INSUBCONTINENT EXCLUSIVE:
The gold market experienced a significant shift on Wednesday, November 6, 2024
The most actively traded gold futures contract for December delivery closed at $2,676.30 per troy ounce on the Comex.This represents a 2.67%
The Dollar Index, which measures the greenback against a basket of global currencies, climbed above 105 points during morning trading.This
strengthening dollar put pressure on gold prices
Treasury yields saw a significant increase
The yield on the benchmark 10-year Treasury note reached 4.479%, its highest level in four months.Precious Metals Slump Following U.S
(Photo Internet reproduction)This rise in yields made Treasury bonds more attractive to investors, further boosting the dollar
Treasuries are widely considered one of the safest investment options globally.Higher yields on these bonds tend to attract foreign
reaction stems from expectations of increased fiscal spending under a Trump administration
influence gold prices and currency values
Sergio Goldenstein, chief strategist at Warren Investments, commented on the situation.He noted that a more expansionary fiscal policy,
coupled with stricter immigration policies and protectionist trade measures, could increase inflationary risks.This scenario would likely
put upward pressure on U.S
Historically, gold demand tends to decrease during periods of higher inflation.This trend, combined with the strengthening dollar,
election results highlights the complex interplay between political events, economic policies, and financial markets.As investors digest the
