Gold futures extended losses to the fourth session in the past five, as dollar-denominated commodities such as gold remain under pressure in the wake of the U.S. presidential election.

Analysts say higher U.S. Treasury yields and a stronger dollar – with the dollar index rising to its best level in more than four months – have weighed on investor appetite for non-yielding bullion. 

“Gold’s decline comes amid concerns about the higher-for-longer interest rates with Donald Trump’s return to the White House and the implementation of policies that might fuel inflation and business growth, which was reflected in the continued rise in Treasury yields,” Samer Hasn of XS.com wrote.

Front-month Comex gold (XAUUSD:CUR) for November delivery finished -0.4% to $2,600.00/oz, its lowest settlement since September 19, but front-month November silver (XAGUSD:CUR) ended +0.5% to $30.686/oz.

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ)

The VanEck Gold Miners ETF (GDX) has tumbled 10% since the election on November 5, nearly twice the decline of the underlying commodity, with large miners including Newmont (NEM) and Barrick (GOLD) down 9.6% and 9.8%, respectively, while mid-cap names such as Hecla Mining (HL) and Sandstorm Gold (SAND) have plunged a respective 13.3% and 14.5%.

But for the longer term, some strategists such as J.P. Morgan’s Bill Peterson see gold’s selloff as “a stumble, not a sea change.” even though the drop was “counter to both our and consensus expectations.”

“Overall, we remain bullish on gold, seeing it as a good hedge over the early stages of the new administration and continue to forecast gold prices rising over the coming quarters toward a quarterly average of $2,850/oz in 4Q25,” Peterson wrote.

Sentiment toward gold has turned bearish, but there’s still plenty for investors to be concerned about, Capital.com’s Daniela Sabin Hathorn said, noting political and military conflict alongside weakening consumer demand in China and Europe will support gold.

Trump’s presidency also could cause further frictions in international relations, adding to safe-haven demand, according to Hathorn.