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"There's everything to play for in the fourth quarter," Saxo Bank head of commodity strategy Ole Hansen says.Gold might be a port in a financial-market storm, but the turbulence that has shaken the broader markets this month has stripped over 4% off the value of an ounce of metal, the largest monthly decline since November 2016, when Republican Donald Trump won the presidential election.
The gold price has fallen by 4.2% so far this month, marking the largest one-month drop since November 2016, driven largely by a stronger dollar and, almost more crucially, by an increase in borrowing rates adjusted for inflation. Gold usually trades in the opposite direction to the dollar. This inverse relationship between the two broke down earlier this year, when investor concern over the impact to the economy from the coronavirus pandemic was at its worst.
The first of three televised debates between Trump and Democrat opponent Joe Biden on Tuesday proved heated and "chaotic", according to market watchers. The exchange between the two did nothing to allay any brewing concern over an unclear result or the peaceful transfer of power, should Biden win.
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