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According to precious metals analyst David Morgan, the outcome of the presidential election will not affect the precious metals price in any way. He justifies his point of view by the fact that the economic situation in the country is so critical that it does not matter who takes the presidency.
Obviously, the result of the vote will cause small reactions in the gold market, but in general, the upward trend could continue regardless of the party that leads in the White House.
Analysts do expect any large fluctuations in the precious metals market until the end of 2020. In general, the market situation is quite positive as most central banks have decided to continue their soft monetary policy. On the other hand, the situation may result in a complete disaster as more and more new unsecured money appears.
Other analysts believe that gold will again hit record highs like it was in August as the coronavirus situation continues to remain in the spotlight.
The COVID-19 pandemic has been negatively affecting the global economy. In other words, gold will continue to be in demand as a defensive asset. Perhaps the creation of a vaccine may change the situation in the market.
In the United States, the number of infected people is extremely high, and the attempts to create a vaccine have failed. These factors contributed to the growth of the precious metal to the level of $2,000 per ounce. The volatility in the gold market will not be as great next year as it is in 2020. Instead, there will be increased volatility in the stock market.
By the way, gold futures rose again during the trading.
Gold futures for December delivery gained 3.02% to trade at $1,953.40 per ounce. The support level is at $1,863.30 and the resistance level is at $1,954.30.
Silver for December delivery advanced by 6.04% as well to settle at $25.337 per troy ounce. Copper also increased by 0.34% to hit $3.1175 per pound.
The US Dollar Index Futures, which measures the US dollar against a basket of six major currencies, lost 0.95% to trade at $92.523.
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