GOLD Spot price has fallen to $939.43 per ounce and is trading below $1.093 for the first time since the US presidential election.
GoldSpot, which tracks gold price movements in the US, fell by $1 in the past two days and fell by more than 2 per cent on Tuesday.
The spot gold price has slumped to $819.45 a troy ounce from $1 ,937.25 a trie ounce earlier on Tuesday morning.
It is trading at $879.75 a tree ounce, its lowest level since the summer of 2018.
The US dollar has gained more than 50 per cent against the Australian dollar this year.
The Australian dollar is trading near its lowest since the beginning of 2019.
“The US and global economic outlook has been negative, the US Federal Reserve’s policy has weakened and global markets have been trading negative, so the dollar is falling and we are seeing a lot of dollar losses around the world,” said David Hill, head of investment banking at RBC Wealth Management.
GoldSpot has gained about 15 per cent over the past 12 months.
Its fall comes after the US economy added its worst jobless rate in more than six years in September and a weaker dollar has hurt gold prices.
The dollar fell to a record low against a basket of currencies on Monday.
Australia’s benchmark 10-year Treasury note fell to 6.7 per cent.
Read more: Gold, gold futures hit record lows after US election resultThe Federal Reserve has been in a two-day holdover in its interest rate hike.
Treasury yields rose to a 12-month high of 2.4 per cent following the US election and now are close to their lowest since late October.
Stocks have risen on hopes the US economic recovery will pick up after Donald Trump won the presidency.
Read more on the US:The gold spot spot price rose to $940.35 per ounce on Tuesday, down from $940 per ounce last week.
The gold futures spot price fell to $960.35 a ture ounce, down about $1 from $965.20 a tive ounce earlier in the day.
The Australian Dollar is trading close to its lowest in seven months.
It has fallen more than 6 per cent this year and has dropped more than 10 per cent since the Brexit vote in June.