11:01 - 7.11.2024

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 November 7, Fineko/abc.az. The victory of Donald Trump in the U.S. presidential election affected growth of gold prices, but also led to a decline in copper prices.

Thus, copper prices fell due to growth of the US dollar. The price of copper decreased below $4.30 per pound, down more than 4% in early morning trading on November 6.

Trump, who imposed targeted tariffs on aluminum and steel during his previous administration, hinted that he was waging broader tariffs during his campaign against Vice President Kamala Harris.

Analysts also noted that strengthening of the dollar led to lower prices for common metals and gold.