Gold traders see prices rise on US election

Gold traders see prices rise on US election

YLG gold bars on display. Gold prices are expected to move in a range of $1,800-1,950 an ounce this month, according to YLG Bullion & Futures. Gold traders estimate gold prices will increase no matter which candidate wins the US presidential election, as the US central bank is expected to continue its aggressive monetary stimulus programme regardless of the victor.

MTS Gold Futures managing director Nuttapong Hirunyasiri said US political factors will support a gold price rise in the fourth quarter. Unlimited quantitative easing (QE) will weaken the US dollar in the long run, thus increasing the price of gold.

Market watchers should also keep an eye on the outcome of the US election today. If Donald Trump wins, stocks worldwide will increase because global trade policy will remain unchanged, he said. If Joe Biden wins, Chinese and Asian stocks will rise in hopes of global trade policy easing.

If neither Mr […]

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