Us President-elect Donald Trump's threats to take on the BRICS have boosted the dollar, but caused gold prices to come under pressure at the start of trading in December.
Trump warned on Sunday that BRICS countries would face 100 percent tariffs on their exports to the United States if they tried to weaken the greenback, boosting the dollar and pressuring gold prices.
Spot gold fell 0.75 per cent to $2,623.40 an ounce as of 2 PM Singapore time. The dollar index, which tracks the greenback against a basket of major currencies, rose 0.5 percent to 106.29.
Last week, gold fell 3 percent in the last week of November trading. Despite concerns about the escalating war between Russia and Ukraine, the US-brokered ceasefire between Israel and Hezbollah eased demand for safe havens.
In addition, the US non-farm payrolls data will be released this week, which will set the tone for the US Federal Reserve's policy meeting on December 18, and gold prices will also be influenced by this.
So far this year, gold prices have risen 30%, supported by the Federal Reserve's interest rate cuts, central bank buying, and rising geopolitical and economic risks. Brokerages including Goldman Sachs and UBS are bullish on gold reaching new highs in 2025.
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