Precious metal missed out on the powerful “buy everything rally” after markets cheered Trump’s win against Kamala Harris. Gold prices XAUUSD plummeted Wednesday and early Thursday after traders reacted to the news of Donald Trump winning the presidency against Kamala Harris. Strengthening dollar and a rush to risk assets knocked demand for safe-haven gold, pressuring the yellow metal to a four-week low of $2,645 per troy ounce. Gold has lost more than 3.5% over the past two days and is down 5% from its record high set in the final days of October. Risk assets were back in fashion after Trump clinched the victory — US stocks hit a record high with all three major indexes — Dow Jones, S&P 500, Nasdaq — closing at all-time highs. Bitcoin, the original cryptocurrency, also jumped to a record after posting a 9% gain to cross $76,000 per coin and $1.5 trillion in market cap. The US dollar rallied to a four-month high, putting further pressure on gold prices. Gold is seen as a hedge against risk and risk was the last thing traders wanted to run away from. The post-election day was all about Trump’s promises to boost the US economy, jump start the labor market, impose higher tariffs and cut taxes for businesses. All that contributed to a spike in demand for risk assets, simultaneously causing gold to slide further away from its recent peaks.