The post Gold holds steady amid US election woes, Fed rate cut anticipation appeared on BitcoinEthereumNews.com.

Gold prices stabilize, with year-to-date gains exceeding 30% amid market turbulence. US Treasury yields dip; USD weakens as investors await Fed’s 25 bps rate cut. Analysts suggest a Trump victory could boost gold further due to inflation concerns. Gold prices remained choppy during Monday’s session as the US presidential election continued amid uncertainty about who would win the White House. Additionally, this week, the US Federal Reserve (Fed) is expected to lower rates at the November 6-7 meeting. The XAU/USD trades at $2,736, virtually unchanged. Yields in the US 10-year benchmark note have fallen eight basis points, after hitting 4.388% last week, sitting at 4.30% at the time of writing. In the meantime, the Greenback, as measured by the US Dollar Index (DXY) performance, tumbled over 0.40%, down to 103.90. Wall Street is focused on the outcome of the US presidential election. Opinion polls show Democratic candidate Kamala Harris and Republican Donald Trump in a technical tie. A Reuters poll showed concerns that the US could face a similar election crisis post-Trump’s 2020 election defeat. By Thursday, the Federal Reserve is expected to lower borrowing costs by 25 basis points to the 4.50%-4.75% range. October’s US economic data revealed that the US jobs market remains solid, lowering the odds of the US hitting a recession. Analysts at TD Securities said “If Trump wins, I think, Gold does well here. We’re probably worried a little bit more about inflation with all the tariffs that he’s talking about.” Bullion is a hedge in tough and uncertain economic and political times. The golden metal has enjoyed a rally of over 30% in 2024, and has recorded all-time highs, which sits at $2,790 at the time of writing. Daily Digest Market Movers: Gold price consolidates amid US Presidential election The US Census Bureau reported…

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Filed under: News - @ November 4, 2024 11:11 pm