WASHINGTON (dpa-AFX) - Gold prices traded lower on Wednesday and the dollar held strong after Republican Donald Trump claimed victory in the 2024 presidential contest.
Spot gold dipped 0.7 percent to $2,723.64 per ounce, while U.S. gold futures were down 0.6 percent at $2,731.50.
Trump is on course to return to power in the United States winning 266 electoral votes.
He is leading in key battleground states, and just four seats short of majority, while his Democratic rival Kamala Harris has won only 219 electoral votes.
The dollar hit a four-month high amid expectations that Trump's proposed policies on taxes, trade and immigration may boost growth but at the same time result in increased government spending, keeping interest rates higher for longer.
Investors also await the Federal Reserve's interest-rate decision on Thursday, with a 25-bps rate cut already priced in by markets.
Fed Chair Jerome Powell's guidance is seen as a pivotal for 2024 outlook.
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