Price of gold up as Trump wins US elections

Price of gold have gone up globally as Donald Trump is elected the President Of the United States of America. Investors dumped risky as...


Price of gold have gone up globally as Donald Trump is elected the President Of the United States of America.

Investors dumped risky assets for gold which is a safe haven asset after it became apparent that Hilary Clinton will loose the race.

Gold enjoyed its biggest daily rally since the Brexit vote, as investors shunned risky assets after markets priced-in a Clinton victory.

The Japanese yen which is also a safe haven for investors also went up as investors went running for cover.

Gold rose to $1,337.38 an ounce it marked its biggest single-day gain since June 24.

The hike in the price of gold is good news for countries who export gold like Ghana, a plunge in the price of gold which has been ongoing for some time now and has seen revenue from gold drop for countries like Ghana.

But market watchers believe the development will normalize soon.

The London futures market fell more than four percent, while US stock markets tumbled more than five percent in after-hours trading.

US election result could trigger similar financial instability as seen after the EU referendum.


By:   Vivian Kai Lokko/citibusinessnews.com/Ghana

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