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The price of gold futures for monthly delivery on the New York Mercantile Exchange fell by .USD, closing at .USD per ounce, which was the closing price since March.
On the day of the U.S. election, gold trading volume hit a rare record high. However, this continued for a period of time and then gradually dissipated, and the gold and silver market experienced a downturn overnight. The impact of Trump's election on the market did not seem to be as great as most analysts expected. The financial market did not encounter a real black swan and regained calm after a brief panic.
As investors’ confidence in Trump was boosted, the U.S. dollar index and U.S. stocks rose sharply, and a large amount of funds flowed out of the gold market. The market’s safe-haven demand for gold weakened, and gold call options were also sold off. Four active call option contracts recorded their fourth consecutive decline in price. In addition to hedging demand, from the perspective of physical gold demand, the U.S. gold market, the epicenter of the election, is also very deserted. The vast majority of U.S. gold coin dealers said that even though gold prices have fallen, buyer interest is not great, and only a small number of traders reported an increase in turnover. The U.S. Mint's sales as of yesterday afternoon had only one order for gold and silver coins. A cool U.S. gold market will do nothing to support gold prices.
Hunan Weide Bulk Commodity Spot Trading Center Investment Hotline QQ