Tuesday, 02 March, 2021


Gold prices rally high, gains 3% on USA dollar drop

Japan's Nikkei average rose 0.7 per cent to almost its best level in 30 years Stock rally set to extend in Asia; dollar slumps
Conrad Doyle | 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.

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