Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Commodities

Gold prices up, Joe Biden in striking distance to clinch U.S Presidency

Olumide Adesina by Olumide Adesina
November 5, 2020
in Commodities
Gold surges, Joe biden
Share on FacebookShare on TwitterShare on Linkedin

The yellow metal was arbitrarily up at Thursday’s trading session, as it appeared increasingly likely Joe Biden would become the 46th U.S. president.

What we know: Gold futures were up over 0.60% to trade at around $1,908/ounce, it’s critical to note that the selling pressure seen in the U.S dollar index market is also making gold more attractive to buy.

READ: Total, Nestle, lead Nigerian Stocks to record high

RelatedPosts

Crude oil prices record 11% drop in June on fears of recession

Oil down by over 2% as recession worries grow

What this means: The U.S. elections result currently shows that Democrat Joe Biden has 264 of the needed 270 electoral college votes, according to data seen from Bloomberg, and is just in need of 6 votes from states where the results are too close to predict a clear winner.

  • The prevailing outcome is bullish for gold, as a Democrat president is expected to push for a more robust COVID-19 stimulus deal, which will in turn push the precious metal prices upward.

READ: Publicly traded companies own 601,000 Bitcoins, gain $500 million

However, the bullish bias on gold is capped by the failure of a so-called Blue Wave to appear, meaning that Democrat will control the Presidency, House of Representatives, and Senate seems to be a tall order.

“It’s just illiquidity breeding illiquidity and I really don’t think that will come back properly until the political situation is resolved … It’s hard to take a long-term view on something that will grind on and on.” Darius Tabatabai, Head of Trading at Arion Investment Management Ltd, told Bloomberg.

READ: WTO: Okonjo-Iweala still in contention as 3 candidates depart race for DG

Also adding fuel on gold’s rally are reports that President Trump is moving to contest the results in states that he lost with slim margins. Thereby, leading to macros that the outcome might be delayed longer than expected and increase the disconnect between America’s major parties in supporting the U.S economy.

Related

Tags: Darius TabatabaiGold futuresJoe Biden

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa
    • Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements
    • NGX closes flat as market capitalization grows slightly by over N6 billion

    Follow us on social media:

    Recent News

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    July 1, 2022
    FBN Quest, Cordros, Apel lead best performing stockbroking firms in October 2021

    Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com