Gold (XAU/USD) plunged below $2,700 on Wednesday as the US Dollar (USD) strengthened after Republican presidential nominee Donald Trump was declared the winner of the US presidential election.
Trump won with 277 electoral votes over Vice President Kamala Harris' 224, according to the Associated Press. The USD strengthened on the market's view that Trump's economic and tariff agenda would strengthen the US Dollar. This, in turn, was negative for Gold as it is mostly priced and traded in USD.
Gold also weakened as capital rotated out of Gold and other safe-haven assets into riskier assets such as Bitcoin (BTC) and equities.
Trump's claims that he could end conflicts in the Middle East and Ukraine, while seemingly exaggerated ("I will finish that war (Ukraine-Russia) in one day – 24 hours," Trump once said), could also reduce safe-haven flows into Gold.
Source: FXStreet
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