Gold futures surged as much as 5% on the wake of a Donald Trump upset victory. As the Wednesday trading session progressed and the initial shock diminished, the yellow metal pared most of those gains.
December gold futures rose $3.50, 0.27%, $1,278.00 per ounce at 16:45 GMT on Wednesday. Gold had soared to nearly $1,340 an ounce in
Silver is still continuing its strong performance. December silver futures jumped $0.19, or 1.06%, to $18.55 per ounce. Silver had also soared as high as $0.23 before retreating.
Investors tend to believe that a Trump presidency may provide growing uncertainty in the domestic and global economy. With the US, European, and Asian economies putting forward lackluster gains,
The US dollar tumbled on Trump’s historic win as stocks plunged. Days before the election, markets had figured that former Secretary of State Hillary Clinton would win, especially after the FBI confirmed that it would not press charges against the Democratic nominee.
Moreover, there is now concern that the Federal Reserve may delay an increase to interest rates next month. Prior to Election Day, it was generally believed that the US central bank would pull the trigger on a rate hike for the first time since December 2015. According to the CME Group FedWatch tool, there is now a 74% chance of a rate hike, down from 80% earlier this week.
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