(Bloomberg) — Gold jumped and copper fell as investors awaited the final outcome of the U.S. presidential election, with Joe Biden on the brink of taking the White House from Donald Trump.

The still-unresolved outcome — due to an unusually large number of mail-in ballots because of the coronavirus — spurred the market to reassess the potential scale and timing of a much-needed U.S. fiscal stimulus package, the trajectory of the dollar and appetite for risk.

Bullion rose past its 50-day moving average as the U.S. dollar fell amid improving risk sentiment, with investors beginning to price in a Biden presidency. The dollar weakness also helped boost crop prices. “A Biden win with a Republican-controlled Senate is likely to deflate the reflation focus; but that could be offset by the volatile political outlook that now awaits in Washington,” said John Hardy, head of FX strategy at Saxo bank A/S. Congressional Democrats […]

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The elections are behind us. However, the official results are still not definite. What does it mean for gold prices?

Ladies and Gentlemen, the new President of the United States is… still unknown! The election results are not available, as some states are still counting the votes. The race is very balanced, with few states remaining too close to call. At the moment of writing this report, Joe Biden leads the White House race with 253 electoral votes, while Donald Trump has 213 electoral votes. So, Biden is more likely to become the new POTUS . However, with those few states officially still undecided, Trump could still win. Hopefully, we will get some of the results later today, but it might even take several days to count the ballots in some locations.

One thing is sure: Trump over-performed polls and expectations in the presidential election, again. What a shame, pollsters! We […]

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On Track to Achieve Consolidated Annual Guidance with Lower AISC

November 5, 2020– New Gold Inc. ("New Gold" or the "Company") (TSX and NYSE American: NGD) reports third quarter results for the Company as of September 30, 2020 and reaffirms its revised annual consolidated guidance, with all-in sustaining costs expected to be below guidance levels, primarily due to lower sustaining capital spend. On July 30, 2020, the Company issued revised guidance estimates for 2020 to incorporate the impact of COVID-19 and readers should refer to the Company’s July 30, 2020 news release for further information. An earnings conference call and webcast will begin at 8:30 am Eastern Time today to discuss the third quarter financial results. (Details provided at the end of this news release.)

The Rainy River Mine delivered another strong quarter of operational and technical performance. During the quarter, mine operations ramped up towards the […]

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Gold futures are trading lower on Wednesday as an upward shift by the U.S. Dollar during the U.S. presidential election tally drove down demand for the dollar-denominated asset.

Despite the current weakness and two-sided trade, the election is too tight to call so let’s just say the market will be vulnerable to violent direction shifts throughout the session since it may take as much as a week to declare the winner if either candidate doesn’t send it to the Supreme Court.

At 11:31 GMT, December Comex gold futures are trading $1892.20, down $18.20 or -0.95%. This is down from an earlier high of $1917.90.

Besides the presidential election, traders are also expressing concerns about the U.S. House and Senate voting outcomes and their potential effect on further stimulus measures. The Democrats appear to have held onto control of the House, while Republicans appear to be in a position to continue to control […]

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SPDR Gold Shares ETF ETF:GLD, Franco Nev Corp NYSE:FNV – Should You Invest In Gold Right Now? The price of gold is up 24.2% year-to-date in one of the most tumultuous years in history so far.

With the possibility of a contested U.S. presidential election and a worsening pandemic in the coming weeks, things could become even more volatile on Wall Street, leading some investors to consider buying gold as a potential hedge against stock market weakness.

There are plenty of reasons to invest in gold heading into the final two months of 2020 — and plenty of reasons not to. Here’s an overview of the bull and bear cases.

Bull Case For Gold: The bull case for gold is that it’s considered a stable hedge against inflation. The U.S. government has already issued more than $2 trillion in economic stimulus this year, and a potential blue wave on Tuesday would […]

Click here to view original web page at www.benzinga.com

The gold industry was shaken when it was discovered that 83 tons of fake gold bars were used to back loans worth 20 billion yuan in China. While Chinese authorities have not said whether the real gold exists or where it is, an insider claims to know what happened. The Mystery Behind the Chinese Scandal Involving 83 Tons of Fake Gold Bars

One of China’s largest gold jewelry manufacturers, Kingold Jewelry Inc., was caught in a major fake gold scandal earlier this year. The company used 83 tons of gold bars to back loans worth 20 billion yuan ($3 billion) from 14 Chinese financial institutions. This amount of gold would be equivalent to about 22% of China’s annual gold production. However, the media reported in July that the gold bars turned out to be fake and were just gilded copper alloy, but the company and its executives denied any […]

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Gold bullion bars are pictured after being inspected and polished at the ABC Refinery in Sydney on August 5, 2020.

