Gold (XAU/USD) tumbles to the $2,660s on Wednesday due to the US Dollar (USD) strengthening after Republican nominee Donald Trump was named the winner of the US presidential election.

Trump won with 277 electoral college votes over Vice President Kamala Harris' 224, according to the Associated Press. USD is gaining due to the market view that  Trump's economic agenda and tariffs will strengthen the US Dollar. This, in turn, is negative for Gold since it is mainly priced and traded in USD.

Gold is also losing ground due to capital rotating out of Gold and other safe-havens into riskier assets such as Bitcoin (BTC) and equities.

Trump's claims that he can end the conflicts in the Middle East and Ukraine, though seemingly exaggerated ("I will have that war (Ukraine-Russia) settled in one day – 24hrs," Trump once said), could also be reducing safe-haven flows into Gold.

Source: FXStreet