Gold prices have faced downward pressure, declining from a peak of 2740 to 2701 dollars per ounce, primarily due to the strengthening dollar. Analysts suggest that as the dollar continues its robust performance, gold may encounter further downside risks in the upcoming weeks.
Donald Trump's victorious announcement regarding the presidential race has strengthened the dollar, buoyed by celebrations with family and his running mate, Senator JD Vance. Broad Republican support in the Senate adds to the notion that political stability could lead to economic growth, impacting commodities like gold.
The euro's significant decline, from 1.093 to 1.073, is a reaction to the uncertainties tied to Trump's presidency, which may introduce unfavorable trade dynamics through increased tariffs. This has raised alarms about negative repercussions for European economies, compounding anxieties around future trade practices.
Concerns surrounding Trump's presidency have introduced instability in the market, particularly regarding the euro's outlook. Traders remain apprehensive about how new U.S. policies might jeopardize European economic prospects, leading to a bearish sentiment toward the euro.
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