Investors expect Donald Trump to return to the White House and continue his policies.
Commodity prices – oil and metals – are falling as the dollar strengthens against the backdrop of the US presidential election results. This was confirmed by the trading results on Wednesday, November 6.
Thus, at 11:00 Kyiv time, the price of January futures for Brent on the London ICE exchange fell to $73.83 per barrel, which is $1.70 (2.25%) lower than the closing of the previous trade.
WTI oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) were down $1.66 (2.31%) at $70.33 a barrel.
In turn, December gold futures fell 0.67% to $2,730 an ounce at 11:10 Kyiv time, having previously marked a low on October 18 at around $2,710.
Gold was expected to rise if Donald Trump won the election, but potential momentum was offset by dollar gains. The USD index broke above 105.00 for the first time since July and is trading up more than 1.5%.
Also, under pressure from the dollar, prices for copper (-2.44%) and grain (1.31%) began to decline.
As Western agencies write, investors expect Donald Trump to return to the White House and continue his policies. First of all, we are talking about new duties on Chinese goods, which may reach 60%. And the tariffs don’t help overall global demand for oil and metals.
As you know, on November 5 the presidential election was held in the United States. Americans also elected the entire House of Representatives and a third of the Senate. In addition, local elections were held in various states.
The votes are still being counted, but Donald Trump has already declared his election victory. Right now, victory is just four votes short. He has 266, while Kamala Harris has 219.
Republicans also won a majority in the Senate and maintained an advantage in the House of Representatives.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.