The gold price crosses the 1900 position
The vote in the US general election is over. Although the vote-counting arrangement has not been completed, it is unlikely that the market expects a victory for the Democratic Party. International gold prices fell from a one-week high. New York December gold futures closed down $14.20, or 0.7%, to $1896.20 per ounce. The gold futures hit a week high on Tuesday.
The U.S. economic stimulus package has great opportunities to shrink
During the Asian session on November 5th, the Federal Reserve will announce its monetary policy decision on Thursday. In the absence of fiscal stimulus, the market expects Chairman Powell to consider further support for the economy. The U.S. Democrats have little hope of seizing control of the Senate, and their majority advantage in the House of Representatives is also shrinking, or the Democrats may lose their bargaining chips in the negotiation of a new stimulus package. The final package is likely to be smaller than 2 trillion US dollars.
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