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 […]
November 6, 2020 (updated November 6, 2020) Published by StockMan