Urgent.. Gold loses the level of $2,700 per ounce and loses $80 in value.

Gold prices continued their downward movement during trading on Wednesday, deepening the precious metal's sharp losses by over $80 in value so far; as gold is trading below the $2,700 per ounce level.

The losses in gold came on the back of Donald Trump's victory in the 2024-2028 U.S. presidential elections, amidst expectations that Trump will implement economic stimulus policies, which would lead to a revival of activity in the world’s largest economy; resulting in increased risk appetite in the markets and growing interest in U.S. stocks and the dollar.

As a result of the strong dollar's rise; it seems that investors holding foreign currencies compared to the dollar have found that gold priced in U.S. currency has become more expensive relative to other assets, which has increased selling pressure on gold contracts.

Additionally, market optimism regarding Trump's stimulus policies for U.S. companies and the potential impact on profits; has fueled traders' risk appetite and a preference for high-risk assets.

In today's trading, spot gold prices fell significantly by about 3.02%, losing about $82.88 in value, reaching approximately $2,662.22 per ounce, while gold futures contracts for December delivery dropped by about 2.85%, recording $2,671.25 per ounce.