Dollar and not gold is a safe haven as US Presidential elections approach

Dollar and not gold is a safe haven as US Presidential elections approach

A Joe Biden win matched by further gains for the Democrats in Senate elections should help gold recover lost ground. For now, it is staring at a third straight monthly drop. Also in this package

New York: Gold headed for a third monthly drop – the longest run since 2019 – as investors favored the dollar as a haven in the final days before next week’s pivotal US presidential election, a contest that coincides with a wave of coronavirus cases ripping through the top economy and Europe.

Uncertainty remains high before the November 3 vote, lifting the dollar’s appeal as a safe asset over bullion. The spread of COVID-19 is intensifying in the US, where new cases topped 86,000 to set a fresh daily record, as well as right across Europe’s leading nations.

Since hitting a record in August, gold’s advance has faltered, with prices losing their upward momentum as investors […]

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