SMM News: Friday (October 9) Asian market, the dollar index fell slightly, is now near 93.50; spot gold rose rapidly in the short term, gold prices have just broken through the $1900 / oz mark. Us President Donald Trump says he wants to withdraw US troops from Afghanistan and that the US must always be ready for China, Russia and elsewhere. The comments heightened risk aversion in the market, pushing gold prices higher. With regard to Trump's illness, White House doctors recently said that US President Donald Trump has completed the treatment of COVID-19.
Gold prices rose on Thursday as uncertainty over the US presidential election and bets that new stimulus measures would push up inflation offset improved investor interest in riskier assets. Spot gold closed at $1893.30 an ounce, up $7.50 or 0.40%.
In Asian trading on Friday, spot gold rose rapidly in the short term and conquered the $1900 / oz mark, reaching as high as $1903.60 / oz.
Us President Donald Trump suspended negotiations with Democrats on a new economic package on Tuesday, but then pushed for a more targeted stimulus bill to offset novel coronavirus's damage to the economy.
House Speaker Nancy Pelosi said on Thursday that legislation to help airlines survive the novel coronavirus pandemic is a matter of national security and can be passed only if Congress ensures that lawmakers will enact a more comprehensive aid bill.
Jeff Klearman, portfolio manager at GraniteShares, said: "President Trump's withdrawal from'no stimulus negotiations'to 'unilateral relief measures' helped prop up gold prices."
Bart Melek, head of commodity strategy at TD Securities (TD Securities), said gold was supported by inflation expectations. "We are not saying there will be an inflation problem soon, but our concern is that if these policies continue and repeat after the election, then we may see the dollar lower and real interest rates lower further," Melek said.
The price of gold fell nearly 2 per cent on Tuesday after US President Donald Trump announced the suspension of additional economic stimulus negotiations ahead of the presidential election on November 3. However, he later proposed new wage assistance to American passenger airlines.
"concerns about novel coronavirus-related demand disruption remain, which means that sooner or later a fiscal stimulus package will be passed and the Fed will continue its unprecedented monetary easing," Klearman said.
Gold is still up 24 per cent so far this year, thanks to unprecedented stimulus measures by governments and central banks around the world, as it is seen as a hedge against inflation and a safe haven in times of economic and political instability.
Ole Hansen, head of commodity strategy at Saxo Bank, said gold prices need a new driver for higher prices, such as new stimulus measures from the U.S. Government.
"Gold will go higher and fluctuate," said Jeffrey Christian, managing partner of CPM Group. This will be the case a month before the election and two months after the election. "
"investors seem to be on the sidelines because they still want central banks to introduce new stimulus measures to help the economy recover," Carlo Alberto De Casa, chief analyst at ActivTrades, said in a report. Gold is still in a horizontal trading range of $1850 to $2070, waiting for a clear new trend. "
Ole Hansen, head of commodities strategy at (Saxo Bank) at Saxo Bank, said investors are betting on a rise in gold prices as Democratic candidate Joe Biden is increasingly likely to become the next president.
Hansen pointed out that if Biden continues to consolidate his lead in the polls, gold prices could gradually rise as they approach the general election. Because the market is likely to see Biden's victory as an important reason for rising inflation risks, it will eventually push up the price of gold, which has the property of hedging against inflation risks.
White House doctors say Trump has completed novel coronavirus's treatment
U.S. President Donald Trump has completed COVID-19 's treatment, Dr. Conley, a White House doctor, said on Oct. 8, local time. He said that after Trump returned to the White House, the results of the physical examination were stable, and on the whole, the response to novel coronavirus's course of treatment was very good, with no adverse effect.
Conley said the medical team highly expected Trump to "safely return to public activities" on the 10th.
Trump has completed his COVID-19 treatment, according to a presidential doctor statement released by White House Press Secretary McNerney.
In a telephone interview with Fox Business Channel on Oct. 8, local time, US President Donald Trump said he did not believe he was contagious and was ready to resume the campaign collection hui. He also said that he could not accept the presidential debate to be held offline.
Trump said on Wednesday that mixed antibodies made by recycled yuan were "the key" to his recovery. Doctors treated him with antibody cocktails at the White House and Walter Reed National military Medical Center, including regenerative drugs. Trump said in a video posted on Twitter that he wanted to speed up the use of the drug by novel coronavirus patients.
"I want to give you the treatment I've got," Trump said. I'll make it free. It can cure. " Trump said he was ready for emergency authorization to approve the free use of Shengyuan's drugs.
Recently, a number of senior US officials have been infected one after another after Trump diagnosed novel coronavirus. Gary Thomas (Gary Thomas), No. 2 officer and assistant commander of the U.S. Marine Corps, tested positive for novel coronavirus on Oct. 7, local time.
According to an internal government memo obtained by the US media ABC News, the number of confirmed cases related to the White House of COVID-19 has risen to 34 in recent days, including White House staff and their contacts.
The New York Times reported that US President Donald Trump spent more than $100000 in hospital for three nights to treat novel coronavirus, including $40, 000 by helicopter to and from the hospital, all paid for by the federal government.
Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, warned that if poor precautions in autumn and winter, the death toll of novel coronavirus in the United States could reach 400000. Fauci also said that the COVID-19 outbreak in the White House could have been avoided, and the actual situation in the White House precisely proved that the COVID-19 pandemic was not a hoax.
