PRECIOUS-Gold gains as Biden victory dents dollar, boosts stimulus hopes

PRECIOUS-Gold gains as Biden victory dents dollar, boosts stimulus hopes

* Spot gold may rise to $1,975/oz – technicals * Dollar hovers near a more than two-month low * Interactive graphic tracking global spread of coronavirus: (Adds comments, updates prices) By Eileen Soreng Nov 9 (Reuters) – Gold rose on Monday as Joe Biden’s win in the U.S. presidential race weighed on the dollar and ignited hopes of more monetary stimulus measures to revive an economy battered by COVID-19. Spot gold rose 0.4% to $1,960.11 per ounce by 0817 GMT. Earlier in the session, it hit its highest since Sept. 16 at $1,965.33. U.S. gold futures gained 0.4% to $1,958.80. "Gold prices are moving up anticipating another stimulus (package) by the U.S. and once that comes, you could see another leg of this rally," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India. "Considering the way currency debasement is taking place, further upside should […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet