Oil and Gold Brace for Volatility as Voting Wraps Up Across U.S.

(Bloomberg) — Commodity traders steadied themselves for a potentially wild ride as voting wrapped up across the eastern U.S. in a historic year that’s seen more than 9 million Americans infected by the coronavirus, a crash in global demand for goods and sub-zero oil prices.

Oil in New York rose more than 2% at the open, while spot gold edged higher. The U.S. dollar fell as polling stations started to close. Market uncertainty may lead to heightened volatility over the next few hours as traders react to headlines and early clues of a possible Donald Trump or Joe Biden victory. While Trump has been trailing Biden in polls this year, the surprise 2016 election result is a reminder that early indications aren’t always accurate.

Oil has been whipsawed this year as millions went into lockdown and factories shuttered, crimping demand for fuels from gasoline to diesel. Concerns over a pile-up of […]

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