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Weaker US dollar sparks gold rally Thursday in the aftermath of the US elections

Gold is once again confirming its appeal during the tumultuous aftermath of the US presidential elections with a strong rally yesterday (Thursday). Ignited by a weaker dollar, the precious metal gained £37.49 ($50) through the day, taking it easily past £1,470 ($1,900) and signifying once again that the time is now to buy gold.

The Canadian bank, TD Securities says that gold could also increase further, especially if Donald Trump were to lose the presidency. The bank’s analysts point out that the political wrangling has done nothing but give gold a boost, saying “Precious metals rebound, looking past near-term implications for real rates and towards a weakening dollar. Thus far, the market is looking past litigation threats. While a Republican senate is interpreted as implying a smaller fiscal package and potential gridlock during the lame-duck session, a Biden presidency has done more to reduce the geopolitical premium, resulting in a weaker USD, which in turn is supporting gold prices.”

The bank expects that we will next see the precious metal ascending to the region of £1,510 ($1,940) sooner rather than later. With Thursday’s 2% gain holding strong, buy now to benefit from the surging precious metal.

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