Is 'Gold Rally' Over for Trump's Return?... Gold Prices Fall Highest In 3 Years

Gold prices, which have been soaring throughout the year, fell sharply last week amid the fluctuation of global financial markets due to former President Trump's election.

International gold prices fell 4.6% last week, the biggest weekly drop in three years, according to the Financial Times.

The price of gold, which was $2,071 an ounce at the end of last year, hit an all-time high this year, peaking at 2,800 at the end of last month before turning downward.

In particular, the day after the U.S. presidential election, it plunged by 3.1%.

According to the World Gold Commission, a net outflow of $600 million and 840 billion won from gold exchange-traded funds was reported earlier this month.

Some in the market say speculative funds in the gold market have deviated as uncertainties in the U.S. presidential election have been removed and so-called "Trump Trade" has emerged in the virtual currency and stock markets.

However, as central banks around the world are still buying gold, some believe it will not lead to a long-term weakness.
##