Gold prices remained flat for the second consecutive day as the world awaited Tuesday's U.S. presidential election results. Many experts have suggested that the potential winner of the race between former President Donald Trump and current Vice President Kamala Harris will not be known until Wednesday at the earliest.
Gold traded just shy of $2,740 an ounce early Tuesday just an hour after polls opened across the east coast of the United States.
Two weeks ago, strategists at Bank of America said investors loaded up on gold ahead of the election as a hedge against inflation and populism, according to Bloomberg.
A report released Monday by CNBC suggested stocks typically rise following a presidential election, but that normally occurs after a period of short-term volatility.
Losses that occur following election day are often erased by the end of the calendar year, the reporting showed.
Any short-term losses in equities related to uncertainty surrounding the election could provide a short-term boost for gold and other precious medals.
This week is also one of the largest weeks for gold mining earnings reports, bringing an increased chance of volatility to the market.
West enters the market
World Gold Council Senior Market Strategist Joseph Cavatoni told Kitco News on Monday that Western investors are beginning to enter the market after months of reporting that gold’s rally was mainly attributed to demand from the Eastern world.
“(We’re starting to see the) first signs of the Western investor returning to the market,” he said. “Predominantly in the U.S. The European market has been slower than maybe we anticipated.”
Cavatoni said he believes Western investors have concluded they have not yet missed the rally in gold and higher prices are still being supported by the East.
“I think many were fixated on the rate environment — but what they’re realizing is they haven’t missed (the rally). The global demand profile is keeping support for gold prices high.”
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