24K99 News Monday (November 11), when the price of gold plummeted, a heavyweight news came out: According to Bloomberg, the worlds largest gold -supported exchange trading fund (ETF) Last week, the maximum single -week funds out of funds have been out of the week because Donald Trump has achieved a decisive victory in the election, prompting traders to make a profit.
(Screenshot Source: Bloomberg)
The funds of the worlds largest gold ETF-SPDR GOLD TRUST have flowed more than $ 1 billion, which is the largest single-week capital outflow since July 2022. The price of spot gold fell 1.9%at the same time.The total holdings of gold ETF fell 0.4%, which was a decline in the second consecutive week.
During the period of political and economic uncertainty, investors usually seek safety in gold.Last month, as the market highly expected that the US presidential election would be a fiercely competitive election, they sought risk avoidance in gold.However, as Trump won the key battlefield state, Republicans control the Senate, this clear result has prompted investors to withdraw their positions to profit.
(Screenshot Source: Bloomberg Society)
The latest data show that the United States Republican Party currently has won 218 seats in the House of Representatives, more than half, and has obtained the control of the House of Representatives.This means that the Republican Party won the victory and won the control of the two hospitals and presidential elections in the generals of the elections.According to Bloomberg, Trumps victory also boosted the US stock market and the US dollar, which is not good for gold, because this reduces the attractiveness of gold in investors holding other currencies to hold other currenciesEssenceFor example, Trumps support for digital assets and the prospects of members of Congress supported cryptocurrencies have promoted Bitcoin to strengthen the price.
The gold trader continued to make a profit on Monday, the price of gold fell to a monthly low, and the stock price of gold miners plummeted.
The spot gold plummeted at $ 64.75 on Monday, a decrease of 2.41%, to $ 2619.23/ounce; the minimum of the gold price fell to $ 2610.61/ounce.
As the US dollar index reaches new high since early July, gold has weakened attractiveness for non -US dollars to buyers.
FxStreet analyst Christian Borjon Valencia pointed out that as the US dollar touched the four -month high, the price of gold plummeted by more than 2%on Monday.Trumps second US Presidents term may trigger the expectations of the upgrading of the trade war and strengthen the dollar.Robert Lighthizer is a well -known supporter of Trumps tariffs. He will be concerned about investors in rumors that he will become the director of the US Trade Office.
The Financial Times quoted several people familiar with the transition team negotiations, saying that Robert Latechizer, who has firmly supported tariffs, has been asked to be elected president in the United States.Trumps government returned to the US trade representative.
The report pointed out that Trump has considered asking Littichiz as the Minister of Commerce, but a person familiar with the matter said that Trump is most likely to give this position to the president to the presidentLinda Mcmahon, co -chairman of the Hundred Millionaires of the Transition team.
Littichzer was deeply valued by Trump. He was one of the few senior officials who were not furious during his first term.
On the eve of the US election, Littichzer wrote in the British "Financial Times" to blame the loss of employment in the United States on free trade, and said that the US trade deficit was "worrying"" ".He wrote: "Faced with a system that seriously failed our country, Trump decided to take action."
Leitzizawa is a well -known protective eagle figure, which may further promote the strong dollar and put pressure on the price of gold.
