Getty Images Gold futures early Tuesday were holding steady with U.S. equities seen recovering partially from Monday’s rout, partly caused by worries that rising coronavirus cases globally are resulting in renewed restrictions on business and consumer activity.
Some commodity experts attributed the buoyancy for gold and other precious metals in recent days to the prospects of uncertainty around the 2020 presidential election set for Nov. 3. Expectations that the U.S. may further increase its fiscal deficits, if the elections in America lead to a sweeping victory for Democrats, are viewed as a potential longer-term boost for gold and silver prices.
“The precious metals are pausing ahead of what is arguably the most important event of the trading year—the U.S. elections in one week,” wrote Jim Wyckoff, analyst at Kitco.com.
“Many markets could pause until after the election results are in. Many traders will want to step away from the markets, or take […]
October 27, 2020 (updated October 27, 2020) Published by StockMan