Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Gold prices rose on Wednesday as the dollar slipped against a basket of currencies, with the market waiting for clues on the timing of a rise in U.S. interest rates.
Spot gold was trading up 0.3% at $1,322.55 an ounce at 1402 GMT. It touched $1,315.27 on Tuesday, the lowest in more than a week. U.S. gold futures were up 0.2% at $1,326.90 an ounce.
Expectations that the U.S. Federal Reserve will raise rates next week have receded, putting pressure on the dollar, which when it falls makes gold cheaper for holders of other currencies.
