Gold prices rally high, gains 3% on USA dollar drop
Gold prices rally high, gains 3% on USA dollar drop
Stock rally set to extend in Asia; dollar slumps
06 November, 2020, 10:52
On MCX (Multi Commodity Exchange of India), gold futures were trading lower by 0.3 percent at Rs 51,883 per 10 grams.
What this means: The U.S. elections result now shows that Democrat Joe Biden has 264 of the needed 270 electoral college votes, according to data seen from Bloomberg, and is just in need of 6 votes from states where the results are too close to predict a clear victor.
Against a basket of its rivals, the USA dollar fell 0.5 per cent to 92.93, its lowest level in more than a week.
Analysts increasingly expect the US legislature to be split, with the Democrats controlling the House of Representatives, while the Republicans retain control of the Senate. But in a sign gains may be limited, Japan's Nikkei futures NKc1 fell 0.2% while E-Mini futures for the S&P 500 ESc1 were flat.
Gold rose in spot transactions 0.3 percent to $ 1909.41 an ounce.
"We still anticipate that there will be a fiscal package in excess of US$1 trillion next year", said James Knightley, chief global economist at ING Group.
Bond markets assumed a divided government would greatly reduce the chance of debt-funded spending on stimulus and infrastructure next year, and thus less bond supply.
"While the official outcome of the USA election remains unknown, the odds of a Biden win and Republicans maintaining control of the Senate are increasingly becoming the most likely outcome", said Randal Jenneke, a portfolio manager at T. Rowe Price. "We consequently remain very upbeat on the prospects for 2021 and 2022".
"There's an argument that the U.S. Federal Reserve will have to backstop risk assets". It had struck a three-week low of 0.7180 per cent on Thursday.
A softer dollar supported the Japanese yen JPY= , which climbed to a near eight-month high of 103.43 yen against the dollar overnight.
Trump's campaign pursued lawsuits challenging the election process in several states but few investors expect him to retain the presidency through the courts.
Oil prices ran into some profit-taking.
A divided government would constrain fiscal stimulus and any "radical policy changes", which would boost growth stocks such as healthcare, IT and consumer discretionary, Jenneke added. Brent crude LCOc1 was down 1.04%, or 43 cents, at $40.80 a barrel.
Meanwhile, the unemployment rate is expected to "peak at around 7.45 percent in 2021 Q2 (Second Quarter)", said the report. Britain's economy has been supported by a surge in debt-fuelled spending by the government.
Regardless of property, though, it seems clear that most - if not all - of these games will be free-to-play with in-app purchases. They also own King Digital, the developers of the Candy Crush franchise that is very popular on mobile devices.
To pre-load Black Ops Cold War , players will need to ensure they have the right amount of available storage to launch the game. S will need to have a massive 136GB of storage space free on their hard drives to download and install the game.
According to tipster Jon Prosser, Samsung will be launching the Galaxy S21 series at an official event on 14 January 2021. Keeping the lights on is a 4500mAh battery with 25W wired and 11W wireless (WPC and PMA) charging.
The Department of Health has been informed of 591 additional cases of Covid-19 while three new deaths were reported . With 597 new confirmed and presumptive cases, the state total since the start of the pandemic has topped 47,000.
That gives a provincial percent positive a 3.8 per cent - again, a rise from what we have been seeing in the last few days. Whatcom County also had five COVID-related deaths reported in October, one less than the county saw reported in September.
Two other states are also outstanding: Pennsylvania, with a prize of 20 electoral votes, and Alaska, with three. However, mail ballots sent on or before election day in North Carolina can be counted until November 12.
Trump's campaign has requested a recount. "It's not like, 'Oh, it's close, '" Trump said during an appearance at the White House. One reason is because elections officials are not allowed to process mail-in ballots until Election Day under state law.
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