Gold traders set their bets, U.S election in play

Gold traders set their bets, U.S election in play

Gold prices were fast approaching the 1,900/ounce, amid global investors and gold traders setting their bets out on the outcome of the U.S. election and other prevailing macros, like the rising COVID-19 caseloads disrupting financial markets. What we know

At about 7.05 GMT, Gold futures traded at around $1,891/ounce as the weaker dollar helped move prices upward.

With an important political event coming to play, gold traders and global investors flock to gold, in taking advantage of the myriad uncertainties that can occur, on the basis that the race looks like a tough call by independent political strategists. What this means

Should the result bring a blue party presidency, the bias is that gold bulls would have enough gas to reach at least $2,000/ounce, on the bias that a substantial COVID-19 stimulus program would weaken the dollar and boost the precious metal value. What they are saying […]

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