The price of %Gold is in retreat on news that there is a decisive winner in the U.S. presidential election.
On the eve of the U.S. presidential election, the price of gold bullion was sitting at $2,748 U.S., near its record high and up more than 30% year-to-date.
However, news that Donald Trump has won a decisive victory and will be returning to the White House has sent the price of gold down $80 U.S. to $2,677 U.S. per ounce.
Gold is now trading at a three-week low and analysts are debating online whether the price will continue trending lower or rebound.
Until now, gold has had an impressive run this year amid a central bank buying spree during a period of geopolitical uncertainty. Gold is widely viewed as a safe haven asset.
Throughout this year, the price of gold has consistently broken records and reached multiple all-time highs.
Analysts are now debating where gold is likely to head under a second Trump administration.
Regardless, some analysts are saying that the current drop in gold’s price represents a buying opportunity and are encouraging investors to buy-the-dip in the precious metal.
