Although usually characterised as more pro-Russia than the current President Joe Biden, or the former Democratic candidate Kamala Harris, Trump's position has been aggressive in both directions. He has pledged to withdraw support for Ukraine if they stand in the way of a peace deal but also to significantly increase military support for Kyiv if Russia does not cooperate in talks. Investors are treating this as a sign that the conflict in Ukraine could be nearing its end.
"Instability supports goldBut while Trump is making a ceasefire a priority, he has not taken a clear position on territory. This is pressuring both sides of the conflict to gain ground, on the basis that a US-backed treaty could be based on the land currently controlled, rather than territorial claims of each side.