Gold price sheds $40 on COVID restrictions, contested election worries

Gold price sheds $40 on COVID restrictions, contested election worries

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) A combination of election and coronavirus jitters is boosting the U.S. dollar and dragging gold down along with equities, according to analysts.

"We are seeing an uptick in coronavirus cases, stocks are down, and the U.S. dollar is up. The markets were anticipating a stimulus deal, but there’s no stimulus coming between now and the election," RJO Futures senior commodities broker Bob Haberkorn told Kitco News on Wednesday.

The pressure on gold saw the precious metal lose $40 on Wednesday morning. Since then, December Comex gold futures began to somewhat recover, last trading at $1,880.50, down 1.64% on the day.

More volatility is the most likely scenario as the U.S. election approaches, analysts told Kitco News."Without a doubt, this is […]

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