https://www.engineeringnews.co.za
Gold
Gold
gold

Gold climbs as US election chaos escalates after Biden drops out

President Joe Biden on Sunday ended his re-election bid.

President Joe Biden on Sunday ended his re-election bid.

22nd July 2024

By: Bloomberg

  

Font size: - +

Gold edged higher as markets weighed President Joe Biden’s decision to end his reelection bid, which sparked fresh questions over whether the move will help or hinder Donald Trump’s chances of returning to the White House.

Bullion rose as much as 0.5% in early Asian hours, as the metal benefitted from haven appetite amid heightened uncertainty over what’s already been a tumultuous US election campaign. Biden said he would serve out his term but endorsed Vice President Kamala Harris to take his place as the Democratic nominee.

A slump in the dollar as markets opened on Monday also offered support to gold, with traders potentially leaning into the idea that Trump — should he win the election — will push for a weaker US currency. A stronger greenback is usually a negative for bullion, which is priced in dollars.

Bullion hit a record high last week, after finding support this year as bets have increased the Federal Reserve will pivot to monetary easing. Lower rates are typically positive for gold as it doesn’t pay interest.

Spot gold was 0.5% higher to $2 411.33 as of 6:57 a.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.2%. Silver gained.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Economic growth a top priority for GNU
Economic growth a top priority for GNU
19th July 2024 By: Creamer Media Reporter
Magazine round up | 19 July 2024
Magazine round up | 19 July 2024
19th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.26 0.316s - 190pq - 2rq
Subscribe Now