Make Kitco Your Homepage

Why gold price is down despite Georgia Runoffs result - Gary Wagner

Kitco News

A Democrat lead in the Georgia Runoffs election should be positive for gold, as more stimulus can be expected from a Democrat-controlled Senate, but instead, gold prices fell today.

Gary Wagner, editor of theGoldForecast.com, said that markets have taken a more risk-on sentiment following the news.

“I believe the Dow had a lot to do [with it], putting a risk-on market environment and taking away that safe-haven sentiment, and that’s one of the reasons we saw such a brisk sell-off, Wagner said.

The other reason for gold’s pullback is that financial institutions have started taking profits at current levels.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.