No Clarity on U.S. Election
APMEX
11/6/2020 8:37:09 AM
No Clarity on United States Election
U.S. elections are the big story of the week, and there is not yet clarity in some key battleground states. Gold has moved up in response. It reached $1,968 by 9 a.m. EST. Markets believe that a Biden presidency, a distinct possibility in a close race, would push through stimulus that would raise inflation.
U.S. futures have been up and down through the week, rising midweek and dropping towards the end of the week. The dollar is close to its two-year low. There is still no consensus on the election, and markets have responded with volatility, favoring Precious Metals.
COVID-19 cases are up in the United States, breaking 100,000 per day. U.S. manufacturing data is encouraging, expanding at the fastest pace in more than two years. Employment is up but there is a slowdown in job gains in some reports even with falling jobless claims.
This week ends on an uncertain note. It remains to be seen whether the end of the day will bring more clarity in the presidential election or whether it will spill over into the weekend.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
