EGU Monthly Report | Gold is expected to rise after the U.S. presidential election

Review of EGU Price for the Last Month

Statistics from the past 31 days showed that the EGU prices have risen by less than 1% on 24 days and increased by 1% to 2% across three days. Over two days, the price increased between 2% to 3%, while for the remaining days, the prices rose by more than 3%.

Market News Recap

Rising coronavirus infections and deaths are triggering stricter restrictions across Europe. However, the European Central Bank (ECB) has left its policy unchanged, causing the Euro to fall, the U.S. dollar to strengthen and thus, weakening the price of gold. Besides, gold prices have generally been on a downward trend due to the lack of progress on the U.S. new fiscal stimulus.

The U.S. presidential election remains the main focus of the market in recent weeks. Ole Hansen, head of the commodity strategy at Saxo Bank, believes that the outbreak would return to the spotlight after the election, and will help to drive up gold prices. He further elaborated that the U.S. presidential election is not the market-changing factor and therefore will not affect the gold investment fundamentals.

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