Gold Edges Higher On Dollar Weakness

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Gold prices edged higher on Monday and the dollar weakened against its rivals as traders focused on the upcoming regime change in the United States.

Spot gold rose 0.4 percent to $1,958.07 per ounce, while U.S. gold futures were up 0.4 percent at $1,959.20.

Over the weekend, Democratic candidate Joe Biden defeated incumbent Donald Trump in the U.S. presidential election, helping remove some political uncertainty.

Biden reportedly topped the necessary 270 Electoral College votes, but President Donald Trump is yet to concede he has lost the key states. Analysts think that Trump’s election lawsuits are unlikely to pass legal muster.

Investors are pinning hopes that Biden would push through the fiscal stimulus to get through the Covid-19 pandemic and signal a more predictable approach to trade policy.

Portugal has entered a state of emergency, with curfews imposed in the areas worst hit by the pandemic as the number of global cases passed the grim milestone of 50 million cases worldwide.

Curfews have also been announced in Romania and Hungary. The United States is on track to surpass 10 million coronavirus cases.

The material has been provided by InstaForex Company – www.instaforex.com

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