Gold price on the verge of a new record
reported by Mehr Reporter Bitcoin crossed the $70,000 resistance for the first time in more than five months, and its price was only slightly lower than its record of $73,800. In this regard, Ethereum and Dogcoin currencies also faced an increase in price. This happened just a few days before the US presidential election. Uncertainty before the US election caused many markets to face volatility. Although both candidates have supported the crypto industry and digital currencies to some extent during their campaigns, Donald Trump’s support has been much more pronounced. Trump even said he might remove mining taxes and impose tariffs on tokens developed in the United States. He has also promised to hold bitcoin as a strategic reserve and increase the government’s digital reserves. Therefore, the election result will definitely affect the cryptocurrency market.
The week ahead is full of key economic data. The job opportunities and labor turnover report was published yesterday. Also, the Bank of Japan’s monetary policy meeting on interest rates will be released on Wednesday, followed by the US Consumer Price Index (CPI) on Thursday and unemployment and job creation figures on Friday.
World Gold Record
Global gold reached its highest level yesterday, on the eve of the November 5 United States elections, even as the value of the dollar increased and the yield of treasury bonds increased. This is despite the fact that, normally, the global gold price has an inverse relationship with the dollar index and the yield of US Treasury bonds. Yesterday, the yellow metal was traded with an increase of nearly 15 dollars at the price of 2,770 dollars until 18:00 Tehran time. The dollar index last increased by 0.25 points to reach 104.56. Treasury yields also rose, with the two-year U.S. note yield last rising 0.04 percent to 4.178 percent, while the 10-year yield rose to 4.336 percent.
A rise in gold prices amid an uncertain economic outlook as the US election approaches suggests a tight race between Kamala Harris and Donald Trump. Now Trump’s chances have improved dramatically in recent weeks, potentially weighing on the US bond market. Upcoming economic data, including personal consumption expenditure data and non-farm payroll data, are expected to add more fuel to the fire of market and election volatility.
