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Gold sell-off continues – MarketWatch
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Gold sell-off continues – MarketWatch

Gold prices continued to fall on Thursday, as a fiery pre-election rally quickly ended.

Futures contracts on the yellow metal were down 0.9% at $2,563 an ounce on Thursday. They have fallen more than 8% since reaching a record high near $2,800 in late October, according to FactSet data. Prices have fallen almost 5% so far this week and are on track for the biggest decline since June 2021.

Myra Saefong from MarketWatch He investigated what triggered gold’s sudden decline. Many attributed this to investors unraveling their election risk hedges.

In commentary shared with MarketWatch on Thursday, Deutsche Bank’s George Saravelos offered three more reasons.

Investors are not worried about US credit risk.

Demand for central banks’ gold reserves is falling.

The US dollar remains the preferred safe haven currency.