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Gold gains on U.S. election uncertainty, economic worries


Rabu, 14 Oktober 2020 / 17:44 WIB
Gold gains on U.S. election uncertainty, economic worries
ILUSTRASI. A one kilo gold bar

Sumber: Reuters | Editor: Anna Suci Perwitasari

KONTAN.CO.ID -  LONDON. Gold firmed on Wednesday after last session's sharp drop spurred demand for the safe-haven metal from investors worried about global economic recovery and uncertainty surrounding next month's U.S. presidential election.

Wednesday (13/10), spot gold was up 0.2% to $1,895.41 per ounce, after shedding as much as 1.9% on Tuesday in reaction to the dollar's jump. U.S. gold futures gained 0.2% to
$1,899.20.

"We're seeing some price recovery as lower prices generated buying interest by investors since the general backdrop of gold is still positive," said Commerzbank analyst Carsten Fritsch.

"Low interest rates, expansion of monetary policy, ballooning public debt, uncertainty regarding U.S. elections; all these factors are supportive for gold prices," he added.

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Gold is considered a hedge against inflation and currency debasement amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic.

But investors who trim risk assets also tend to shift into the dollar and fading hopes for a new coronavirus relief package in the United States and a pause in key COVID-19 vaccine trials boosted the U.S. currency's appeal, limiting gold's advance.

The dollar hit a near one-week high against major currencies.

"In the near term, the dollar could continue to rise both because of risk aversion because stimulus seems to be stuck and also because of (company) earnings forward guidance," said DailyFx currency strategist Ilya Spivak.

Investors also kept an eye on the U.S. presidential campaign, with polls showing Democrat rival Joe Biden leading
the race.

On the technical side, "bullion will need to break through $1,920 to have the chance to once again challenge the psychological threshold of $2,000," ActivTrades chief analyst
Carlo Alberto De Casa said in a note.

Elsewhere, silver eased 0.2% to $24.11 per ounce, while platinum rose 0.2% to $867 and palladium gained 1.5% to $2,349.57.

 

Selanjutnya: Singapore keeps monetary policy unchanged, accommodative stance to remain

 




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