Gold rises on dollar dip, hopes for U.S. relief package PUBLISHED SUN, OCT 18 202011:33 PM EDTUPDATED 41 MIN AGO Reuters Two hundred and fifty gram gold bars sit stacked in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary. Two hundred and fifty gram gold bars sit stacked in this arranged photograph. Akos Stiller | Bloomberg | Getty Images Gold rose about 1% on Monday as the dollar retreated and as expectations of a U.S. stimulus deal being reached ahead of the presidential elections in November bolstered bullion’s appeal as an inflation hedge.
Spot gold rose 0.6% to $1,909.80 per ounce. U.S. gold futures rose 0.4% to $1,913.
Gold is strengthening on the dollar’s downtrend and “the belief that some kind of stimulus package is going to come through in the next 48 hours,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago. “People believe that we’re going to go into an inflationary period into the next quarter. So they’re starting up front on that.”
The dollar slipped 0.5% versus rivals, making gold less expensive for holders of other currencies. U.S. House Speaker Nancy Pelosi said on Sunday that differences remained with the Trump administration on a wide-ranging relief package but that she was optimistic legislation could be pushed through before Election Day.
Gold has gained about 26% so far this year as investors sought refuge from a worsening coronavirus pandemic and also risks of inflation and currency debasement as global central banks slashed interest rates while pumping out unprecedented stimulus to contain the economic blow.
Further underpinning safe-haven demand for bullion were concerns surrounding fresh coronavirus-led restrictions in Europe and elsewhere as worldwide infections crossed over 40 million, as well as uncertainty over the U.S. elections.
Elsewhere, silver climbed 2.2% to $24.70, having hit a near one-week peak.
Citi said in a note it expects silver to rally to $40 over the next 12 months, on sustained investor demand and a recovery in industrial consumption in 2021.
Platinum gained 0.6% to $865.52 per ounce and palladium rose 0.3% to $2,337.94.
I am wrong. USA election can't use projection manner to decide due to last 10% to 20% vote mostly go to Democrat. Wincosion won by Biden. Michigan result now too close to call the winner. Still got 14% to count. Definitely, can't decide tonite. Trump threaten the US election result is fake. If democrate win Michigan and Nevada(leading slightly), then the result at least is draw.
OTHERS NICHE CAPITAL EMAS HOLDINGS BERHAD HEADS OF AGREEMENT ENTERED INTO BETWEEN NICE AND SPATE PRECIOUS METALS SDN. BHD. FOR THE TURNKEY CONSTRUCTION WORKS AND PURCHASE OF REFINED GOLD
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Shadows
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Posted by Shadows > 2020-10-16 08:58 | Report Abuse
Gold see strong support at 1900.