Gold prices decline as stronger dollar and rising yields weigh on market sentiment

Gold prices fell 0.7% today, influenced by a stronger dollar and rising yields since the recent election. This decline follows a brief recovery after the election results, with gold struggling to maintain levels above $2,700. The current trend shows gold remaining below key support levels, indicating a bearish outlook. A significant test for sellers will be if prices approach the October lows near $2,600, which could signal further declines. Historically, December and January are strong months for gold, with January being the best-performing month over the last 20 years. A pullback in prices now could align with this seasonal buying trend.