Ounce of Gold Declines With the Clarification of Biden’s Victory

Ounce of Gold Declines With the Clarification of Biden’s Victory Ounce of gold declines, with the clarification of Biden's victory. The market uncertainty created by the US presidential election is disolving. The uncertainty created by the US presidential election on November 3 has disolved with Trump's admittion defeat. With the elimination of uncertainty about the election result, good news from the coronavirus vaccine was reflected in a decrease in gold prices. Ounce of gold hits four-month low. The price of ounce of gold, which fell to $ 1,858 as a result of the rise in bonds after the US presidential election, positive news from the coronavirus vaccine, and the increase in global risk appetite, remained below $ 1,900 as of November 9. With the latest developments, news that Biden's staff will find names important to the markets suppressed the prices and the support of $ 1,858 was broken yesterday. After its loss yesterday, ounce of gold also fell about 1.5 percent today and fell to $ 1,860. While this level means the lowest level after 20 July, the monthly decline was experienced for the fourth month in a row. Signing a record with $ 2,074 in August, the price of ounce of gold started to decline with profit sales. On the other hand, the atmosphere of uncertainty began to disappear with the continuation of incentives by governments, increasing the purchases of bonds by central banks, and finding the vaccine despite the second wave in the epidemic. With these developments, the outflow from gold funds also accelerated. Despite the weakening of the dollar, the strengthening of the global risk appetite brings with it the depreciation of gold. Under the support of $ 1,858, it is predicted that the decreases may continue to the levels of $ 1,790-1,766, while the stimulus package in the USA is closely monitored.   Source: investing.com