Gold price stays supported after Trump win, rally likely to resume

Gold was in positive territory on the morning of Thursday November 10 in London and is likely to stay supported given heightened uncertainty across markets and a slimmer chance of a US rate increase next month after Donald Trump was elected US president, market participants said.

The spot gold price was recently quoted at $1,284.00/1,284.30 per oz, up $8.40 on Wednesday’s close. Trade has ranged from $1,274.40 to $1,292.08 so far.

The yellow metal had jumped to $1,337.50 per oz on Wednesday – the highest since September 30 – when Trump took the lead in polls during the US presidential election.

Although it has since pulled back, the obstacles to Trump carrying out his planned investment in crumbling US infrastructure to stimulate the US economy point to a renewal of the rally, HSBC analyst James Steel said.

“These factors will likely win out in the tug-of-war between higher or lower gold prices. The possibility that ‘safe-haven’ currencies could see another round of risk-off buying remains,” he added.

In the other precious metals, the spot silver price was up 40 cents at $18.78/18.80 per oz. Platinum at $994/999 per oz was up $5 and palladium climbed $13.50 to $682/687 per oz.

(Editing by Mark Shaw)

 

The post Gold price stays supported after Trump win, rally likely to resume appeared first on The Bullion Desk.

from The Bullion Desk https://www.bulliondesk.com/gold-news/bullion-latest-gold-price-supported-after-trump-win-rally-likely-to-resume-123682/
via IFTTT