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» » Election Day 2020 LIVE UPDATES: Gold price off daily lows as Trump vs. Biden race rages on - Kitco NEWS

Election Day 2020 LIVE UPDATES: Gold price off daily lows as Trump vs. Biden race rages on - Kitco NEWS

November 4, 00:56

Biden gives live remarks to supporters and says election is "...not over until every ballot is counted, but we're feeling good about where we are." Trump pushes back and said he will be making his own statement.

November 4, 00:44

President Donald Trump has won Florida, AP reports, which makes this already too-close-to-call presidential race even tighter. Latest electoral college count stands at Biden 223 and Trump 174.

November 4, 00:36

Gold is holding steady around the $1,900 an ounce level as markets digest the U.S. election results. Spot gold is trading at 1,899.30, down 0.48% on the day.

November 4, 00:25

Democrat Joe Biden has taken Minnesota and Hawaii, AP reports. President Donald Trump has won Iowa, Montana, and Ohio. Electoral college count stands at Biden 223 and Trump 145. 

November 4, 00:10

The precious metals and equities futures markets are favoring a Trump re-election, this according to Peter Hug, global trading director of Kitco Metals.

“What it’s telling me is that the market, both the equity market and the metals markets, from a bullish perspective would prefer Donald Trump as the president and to continue for the next four years, and they are more worried on a Biden presidency, which has created some fear and some selling into the market whenever there is a suggestion that he has a reasonable shot of becoming the next president,” Hug said.

November 4, 00:05

President Donald Trump has won the state of Utah, according to AP. Biden leads with 213 electoral votes versus Trump’s 118.

November 4, 00:02

Polls have now closed in California, Idaho, Oregon and Washington. Voting is going on in Alaska and Hawaii.

November 3, 23:38

November 3, 23:21

The U.S. election remains too close to call as Fox News declares Trump the winner in Florida.

November 3, 23:20

November 3, 23:19

Joe Biden has seen a jump in the electoral college votes as AP calls western states. Biden is expected to win California, Washington, and Oregon. Biden now leads the electoral college 209 with Trump is at 112.  So far there have been no major surprises in this election and there is still a long road ahead.

November 3, 23:15

Odds are building that Trump can pull off a second victory. However, some analysts note that there is still a path for Biden as he looks to take Arizona. Some of the states to watch will be Nevada, Michigan Wisconsin, Ohio and of course Pennsylvania. Basically, it is still anyone’s race.

November 3, 22:51

Fox News calls Arizona for Joe Biden, which narrows the path for President Trump.

November 3, 22:41

Fox News calls Florida for Donald Trump. California, Oregon and Washtington state all called for Joe Biden.

November 3, 22:49

The Electoral College count between Trump and Biden has narrowed. According to AP, Trump now has 108 votes while Biden maintains his lead with 131. Again the magic number to reach is 270.

November 3, 22:47

Not only is surging momentum in the U.S. dollar hurting gold but equity markets have been off to the races as odds now favor a Trump victory. Trading in Nasdaq futures was halted for two minutes after the index rallied 3.9%. Gold prices remain under pressure with December futures last traded at $1,896.60 an ounce, down 0.72% on the day.

November 3, 22:40

The U.S. dollar is currently spiking versus the Chinese Yuan. As the U.S. election looks right now, traders believe it is bad for China.

November 3, 22:38

Stock futures jump in volatile trading Tuesday evening. Nasdaq 100 futures are up more than 3%, the S&P 500 is up 1.6%, and the Dow Jones Industrial Average is up 0.6%. Gold is still trading below $1,900 an ounce but off its daily lows. Spot gold was last at $1,894.70, down 0.76% on the day. 

November 3, 22:26

AP is projecting Sarah McBride will win in Delaware. She will become the first openly transgender state senator in the United States.

November 3, 22:17

AP is declaring Trump the winner in Kansas.

November 3, 22:16

In another closely watched Senate race, AP projects that Lindsey Graham keeps his Senate seat in South Carolina Senate, defeating challenger Jaime Harrison.

November 3, 22:00

Fox News reports that Democrats are expected to retain control of the House.

November 3, 21:59

According to some analysts, the U.S. dollar is rising sharply as odds start to shift that President Donald Trump will win a second term. New momentum in the dollar is creating some strong selling pressure in gold and silver. According to some analysts, Trump’s odds of winning the election have jumped to 65%.

November 3, 21:56

Precious metals plunge as more results start to come in, with spot gold last trading at $1,886.00 an ounce, down 1.19% on the day, and spot silver at $23.30, down 3.78% on the day.

November 3, 21:54

Democrat Joe Biden has won the District of Columbia and the state of Colorado, maintaining his lead against Trump. Biden is currently ahead with 131 electoral votes versus Trump's 92.

November 3, 21:41

While we wait for more U.S. election results to roll in, don’t forget to download Kitco Gold Live! app to stay on top of the latest market price action. 

