Watch LIVE 2020 presidential debate: Biden vs Trump 9 p.m. ET
(Kitco News) - The gold market has managed to push to the critical psychological level of $1,900 an ounce as investors continue to look for safe-haven assets ahead of the first presidential debate in what is expected to be a heated election on November 3.
Tuned in at 9 p.m. ET to watch the first Presidential debate.
Commodity analysts have said that they expect gold prices to remain well support as U.S. political turmoil continues to roil financial markets ahead of and even after November 3.
In a recent note to clients, UBS chief investment officer of global wealth management Mark Haefele said that a contested election could create massive volatility in financial markets. He recommended his clients buy some gold as a safe-haven asset to protect themselves from the growing uncertainty.
According to some research analysts, and political pundits, Democratic nominee Joe Biden has a slight advantage over Republican nominee President Donald Trump. Some analysts say that Biden has as high as a 70% chance of becoming president as he leads in national polls. However, analysts also say that because of the Electoral College, narrow races in critical swing states mean that Trump still has a chance to hold the presidency.
For many political pundits, Tuesday’s debate, the first of three ahead of the election could set the tone for the rest of the campaign.
“Forecasting models for the election continue to show a roughly 75-85% likelihood of Biden winning the Electoral College,” said economists at Nomura. “However, since 2000, polling around the first presidential debate has tended to move the most relative to the second and third debates, making Tuesday one of President Trump’s best opportunities to shift the current narrative of the race.”
According to some, the pressure is on Trump with a low bar set for Bidden.
“If he takes it hard to Trump then it won’t be difficult to impress,” said Chris Weston, head of research at Pepperstone.