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Affected by the turmoil in the US elections, market risk aversion sentiment was high. On Monday (November 9) in Asian markets, spot gold jumped at the open and is now at $ 1,954.28 an ounce, an intraday increase of 0.15%. Although the Associated Press, CNN and other major US media announced Biden’s victory on Saturday, Trump refused to admit defeat. According to reports from “USA Today”, the current vote-by-mail statistics are still ongoing.
According to US media reports, Trump has so far refused to accept his defeat, lied about his victory and expressed his confusion about the long-term election process by the media on Sunday.
His rejection of the election results appears to be inconsistent with his earlier claim that the election must end on Election Day, though states need a few days to a month to prove their election results.
“Since when will the media announce who our next president will be?” Trump said on Sunday, “We have learned a lot in the last two weeks!”
Major US media outlets such as the Associated Press, National Broadcasting Corporation News, Fox News, and the New York Times said the election was beneficial to Biden because he led the key battlefield in Pennsylvania with more than 30,000 votes, and in just one day. Previously, both insiders and HRD predicted that Biden would win.
Market performance review
On Friday, spot gold fell to the lowest point of 1935 in the Asian market on Friday and then began to fluctuate higher. The US market stood at the $ 1960 mark, a new high since September 17. However, it fell sharply by nearly US $ 20 to US $ 1,941, rebounded in later trading, and eventually closed 0.09% higher at US $ 1,950.98 an ounce. Spot gold rose more than 3% last week, posting the biggest weekly gain since July.
Spot silver followed the trend of gold last Friday. It rose to US $ 25.82 during the US session, but then fell US $ 0.58 to US $ 25.24 in the short term. It recovered in recent trading and finally closed 1.19% higher at US $ 25.62 an ounce. Spot silver rose more gratifyingly than gold, up 8.24% weekly.
In the currency market, the US dollar index fell all the way last Friday, hitting a new low since September 2 at 92.19, and finally closed down 0.43% at 92.24. The onshore renminbi closed at 6.6215 against the US dollar, an increase of 185 points from the previous trading day, and rose to a new high since July 9, 2018.
Also, affected by the uncertainty of the general election, Bitcoin fluctuated sharply last week, approaching the $ 16,000 mark last Friday, setting a new high since the end of 2017; however, it suffered a sudden drop last Saturday and fell more than 7% during the day, but rebounded during the night. , Recovering all the defeats on Saturday.
In the oil market, oil from the United States and Burundi fell rapidly at the market opening last Friday by 1%. WTI crude fell more than 4% to $ 37.05 a barrel and finally closed down 2.91% at $ 37.38 a barrel. ; Brent crude fell almost 4%, as low as US $ 39.31 / barrel, finally closing down 2.46% at US $ 39.66 / barrel.
In the stock market, the top three US stock indices were mixed. The S&P 500 index closed down 0.03% at 3,509.44 points; the Nasdaq index closed 0.04% higher at 11,895.23 points; the Dow Jones Index closed 0.24% lower at 28,323.40 points.
European stocks were mixed: the German DAX30 index fell 0.68%, the French CAC40 index fell 0.46% and the British FTSE 100 index rose 0.08%.
The Hang Seng index closed 0.07% higher to 25,712.97 points.
The Shanghai Composite Index fell 0.24%, the Shenzhen Component Index fell 0.40% and the ChiNext Index fell 1.97%. In disk, transportation, brokerage, gold, semiconductors and other sectors were the main winners; medical care, vaccinations, charging batteries, alcoholic beverages and automobiles fell. Leader.
Market risk warning this week
This week, investors are primarily paying attention to two risks:
1. Pay attention to Fed officials, as well as the governors of the European Central Bank and Bank of England, who will be giving intense speeches. Investors should pay attention to their statements:
on Tuesday:
Cleveland Federal Reserve Chairman Meester delivered a speech on fintech;
Hacker, Chairman of the Philadelphia Federal Reserve, chaired an online financial technology conference hosted by the Philadelphia Federal Reserve;
on Wednesday:
Dallas Fed Chairman Kaplan delivered a speech;
The President of the European Central Bank, Lagarde, delivered a speech at the annual forum of central banks of the European Central Bank;
Thursday:
Bank of England Governor Bailey delivered a speech at the Financial Times Global Conference;
Friday:
European Central Bank President Lagarde, Fed President Powell, and Bank of England Governor Bailey delivered speeches at the Central Bank Forum of the European Central Bank;
New York Fed Chairman Williams chaired an online dialogue hosted by the New York Economic Club.
2. The risk points investors should pay attention to are the quarterly oil market reports released this week.
On Wednesday, the EIA will publish its monthly short-term energy outlook report, OPEC’s monthly report will also be published on the same day, and the IEA’s monthly crude oil market report will be published on Thursday. Due to the recent backlash from the epidemic in Europe and the United States, investors should pay attention to any changes in crude demand expectations in all three reports.
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