Gold is suddenly not so glittery after Trump’s White House victory

NEW YORK (AP) — After ripping higher for much of this year, the price of gold has suddenly become not so golden since Donald Trump’s victory in the presidential election. Gold fell more than 4% in the four days since Election Day, when the broad U.S. stock market climbed nearly 4%. That’s even though investors are expecting a Trump White House to drive tax rates lower and tariffs higher. Such a combination could push the U.S. government’s debt and inflation higher, which are both things that can help gold’s price. That’s left gold at $2,618 per ounce, as of late Monday, down from a record of roughly $2,800 set late last month. It also means gold has lost some luster as the best performing investments of the year. The largest exchange-traded fund that tracks the price of gold has seen its gain for 2024 drop back below 27% from nearly 35% a couple weeks earlier.