Gold started the week in a calm manner and registered small gains on Monday and Tuesday as markets refrained from taking large positions ahead of the week’s key risk events. During the Asian trading hours on Wednesday, the US Dollar (USD) started to gather strength against its rivals and caused XAU/USD to turn south. News of Donald Trump retaking battleground states Georgia and North Carolina triggered a rally in the US Treasury bond yields, further weighing on the Gold price. In the early European session, news outlets started calling Pennsylvania for Trump, a swing state that was widely seen as Kamala Harris’ only chance to turn the election around, all but officially confirming the winner. Republicans also gained the majority in the Senate and looked on track to take control of the House, fuelling another leg higher in US yields and the USD. Gold broke below $2,700 and fell 3% on a daily basis to register its largest one-day loss of the year.