Gold price retreats as US voting stretches on

Gold price retreats as US voting stretches on

Image courtesy of the Trump Statue Initiative. With millions of ballots still to be counted, Donald Trump claimed 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 in, it looks likely that the final result may not be known for some time.

A Biden victory could pave the way for the roll-out of more fiscal stimulus that could lift equity and commodity markets — particularly gold, which benefits from a weaker dollar due to money printing — in the near term.

“Delays to any conclusive outcome over the next few days should keep commodity-market volatility elevated as investors wait for more clarity,” said Darius Tabatabai, head of trading at Arion Investment Management Ltd.“The confidence that market participants had earlier about […]

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