Gold futures prices fell and are set to close lower this week. Ole Hansen, head of commodity strategy at Saxo Bank, said there was a strong rally in precious metals such as gold in the run-up to the US election. However, gold prices fell sharply after a simultaneous surge in the dollar and yields forced prices down. Even so, Hansen believes there is no reason to change its bullish stance on precious metals. At worst, the pullback over the past week is a healthy reaction to weeks of buying focused on the US election. He added that gold will be supported on three fronts: the worsening US debt situation as President-elect Trump ramps up unfunded spending, the central bank buys more gold reserves, and inflation fears sparked by tariffs.