World News – GB – Gold drops to over $ 1,900 as dollar slips ahead of Trump debate

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Investircom – Gold prices rose for a second day in a row on Tuesday, returning to the key level of $ 1,900, after the dollar and stock markets collapsed ahead of President Donald Trump’s debate with challenger Joe Biden who could have an impact on the outcome of the US election

US gold for December delivery settled $ 20, or 11%, at $ 1,903 20 per ounce on the New York Comex The benchmark gold futures contract has gained 2% cumulatively since inception of the week, heading for its best week in almost two months

Spot gold, which reflects real-time bullion trading, rose $ 1428, or 08%, to $ 189568 at 3:05 p.m. ET (7:05 p.m. GMT), after a more session high early at $ 1899 12

Republican Trump and Democrat Biden to face off in their first debate at 9 p.m. ET (01 a.m. GMT) for the 3rd presidential election

The state of the economy, the handling of the Covid-19 pandemic, and issues of racial inequality and law and order are likely to be among the main arguments for their confrontation Hours before the debate, Biden also released his tax returns – a move that could put pressure on Trump, who failed to do the same and was accused by the New York Times of underpaying or not not pay taxes for many years

The gold rally could gain new momentum, pushing it closer to records above $ 2,000 reached in August, if Biden performs well A vote for Biden is considered a vote against the dollar, which has become the default coverage for everything the Trump administration stands for RealClearPoliticscom poll average puts Biden nearly 7 points ahead of Trump nationwide

« It’s a big week for the dollar – presidential election, jobs report etc. – so we could see big swings in the next few days, « said Craig Erlam, macro analyst at OANDA in New York » I don’t think the correction is over and this small profit take that we are seeing might not last If that turns out to be the case, there could be a lot more downsides ahead « 

The Dollar Index, or DX, which tracks the performance of the greenback against six currencies, was 04% off at 93,922, after a two-month high of 94795 Friday DX is down 08% since the start of the week although it remains up 2% for September, its best performance in 14 months

Gold hit its last record on August 7, when the spot price, which tracks bullion, touched $ 2,073 an ounce, amid a peak of $ 2,089 for futures contracts traded on The New York ExCom The next $ 2,000 yellow metal alliance came about almost two weeks later – between August 17 and 18 Despite this, it traded in ranges of $ 1,980 to $ 1,960; $ 1,960 to $ 1,930; and from $ 1,930 to $ 1,900

This week, the threshold fell from $ 1,900 to $ 1,849, before Monday’s late rebound

Besides the presidential debate, the other main event this week is US jobs data for August, due via non-farm payrolls, to be released Friday Gold could rise if NFP data from August are lower than the 850,000 expected additions, following July 1 job growth of 37 million

TOKYO (Reuters) – Oil prices fell for a second day on Wednesday, extending the heavy losses from the previous session amid mounting concerns over fuel demand due to the coronavirus pandemic

(Bloomberg) – Oil plunged to two-week low on growing fears that a sustained recovery in demand is still far away
US benchmark crude futures fell 32% Brent

By Maria Cervantes LIMA (Reuters) – More than 100 indigenous activists from the Peruvian Amazon (NASDAQ: AMZN) have occupied infrastructure belonging to the state-run Petroperú pipeline

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News from the world – GB – Gold is coming back to- above $ 1,900 as the dollar slips ahead of Trump


SOURCE: https://www.w24news.com

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