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The latest presidential debate has ended, and polls show that Democratic candidate Joe Biden has the upper hand. This means that traders who have invested in gold should understand the possible impact of Biden's victory on the price of gold.
To analyze, it's easy to look at the history of how gold prices reacted in the past presidential elections. In November 2016, when Donald Trump won the election, most analysts thought that gold would rise sharply. However, it did not happen.
This time, they believe that a contested election will lead to a fall in the US stock market, and accordingly, a fall in the price of gold. But since the Congress is still in the process of deciding on a new stimulus package, the yellow metal could rise in the market.
To add to that, the Federal Reserve said that regardless of who wins the elections, more money will pour into the world economy, more than $ 7 trillion, which will also lead to an increase in the price of gold.
In addition, deposits around the world are gradually depleting, and it is becoming more difficult not only to find profitable deposits, but also to extract. Meanwhile, contrary to that, the demand for gold continues to grow.
And, if history can teach us anything, it is to anticipate the unexpected.
Since forecasts on stock and commodity prices are not set in stone, it is highly likely that the election results will lead to unexpected movements in terms of gold prices.
So, what would this mean for gold? Many analysts believe that Biden's victory will be extremely bullish for gold.
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