Gold gains on dollar slide as U.S. election drags on

Gold gains on dollar slide as U.S. election drags on

A man counting gold bars.

Akos Stiller | Bloomberg | Getty Images

Gold rose on Friday en route to its best week in more than three months as the dollar slid on uncertainty surrounding the U.S. election outcome, with bets for continued pandemic-led stimulus and accommodative monetary policy bolstering bullion’s appeal.

Spot gold rose 0.2% to $1,953.21 per ounce. Prices jumped by 2.4% on Thursday, setting them up for a 3.9% weekly gain, which would be gold’s best since late July.U.S. gold futures rose 0.4% to $1,954.20.“The outlook for gold is positive,” said Michael Hewson, chief market analyst at CMC Markets UK, citing the political uncertainty weighing on the dollar.“It could get messy … The U.S. Federal Reserve is likely to be much more interventionist as a result, because politicians will be too busy squabbling, and the dollar will continue to fall.”The dollar held near a two-month trough, making gold more attractive […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet