Gold Rallies, then Falls Back to Earth, after Trump Win-Shanghai Metals Market

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Gold Rallies, then Falls Back to Earth, after Trump Win

Industry News 08:53:07AM Nov 10, 2016 Source:MetalMiner

By Jeff Yoders on NOVEMBER 9, 2016

Last night, Republican nominee and developer Donald Trump was elected the 45th President of the United States.

Gold jumped nearly 5% to $1,337.40 an ounce early Wednesday to its highest in six weeks as investors snapped up safe havens. This was gold’s biggest single-day gain since June 24 when it rose as much as 8% when Britain decided to leave the European Union. It closed up 4.8% that day. However, prices almost immediately began to retreat this morning. It’s back below to $1,281.50/ounce as of this writing (10:45 AM Central), near its closing yesterday of $1,275.80/ounce.

A Trump win, which many believe leads to economic and global uncertainty, may also push theFederal Reserve to hold off from raising interest rates next month.

Key Words:  gold prices  precious metals 

Price

more
Gold(99.99%)
Apr.22
280.3
0.8
(0.30%)
Gold(99.95%)
Apr.22
280.1
0.7
(0.23%)
#1 Silver(99.99%)
Apr.22
3514.0
3.0
(0.09%)
Silver(99.95%)
Apr.22
3499.0
3.0
(0.09%)
Silver(99.90%)
Apr.22
3484.0
3.0
(0.09%)

Gold Rallies, then Falls Back to Earth, after Trump Win

Industry News 08:53:07AM Nov 10, 2016 Source:MetalMiner

By Jeff Yoders on NOVEMBER 9, 2016

Last night, Republican nominee and developer Donald Trump was elected the 45th President of the United States.

Gold jumped nearly 5% to $1,337.40 an ounce early Wednesday to its highest in six weeks as investors snapped up safe havens. This was gold’s biggest single-day gain since June 24 when it rose as much as 8% when Britain decided to leave the European Union. It closed up 4.8% that day. However, prices almost immediately began to retreat this morning. It’s back below to $1,281.50/ounce as of this writing (10:45 AM Central), near its closing yesterday of $1,275.80/ounce.

A Trump win, which many believe leads to economic and global uncertainty, may also push theFederal Reserve to hold off from raising interest rates next month.

Key Words:  gold prices  precious metals