When Trump was elected, it was gold that suffered. It fall from I think $2900 to $2500. My price is not that accurate but the fall was significantly with the price I posted. Later gold start to increase again. It is not moved by the Trump's tarrif because and it continues to increase and hit ATH. Gold is now above $3050 as stocks and bitcoin suffers.
That happened because people expected Trump to fix things.
Gold is a "safe" asset that people choose in times of uncertainty, when there's almost no money to be made by holding stocks. When everything else fails people run towards gold, so gold going up is actually a sign of problems.
Gold sold off when Trump was elected because he was a businessman. Last time he lead the country stocks were going up, so people sold gold and expected Trump to end tightening, print some money, put the economy back on track. Instead he started threatening other countries and moved from the well expected trade war with China into a trade war with everyone. He also promised to end war in Ukraine but the war is still there months after he took office. That's why gold is going up and everything else crashes - it's a sign of failed expectation and undelivered promise