Gold ends in red despite weaker US dollar

Gold bars 

Gold prices finished in the red today, Jan. 20, despite the weaker US dollar as investors assessed US President Donald Trump’s policies following his inauguration.

February gold futures plummeted by 0.60%, or $16.90, to close at $2,731.80 an ounce, after hitting $2,715.60 during the session.

This yellow metal’s pullback came although the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, shed 1.15% to 108.08 points at 01:23 am Makkah time, hovering near the two-week low that it had touched earlier.

Trump was sworn in as US president earlier today. Investors are weighing the policies he pledged in his inauguration speech, not to mention their impact on US inflation and thus the Federal Reserve's interest rate decisions.

Press reports indicated that the new president's aides have finished the newly-crafted universal tariff plan slated to be imposed at the onset of Trump’s administration. However, Trump said no immediate tariffs on imports into the US will be imposed, taming concerns about a possible trade war, albeit raised speculation that there will be negotiations with trading partners first.