Gold prices dropped about 3% Wednesday morning after Republican candidate and former U.S. President Donald Trump won the election. However, gold prices overseas showed less significant losses.
The dollar spiked on news of Trump’s win, with the U.S. Dollar Index rising more than 1.5% to 105.10, its largest one-day gain since 2020.
The Dollar Index has its largest one-day gain since 2020 on Wednesday. (Source: TradingView)
Gold traded in the $2,670 range, down about $80 an ounce from the previous trading day. Priced in Chinese yuan, however, the yellow metal only gave up about 1.5% of its value, trading at around ¥19,140 an ounce.
In a note released Wednesday, BMO Director of Commodities Research Colin Hamilton said, “We see gold as likely to be the funding source for portfolio rotation in the near term, but given the de-dollarization trade is set to accelerate, we still see emerging market support over the coming years.”
He continued, “Bi-lateral U.S.-China tariffs are already factored into projections, but a multi-lateral trade war that drags in Europe and key Asian economies is not. We see tariffs as a headwind to demand projections across many industrial metals over the first half of 2025.”
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