Gold goes out of favor as capital piles into the US Dollar, Bitcoin and Stocks.
Donald Trump is now expected almost certainly to be the next US President.
Technically, XAU/USD extends its short-term downtrend to key support.
Gold (XAU/USD) trades down by half a percent in the $2,720s on Wednesday due to the US Dollar (USD) strengthening after current results from the US presidential election show Republican nominee Donald Trump on 267 electoral votes, only three short of a victory. Vice President Kamala Harris, meanwhile, is trailing Trump on 224, according to the Associated Press. USD is gaining due to the market view that Donald 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.
Investors’ preference for other riskier assets, including Bitcoin (BTC) and equities, also sees flows exiting Gold.
The uncertainty surrounding the election right up until the end was a driver of safety flows into Gold, which was partly responsible for keeping Gold’s price close to its record highs last week. However, now that the result is almost confirmed, have diminished.
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