Industrial metals prices were already rising ahead of Donald Trump’s election to the US Presidency, but his victory appeared to provide new grounds for optimism as markets focussed on his plans for fiscal stimulus, in particular infrastructure spending. In contrast, gold’s appeal as a safe-haven waned and markets started to factor in more aggressive monetary tightening. However, we still think that – once the dust has settled – gold could be a beneficiary of the heightened political and economic uncertainty.
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