Gold price spikes after Trump pulls off shock election victory

Gold surged on the morning of Wednesday, November 9 in London after Donald Trump won the US presidential election, propelling investors into safe-haven assets.

The metal is enjoying its biggest rally since the UK voted to exit the European Union. The spot gold price was recently quoted at $1,299.20/1,299.65 per oz, up $26.25 on Tuesday’s close.

Trade has ranged from $1,268.95 to $1,337.50 so far – the peak was the metal’s highest since September 30.

“It was a roller-coaster of a day in Asia, with big swings and volatility seen across all markets as the results from the US election were released,” MKS noted.

Trump’s surprise win is very likely to influence Federal Reserve monetary policy, analysts said.

“Volatility should remain high for some time as markets will start pricing in first Trump measures,” Swissquote said in a note.

In the other precious metals, spot silver was recently quoted at $18.605/18.655 per oz, up 30 cents. Platinum at $1,001/1,011 per oz was up $7 but palladium slipped $6 lower to $654/659 per oz.

 

(Editing by Mark Shaw)

 

The post Gold price spikes after Trump pulls off shock election victory appeared first on The Bullion Desk.

from The Bullion Desk https://www.bulliondesk.com/gold-news/bullion-latest-gold-price-spikes-after-trump-pulls-off-shock-election-victory-123583/
via IFTTT