Gold is at the best levels of the day, up $23 to $2433 with about half those gains in the past few minutes.
You can always craft a narrative for gold because it's such a chameleon. I'd imagine the bulls today are looking at bonds and a Republican sweep and seeing higher fiscal spending and deficits. The turmoil around tariffs and trade wars also doesn't argue for a few governments expanding holdings of gold.
That said, if Trump really does end the war in Ukraine, you would imagine that's negative for gold.
At the end of the day, we've seen Trump before and only learned that he's very, very hard to predict.... so maybe that's the message from gold.
The all-time high was set in May at $2450.
