Gold slips amid Dollar surge as traders see Trump as likely winner
MG News | November 06, 2024 at 11:41 AM GMT+05:00
November 06, 2024 (MLN): Gold slipped and the US dollar surged after Decision Desk HQ, a political forecasting firm, projected that Donald Trump has won the US presidency amid key victories in Georgia and North Carolina.
Fox News has also called Trump the winner of the presidential election. However, the Associated Press or the television networks have not called the race yet.
Decision Desk HQ projected Joe Biden as the presidential winner in the 2020 race a day before the Associated Press and networks.
Bullion had been widely expected to rally if a Trump win was looking likely, but that appears to have been canceled out by gains in the dollar, which make the precious metal more expensive for many buyers, Bloomberg reported.
The US Dollar Index (DXY) was up as much as 1.7%.
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