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Indonesia News Portal for Traders | Financial & Business Updates

6 November 2024 18:52  |

Gold Falls as Trump’s Decisive Election Win Drives Up US Dollar

Gold fell on a surging dollar as Republican Donald Trump was elected back to the White House after one of the tightest presidential races in years.

Bullion tumbled as much as 1.5% as Trump’s victory rippled through global markets, with Treasury yields jumping and the dollar strengthening the most since 2022. A surge in the currency makes bullion pricier for many buyers.

Trump clinched victory after taking key battleground states, while Republicans also gained control of the Senate. A less clear or contested result might have buoyed gold, whereas the decisive win reduces short-term risk for investors. Analysts still see a bullish impact in the long run, fueled by US inflationary pressures and currency weakness in China in the face of possible trade tariffs.

Source: Bloomberg

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