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Gold continues to strengthen
Published on 31.10.2016 22:11

The Gold price remains well supported today following on from last week’s revelation that Hilary Clinton was once again under investigation.

After jumping on Friday to its highest level in nearly a month on the back of comments from Federal Bureau of Investigation Director James Comey that the agency was checking new evidence connected to its investigation of Democratic presidential nominee Hillary Clinton’s email server.

The news has suddenly given Donald Trump a real chance of winning the white house as investors wait to see what comes of the investigation and the damage done to Clinton’s credibility.

"The FBI headlines startled a somnolent gold market, driving bullion higher on concerns that a late October surprise could suddenly bolster Trump's sagging fortunes," says Tai Wong, metals trading director at Canadian brokerage BMO Capital Markets. 

Mr Wong also thinks that the email scandal is overblown and Hilary Clintons lead over Donald Trump is too large to pull back and once the market realizes, gold may retreat as the election date draws near,

"The rally may not last though, as we are at the two-minute warning and Clinton is ahead by two scores, so it would require a truly shocking revelation to derail her chances." he added.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Andrew Masters

Analyst

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