As the chilliest autumn days yet this season set in for many on Halloween Eve (or All Saints’ Eve eve, one might say), gold prices seem a bit spooked by the looming news of Election Day next week. Already unsettled by the ongoing calamity of the COVID-19 pandemic, the bullion markets continue riding a roller coaster ride that — back over the summer — pushed gold prices to unprecedented heights well over $2,000. Those record-setting prices seem to be in the rearview mirror at least for now, as gold levels settle back markedly. Gold prices this Friday morning started trading below $1,870 before perking up to mid-morning levels closer to $1,890 — still below the $1,900 threshold that had been maintained in recent weeks.
Precious metals investors might consider taking this opportunity to buy on the dip, with hopes — and the great probability — that gold prices may float up closer to the $1,950 level or beyond. This coming weekend could represent one of the best chances in recent months to buy, as metals potentially become more bullish once the uncertainty of the upcoming United States presidential election is but a colorful memory. We will soon know if either incumbent Donald J. Trump goes into his second term as president or if Joseph Biden becomes the nation’s next president. Either way, the market could respond quite favorably once investors have a better sense of direction for where the nation’s domestic and international policy will be going over the next four years.