Gold prices touched their lowest levels in more than three weeks on Thursday, as the dollar strengthened after Donald Trump’s win in the US presidential election, while focus shifted to the Federal Reserve for its decision on interest rates.

Spot gold was down 0.1% at $2,657.65 per ounce, as of 0538 GMT, after hitting its lowest level since Oct. 15 earlier in the session.

Bullion hit a record high of $2,790.15 last week and has lost more than $130 since then.

US gold futures shed 0.4% to $2,665.20.

The dollar index hovered near a four-month high, making bullion more expensive for overseas buyers.

Trump recaptured the White House with a sweeping victory on Wednesday, but it has fuelled questions about whether the Fed may proceed to cut rates at a slower and smaller pace.

Traders are anticipating a 25-basis-point cut likely to be announced at the end of the Fed’s meeting later in the day, with focus also being on Chair Powell’s statement for any guidance on the central bank’s rate-cut path.

Trump’s potential policy is inflationary and that could translate to slower cuts, which is a rather negative news for gold, but a widening US budget deficit and reduced fiscal discipline will be positive, said Kelvin Wong, OANDA’s senior market analyst, Asia Pacific.

Bullion is considered a hedge against geopolitical and economic uncertainties, but higher rates raise the opportunity cost of holding zero-yield bullion.

“I still think gold’s path remains bullish as people would like to buy it as a safe-haven to shield against risks. Still expect prices to hit $3,000 next year,” said Peter Fung, head of dealing at Wing Fung Precious Metals.

Spot silver fell 0.3% to $31.06 per ounce, platinum slipped 0.6% to $981.05 and palladium declined 1.1% to $1,023.35. All three metals were down for a second straight session.