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 […]
November 6, 2020 (updated November 6, 2020) Published by StockMan