Gold Price News: Gold price stabilizes at USD 2,680 after sharp decline

Donald Trump has officially won the US presidential election with 277 electoral votes against Kamala Harris (224 electoral votes). This corresponds to 71,281,009 votes (51%) for Trump against 66,352,555 votes (47.5%) for Harris. His victory marks a return to an “America First” policy that has led to significant economic and political changes in recent years. Republicans now control both chambers of Congress, which should further advance Trump's domestic policy agenda.

Trump's election campaign focused heavily on economic issues such as high inflation and the cost of living, which he blamed on the Harris-Biden administration. The election victory could have an impact on global trade and multilateral cooperation, as the “America First” doctrine increasingly prioritizes national interests.

Russia's upper house unanimously ratified a military assistance pact with North Korea that was signed in June between President Vladimir Putin and North Korean leader Kim Jong Un. The pact provides for mutual military support in the event of an attack on either country and strengthens security cooperation between the two nations. The treaty stipulates that both countries will jointly oppose Western sanctions and coordinate their positions at the United Nations.

Reports also confirm the presence of North Korean soldiers in Russia in support of Russian forces in Ukraine. This reinforcement could further fuel tensions between Russia and the West.

Russia reported further military successes in Ukraine, including the capture of the settlements of Maksymivka and Antoniivka. These advances confirm the increasing intensity of the conflict, while the Russian offensive continues to escalate in the combat zone. Analysts see these developments as potential drivers for additional sanctions and diplomatic responses from the West.

Dmitry Medvedev, the deputy chairman of the Russian Security Council, commented positively on Trump's victory, calling it “good news” for Russia, as Trump is expected to provide less financial support for Ukraine. Medvedev hinted that Russia could benefit in the coming years from a US policy that treats Ukraine as a lower priority.

After the declines of the past few days, the gold price is showing stability at USD 2,680. The current geopolitical developments and Trump's election victory are helping to calm the market. The next resistance point is at USD 2,690. Analysts are watching to see how the international situation could affect the price development.

With the latest political and military developments in the US and Eastern Europe, analysts expect ongoing volatility in the markets. Should the situation in Ukraine escalate further or Trump's re-election lead to new trade policies, this could have a lasting effect on the price of gold.