How has Biden’s progress been reflected in gold prices?

Gold prices rose within a narrow range today, as investors expressed cautious optimism that Democratic candidate Joe Biden will win over President Donald Trump in the US presidential election.

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Analysts expect Biden to likely take larger stimulus measures than his rival, the Republican president, although the likelihood of a Congress split between Democrats and Republicans could undermine Biden’s fiscal policy efforts.

Gold is enjoying broad stimulus as it is widely viewed as a hedge against inflation and the currency’s decline.

As of 06:00 GMT, spot gold rose 0.3% to $ 1,909.41 an ounce.

While gold in US futures rose 0.7% to $ 1,909.80 an ounce.

Biden expected election victory on Wednesday after winning in critical states, while Trump spoke about fraud allegations, sued and demanded a recount.

At the same time, the dollar retreated after strong gains in the previous session, making the precious metal cheaper for holders of other currencies.

Source: “Reuters”

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