Gold plunges 3% after Trump victory
MG News | November 06, 2024 at 06:46 PM GMT+05:00
November 06, 2024 (MLN): Gold continued to slide as the US Dollar surged after Donald Trump won the US presidential election.
The yellow metal fell as much as 3% to $2661.7 an ounce. Silver also fell 4.9% to $31 per ounce.
Bullion was widely expected to rally after a Trump victory, but that appears to have been offset by a rising dollar, which makes the precious metal more expensive for many buyers.
The Republican presidency is expected to strengthen the U.S. dollar, with investors anticipating that his policies will lead to higher inflation and growth.
The US Dollar Index (DXY) was up as much as 1.8%.
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