On November 9th, Jin10 data reported that the price of gold futures fell, and the closing this week will be lower. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that gold and other precious metals experienced a strong rebound ahead of the US election. However, after the surge in the US dollar and yields forced the gold price to fall, the gold price plummeted. Hansen believes that even so, there is no reason to change the bullish position on precious metals. In the worst case, the pullback in the past week is a healthy response to buying focused on the US election in the coming weeks. He added that gold will receive support in the following three aspects: increased unfunded support with the re-election of President Trump, continued deterioration of the US debt situation, central bank buying more gold reserves, and tariff-induced inflation concerns.
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Institution: Maintaining a bullish stance on gold
On November 9th, Jin10 data reported that the price of gold futures fell, and the closing this week will be lower. Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that gold and other precious metals experienced a strong rebound ahead of the US election. However, after the surge in the US dollar and yields forced the gold price to fall, the gold price plummeted. Hansen believes that even so, there is no reason to change the bullish position on precious metals. In the worst case, the pullback in the past week is a healthy response to buying focused on the US election in the coming weeks. He added that gold will receive support in the following three aspects: increased unfunded support with the re-election of President Trump, continued deterioration of the US debt situation, central bank buying more gold reserves, and tariff-induced inflation concerns.