On November 6, gold prices dropped as a result of Trump winning the US presidential election, according to BlockBeats news. SP Angel analysts noted that the rise in the US dollar and US Treasuries following the election results dampened gold’s appeal. The market is concerned about the potential inflationary policies of the Trump administration.
Trump has discussed plans to reduce immigration, impose broad tariffs, and cut taxes, all of which could lead to higher inflation. SP Angel also suggested that gold buyers might be preparing for a tighter election, but a Republican sweep may have resulted in a sell-off of such positions.
