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Gold steady as Biden’s election withdrawal injects uncertainty

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Gold held steady as markets weighed U.S. President Joe Biden’s decision to end his reelection bid, sparking fresh questions about the impact on Donald Trump’s chances of returning to the White House.

Colin Cieszynski, chief market strategist at SIA Wealth Management, joins BNN Bloomberg to share his outlook on gold and U.S. stocks.

Spot bullion was near US$2,400 an ounce Monday in London, paring earlier gains. Biden said he would serve out his term and endorsed Vice President Kamala Harris to replace him as a candidate, though she still must secure the official nomination at the Democratic National Convention next month. Still, onlookers have mixed views on what a potential Trump victory would ultimately mean for the precious metal. Some markets have ramped up bets on a so-called “Trump trade” amid expectations for higher trade tariffs, increased U.S.-China tensions and looser fiscal policy under his leadership.

 

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