Gold prices struggled for momentum on Thursday, as dollar firmed after Donald Trump's election victory, while investors shifted focus to the Federal Reserve's upcoming rate cut decision.

 

FUNDAMENTALS

* Spot gold was little changed at $2,663.02 per ounce, as of 0018 GMT. It hit a record high of $2,790.15 last week and has lost nearly $130 since then.

* U.S. gold futures edged 0.2% lower to $2,670.40.

* Bullion slipped to over 3-week low in previous session, as investors piled into the U.S. dollar after Republican Donald Trump was elected U.S. president.

* The dollar index hit a four-month high in the last session, making bullion more expensive for overseas buyers.

* Trump beat Democrat Vice President Kamala Harris to retake the White House while Republicans also won a U.S. Senate majority.

* With Trump coming back to power Fed rate cuts may slow down, with his policies expected to boost the economy and curb inflation.

* Traders await the expected 25-basis-point cut, likely to be announced at the end of the Fed's two-day meeting later in the day.

* Investors will also seek hints on the further Fed's rate-cut path during Fed Chair Powell's press conference at 1930 GMT.

* Bullion is considered a hedge against geopolitical and economic uncertainties and tends to thrive in low-interest-rate environment.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.39% to 883.46 tonnes on Wednesday.

* Overall, metals bore the brunt of global commodity price losses after a U.S. election win by Donald Trump on Wednesday, while oil, gas and agricultural commodity prices recouped some losses.

* Spot silver rose 0.2% to $31.21 per ounce, platinum gained 0.13% to $987.90 and palladium was down 0.2% to $1,032.93. (Reporting by Daksh Grover in Bengaluru; editing by Alan Barona)