Gold prices jump as US election outcome nears

Gold prices jump as US election outcome nears

Excited by results of presidential elections in the US, Asian markets witnessed a surge in the prices of yellow metal early on Thursday. As the counting progressed, it appeared that Joe Biden would hold the key to the White House. 

 

At 4:25 AM GMT, the gold futures went up to $1,908 with 0.62 per cent hike. 

 

The race to the crown in the US is close than anticipated. However, the rigging of postal ballots at several places has appeared, and President Trump has sought the intervention of the judiciary in the matter. 

 

If Joe Biden becomes the president, then Stimulus package for COVID-19 would come to the fore which will push gold prices further. On the other hand, investors are waiting eagerly for the meeting scheduled between the Bank of England and Federal Reserve scheduled later in the day. 

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