WGC: Gold's Pullback Likely Temporary

Forex - Since Trump's election victory, the gold rally has halted, and investors have turned to profit-taking. As investors shift back to stocks and cryptocurrencies, gold has retreated to the $2,600 support level. Analysts from the World Gold Council believe that the pullback in gold is temporary due to various challenges facing the global economy. In their assessment, they stated, "In the first week of November, gold began to decline after reaching an all-time high on the first day of the month. The U.S. election results somewhat interrupted gold's impressive annual rally. The continued strengthening of bond yields and the U.S. dollar, the perceived risk in the stock markets, the support for cryptocurrencies, and the easing of geopolitical tensions are cited as the reasons for this. These factors could signal a pleasant pause for gold, or even a healthy short-term pullback."