Gold and emerging market currencies have reached their most negative correlation in three years, driven by Trump’s potential return to presidency. While traditionally moving together 86% of the time, these assets are now diverging significantly. The dollar’s surge to a two-year high has weakened emerging market currencies, but gold has maintained its upward trajectory, surpassing $2,650 per ounce, with Goldman Sachs projecting $3,000 by 2025.