Monday, 08 September 2025
Jakarta
--:--
Tokyo
--:--
Hongkong
--:--
New York
--:--
Gold plummets almost three percent after Trump wins election
Wednesday, 6 November 2024 21:41 WIB | GOLD |GOLDEMAS

Gold (XAU/USD) tumbles to the $2,660s on Wednesday due to the US Dollar (USD) strengthening after Republican nominee Donald Trump was named the winner of the US presidential election.

Trump won with 277 electoral college votes over Vice President Kamala Harris' 224, according to the Associated Press. USD is gaining due to the market view that  Trump's economic agenda and tariffs will strengthen the US Dollar. This, in turn, is negative for Gold since it is mainly priced and traded in USD.

Gold is also losing ground due to capital rotating out of Gold and other safe-havens into riskier assets such as Bitcoin (BTC) and equities.

Trump's claims that he can end the conflicts in the Middle East and Ukraine, though seemingly exaggerated ("I will have that war (Ukraine-Russia) settled in one day – 24hrs," Trump once said), could also be reducing safe-haven flows into Gold.

Source: FXStreet

RELATED NEWS
Gold blasts to record $3,600 as weak NFP ignite Fed cut frenzy...
Saturday, 6 September 2025 00:58 WIB

Gold price rallies sharply and hits a new all-time high of $3,600 on Friday, following a soft Nonfarm Payrolls report, which raised speculation that the Federal Reserve (Fed) is ready to resume rate c...

Gold hits fresh record high after soft US jobs data...
Friday, 5 September 2025 20:12 WIB

Gold prices hit fresh record highs on Friday after a soft U.S. jobs report cemented hopes of a Federal Reserve interest rate cut, fuelling fresh momentum for bullion's blistering rally. Spot gold was...

Gold Heads For Best Week In Three Months Ahead Of US Jobs Data ...
Friday, 5 September 2025 17:23 WIB

Gold prices edged higher on Friday (September 5th) and were on track for their best weekly gain in three months, as expectations of a Federal Reserve interest rate cut boosted bullion's appeal and inv...

Gold Rises Toward Record High...
Friday, 5 September 2025 09:15 WIB

Gold rose to around $3,550 per ounce on Friday, near record levels and on track for a weekly gain of over 3%, supported by expectations of lower US interest rates and safe-haven demand. A drop in job ...

Gold slips below $3,550 as US Dollar rebound offsets Fed cut bets...
Friday, 5 September 2025 01:58 WIB

Gold price edges lower during the North American session on Thursday as the Greenback recovers some ground, even though the latest round of economic data increased speculation that the Federal Reserve...

LATEST NEWS
US Stocks Fall on Weak Jobs Data

US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below...

Dollar drops against peers after weaker-than-expected jobs report

The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve...

Oil prices settle down more than 2% after weak US jobs report

Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures settled at $65.50 a barrel, down $1.49,...

POPULAR NEWS
S&P 500 And Nasdaq Hit New Record Highs
Friday, 5 September 2025 20:48 WIB

US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones...

Asia-Pacific markets open higher after Trump formalizes lower Japanese auto tariffs
Friday, 5 September 2025 07:37 WIB

Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto...

European Stocks Swing Lower
Saturday, 6 September 2025 00:38 WIB

European stocks closed on Friday, tracking the pullback in US equities after pessimistic labor data from the US sounded alarms over the world's...

U.S. adds 22,000 jobs in August
Friday, 5 September 2025 20:07 WIB

The U.S. economy added fewer jobs than anticipated in August, possibly bolstering the case for the Federal Reserve to slash interest rates at its...