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Gold futures rallied to $ 1,910 today. With benefit from the depreciation of the dollar AND the forecast that the US Democratic presidential candidate, Joe Biden, will win as the new president of the United States This will lead to a big push to stimulate the US economy.
At 8:46 pm, Thai time, in December the gold contract is delivered on the COMEX (Commodity Exchange) market. It bounced $ 16.30, or 0.86%, to $ 1,908.80 an ounce.
The weaker dollar will increase the attractiveness of gold. By making gold contracts cheaper for holders of other currencies
Investors are selling the dollar today. The prediction that Biden will win as the new president of the United States. This will lead to a huge boost to stimulate the American economy. Including support for free trade in the market There will be no trade war like in the days of President Donald Trump.
Today, in addition to US citizens over 18, they are voting for president. They will also elect 435 members of the House of Representatives and a third of the Senate, or 33 of 100, with presidential elections to be held every four years and elections of members of the House of Representatives and the Senate. It will take place every 2 years.
If the “Blue Wave” trend is expected, Biden will be victorious as the new president of the United States. And it made the Democrats completely dominate the majority in Congress. It can sweep the seat in the US Senate and House of Representatives. It will result in the Democrats being able to push the US economic stimulus smoothly. After being blocked under President Donald Trump.
“If Biden wins AND the Democrats hold a majority in both the Senate and the House of Representatives. It will open the way for the United States to issue large stimulus measures. This will help save the economy affected by the COVID-19 virus,” he said Lukeman Otunuga, Senior Analyst at FXTM.
“But if Biden wins AND the Republicans still dominate the majority in the Senate. It will reduce the likelihood that the United States will be able to issue a major stimulus package. And it won’t have much of a positive effect on the global economy,” Otunuka said.
Mr. Otunuka also said Because in the event that President Trump wins AND the second term of the Presidency will affect the plan to stimulate the economy.
Democrats have proposed a $ 2.2 trillion economic stimulus package. While the Republicans only proposed 1.9 trillion dollars. Corrective measures for the effects of the COVID-19 epidemic
Investors are also on the lookout for the Federal Reserve’s Monetary Policy Meeting on November 4-5, just one day after the US presidential election. And the release of non-farm employment figures on Friday.
