According to online reports, StoneX analyst Fawad Razaqzada said that the weakness in precious metals reflects Trump's possible restrictive U.S. monetary policy in 2025, which will increase the cost of holding non-yielding assets such as gold. Razaqzada wrote that after Trump's victory, hawkish repricing of U.S. interest rates supported the dollar and yields, weakening dollar-denominated gold. Gold prices are also falling as investors digest geopolitical risks. Razaqzada said that uncertainty in the U.S. election has been eliminated and conflicts in the Middle East and Ukraine are expected to end after Trump takes office as president. He added that short-term forecasts would remain bearish until there was a bullish reversal, although room for further decline could be limited.