Local shares are unexpectedly rocketing higher today, defying expectations of further losses after Donald Trump was declared the winner of the US presidential election. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has gained nearly 3% thus far, more than reversing yesterday’s decline.

However, there is one sector that isn’t enjoying today’s rally.

Gold prices soared yesterday when it became apparent Trump would become the next president of the United States. As you can see in the chart below, gold peaked around $1,330 an ounce, but then fell again dramatically. It bottomed at around US$1,270 an ounce and has since risen to US$1,287 an ounce.

Source: GoldPrice.org

Source: GoldPrice.org

Shares across the sector are certainly paying the price. EVOLUTION FPO (ASX: EVN) is down 6.7%, Silver Lake Resources Limited. (ASX: SLR) has dropped 5.2%, St Barbara Ltd (ASX: SBM) fell 8% and Regis Resources Limited (ASX: RRL) is trading 8.7% lower.

Newcrest Mining Limited (ASX: NST) and Northern Star Resources Ltd (ASX: NST) are both trading down 5% apiece as well.

It was originally thought that a Trump victory would send the gold price higher, given its status as a safe-haven asset. That did happen initially, but it appears Trump’s rather ‘presidential’ acceptance speech helped to calm investors’ nerves.

Current President Barack Obama also promised a smooth transition for Trump into the White House, which would have helped even further.

Many people around the world were likely tempted by the allure of gold yesterday, but the hump seen in the chart above is one solid reason to not buy the metal. It can rocket higher amid fear and uncertainty, but that can quickly change when the fear levels diminish.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.