Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in.
No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says.
There's still a possibility of derailment, especially given Trump's inflationary policies. Meanwhile, Harris's similar policies to Biden's may meet a divided Congress and encounter challenges in passing legislation, she adds.
Spot gold is 0.15% lower at $2,740.24/oz.
Source : Dow Jones Newswires
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