while gold, broadly considered a safe-haven investment, fell. On Nov. 5, the benchmark S&P 500 Index closed at 5,722, which then jumped 3.61 percent, to close at 5,929 on Nov. 6. The market rallied in the subsequent days as well. The S&P 500 rose by 4.71 percent last week compared to the yellow metal’s 1.86 percent decline....