All eyes were on the markets yesterday as Joseph R. Biden, Jr., took the oath of office to become the 46th United States president. In the immediate hours after beginning his term in the Oval Office, the U.S. stock market hit a record high of 31,188 upon the closing bell. Much of the gains are pinned on hopes of more COVID pandemic stimulus, strong housing and job data, and a return to a modicum of normalcy on the fronts of domestic and international policy. Meanwhile, gold prices held strong throughout the inauguration events, which consumed most of the trading day on Wednesday.
Gold prices closed Inauguration Day hovering around the $1,870 mark. As of this morning, gold backed off yesterday’s numbers a little bit, trading at this time around $1,865. However, that’s still up from figures flirting with $1,830 late last week. Gold has several pressures on it right now, with many buying the precious metals due to concerns over looming inflation; others are bracing for possible socioeconomic upheaval under a new presidential administration. There are also speculators who are buying bullion now ahead of anticipated demand for industrial gold while the world markets continue recovering as the pandemic enters a vaccination stage.