On Tuesday, world gold prices fell to an eight-week low of $ 1,271 an ounce in daily trading. The precious metal is currently trading more than $ 80 below the peak that was reached in early September this year. The reason for the current fall is the flow of funds from the gold market to the stock market, in which large investors actively participate. According to analysts, this is due to a new optimism about the possibilities of the forthcoming tax cuts in the United States within the framework of President Trump's reform.
Ole Hansen, chief commodity officer at Saxo Bank, said President Trump's actions and the geopolitical developments that have come to the fore today are likely to determine at what level gold will find support. The list of the geopolitical events mentioned, apart from North Korea, included political uncertainty in Europe after the Catalan referendum, as well as the situation in the Middle East that arose after the referendum for independence in Iraqi Kurdistan.
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