Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Gold Down Over U.S. Political Uncertainty

Published 09/28/2020, 12:10 AM
Updated 09/28/2020, 12:13 AM
© Reuters.

© Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia, with uncertainty ahead of Tuesday’s U.S. presidential election debate between President Donald Trump and Democratic candidate Joe Biden hitting the yellow metal.

Gold futures inched down 0.05% at $1,865.30 by 12:09 PM ET (4:09 AM GMT). The dollar was down and stocks, which usually move in inverse to gold, were mostly up in Asia on Monday.

Alongside the debate between Trump and Biden, investors are also looking to whether the U.S. Congress will reach an agreement on the latest stimulus measures. House Speaker Nancy Pelosi remained optimistic that the Democrats and Republicans could reach a deal soon, adding that talks between the two sides were continuing.

Investors are also awaiting a slew of data as the end of the month draws near, with China to release its manufacturing and non-manufacturing Purchasing Managers Indexes (PMIs), as well as the Caixin manufacturing PMI, on Wednesday. The U.S. is also due to release economic data, including September’s Conference Board (CB) consumer confidence index on Tuesday and the Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) on Thursday.

Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday that investors reduced their bullish positions in COMEX gold and silver contracts in the week to Sept. 22. Holdings in SPDR Gold Trust (P:GLD), the largest gold-backed exchange-traded fund globally, fell 0.02% to 1,266.84 tons on the same day.

The demand for physical gold crept up in top Asian hubs during the previous well, with Indian dealers easing discounts to the lowest levels since August, as  falling prices led to little demand.

Latest comments

Gold down over certainty of Trump victory in November landslide over senile Hiden Biden.
Trump reads at a 4th grade level.....a level of a 10yo....lol.
gold down over everything. so how can it move up?! its all manipulated !
why you said its manipulated?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.