Business & Economy

The US election and its early results cast a shadow over the economy

Critical hours in the United States of America that the world awaits to know who the new American president is, and between progress in one state and a decline in others for the candidates, the results of early statistics cast a rapid shadow on the economy.

Gold prices decreased, while the dollar rose, after preliminary election results showed a strong convergence between the two candidates and US President Donald Trump’s victory in Florida.

In spot transactions, gold fell 0.5% to $ 1898.97 an ounce by 0642 GMT, reducing losses by more than 1% incurred earlier after some investors took advantage of the price drop to buy the yellow metal, and US gold futures fell 0.5% to 1900.20 Dollars an ounce.

While silver fell 1.7% to $ 23.75, platinum fell about 1% to $ 858.38, and palladium fell 0.5% to $ 2,270.78.

The dollar rose 0.4% against a basket of major currencies.

In an explanation for this change, economists said, “The market is losing confidence in a clear path to Biden’s victory at the present time … We are witnessing a decline in trading based on Biden’s victory and the great impact, so we see the dollar rising.”

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