Gold prices fight for altitude as prospect for ‘blue wave’ fiscal-aid package in Congress seen dimming

Gold prices fight for altitude as prospect for ‘blue wave’ fiscal-aid package in Congress seen dimming

Gold bounces around the day after the U.S. general election Gold futures early Wednesday were under pressure as the 2020 race for the White House and Democratic majorities in the Senate looked uncertain, and the prospects of a substantial fiscal aid package, which might bolster the bullish case for bullion, appeared to be diminished.

Commodity investors are also awaiting the Federal Reserve’s latest policy update on Thursday in the wake of the tight election race.

“Gold prices did not get a ‘blue wave’ that was supposed to reignite the longer-term bullish trend,” wrote senior market analyst Edward Moya at Oanda in a note.

U.S. election day results haven’t revealed a clear winner between incumbent Donald Trump and the Democratic challenger and former Vice President Joe Biden, with a number of key states still too close to call and mail-in ballots due to the coronavirus pandemic lengthening the process of tabulating state returns.Key […]

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