World news – Gold declines as the dollar rises with the edge of the knife in Georgia


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[BENGALURU] Gold fell Wednesday as the dollar tightened and investors watched two highly competitive Georgia Senate runoff races that are likely to shape the fiscal policy of President-elect Joe Biden’s administration .

Spot gold fell 0.3 percent to $ 1,943.46 an ounce at 3:55 a.m. GMT after hitting an almost two-month high of $ 1,954.97 at the start of the session.

The US gold – Futures were down 0.4 percent to $ 1,947.50 as the dollar rebounded from multi-year lows.

« The market is very responsive to surveys and liquidity is pretty low. We had an initial widening in favor of the Democrats and this poll has narrowed, (but) it’s still pretty uncertain that everything is up to date, « said Axi Chief Global Market Strategist Stephen Innes.

Polls were closed in Georgia ‘s double elections that both di e Determine control of the US Senate as well as Biden’s ability to push through an ambitious legislative agenda.

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An Edison poll found that voters were evenly divided over which party should control the Senate. The outcome can be in doubt for days if the margins are paper thin.

« We can give way a little if we get a Republican majority, but ultimately the supply side of gold remains pretty firmly anchored in the predictive inflation narrative. Gold still has the chance of reaching $ 2,000 by the end of the month.  » Mr. Innes said.

In the meantime, the minutes of the US Federal Reserve’s December 15-16 at 7:00 p.m. (GMT) meeting are due to be released.

« The underlying motivations for gold are unchanged, with lower interest rates, high inflation expectations, and a weaker dollar. All of these support gold in the short to long term, « said Howie Lee, an economist at OCBC Bank.

The Fed may decide to add more monetary stimulus once it becomes clearer Picture has of how the US Congress is doing, he added.

Silver lost 1.1 percent to $ 27.28 an ounce. Platinum fell 1.8 percent to $ 1,092.03, while palladium was down 1.1 percent to $ 2,439.91.

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