DAVID GRAY | AFP | Getty Images

Gold prices were little changed on Thursday after early U.S. election results suggested a lead for Democrat contender Joe Biden , even as the possibility of a contested result remained. Fundamentals

Spot gold was little changed at $1,904.66 per ounce by 0111 GMT.U.S. gold futures rose 0.5% to $1,905.50 per ounce.Biden said on Wednesday he was headed toward a victory over President Donald Trump in the U.S. election after claiming the pivotal Midwestern states of Wisconsin and Michigan.But Trump moved to file lawsuits and request for a recount in votes in several battleground states, amounting to a broad effort to contest the results of the election.Investors increasingly expect the Republican and Democratic parties to retain their respective control of the Senate and the House […]

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GOLD PRICES whipsawed sharply Wednesday morning, almost erasing the week’s previous 2% gain before rallying back above $1910 per ounce as vote-counting continued in 2020’s hotly contested US presidential election.

Spiking to $1916 as US polls began closing last night, gold prices then sank by $30 per ounce before regaining almost all that drop by lunchtime in London.

Global financial markets also echoed but lagged the dramatic action when current White House incumbent Donald Trump won the 2016 election against Hillary Clinton, as challenger Joe Biden edged ahead in both the popular vote and electoral college for the presidency, but the all-important Senate looked to be held by the Republicans.

That saw longer-term interest rates fall at the fastest 1-day pace since April, down 10 basis points on 10-year US government bonds to 0.80% per annum, reversing the last week’s rise.But European equities then turned a 1.2% drop into a 1.1% gain, […]

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Gold Price Forecast:

Gold Prices are testing trendline resistance, threatening to breakout of a falling wedge pattern that’s been building for the better part of the past four months.

While much attention is focused on the US election, the rest of the week brings heavy potential for volatility with Thursday’s FOMC rate decision and Friday’s NFP .

The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. It’s now almost four months ago that Gold prices had topped-out, which might be hard to believe given just how loud that move had become. While bears were tough to find back in early-August, the backdrop has shifted in the almost four months since as Gold prices have continued to coil in a falling wedge pattern after setting that fresh all-time-high.As looked […]

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The gold futures contract gained 0.95% on Tuesday, as it retraced some more of its recent declines after bouncing from $1,860 price level. Gold continues to fluctuate following September’s decline off August 7 record high at $2,089.20 to around $1,850. The yellow metal has been bouncing from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.1% lower this morning. However, we can see a relatively large daily trading range today. What about the other precious metals? Silver gained 1.25% on Tuesday and today it is 0.7% lower. Platinum gained 1.80% and today it is unchanged. Palladium gained 3.49% yesterday and today it’s 0.2% lower. So precious metals’ price changes are mixed this morning .

Yesterday’s Factory Orders release has been slightly better than expected at +1.1%. But the markets were […]

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SPDR Gold Shares ETF ETF:GLD, Franco Nev Corp NYSE:FNV – Should You Invest In Gold Right Now? The price of gold is up 24.2% year-to-date in one of the most tumultuous years in history so far.

With the possibility of a contested U.S. presidential election and a worsening pandemic in the coming weeks, things could become even more volatile on Wall Street, leading some investors to consider buying gold as a potential hedge against stock market weakness.

There are plenty of reasons to invest in gold heading into the final two months of 2020 — and plenty of reasons not to. Here’s an overview of the bull and bear cases.

Bull Case For Gold: The bull case for gold is that it’s considered a stable hedge against inflation. The U.S. government has already issued more than $2 trillion in economic stimulus this year, and a potential blue wave on Tuesday would […]

Click here to view original web page at www.benzinga.com

With fall foliage furnishing hues of gold, many of us, undoubtedly, yearn for warm mugs of cinnamon-spiked apple cider. Less appetizing, though, is the rampant political uncertainty and fear of another stock market crash, leaving plenty of investors turning to gold stocks as a way to mitigate risk.

But where exactly to turn? Investment opportunities in the yellow metal are varied and can seem overwhelming to those unfamiliar with the gold market. Fortunately, the answer is simple. No — it’s not to start pawning less desirable jewelry. Instead, investors can simply look to one of the industry’s most alluring options: Kirkland Lake ( NYSE:KL ). Image source: Getty Images. A lustrous balance sheet

Over the past two quarters, many companies have struggled with restrictions placed on their operations due to COVID-19 — restrictions that have led to companies eating into their cash piles. But that hasn’t been the case with […]

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Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) -The U.S. election has now entered a wait-and-see mode as millions of ballots still need to be counted. However, according to one mining CEO, the outcome won’t have a significant impact on gold prices or growing momentum in the mining sector.

"Regardless of the outcome, I think we can expect more stimulus, a weakening U.S. fiscal and monetary situation, and a favorable environment for gold," said Hugh Agro, CEO of Revival Gold, in a statement to Kitco News.

Agro said that the rebuilding of the economy will remain a dominant long-term theme in the U.S.

