Oil and agricultural commodities declined on Wednesday, while industrial metals rebounded from earlier losses and gold surged with haven assets as the Republican pulled off a huge electoral upset. Traders rushed to unwind bets they piled into over the past two days amid predictions that Democrat Clinton would sweep to an easy victory. Shares of gold miners jumped while those of energy companies across Asia slid.
Trump’s presidency promises to reshape the relationship of the U.S. with the world, and the potential for unpredictability in American policy is fueling speculation that the Federal Reserve will refrain from raising interest rates. Global financial markets were in tumult following the billionaire businessman’s victory, with gold rallying the most since Britain’s surprise vote to leave the European Union sent shock waves through markets in June.