November 3, 21:30

Some tips on how to get the most out of Kitco's LIVE UPDATES: Don't forget to refresh the page and here's how to make the LIVE gold price chart bigger.

November 3, 21:25

Here's some behind-the-scenes photos as we prep for late-night interviews to talk U.S. election results and gold. Stay tuned!

November 3, 21:21

President Donald Trump has won Arkansas, Indiana, Louisiana, Nebraska, Nebraska’s 3rd Congressional District, North Dakota, South Dakota and Wyoming, while Democrat Joe Biden has won New Mexico and New York. Currently, Biden is leading with 119 electoral votes and Trump is slightly behind with 92.

Spot gold has stabilized at around $1,900 an ounce level.

November 3, 20:39

CNN reports that QAnon promoter Marjorie Taylor Greene wins GA seat in Congress

November 3, 20:20

More results are coming in and Biden is still leading in the Electoral College vote 85 to 55. AP is calling the Mississippi, Oklahoma, Alabama, Tennessee and South Carolina for Trump. Biden is expected to win Illinois, Maryland, New Jersey, Massachusetts, Connecticut, Rhode Island and Delaware. So far, no major surprises in the election.

Gold prices are down as the results start to come in, but the precious metal continues to hold support above $1,900 an ounce.

November 3, 20:12

Gold price loses daily gains and turns negative. Spot gold is trading at $1,902.10, down 0.30% on the day.

November 3, 20:00

In Senate races, Mitch McConnell, Republican Senate Majority Leader has been reelected in Kentucky.

November 3, 19:54

Gold price is giving up some gains as spot gold is currently trading flat, last at $1,906, down 0.06% on the day.

November 3, 19:53

According to AP, Trump will win West Virginia and Kentucky, while Biden will take Vermont and Virginia. In Electoral votes, Biden has 16 and Trump has 13. We also need to point out that the magic number to reach is 270.

November 3, 19:35

There is still a long way to go in early counting, with all eyes right now on Florida. This has always been an important swing state investors need to watch. In a recent interview with Kitco News, Chris Vecchio, senior currency analyst at IG Group said that Florida could set the tone for the entire election race. “No Republican has won the White House without Florida since 1924. The state has been on the correct side of every presidential election since 1964,” he said. “If Ohio goes Democrat and Trump loses Florida, I would say the odds are that we know what the election results are going to be.”

November 3, 19:23

Polls have closed at 7pm ET time in six U.S. states, including Georgia, South Carolina, Virginia, Vermont, Indiana and Kentucky. Markets brace for results. Spot gold is trading at $1,911.40 an ounce, up 0.16% on the day.

November 3, 18:27

As first polls begin to close in some U.S. states, spot gold kicks off the Asian session on a stronger footing, last trading at $1,911.90, up 0.17% on the day.

November 3, 17:40

 Visions of 2016 election night loom large in investors’ memories and the question is can this happen again.

November 3, 17:30

The Dow closes 554.98 points higher on Tuesday, up 2.1% as gold continues to solidify its daily gains above $1,900 an ounce. December Comex gold futures are trading at $1,910.50, up 0.95% on the day.

November 3, 17:05

Make sure the coffee keeps flowing because it’s going to be a long night. Here is a list of when polling stations across the U.S. are closing. 

November 3, 13:24

Gold price is up 1% on the day as the U.S. Election Day is well underway with weaker U.S. dollar and higher stocks helping the precious metal make gains above $1,900 an ounce.

December Comex gold futures are at $1,911.20, up 0.99% on the day after reaching a daily high of $1,910 an ounce. In the meantime, the U.S. dollar index is at 94.03, up 0.16% on the day, while the Dow is up nearly 600 points.

November 3, 12:38

Gold is near its daily high in midday U.S. trading Tuesday. More safe-haven demand is featured for the metals as the highly anticipated and very uncertain U.S. election day is at hand. A sharply weaker U.S. dollar index today is also working in favor of the precious metals market bulls. December gold futures were last up $17.90 at $1,910.40 and December Comex silver was last up $0.282 at $24.315 an ounce.

November 3, 11:11

Will gold price and stocks see big moves right after the election results? The gold price will benefit from either party’s win, but short term, the yellow metal faces bearish pressure, is the conclusion of Gary Wagner, editor of the GoldForecast.com. Let’s first look at the scenario if Trump wins. Because he is a Republican, he still will need to pass fiscal stimulus in terms of an aid package. He has agreed to $1.8 trillion while the House has been fighting for $2.2 trillion. Although they’re not that far apart, I would expect them to dig in fairly deeply. On the other hand, if we see a Democrat win for the presidential election, I think that fiscal spending will be much larger because of the reforms of the Democrats seem to favor big government spending,” he said. 

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Election Day 2020 LIVE UPDATES: Gold price off daily lows as Trump vs. Biden race rages on - Kitco NEWS
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