Surprise Trump win triggers massive gold buying

Gold up more than $60 an ounce, the biggest gain since Brexit vote

 

 

Dubai: Surprising Donald Trump victory in US elections triggered massive buying in gold, and other safe haven currencies like yen and Swiss Franc.

Gold jumped at $1,295.59 an ounce, after hitting a high of $1,338.30. Gold had gained as much as 8 per cent at the time of Brexit.

“Investors have shown the market reaction in a colour which you may not like. The market reaction can be seen by looking at the price of gold which is trading higher,” said Naeem Aslam, chief market analyst with Think Markets.

Many think that a Trump win could lead to geo-political uncertainties, protectionism, triggering a jump in the safe haven asset. 

Silver also rose along with the yellow metal. Silver rose 2.77 per cent higher at $18.865 an ounce.  

Meanwhile, the Asian and European equities were off early lows as Trump hinted at infrastructure spending in his speech.