XAU/USD Has Suffered Since Trump’s Victory Announced

Gold price is under considerable downward pressure due to the strong rise in the US dollar since the announcement of Donald Trump, the former US President and Republican candidate, winning the 2024 US presidential election. Financial markets continue to celebrate the victory of former US President and Republican candidate Donald Trump in the presidential seat to return to the White House for the second time.

The dollar index, which measures the performance of the US currency against a basket of major currencies, rose to 105.22 points compared to the previous daily close of 103.42 points. The DXY Index fell to its lowest level on Wednesday’s trading at 103.70 points compared to the highest levels recorded at the same current levels.

Donald Trump himself announced his victory in the 2024 US presidential election and the defeat of his competitor Kamala Harris, after clinching the presidential race in a number of swing states. However, no source other than the Trump campaign announced this victory.

Republicans managed to win the majority of the US Senate seats after pulling the rug out from under the Democrats and seizing most of the seats they controlled in West Virginia and Ohio.


The majority has not yet been decided in the House of Representatives despite the Republicans’ control of the US Senate. Neither party has made clear progress in the battle to control the House of Representatives, as the Republicans currently have a slim majority, which keeps the legislative council suspended after both parties failed to achieve a majority.

Trump’s economic policies are based on imposing more tariffs and adopting more tax breaks for families and companies, which makes these policies business-friendly, and therefore many see them as good for the US economy.

There is an inverse relationship between the US dollar and gold, which led to a sharp decline in the precious metal after the rise achieved by the US currency.

Gold futures fell to $2,675 per ounce, compared to the previous daily close, which recorded $2,753 per ounce. The precious metal rose to its highest level on Wednesday’s trading at $2,758, compared to the lowest levels recorded at $2,660 per ounce.