MARKET OUTLOOK - Gold Futures Decline, but Continued Upswing Anticipated in 2025

Forex - Gold futures fell by 0.7% to $2,675.40 per ounce. Gold experienced a significant sell-off following Donald Trump's victory in the U.S. presidential election, declining 2.6% on a weekly basis. However, analysts at RBC Capital Markets noted that gold appears to be a solid bet as we approach 2025, despite the reset in prices post-election. RBC highlighted that precious metals have been the only positive sector in commodities for the past two months, with gold reaching several new record levels and a return of investor flows leading to an increase in assets under management. Although all of this occurred prior to the election, RBC expressed that gains are still anticipated for next year, stating, "While ETF outflows have been the story so far in November, we believe the macro narrative will help stabilize the space before the year ends."