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