Gold jumps 5 pct as Trump stays in lead near poll end

The spot gold price recorded its largest rally since Brexit during Asian trading hours on Wednesday November 9 as latest poll results show Donald Trump still in the lead in the final hours of the US presidential election.

The spot gold price was recently quoted at $1,313.20/1,313.65 per oz, up $40.25 on the previous close. Trade has ranged from $1,268.95 to $1,337.50 so far, the higher end being the highest level reached since September 30, and up 5% from the previous close.

Sentiment had been positive and markets had been positioning for a Hillary Clinton victory up till this morning during Asian trading hours. But the US dollar started to collapse while safe haven assets like gold and the yen surged after latest polls showed Trump overtaking Clinton. Clinton has 215 and Trump 244 electoral votes as at 01:11 EST, November 9.

Despite expert polling analysis and market bias discounting a Trump victory, the 2016 presidential election is going down to the wire, Peter Rosenstreich, head of market strategy at Swissquote Bank, said.

“While the situation remains fluid, the prospect of a Clinton presidency is slipping away…European traders should brace for extreme volatility as traders walk into a Brexit-like upset,” he said.

So far 43 states have been called with Trump leading 25 states to Clinton’s 18 as at 12:30 EST and 13:30 SGT November 9.

Tump had won Ohio, Florida and North Carolina, and Clinton, Virginia so far – the four states along with Pennsylvania and New Hampshire are considered vital in deciding which candidate wins the presidency

The US dollar has slumped as low as 95.88, the lowest since October 4, earlier on Wednesday. It was recently down 1.78% to 96.14 so far in the day.

In other commodities, the London Metal Exchange three-month copper price fell $36.50 to $5,198.50 per tonne so far on Wednesday.

The Brent crude oil spot price tumbled 1.94% to $44.92 per barrel, and the Texas light sweet crude spot price dipped 2.52% to $43.72 recently on Wednesday.

In equities, the Shanghai Composite fell 0.41% to 3,135.00 so far on Wednesday.

In the other precious metals, the spot silver price rose $0.52 to $18.820/18.845 per oz. Platinum at $1,010/1,020 per oz was up $16 while palladium slipped $4 to $655/662 per oz.

The post Gold jumps 5 pct as Trump stays in lead near poll end appeared first on The Bullion Desk.

from The Bullion Desk https://www.bulliondesk.com/gold-news/asia-gold-update-gold-jumps-5-pct-as-trump-stays-lead-near-poll-end-123578/
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