Gold and silver have climbed toward new highs, amid rising expectations for the latest US economic data and the presidential election just a week away. The metals' strength comes despite rising bond yields and a strong U.S. dollar, confirming that the focus remains on the U.S. election.
Trump's lead in the polls means that it is his term in office that the market is pricing in at this point. This state of policy-making could bring more policy disruption, the imposition of trade tariffs and increased geopolitical risks. Bullion also rose after economic data released Tuesday showed that US job vacancies fell much more than expected, while consumer confidence rose above all estimates. Investors will be looking at a range of U.S. data to be released this week.
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Open account Try demo Download mobile app Download mobile appInflation and wage data may provide clues about the pace of interest rate cuts by the Federal Reserve. Recent data have pointed to the resilience of the U.S. economy, keeping alive the debate over how deep the Fed can cut interest rates by the end of the year.
Source: xStation
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