Presidential Election Disclosures Lowered Gold Prices

Presidential Election Disclosures Lowered Gold Prices Disclosures regarding the US Presidential election lowered gold prices. Gold prices fell after the presidential elections and financial support package news on November 3. Due to the news about an external intervention in the US elections and the decrease in the expectations that the financial support package will be implemented before the elections, the dollar gained value while gold prices decreased. Statements by FBI Director Chris Wray and DNI Director John Ratcliffe warned that Russia and Iran could interfere with election campaigns by spreading false information. Speaker of the House of Representatives Nancy Pelosi announced that they are still negotiating with the White House for the implementation of the financial support package. On the other hand, she stated that the unwilling Republican Senators are an obstacle to passing the package before the elections to be held on 3 November. The negative relationship between gold and the dollar has become stronger in recent months as investors watched uncertain developments regarding the financial support package. In another statement by Pelosi, she said that Republican Senate leader Mitch McConnell may not want to pass a support package after the elections. Gold fell 0.7 percent to $ 1,911.84 an ounce at 10:16 am Shanghai, following its highest close in a week. The dollar indicator gained 0.2 percent, while silver contracted 1.3 percent.