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Gold prices have dropped by $220 per troy ounce, or 8%, since late October, reflecting a shift from haven assets to riskier investments amid the prospect of a second Trump presidency. Despite being up over 25% this year, the momentum has waned, and gold has become 5% more expensive for non-US investors. The future of the rally remains uncertain.
Metals are experiencing significant declines, with copper on track for its longest streak of weekly losses in over five years, primarily due to a strong dollar and ongoing concerns about demand from China. Despite a slight uptick on Friday, copper has been in a downward trend since late September, facing its seventh consecutive weekly drop. The surge in the dollar following the US presidential election has further compounded these challenges.
Critics have labeled Donald Trump as too chaotic to effectively govern, but his rapid appointments suggest a decisive approach from the next administration. This shift indicates a serious intent to address pressing issues facing the world economy.
China's export growth accelerated in October, rising 12.7% year-on-year to $309 billion, marking the fastest increase since July 2022. Meanwhile, imports decreased by 2.3% to $213 billion, resulting in a trade surplus of $96 billion, the third-highest on record. This economic boost may face challenges from potential tariff threats linked to Donald Trump's election.
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