Gold futures ended on Monday the lowest in more than seven weekswith the strength of the US dollar contributing to the metal’s biggest one-day decline in more than three years following Donald Trump’s victory in the US presidential election last week.

“Gold’s decline on the back of Trump’s victory marks a shift in sentiment, with some investors now choosing to diversify away from safe-haven assets,” said Fawad Razaqzada, market analyst at City Index and Forex.com. However, this is likely only a “temporary setback and the longer-term outlook for gold remains bullish in light of ongoing central bank rate cuts.”