Gold prices fall over 2% as dollar strengthens and investors await Fed signals

Gold prices fell over 2% on Monday, dropping to $2,613.51 per ounce. This decline is attributed to a stronger U.S. dollar, which rose to its highest level since July following Donald Trump's election victory. The dollar's strength has made gold less appealing to buyers using other currencies. Traders are now less certain about future Federal Reserve interest rate cuts, with a 65% chance of a cut in December, down from 80% before the election. Silver also decreased by 2.5% to $30.51 per ounce. Other precious metals, including platinum and palladium, saw slight declines as well.