empty
 
 
29.09.2020 11:20 AM
Gold is not losing ground

This image is no longer relevant

Gold is showing confidence today, against the backdrop of the general tension. Market participants are currently focusing on the upcoming TV debate between Donald Trump and Joe Biden at Case Western Reserve University in Cleveland, Ohio. This is the first meeting between the current US President and the presidential candidate. There is no doubt that the tension around this discourse is going to heat up, because this is one of the most important events on a global scale. Furthermore, the dollar exchange rate largely depends on the outcome of this debate, and it also has a direct impact on the price of gold. A weaker dollar supports the price of an asset, making it cheaper for those investors who own another currency. This principle also works in reverse.

Without reducing in value, gold steadily holds its positions. The price of December gold futures on the New York Comex exchange is characterized by a rise of 0.02%. It is now trading at $1,882.6 per troy ounce. December silver futures are also not ready to lose grounds and have already increased by 0.05%, reaching the level of $23.615 per ounce.

Among other things, investors are focused on a new stimulus for the US economy. Democrats in Congress announced new ideas to support the economy and proposed spending $2.2 trillion on their implementation. According to Howie Lee, an economist at OCBC Bank, the risk sentiment will be fully justified once the bill gets approved before the upcoming election.

Andreeva Natalya,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback