The Hong Kong stock market posted moderate gains on Thursday (October 16th), with the Hang Seng Index rising 96 points, or 0.37%, to 26,007. This increase occurred despite mixed performance in the technology and financial sectors. Major tech stocks like Tencent and Alibaba rose slightly, while Xiaomi fell more than 2%. In the financial sector, HSBC and AIA weakened, but Ping An Insurance and the Hong Kong Stock Exchange posted gains. Gold-linked stocks were the market's stars, boosted by the continued record-breaking global gold price. Zijin Mining and Zhaojin Mining both rallied, while a...
Gold was steady as investors monitored a tight US election that could prove massively consequential for financial markets. Bullion was near $2,740 an ounce as a gauge of the dollar rose. Given the closeness of the race between Democrat Kamala Harris and Republican Donald Trump, it's possible a final result may not be known for days or even longer, with the uncertainty potentially benefiting the precious metal. Some investors in recent weeks have bet heavily on a Trump victory. Trades tied to his pro-growth agenda have buoyed the dollar, which would typically dent...
Front-month gold futures settle up 0.2% to $2,740.30 an ounce, while SPDR Gold shares are up 0.1%. The moves come as U.S. Presidential candidates entered the day seemingly deadlocked. But, a win by either Harris or Trump isn't expected to alter the trajectory for gold prices much, says Taylor Krystkowiak of Themes ETFs. "The U.S. national debt is expected to rise under either candidate regardless of who ultimately wins," says Krystkowiak. "This has been a significant tailwind for gold in the months leading up to the election." Until the election concludes, volumes are expected to stay...
Gold held steady as US election day begins, with a Federal Reserve interest rate decision also due later this week. Bullion was near $2,740 an ounce, just shy of the all-time high set last week. While prices have been relatively stable so far on Tuesday, previous US elections have seen sharp swings. With polls suggesting a photo-finish result, the risk of a disputed outcome means that the vote count could drag on for days or even weeks. Meanwhile, the Fed and some of its rich-world peers are expected to lower borrowing costs later this week. Lower...
Gold (XAU/USD) continues to backslide from its record high, eventually finding support at $2,724 early on Tuesday and bouncing back to regain the $2,740s. A marginally weaker US Dollar (USD) due to uncertainty over the US presidential election result is aiding Gold in its rebound, since the precious metal is mostly priced and traded in USD. This comes as markets increasingly view the final result of the election as polarizing for the US currency, with a victory for Republican nominee Donald Trump USD-bullish but the opposite for Democrat nominee Kamala Harris. Gold rises from safety flows...
Gold futures rise 0.1% to $2,749.0 a troy ounce. The precious metal had set a fresh all-time high of at $2,801.80 per ounce at the end of October, followed by a small sell-off. Gold stands out as the commodity of choice for hedging the upcoming U.S. elections, JPMorgan analysts say in a note. A Kamala Harris victory would suggest policy continuity and trend-like growth while a Donald Trump win could lead to significant policy changes, JPM says. Bullion could therefore see further upside on market uncertainty, should Republicans sweep the election under Trump. Gold should remain supported on...