Gold prices jumped nearly 5 percent on Wednesday to its strongest in six weeks, as Donald Trump shocked financial markets by winning the U.S. presidential election, by leading Democrat Hillary Clinton in the race for the White House.
Gold for December delivery on the Comex Exchange jumped $41.00, or 3.22%, to $1,315.75 a troy ounce.
Spot gold rose as much as 4.9 percent to $1,337.40 an ounce, its strongest since Sept. 27, and was up 4 percent at $1,326.70.
Republican candidate Donald Trump has been elected the 45th president of the United States on Wednesday, breaking hopes of a victory for Democrat Hillary Clinton.
CNN and NBC reported that Clinton called Trump to grant the presidency. Trump won victories in the key battlefield states of Florida, North Carolina and Ohio.
The sinking of the US dollar and stocks fell as investors faced the real possibility of achieving sudden victory Trump. Sovereign bonds rose and went the Mexican peso in the near free fall.
Analysts say winning Trump, who many expected to lead to a lack of economic and global stability, may also push the US Federal Reserve to put off raising interest rates next month, and continue to refine gold tie.
On the domestic front, gold of 99.9 and 99.5 per cent purity rallied by Rs 900 each to Rs 31,750 and Rs 31,600 per 10 gram sAs People Rush To Use Up Cash At Home.
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