Price of Gold Fundamental Daily Forecast – Biden Win Means More Stimulus, Weaker Dollar, Higher Gold Demand

Gold futures are trading higher on Tuesday, supported by a plunge in the U.S. Dollar against a basket of major currencies as investors increase bets on a Joe Biden victory in today’s U.S. presidential election. Renewed interest in higher risk assets is also offsetting the impact of strict lockdowns across Europe.

With many professionals hedging the risks of the election in the Forex markets, it is my opinion that speculative money is moving into the gold market.

At 12:31 GMT, December Comex gold is trading $1901.20, up $8.70 or +0.46%. Dollar Tilts Toward Biden Win Heading into U.S. Election

Foreign exchange markets in Europe tilted on Tuesday towards pricing a victory for U.S. Democratic candidate Joe Biden against President Donald Trump despite warnings that possible post-election disputes could unleash weeks of dollar volatility.Analysts believe a Biden win would weaken the dollar as the former vice-president is expected to spend big on […]

Click here to view original web page at www.fxempire.com

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.