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A Trump Surge Could Restore the Glint of Gold

By Collin Plume

The morning after the first U.S. presidential debate, investors placed their bets on Democratic candidate Hillary Clinton — boosting the greenback and stocks at the expense of gold.

But don’t rule out Republican Donald Trump, whose chance at winning the White House has put the glint on bullion.

“Gold slipped back slightly on the back of that but this story is far from over. Trump showed his true colors (unpleasant) and this will continue to support gold prices if his poll numbers climb,” David Govett, head of precious metals at Marex Spectron wrote in a note, according to Reuters.

A day after what may have been the most watched U.S. debate in history, gold dipped 0.2 percent at $1,335.34 an ounce before noon Tuesday in London, putting the kibosh on a six-day run-up. U.S. gold backed off 0.3 percent to $1,340.80 an ounce.

Markets have tended to see Clinton as the candidate of the status quo, according to the British news agency, while few are sure what a Trump presidency might mean for U.S. foreign policy, trade and the domestic economy.

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Some thought Clinton bested her pugnacious rival, which eased investor uncertainty.

“The debate gave financial markets more optimism over the outlook so it put a little bit of pressure on gold, especially because the U.S. dollar has been supported by its outcome,” said ETF Securities analyst Martin Arnold. “It takes away some of the uncertainty that has been weighing on investors’ minds.”

But others wouldn’t rule out the Donald, whose polling numbers were still neck-and-neck with Clinton.

The dollar rose 0.1 percent against major currencies, while U.S. stocks tilted slightly higher.

Meanwhile, the Trump candidacy was very much in play, with two remaining debates looming before the Nov. 8 vote. Prior to the first round, the chances of a Trump win had investors adding to their hoard of gold.

The precious metal, considered a safe haven for investors, has risen 26 percent this year on concerns about the global economy, rebounding from three years of losses as low or negative interest rates have bolstered demand.

Before this week’s debate, Citigroup Inc. had raised Trump’s chance of winning from 35 percent to 40 percent, leading to higher volume in the purchase of precious metals, according to Bloomberg.

“Even though Clinton’s odds of winning may have risen after this debate according to bookmakers, we have to sound a note of caution as the opinion polls show that the gap between the two candidates has narrowed significantly over the past weeks,” said Charalambos Pissouros, senior analyst with IronFX Global, in a commentary reported by Marketwatch.com.

“This suggests that there is still much to be decided in the upcoming two debates.”

The post A Trump Surge Could Restore the Glint of Gold appeared first on Personal Income.

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About Carol St. Amand

Carol St. Amand

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