Investing.com-- Gold prices fell in Asian trade on Friday, seeing little relief even as the dollar slid in the wake of an interest rate cut by the Federal Reserve, while markets also digested the ramifications of a second Donald Trump presidency. The yellow metal was battered by a sharp rally in the dollar this week after Trump won the 2024 presidential election. But the dollar retreated from four-month peaks on Thursday after the Fed cut interest rates and signaled plans for more easing.Spot gold fell 0.4% to $2,695.93 an ounce, while gold futures expiring in December fell 0.1% to $2,702.80 an ounce by 23:38 ET (04:38 GMT). Gold heads for weekly loss after post-Trump drubbing Spot gold was set to lose about 1.6% this week, having fallen sharply after Trump’s victory.The decline was in part spurred by a rally in the dollar and Treasury yields, as markets bet that Trump would introduce more inflationary policies in the long term.But Trump’s victory also marked a swift end to the U.S. elections, clearing out a major point of uncertainty for markets and sparking a rally across risk-driven assets. Gold had surged to record highs in the run-up to the election, with spot prices coming close to $2,800 an ounce. Fed rate cut offers gold some relief The yellow metal saw some relief on Thursday after the Fed cut interest rates by 25 basis points as expected.Chair Jerome Powell indicated that the U.S. economy remained resilient, and that the Fed will ease monetary policy further, albeit cautiously.