"This bodes well for domestic exploration and mining companies that can offer economic prosperity and are located on brownfields and/or permitted sites," he said.Revival Gold […]

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( Kitco News ) – Gold and silver futures prices are lower in midday U.S. trading Wednesday. Big, post-U.S. election rallies in U.S. stock indexes and less risk aversion at mid-week have put the brakes on this week’s rallies in the two precious metals. December gold futures were last down $13.80 at $1,896.60 and December Comex silver was last down $0.364 at $23.97 an ounce.

The U.S. presidential election is still a cliffhanger, with President Trump once again performing much better than the polls were forecasting. It could be days before a final result is seen and a winner declared. Trump has already said he will challenge the results if he loses. Some markets could remain in limbo […]

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Gold prices edged lower as the dollar rebounded slightly in the wake of the US Presidential election. Gold had been viewed as a riskier asset when stocks were rising and falling before the election but have but there was no follow-through on the rally that had ensued over the past 3-trading session. The dollar moved slightly higher while yields tumbled, following softer than expected US payroll data.

Trade gold with FXTM Technical analysis

Gold prices moved lower and appear to be trading sideways. Resistance is seen near the 50-day moving average at 1,913. Support on the yellow metal is seen near the 10-day moving average at 1,894. Short-term momentum is positive as the fast stochastic generated a crossover buy signal. The current reading on the fast stochastic is 56, up from 48 which reflects accelerating positive momentum. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index […]

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Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold is looking to return to its all-time August highs of above $2,000 an ounce, and this driver will get it there, according to Digix co-founder and COO Shaun Djie.

Once the election is over and the winner is determined, the next catalyst that will get gold back to $2,000 an ounce is the resurgence of coronavirus cases, Djie told Kitco News on Tuesday. This will be particularly devastating in an environment that still does not have a successful vaccine.

"You will see a lot of money managers coming back to the trading space on the backs of the election being over. The next big driver for the market will be coronavirus cases and a vaccine timeline," Djie said.

This […]

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Gold futures are trading lower on Wednesday at dead center of the session’s wide range as traders continued to assess the impact of the current stalemate in the U.S. presidential election.

After an early session plunge in prices, gold spent most of the regular session clawing back those earlier losses on the hope that a Joe Biden victory would lead to massive amounts of new fiscal stimulus. But those dreams may have died after election results showed the Republicans would retain control of the Senate, which would make it difficult to pass a huge coronavirus stimulus package.

At 19:44 GMT, December Comex gold futures are trading $1897.90, down $12.50 or -0.65%.

Although Joe Biden is tipped to win the election, the Democrats appeared to be falling short in their attempts to take control of the U.S. Senate. Gold was underpinned by this news and weakness in the U.S. Dollar, which gave up […]

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( Kitco News ) – Gold prices might be stuck in a consolidation pattern, but now is the time start building a position in the precious metal, said CNBC’s Jim Cramer and host of Mad Money. Cramer noted that regardless of the election, there are factors that make holding gold a necessity. He noted that the COVID-19 pandemic continues to spread unabated through the U.S., devastating the economy. At the same time, inflation pressures continue to rise as unprecedented stimulus washes through financial markets.

“What do you do; what do you buy if you want some insurance against inflation or just general economic chaos,” he asked. “It’s time-honored. You need some gold.”

Quoting research from Carolyn Boroden, a commodities […]

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* Trump wins battlegrounds of Florida, Ohio and Texas

* FACTBOX-Who is winning the U.S. election?

* 2020 U.S. ELECTION: What you need to know right now

* Graphic: Global markets since Trump’s election in 2016 tmsnrt.rs/3mLQXkZ (New throughout, adds comments, updates prices)Nov 4 (Reuters) – Gold pared losses after sliding over 1% on Wednesday as the dollar steadied and expectations that Democrat Joe Biden could win the American presidential election bolstered hopes for a larger U.S. stimulus.Spot gold had inched down 0.1% to $1,906.80 per ounce by 9:28 a.m. EST (1428 GMT). U.S. gold futures were flat at $1,909.70.“As this election process is starting to drag down, we’re starting to see that there is a slight edge to a Biden victory outcome and that’s why we saw the dollar paring its gains,” said Edward Moya, senior market analyst at OANDA.Biden is expected to inject large amounts of stimulus to ease the […]

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(Bloomberg) — Gold erased losses while oil rose as tight races in key battleground states in the U.S. election left investors scrambling to parse the shifting odds in a fraught battle for the presidency. Copper and gold sank earlier, as the unexpected closeness of the race sparked broad risk aversion and a flight to the safety of the dollar, but both metals were trading little changed after the dollar slipped heading into the U.S. opening. However, oil held gains, supported in part by a better-than-expected showing from President Donald Trump.

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With millions of ballots still to be counted, Trump falsely declared early Wednesday he had won re-election and said he would ask the Supreme Court to intervene. Earlier, Joe Biden said he was “on track to win this election.” While his chances of an Electoral College victory have improved as votes come […]

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