Gold Steady as Market Await Results of Presidential Elections

Gold Steady as Market Await Results of Presidential Elections

Posted Wednesday, November 4, 2020 by
Arslan Butt • 1 min read

The precious metal gold is trading steady on Wednesday as all focus turns towards the US presidential election results amid an increasing likelihood emerging of a close contest. At the time of writing, GOLD is trading at a little above $!,899.

Like the opinion polls, early results coming in have been giving Biden a lead but Trump has also managed to win or lead in some key states, raising the possibility that a clear winner may not emerge until the mailed in ballots are counted over the next few days. The uncertainty surrounding the election results are expected to support gold prices over the coming days.

Meanwhile, gold prices are also trading strong as a result of the continued increase in fresh coronavirus cases across several countries. More European nations, including Italy, Hungary and Norway have also announced fresh lockdowns and restrictions in an effort to curb the spread of infections, which could hamper economic recovery.

Over the next couple of days, gold could also be impacted by the FOMC policy meeting due to start later today. Traders expect the FOMC to hold interest rates steady but reveal more information on supporting the US economy through the pandemic, especially the currently underway second wave.

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